Slides
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© 2026 MSCI Inc. All rights reserved. Third Quarter 2026 Earnings Presentation October 20, 2026
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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, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 6, 2026, 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. 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.
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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 2025, unless otherwise noted. → All financial figures for the three months ended September 30, 2026 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.
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MSCI Third Quarter 2026 Earnings Call Participants Introduction → Jeremy Ulan Head of IR & Treasurer Henry Fernandez Chairman & CEO Andy Wiechmann Chief Financial Officer 4 Alvise Munari Chief Product Officer & Head of Client Segments
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Financial and Operating Highlights Section 01 5
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Collaboration with CUSIP Global Services2 to extend CUSIP coverage with private companies, enabling standardized identification and tracking with MSCI Private Company Insights data Third Quarter 2026 Highlights Index — Strong Subscription Run Rate growth of 12.0%; over $22.8T1 in global AUM benchmarked to MSCI indexes Adjusted EPS of $5.11, growing 14.3% year-over-year; diluted EPS of $4.86, growing 14.4% year-over-year 12.1% Total Run Rate growth, driven by strong performance with Asset Owners and Hedge Funds client segments, and record ETF AUM linked to MSCI indexes2 3 4 5 1 6 Financial and Operating Highlights → 1. AUM figures are as of 30th June 2026 2. CUSIP collaboration was announced in October 2026 Asset Owners — Record quarter with $13M of recurring net new subscription sales, driving run-rate growth to 12.5%
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7 3Q26 Financial Results Snapshot 3Q26 Operating Revenues (organic) +12.3% As of September 30, 2026 Subscription Run Rate Growth (reported) +8.8% As of September 30, 2026 Subscription Run Rate Growth (organic) +8.7% 3Q26 Adjusted EBITDA Margin 62.2% 3Q26 Operating Margin (-10 bps) 56.3% 3Q26 Adjusted EBITDA Growth +12.2% 3Q26 Operating Income Growth +12.2% 3Q26 Free Cash Flow $385M 3Q26 Net Cash provided by Operating Activities $436M 3Q26 Value of Shares Repurchased $552M Shares Repurchased in 3Q26 at Average Price of $562.92 981,061 3Q26 Adjusted EPS Growth +14.3% 3Q26 Diluted EPS Growth +14.4% 3Q26 Operating Revenues (reported) +12.4% Financial and Operating Highlights →
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$451.1 $532.6 $242.5 $269.5 $197.5 $246.6 8 US$ in millions +18% +18% Organic +5% +5% Organic +4% +2% Organic +7% +7% Organic Recurring Subscription Revenues Asset-Based Fees Revenues Non-Recurring Revenues 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 Index Analytics Sustainability & Climate (Reportable Segment) All Other – Private Assets 3Q26 Operating Revenues $182.2 $191.0 $178.3 $188.1 $3.9 $11.1 $16.5 $90.1 $93.7 $88.7 $92.2 $1.4 $1.5 $70.0 $74.7 $69.6 $73.8 $0.9 $2.9 $0.4 Financial and Operating Highlights →
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$4.47 $1.08 $(0.48) $0.29 $(0.25) $5.11 3Q25 Adjusted EPS Revenue Expenses Sharecount Net Interest & Other Expenses Tax Rate Net FX Impact 3Q26 Adjusted EPS 1. Net FX impact includes impact due to foreign currency fluctuation on revenue and expenses. Adjusted Earnings Per Share Growth Drivers US$ in per share amounts Adjusted EPS Growth supported by Strong Operating Performance Driven by Record ABF Revenue Business Growth Capital Activities +14.3% YoY Tax and FX1 $0.60 $0.04 $0.00 9 Financial and Operating Highlights → $0.00 $0.00
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$3,187 $1,788 $742 $371 $285 $3,572 $2,083 $794 $385 $311 +9% +7% +12% Organic +16% Organic +8% Organic +9% Organic +2% Organic 3Q26 Total Run Rate Total Run Rate US$ in millions $800 $976 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 MSCI Index Analytics Sustainability and Climate (Reportable Segment) All Other – Private Assets Asset-Based Fees Run Rate +17% +12% 10 +4% Financial and Operating Highlights → $3.6B Total Run Rate 95.0% Quarterly Retention Rate Asset-Based Fees Run Rate growth of 22.0%, driven by record AUM in ETF and non-ETF indexed funds
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$742.4 $793.5 $489.8 $515.8 $252.6 $277.7 $285.4 $310.9 $161.8 $164.2 $123.6 $146.7 US$ in millions +12% Organic Sustainability & Climate Private Capital Solutions Real Assets +7% +8% Organic +4% +2% Organic +9% +9% Organic YoY YoY +5% +10% YoY +1% +19% $988.1 $1,107.0 $766.5 $843.1 $109.7 $138.8$111.9 $125.2 $370.8 $384.8 $370.8 $384.8 Non-Market Cap Weighted Custom Indexes Market Cap Weighted Equity Analytics Multi-Asset Class Analytics +27% +10% +12% 11 +12% 3Q26 Subscription Run Rate 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 Index Analytics Sustainability & Climate (Reportable Segment) All Other – Private Assets Financial and Operating Highlights →
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12 3Q26 Regional Performance 3Q26 Recurring Subscription Run Rate by Region 3Q26 Recurring Net New Subscription Sales by Region AMERICAS YoY EMEA YoY APAC YoY $25M +26% $18M +74% $12M +36% Organic YoY +8% Organic YoY +8% AMERICAS $1,165M YoY +9% EMEA $988M YoY +7% APAC $443M YoY +12% Organic YoY +12% MSCI Subscription Run Rate as of September 30, 2026 by Geography Financial and Operating Highlights → Americas 45% EMEA 38% APAC 17% • • • “Organic recurring subscription Run Rate growth” is defined as the period-over-period growth in Run Rate, excluding: • The impact of changes in foreign currency exchange rates; • The impact of acquisitions during the first 12 months following the transaction date; and • The impact of divestitures, where Run Rate from divested businesses are excluded from prior period Run Rates.
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1. Primarily from products linked to MSCI Equity Indexes. Also includes contributions from products linked to MSCI Fixed Income indexes. 2. Based on period-end Run Rate for ETFs linked to MSCI equity indexes using period-end AUM. Please refer to Table 7: AUM in ETFs Linked to MSCI equity Indexes (unaudited) of the press release reporting MSCI’s financial results for Third Quarter 2026. 3. US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI Developed Market (DM) countries, primarily or exclusively in the US; DM ex US = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities in MSCI DM countries other than the US; EM = ETFs linked to MSCI equity indexes, the majority of whose weight is comprised of securities that are not in MSCI DM countries. It includes 'All Country' as well. Note: The AUM in equity ETFs also includes AUM in Exchange Traded Notes, the value of which is less than 1% of the AUM amounts presented. US$ in millions ETF1 Non-ETF1 Futures and Options Period-End Basis Point Fee Average AUM 3Q25 3Q26 3Q25 4Q25 1Q26 2Q26 3Q26 3Q25 3Q26 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 Emerging Markets / All Country US YoY +29% +20% +3% YoY +28% +48% +21% $197.5 $246.6 $132.6 $171.2 $50.7 $60.8$14.2 $14.6 +25% $2,108 $2,274 $2,471 $2,706 $2,878 2.41 2.41 2.35 2.28 2.28 $2,211 $2,905 $1,076 $1,373 $582 $862$553 $670 +31% 13 US$ in billionsUS$ in billions Index Segment: Asset-Based Fees Details Financial and Operating Highlights →
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$2,818.3 $2,905.5 2Q26 Ending AUM US Developed Markets ex. U.S. Emerging Markets / All Country Markets Change 3Q26 Ending AUM $2,818.3 $2,905.5 2Q26 Ending AUM Market Cap Weighted Factors Sustainability & Climate Markets Change 3Q26 Ending AUM Market Cap Weighted By Geographic Exposure US$ in billions By Product US$ in billions EM / All Country DM ex US US $11.3 $75.9 $11.3 Sustainability & Climate Factors $75.9 14 $10.7 $3.2 Cash inflows / (outflows) Cash inflows / (outflows) 3Q26 QoQ AUM Drivers: MSCI-Linked Equity ETFs Financial and Operating Highlights → $26.8 $44.2 $10.2 $(5.7) $6.8 $4.8 $(1.2) $10.2 $2.3 $62.0
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$2,211.0 $2,905.5 $140.5 $126.8 $99.5 $155.5 $154.5 3Q25 Ending AUM US Developed Markets ex. US Emerging Markets / All Country Markets Change 3Q26 Ending AUM $2,211.0 $2,905.5 $259.1 $66.5$40.6 $302.4 3Q25 Ending AUM Market Cap Weighted Factors Sustainability & Climate Markets Change 3Q26 Ending AUM By Geographic Exposure US$ in billions By Product US$ in billions EM / All Country DM ex US US $409.5 $284.9 $17.6 Sustainability & Climate Factors Market Cap Weighted 15 $29.0$(3.2) Cash inflows / (outflows) Cash inflows / (outflows) 3Q26 YoY AUM Drivers: MSCI-Linked Equity ETFs Financial and Operating Highlights → $409.5 $284.9
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MSCI is updating its interest rate and effective tax rate guidance for the year ending December 31, 2026 (“Full-Year 2026”). The guidance 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 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. 16 Full Year 2026 Guidance Guidance Item Current Guidance for Full-Year 2026 Prior Guidance for Full-Year 2026 Operating Expense $1,535 to $1,575 million $1,535 to $1,575 million Adjusted EBITDA Expense $1,340 to $1,370 million $1,340 to $1,370 million Interest Expense (including amortization of financing fees)1 $288 to $291 million $282 to $286 million Depreciation & Amortization Expense $195 to $205 million $195 to $205 million Effective Tax Rate2 18.0% to 19.5% 18.0% to 20.0% Capital Expenditures $160 to $170 million $160 to $170 million Net Cash Provided by Operating Activities $1,655 to $1,705 million $1,655 to $1,705 million Free Cash Flow $1,485 to $1,545 million $1,485 to $1,545 million 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 financing 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 fourth quarter 2025 and was completed in the first quarter 2026. In connection with the completion of the subsequent phase of the restructuring in first quarter 2026, we recognized a tax benefit of $88 million, which is excluded from applicable non-GAAP measures when presented. See “Forward-Looking Statements” in slide 2. Financial and Operating Highlights →
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Section 02 Quarterly Highlights 17
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Information Classification: GENERAL New solutions and collaborations launched this quarter span AI-enabled delivery through MSCI connectors, while expanding suite of new index families and investment signals to enhance MSCI's position as a trusted platform for investment decision-support tools and solutions across public and private markets. Partnership with CUSIP Global Services → Private Asset collaboration expands CGS's CUSIP coverage to late-stage, venture-backed private companies using private markets reference data from MSCI Private Company Insights, including PACS™ classifications → Aligns with broader private market strategy of providing increased transparency and consistency to identify and track companies and individual share classes across "clients' investment workflows" Driving Innovation from New and Enhanced Solutions, Partnerships & Collaborations Quarterly Highlights → 18 New Index Launches → AI Value Chain Indexes: suite of 14 rules-based indexes spanning physical AI infrastructure, digital AI infrastructure, and AI applications capturing distinct activities across the AI value chain → Futures & Options Indexes on SGX: added 41 futures & options contracts of MSCI indexes across global developed and emerging markets → Core Commodities Index Module: spans 196 rolling futures indexes across 28 commodities and multiple curve variants → Energy Transition Indexes: thematic indexes designed to assess companies positioned to navigate transition pressure and readiness for energy transition risks and opportunities across global, regional and country markets MSCI SignalLab Launches → Central platform for investment signals across multiple domains, including factors, macro, and crowding, via API, with connectivity to MSCI's analytics and index ecosystem → Investment teams have access to a methodology- governed library of over 600 signals updated daily with support for signal & data module customization MSCI Connectors - Enabled AI Delivery → Live integrations with OpenAI (ChatGPT), Anthropic (Claude), Microsoft Copilot, and Google Gemini (now live) across AI Portfolio Insights, Index Intel, Private Capital Intel and Total Plan Manager → Investment and risk teams can access portfolio risk and factor analytics in plain language within existing AI tools, enabling clients to build agentic workflows with embedded MSCI data within the platforms they already use
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Additional Information 19 Section 03
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$1,000$900 $1,600 $700 $1,250 $500 $810 $790 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Credit Ratings4 as of 9/30/2026: Unsecured Debt Maturity Profile as of 9/30/2026 20 Strong Balance Sheet Provides Optionality US$ in millions, unless otherwise noted Cash2 and Debt as of 9/30/2026 → In 3Q26, returned $700M to shareholders through share repurchases of $552M and quarterly dividends of $148M → 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 $261M Total Debt3 $6,717M Net Debt (Total Debt less Total Cash) $6,456M Total Debt / LTM Adjusted EBITDA 3.2x Net Debt / LTM Adjusted EBITDA 3.1x Drawn revolver facility1 Senior Unsecured Notes Moody's S&P Fitch Outlook Stable Stable Positive Long-term issuer rating Baa3 BBB- BBB- Senior unsecured Baa3 BBB- BBB- 1. Aggregate revolver commitments of $1,600.0 million until August 20, 2030 as per the amendment agreement signed on August 20, 2025. 2. MSCI typically seeks to maintain minimum cash balances globally of approximately $225.0 million to $275.0 million for general operating purposes. 3. Reflects gross debt, net of deferred financing fees, discounts and premiums. 4. Credit ratings reflect the views of the different agencies and are not a recommendation to buy, sell or hold any security including our common stock or debt securities. These ratings are subject to periodic review and may be raised upward, downward or revoked at the sole discretion of the agencies. Undrawn revolver facility1 Additional Information → US$ in millions
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1. From October 31, 2014 through September 30, 2026. 2. Share repurchase through September 30, 2026 21 Disciplined Approach to Capital Deployment for Shareholders Dividends ($ in millions) Share Repurchases Opportunistic Share Repurchases Capitalize on Attractive Values and Volatility ~$10.1B of Share Repurchases since 20122 →Meaningful dividend with strong historical growth →Historical payout ratio target of 40% – 50% of Adjusted EPS →For Q4 2026, cash dividend of $2.05 per share declared by MSCI Board of Directors → 22% CAGR in dividend per share since 20141 $121 $172 $221$247 $304 $374 $442 $509 $555 $447 2017 20182019202020212022202320242025 YTD 26 $102 $727 $140 $1,285 $459 $810 $2,419 $1,097 86 85 83 81 80 79 77 73 Aggregate Dollar Value of Shares Repurchased ($ in millions)Weighted Average Diluted Shares Outstanding 2019 2020 2021 2022 2023 2024 2025 YTD 26 Additional Information →
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Subscription Run Rate by Geography 38% 38% 41% 41% 21% 21% 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 MSCI Index Analytics Sustainability & Climate (Reportable Segment) All Other – Private Assets 54% 54% 30% 29% 16% 17% 33% 33% 54% 54% 13% 13% 58% 59% 35% 34% 7% 7% Americas EMEA APAC 22 Additional Information → 45% 45% 39% 38% 16% 17%
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Subscription Run Rate by Client Segment 54% 52% 19% 19% 5% 5% 8% 10% 7% 7% 3% 3%4% 4% Asset Managers Banking & Brokerages Asset Owners Hedge Funds Wealth Managers Insurance Companies Others 38% 37% 19% 19% 15% 20% 21% 5% 4%2% 2% 1% 1% 34% 32% 8% 7% 37% 39% 2% 2% 3% 5% 6% 12% 11% 47% 47% 11% 11% 10% 10% 4% 4% 12% 11% 9% 9% 7% 8% 1. For more details on the client segment, refer to slide 'Use of Operating Metrics' in the Appendix. 23 Additional Information → 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 MSCI Index Analytics Sustainability & Climate (Reportable Segment) All Other – Private Assets 46% 45% 16% 17% 13% 13% 10% 11% 7% 6% 4% 4% 4% 4% 16% 2%
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Quarterly Retention Rate Trends 24 Key Operating Metrics YoY Recurring Subscription Run Rate Growth (as Reported and Organic) 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% 95.4% 95.3% 95.0% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 17% 18% 18% 18% 12% 12% 12% 12% 12% 16% 14% 14% 15% 7% 8% 9% 8% 9% 9% 8% 9% 12% 13% 14% 14% 14% 13% 12% 11% 11% 10% 9% 9% 8% 8% 8% 7% 7% 8% 8% 8% 9% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth Retention Rate Additional Information →
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Analytics 25 3Q21 to 3Q26 YoY Run Rate Growth Index 11% 12% 12% 12% 13% 12% 12% 12% 11% 11% 9% 9% 9% 8% 9% 9% 9% 9% 11% 11% 12% 37% 27% 15% -4% -13% -13% -7% 7% 14% 15% 16% 16% 25% 15% 13% 17% 17% 26% 25% 25% 22% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 5% 5% 6% 5% 5% 5% 6% 7% 7% 7% 7% 7% 8% 6% 7% 8% 7% 8% 8% 6% 7% 5% 7% 7% 7% 8% 7% 6% 6% 6% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 7% 8% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 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 →
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149% 139% 142% 137% 4% 8% 8% 9% 10% 74% 71% 73% 78% 6% 7% 8% 6% 9% 8% 8% 9%8% 8% 8% 9% 12% 12% 10% 9% 8% 5% 4% 3% 2% 7% 7% 6% 6% 7% 8% 8% 9% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 All Other - Private Assets 26 3Q21 to 3Q26 YoY Run Rate Growth Sustainability & Climate 46% 44% 47% 41% 33% 34% 29% 26% 25% 20% 15% 14% 16% 8% 10% 11% 8% 10% 7% 2% 4% 46% 47% 50% 47% 42% 37% 30% 24% 22% 16% 13% 13% 11% 10% 10% 7% 6% 5% 4% 3% 2% 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Subscription Run Rate Growth as Reported Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth Organic Subscription Run Rate Growth Additional Information →
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$56.6 $56.6 $64.8 $64.3 $59.5 3Q25 4Q25 1Q26 2Q26 3Q26 1. Contract volumes traded may not tie to volume figures used for calculating Futures & Options Run Rate. Futures & Options run rate not solely based on volumes traded, includes impact from varied commercial arrangement with exchange partners. Listed Futures & Options Linked to MSCI Indexes Run Rate From Listed Futures & Options Linked to MSCI Indexes US$ in millions Futures & Options Volume Linked to MSCI Indexes in millions of contracts traded1 22.8 23.2 29.0 29.6 24.6 3Q25 4Q25 1Q26 2Q26 3Q26 27 Additional Information →
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$372.1 $372.1 $467.6 $10.9 $26.9 $21.7 $17.9 3Q25 Ending AUM US Developed Markets ex. US Emerging Markets / All Country Market Change 3Q26 Ending AUM Sustainability & Climate Run Rates Across all Segments1 28 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. 2. Includes $10 million of Run Rate from the acquisition of First Street YoY Growth Across Sustainability and Climate Franchise AUM in ETFs Linked to MSCI Sustainability and Climate Equity Indexes US$ in billions US DM ex US EM / All Country Climate ABF Climate Subscription Sustainability ABF Sustainability Subscription $29.0 Cash inflows / (outflows) $6.5 $66.5 US$ in millions $11.6 Additional Information → $335 $337 $127 $146 $102 $117 $55 $63 3Q25 3Q26 +7% $620 $663 +15% +15% +15% 0.4% +6% Organic 2
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29 MSCI to Participate in Upcoming Conferences JPM Ultimate Services Conference · New York · November 17 RBC TMT Conference · New York · November 18 UBS Global Tech and AI Conference · Scottsdale · November 30 Goldman Sachs US Financials Conference · New York · December 8 Additional Information →
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Appendix Section 04 30
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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. 31 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. Banking 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 funds, 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 →
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32 Use of Non-GAAP Financial Measures 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, transaction and earn-out 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, transaction and earn-out 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, transaction and earn-out 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 release 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. Appendix →
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(unaudited) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, in millions 2026 2025 2026 2025 Net income $ 351.0 $ 325.3 $ 1,099.0 $ 917.6 Provision for income taxes 76.9 71.2 135.4 187.8 Other expense (income), net 74.2 51.1 212.1 144.5 Operating income 502.1 447.6 1,446.5 1,249.9 Amortization of intangible assets 45.2 41.0 130.9 128.6 Depreciation and amortization of property, equipment and leasehold improvements 6.5 5.8 18.6 15.9 Acquisition-related integration and transaction costs1 1.0 — 2.0 — Consolidated adjusted EBITDA $ 554.8 $ 494.4 $ 1,598.0 $ 1,394.4 Index adjusted EBITDA $ 412.4 $ 350.2 $ 1,185.4 $ 992.0 Analytics adjusted EBITDA 85.7 90.1 256.5 258.7 Sustainability and Climate adjusted EBITDA 38.2 34.7 106.8 90.2 All Other - Private Assets adjusted EBITDA 18.5 19.4 49.3 53.5 Consolidated adjusted EBITDA $ 554.8 $ 494.4 $ 1,598.0 $ 1,394.4 Reconciliation of Net Income to Adjusted EBITDA 33 Appendix → 1 Represents transaction expenses and other costs directly related to certain announced or completed acquisitions and the integration of such acquisitions, including professional fees, severance expenses and regulatory filing fees, in each case only to the extent incurred no later than 12 months following the closing of the relevant acquisition. Also includes amounts arising under earn-out and other contingent consideration arrangements related to such acquisitions, including gains and losses from changes in their estimated fair value, which are included for the contractual term of the applicable arrangement.
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(unaudited) Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, in millions, except per share data 2026 2025 2026 2025 Net income $ 351.0 $ 325.3 $ 1,099.0 $ 917.6 Plus: Amortization of acquired intangible assets 21.0 20.8 61.5 70.8 Plus: Acquisition-related integration and transaction costs1 1.0 — 2.0 — Less: Tax impact of internal legal entity restructuring2 — — (88.0) — Less: Income tax effect3 (4.0) (3.8) (11.5) (12.0) Adjusted net income $ 369.0 $ 342.3 $ 1,063.0 $ 976.4 Diluted EPS $4.86 $4.25 $15.09 $11.87 Plus: Amortization of acquired intangible assets 0.29 0.27 0.84 0.92 Plus: Acquisition-related integration and transaction costs1 0.01 — 0.03 — Less: Tax impact of internal legal entity restructuring2 — — (1.21) — Less: Income tax effect3 (0.05) (0.05) (0.16) (0.16) Adjusted EPS $ 5.11 $ 4.47 $ 14.59 $ 12.63 Diluted weighted average common shares outstanding 72.3 76.6 72.8 77.3 34 Appendix → 1 Represents transaction expenses and other costs directly related to certain announced or completed acquisitions and the integration of such acquisitions, including professional fees, severance expenses and regulatory filing fees, in each case only to the extent incurred no later than 12 months following the closing of the relevant acquisition. Also includes amounts arising under earn-out and other contingent consideration arrangements related to such acquisitions, including gains and losses from changes in their estimated fair value, which are included for the contractual term of the applicable arrangement. 2 This adjustment reflects income tax effects recognized in connection with a multi-phase internal legal entity restructuring that commenced in fourth quarter 2025 and was completed in first quarter 2026. In fourth quarter 2025, the Company recognized discrete tax expense of $38 million related to the first phase and recognized a discrete tax benefit of approximately $88 million in first quarter 2026 related to the subsequent phase 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. 3Adjustments 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.
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(unaudited) Reconciliation of Operating Expenses to Adjusted EBITDA Expenses Three Months Ended Nine Months Ended Full-Year In millions September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 2026 Outlook1 Total operating expenses $389.9 $345.8 $1,163.3 $1,062.0 $1,535.0 - $1,575.0 Amortization of intangible assets 45.2 41.0 130.9 128.6 Depreciation and amortization of property, equipment and leasehold improvements 6.5 5.8 18.6 15.9 $195.0 - $205.0 Acquisition-related integration and transaction costs2 1.0 — 2.0 — Consolidated adjusted EBITDA expenses $337.2 $299.0 $1,011.8 $917.5 $1,340.0 - $1,370.0 Index adjusted EBITDA expenses $120.2 $100.9 $354.5 $315.7 Analytics adjusted EBITDA expenses 105.3 92.1 313.9 273.4 Sustainability and Climate adjusted EBITDA expenses 55.5 55.4 170.7 173.4 All Other - Private Assets adjusted EBITDA expenses 56.2 50.6 172.7 155.0 Consolidated adjusted EBITDA expenses $337.2 $299.0 $1,011.8 $917.5 $1,340.0 - $1,370.0 35 Appendix → 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. 2 Represents transaction expenses and other costs directly related to certain announced or completed acquisitions and the integration of such acquisitions, including professional fees, severance expenses and regulatory filing fees, in each case only to the extent incurred no later than 12 months following the closing of the relevant acquisition. Also includes amounts arising under earn-out and other contingent consideration arrangements related to such acquisitions, including gains and losses from changes in their estimated fair value, which are included for the contractual term of the applicable arrangement.
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(unaudited) Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow Three Months Ended Nine Months Ended Full-Year September 30, September 30, September 30, September 30, 2026 Outlook1 in millions 2026 2025 2026 2025 Net cash provided by operating activities $436.1 $449.4 $1,113.7 $1,087.3 $1,655.0 - $1,705.0 Capital expenditures (13.4) (4.0) (27.2) (26.9) Capitalized software development costs (37.3) (22.2) (96.7) (66.7) Capex (50.7) (26.2) (123.9) (93.6) ($160.0 - $170.0) Free cash flow $385.4 $423.2 $989.8 $993.7 $1,485.0 - $1,545.0 36 Appendix → 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.
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(unaudited) Third Quarter 2026 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth Comparison of the Three Months Ended September 30, 2026 and 2025 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 18.1 % 11.1 % 24.9 % 48.6 % Impact of acquisitions and divestitures (0.2) % (0.2) % (0.2) % — % Impact of foreign currency exchange rate fluctuations 0.1 % 0.2 % — % — % Organic operating revenue growth 18.0 % 11.1 % 24.7 % 48.6 % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Analytics Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 4.8 % 5.5 % — % (25.6) % Impact of acquisitions and divestitures — % — % — % — % Impact of foreign currency exchange rate fluctuations 0.4 % 0.4 % — % — % Organic operating revenue growth 5.2 % 5.9 % — % (25.6) % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Sustainability and Climate Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 4.0 % 3.9 % — % 7.1 % Impact of acquisitions and divestitures (2.0) % (2.0) % — % — % Impact of foreign currency exchange rate fluctuations 0.2 % 0.2 % — % — % Organic operating revenue growth 2.2 % 2.1 % — % 7.1 % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues All Other - Private Assets Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 6.7 % 6.0 % — % 125.0 % Impact of acquisitions and divestitures — % — % — % — % Impact of foreign currency exchange rate fluctuations — % — % — % — % Organic operating revenue growth 6.7 % 6.0 % — % 125.0 % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Consolidated Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 12.4 % 7.7 % 24.9 % 29.8 % Impact of acquisitions and divestitures (0.3) % (0.4) % (0.2) % — % Impact of foreign currency exchange rate fluctuations 0.2 % 0.2 % — % — % Organic operating revenue growth 12.3 % 7.5 % 24.7 % 29.8 % 37 Appendix →
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(unaudited) Nine Months Ended September 30, 2026 Reconciliation of Operating Revenue Growth to Organic Operating Revenue Growth Comparison of the Nine Months Ended September 30, 2026 and 2025 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 17.8 % 10.6 % 26.0 % 31.7 % Impact of acquisitions and divestitures (0.2) % (0.3) % (0.2) % — % Impact of foreign currency exchange rate fluctuations 0.1 % 0.3 % 0.1 % — % Organic operating revenue growth 17.7 % 10.6 % 25.9 % 31.7 % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Analytics Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 7.2 % 7.6 % — % (7.7) % Impact of acquisitions and divestitures — % — % — % — % Impact of foreign currency exchange rate fluctuations 0.3 % 0.3 % — % 1.4 % Organic operating revenue growth 7.5 % 7.9 % — % (6.3) % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Sustainability and Climate Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 5.3 % 5.9 % — % (25.0) % Impact of acquisitions and divestitures (0.7) % (0.7) % — % — % Impact of foreign currency exchange rate fluctuations (1.6) % (1.6) % — % (1.9) % Organic operating revenue growth 3.0 % 3.6 % — % (26.9) % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues All Other - Private Assets Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 6.5 % 6.3 % — % 27.8 % Impact of acquisitions and divestitures — % — % — % — % Impact of foreign currency exchange rate fluctuations (1.0) % (1.0) % — % — % Organic operating revenue growth 5.5 % 5.3 % — % 27.8 % Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Consolidated Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 12.9 % 8.4 % 26.0 % 16.9 % Impact of acquisitions and divestitures (0.2) % (0.2) % (0.2) % — % Impact of foreign currency exchange rate fluctuations (0.1) % (0.2) % 0.1 % 0.2 % Organic operating revenue growth 12.6 % 8.0 % 25.9 % 17.1 % 38 Appendix →