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1 Advancing Essential Intelligence
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2 Safe Harbor statement under the Private Securities Litigation Reform Act of 1995 This presentation contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this presentation and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: share repurchases, financial targets, the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; the Company’s cost structure, dividend policy, cash flows or liquidity; and the anticipated separation of S&P Global Mobility (“Mobility”) into a standalone public company. • worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), natural and man - made disasters, civil unrest, public health crises (e.g., pandemics), geopolitical uncertainty (including military conflict), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration; • the volatility and health of debt, equity, commodities, energy and automotive markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange -traded derivatives; • the demand and market for credit ratings in and across the sectors and geographies where the Company operates; • the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential for a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data; • the outcome of litigation, government and regulatory proceedings, investigations and inquiries; • concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services; • the level of merger and acquisition activity in the United States and abroad; • the level of the Company’s future cash flows and capital investments; • the effect of competitive products (including those incorporating generative artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion; • the impact of customer cost- cutting pressures; • a decline in the demand for our products and services by our customers and other market participants; • our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors; • our ability to attract, incentivize and retain key employees, especially in a competitive business environment; • our ability to successfully navigate key organizational changes, including among our executive leadership; • the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti -corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions; • the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith; • the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire; • consolidation of the Company’s customers, suppliers or competitors; • the introduction of competing products or technologies by other companies; • the ability of the Company, and its third -party service providers, to maintain adequate physical and technological infrastructure; • the Company’s ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man -made event; • the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates; • the impact of changes in applicable tax or accounting requirements on the Company; • the separation of Mobility not being consummated within the anticipated time period or at all; • the ability of the separation of Mobility to qualify for tax -free treatment for U.S. federal income tax purposes; • any disruption to the Company’s business in connection with the proposed separation of Mobility; • any loss of synergies from separating the businesses of Mobility and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility not realizing all of the expected benefits of the separation; and • following the separation of Mobility, the combined value of the common stock of the two publicly - traded companies not being equal to or greater than the value of the Company’s common stock had the separation not occurred. Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things: The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in whi ch new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward -looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by a pplicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contai ned in the Company’s filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10 -K, as supplemented by Item 1A, Risk Factors, in our most recently filed Quarterly R eport on Form 10-Q.
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3 Comparison of adjusted information to U.S. GAAP information European regulations affecting investors in credit rating agencies This presentation includes Company financials on an as-reported basis. The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating profit and margin; non-GAAP pro forma adjusted operating profit and margin; non-GAAP pro forma adjusted revenue; adjusted free cash flow; non-GAAP pro forma adjusted free cash flow; organic constant currency revenue; adjusted expenses; adjusted diluted EPS; and non-GAAP pro forma adjusted diluted EPS. The Company is not able to provide reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort. The Company’s non-GAAP measures include adjustments that reflect how management views our businesses. The Company believes these non-GAAP financial measures provide useful supplemental information that, in the case of non-GAAP financial measures other than adjusted free cash flow and non-GAAP pro forma adjusted free cash flow, enables investors to better compare the Company’s performance across periods, and management also uses these measures internally to assess the operating performance of its business, to assess performance for employee compensation purposes and to decide how to allocate resources. The Company believes that the presentation of adjusted free cash flow and non-GAAP pro forma adjusted free cash flow allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management and that such measures are useful in evaluating the cash available to us to prepay debt, make strategic acquisitions and investments, and repurchase stock. However, investors should not consider any of these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports. A reconciliation of the non-GAAP measures and the most directly comparable financial measures calculated in accordance with U.S. GAAP is available on the Company's website at https://investor.spglobal.com/investor- presentations. European Union Regulation 1060/2009 (as amended) applies to credit rating agencies (CRAs) registered in the European Union (“EU”) and therefore to the activities of S&P Global Ratings Europe Limited, an indirect wholly- owned subsidiary of S&P Global Inc., which is registered and regulated as a CRA with the European Securities and Markets Authority. The United Kingdom’s Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 applies to CRAs registered in the United Kingdom (“UK”) and therefore to the activities of S&P Global Ratings UK Limited, an indirect wholly-owned subsidiary of S&P Global Inc., which is registered and regulated as a CRA with the Financial Conduct Authority. Any person obtaining direct or indirect ownership or control of 5% or more or 10% or more of the shares in S&P Global Inc. may (i) impact how S&P Global Ratings can conduct its CRA activities in the EU and the UK, and/or (ii) themselves become directly impacted by EU Regulation 1060/2009 (as amended) and the Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019. Persons who have or expect to obtain such shareholdings in S&P Global Inc. should promptly contact S&P Global’s Investor Relations department (investor.relations@spglobal.com) for more information and should also obtain independent legal advice in such respect.
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Agenda Registration, Lunch & Product Showcase Welcome Mark Grant, Senior Vice President, Investor Relations and Treasurer, S&P Global Advancing Essential Intelligence Martina Cheung, President and CEO, S&P Global Enterprise Data Strategy Saugata Saha, President, S&P Global Market Intelligence and Chief Enterprise Data Officer, S&P Global Artificial Intelligence Strategy Bhavesh Dayalji, Chief AI Officer, S&P Global and Chief Executive Officer, Kensho Commercial Strategy (panel discussion) Sally Moore, Chief Client Officer, S&P Global Dave Ernsberger, President, S&P Global Energy Saugata Saha, President, S&P Global Market Intelligence and Chief Enterprise Data Officer, S&P Global Moderator: Mark Grant, Senior Vice President, Investor Relations and Treasurer, S&P Global Refreshment Break Financial Strategy Eric Aboaf, Chief Financial Officer, S&P Global Enterprise Q&A Session All Presenters Closing Remarks Martina Cheung, President and CEO, S&P Global Cocktail Reception & Product Showcase 4
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Product Showcases 5 S&P Global AI Innovation iLEVEL Automated Data Ingestion and Document Search Kensho Link Platts Connect ChatAI RatingsDirect® Credit Companion S&P Capital IQ Pro • Document Intelligence and ChatIQ • ChartIQ and Chart Explainer • Visible Alpha Partnership Spotlights Anthropic Claude IBM® watsonx Orchestrate Microsoft Copilot For more information, visit investorday2025.spglobal.com
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6 Advancing Essential Intelligence Martina Cheung President and Chief Executive Officer S&P Global
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7 Our industry-leading benchmarks, data, and solutions provide customers with the ability to make more confident decisions and stay a step ahead Advancing Essential Intelligence
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8 ADVANCE Market Leadership EXPAND High-Growth Adjacencies AMPLIFY Enterprise Capabilities & AI Our industry-leading, global franchise is well positioned to drive durable customer and shareholder value through three key objectives Strong brands with 100+ years of trust Benchmarks and differentiated data & IP AI-enabled solutions with flexible delivery Global and diverse end markets Unique value proposition Expanded asset class coverage Scaled and emerging opportunities Adjacent sectors and client segments Scaled enterprise data operations Leading-edge AI and technology platforms Integrated, elevated client engagement Productivity and AI-enabled workforce
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99 ADVANCE Market Leadership
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We are global, diversified, and highly differentiated Trusted Brand & Reputation Globally renowned brands that have been trusted by the markets for over a century Reputation for rigor, accuracy and objectivity, backed by leading track record Best-in-Class Products World-class benchmarks and IP powering major ecosystems (e.g., indices, credit ratings, commodity prices) Highly differentiated, industry- leading breadth and depth of data and workflows Flexible Distribution Multi-channel distribution through desktops, feeds, and 3rd-party platforms Strategic partnerships reach new clients and maximize value for existing clients 10 Geographic Diversification 1 Americas 63% EMEA 25% APAC 11% 1. Full Year 2024 Revenue; excludes S&P Global Mobility; some amounts may not sum due to rounding 2. For division-specific end-market exposure, see Appendix End Markets (ranked by revenue) 1, 2 Corporates (ex-Financial Services, ex-Energy) Investment Management Commercial Banks & Insurance Energy Corporates Investment Banking & Brokerage Government, Academia & Other Advance Market Leadership
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<5% Undifferentiated As-reported Financials Transcripts Directories Public Ownership (13Fs) Press Releases / 3rd-Party News 5% Services & Events Valuation & Issuer Solutions CERAWeek Advisory & Consulting 13% Workflow Tools Platts Connect iLEVEL WSO ClearPar DebtDomain Notice Manager 15% Proprietary & Curated Data 63% Benchmarks More than 95% of revenue1 is derived from proprietary data, processes, and tools, supported by strong IP protection Note: Examples listed in each category not exhaustive 1. Revenue based on trailing twelve months ended September 30, 2025. Percentage is based on trailing twelve months revenue from products whose value is derived from publicly available or 3rd-party data that is not based on or materially enhanced by S&P Global’s intellectual property 11 GICS ® & Reference Data Loan Reference Data & FI pricing Compustat ® RatingsDirect ® 95%+ Advance Market Leadership Panjiva 451 Research World Refinery Database
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Emerging markets growth Demand for energy expansion and infrastructure Geopolitical and regulatory uncertainty GenAI and agentic acceleration Fee compression at passive managers 12 Most market forces are secular tailwinds that are creating opportunities for high-quality growth Increased capital markets activity Private markets growth Asset class rebalancing and wealth Tariff disruptions Softness in upstream energy market Advance Market Leadership
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131313 EXPAND High-Growth Adjacencies
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14 Tailwinds enable us to invest across the enterprise in high-growth and emerging areas alongside leading-edge AI and technology Enterprise technology & leading-edge capabilities Artificial Intelligence Blockchain Quantum Computing Emerging opportunities with future impact Supply Chain Wealth Decentralized Finance Scaled initiatives with immediate impact Private Markets Energy Expansion Expand High-growth Adjacencies
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15 Expand High-growth Adjacencies Growth trends ~$21T Global private markets AUM1 96% of global LPs plan to increase or maintain their private-markets allocations over the next 12 months2 $9T in asset-based financing by 2029 (2x since 2021)3 Tailwinds Private Markets AUM has grown at almost twice the rate of global AUM1, a trend expected to continue due to market tailwinds Expanding ecosystem Growing market New End Markets Expect private markets to generate ~50% of asset management fees by 20301 GPs expanding beyond direct lending (e.g., asset-based finance) 401(k)s adding alternatives to portfolio mix Companies are staying private for longer, complemented with growing number of issuers of public IG bonds tapping private credit markets ~15% growth in retail private market fundraising4 Sovereign wealth funds boosting exposure to private assets 1. BCG Global Asset Management Report 2025. Includes Private Equity, Private Debt, Hedge Funds, Real Estate, and Infrastructure. 2. Wellington Management: Wellington Private Investing Survey 2025. 3. Integer Advisors and KKR Credit research estimates. 4. Stanger Investment Banking report 2024; represents total growth from 2022 to 2024.
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16 Our expanding footprint reinforces our leadership position in private markets, supported by recent partnerships and acquisitions 16 Deal Sourcing & Diligence Portfolio Management, Fund Monitoring & ReportingFundraising & LP Allocation Investment lifecycle iLEVEL Valuations WSO Fund-, Asset-, and Deal-level Data Data & Benchmarks Workflow & Services Partnerships with… Private Market Indices 1. With Intelligence transaction is expected to close in 2025, or early 2026, subject to customary closing conditions, including receipt of certain regulatory approvals. Expand High-growth Adjacencies Credit Ratings & Estimates + Following strategic investments, S&P Global expects to: • Create the world’s most comprehensive solution for private markets • Solve the transparency gap in private markets across multiple asset classes • Leverage unique global footprint to enhance access to private markets + + + 1 + Credit Ratings & Estimates
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17 An increasingly complex and interconnected energy ecosystem creates strong demand for S&P Global’s fit-for-purpose solutions Renewables growing quickly, to fill supply gap, hydrocarbons remain material Electricity demand ~3x by 2050 (driven by AI + electrification) Energy expansion, not replacement of energy sources Related commodities surge: (e.g., metals, chemicals) requiring real-time insights Geopolitical & system complexities rising: grid constraints, supply chains, trade tension, policy & regulation Benchmarks, data, and workflow as differentiators: optimization, forecasting, automation Expand High-growth Adjacencies
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18 Energy Expansion Fit-For Purpose Solutions Enterprise Approach Bringing leading products from multiple divisions to solve complex customer problems Solutions for energy planning & data center development, leveraging the growth in power and data center sectors Power & AI Integration of robust ET pricing, research & insights with integrated climate data and analytics Energy Transition Expanded solutions suite assessing risks like tariffs, critical minerals, geopolitical scenarios & maritime emissions Risk Value Creation for Global, Diverse End- Markets Analysts | Brokers | C-Suite | Compliance | Geoscientists | Engineers | Exchanges | Compliance | Risk Managers | Strategic Planners | Traders | Lenders | Investors Expand High-growth Adjacencies Power Evaluator Economic and Country Risk 451 ResearchClimanomics Panjiva
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191919 AMPLIFY Enterprise Capabilities & AI
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Our integrated operating model removes silos in key areas, unlocking growth, innovation and operating leverage Cross divisional initiatives Enterprise Data Integrate operations for core data collection and distribution for scale & cross-division product synergy Enterprise Technology & AI Scale and standardize best in class technology and capabilities Customer Engagement Elevated engagement model, enabling customers more tailored access to explore the value of S&P Global Workforce Empowerment "Workforce of the future" combining new skills and increased productivity, AI-enabled capabilities, and winning culture Amplify Enterprise Capabilities & AI 20
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Our Enterprise Technology initiatives accelerate scale and innovation, optimizing our data & products for humans, machines and agents Scaled Enterprise Technology Model Enterprise architecture Foundational and leading-edge AI client experience Comprehensive information security and IP protection Productivity through redesigned processes and agent integration Deep Strategic Collaboration Partner for select capabilities to improve scale and speed to market Strategic partnerships and new distribution channels Emerging technologies (e.g., quantum, blockchain, etc.) New Potential Commercial Models Data licensing, usage-based GenAI & agent-driven value realization on S&P platforms Co-created products with clients (Kensho Labs) New and native GenAI and agentic products 21 Amplify Enterprise Capabilities & AI
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We are elevating our approach to customer engagement and commercialization, while continuing to collaborate across divisions Amplify Enterprise Capabilities & AI Engagement Across Sectors and Divisions C-Suite Engagement Focused Client Coverage Stakeholder Engagement Sector-Specific Events Industry and Sector Outreach Disciplined Execution Go-to-Market Partnerships Optimized Incentives 22
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23 Leveraging technology, process, and skills innovation to empower our people, enhance productivity, and deliver enterprise impact People-Forward Culture 1 Skills Focus 2 People + AI: Process Redesign 3 Aligned Incentives 4 Amplify Enterprise Capabilities & AI
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24 S&P Global Divisions
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Data & Insights Workflow Tools 26 S&P Global Market Intelligence Vast estate of differentiated and proprietary financial data and deep sector coverage Leading software & solutions that support customer workflows across lending, regulatory and compliance, and capital raising activities 6T+ Unique data points managed, contributing to a world-leading data estate 2.5M+ Fixed income bonds priced daily 250+ Contributor brokers into Visible Alpha, the leading provider of consensus estimate models 160+ Sub-industry classifications Leading desktop solution, serving a diverse customer base iLEVEL Market leading platform serving private equity with 16B+ data points tracked WSO $4T+ AUM managed on leading suite of solutions Notice Manager Market leading tool for managing bank loan notices
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Strategic Priorities Private markets and credit GenAI products & enhancements Expanding with corporate customers Geographic expansion 27 S&P Global Market Intelligence Growth Drivers Differentiated data, fit-for-purpose workflow tools and deployment of AI across product suites Integrated account management approach, supported by cross-divisional collaboration and the Chief Client Office (CCO) Further revenue diversification across customer types and geographies Leverage our extensive range of products and services to facilitate customer goal of vendor consolidation Utilize our differentiated data to meet demand for emerging needs, such as those in the supply chain sector
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DIFFERENTIATED CUSTOMER VALUE PROPOSITION We deliver differentiated data and world-class workflow tools through multiple channels to help customers solve their biggest problems An essential strategic partner Flexible Delivery S&P Capital IQ Pro & Visible Alpha Data Feeds & APIs GenAI: LLMs & MCP 3 rd-party Integrations Distribution Partners Software Solutions Elevated Engagement Deep customer engagement, at senior levels, in partnership with CCO and other divisions Powerful Products Data & Insights Workflow Tools 28
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30 S&P Global Ratings Growth Drivers Continued growth in global debt outstanding, in conjunction with GDP Strong forward maturity walls Need for more transparency in private markets Rapidly expanding fixed income and credit markets (e.g., Middle East, Asia, etc.) Demand for Ratings perspective in emerging assets (e.g., data centers, crypto, etc.) Decentralized Finance ecosystem, stablecoins, and tokenization Strategic Priorities Analyst expertise, capacity, and efficiency Private credit Decentralized Finance, stablecoins, and tokenization Geographic expansion
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Tailwinds from Upcoming Refinancing Wall Corporate maturity wall remains healthy over the medium-term, with $8.2T of maturities coming due over next three years Since 2015, the cumulative three-year forward maturity wall has averaged $6.5T Strong outlook for M&A activity, infrastructure investment, and capital markets development outside of the U.S. further increase confidence in Ratings growth $8T+ corporate debt rated by S&P Global Ratings is maturing over the next 3 years 31 S&P Global Ratings $2.0 $2.2 $2.3 Historical Average1 $2.5 $2.6 $3.0 Latest $6.5 $8.2 Avg. Year 1 Maturity Wall Avg. Year 2 Maturity Wall Avg. Year 3 Maturity Wall 2026 Maturity Wall 2027 Maturity Wall 2028 Maturity Wall Source: Global Refinancing Study: S&P Global Ratings Credit Research & Insights. As of July 1, 2025. 1. Historical average is derived from mid-year global refinancing wall studies conducted between 2015 and 2024. The cumulative three-year forward maturity wall represents the average amount of debt maturing in the three full calendar years proceeding each respective study. +26% ($ in trillions)
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Benchmarks Data & Thought Leadership 33 S&P Global Energy Benchmarks set the industry standard for transparency and reliability to write contracts and monitor commodity markets Trusted data and strategic thought leadership for immediate decision-making and guidance in navigating complex market dynamics and long-term planning 15,000+ Price assessments produced daily 270+ IOSCO benchmarks 150+ Countries where benchmarks are applicable ~70% Of waterborne crude oil trade estimated to be priced using Platts benchmarks 2,000+ Researchers, price reporters, and industry experts 100% Major global energy and commodity markets covered 1 ~14k data center facilities tracked The world’s premier energy conference 451 Research 1. Our coverage includes all conventional and coverable markets, with potential for future inclusion of additional markets.
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34 S&P Global Energy Growth Drivers Expansion and evolution of global energy ecosystem and diversification of energy sources Ongoing product innovation and benchmark expansion, particularly in emerging commodity classes, and penetration in financial services end market Demand for more advanced technologies across customer-facing solutions Strategic Priorities Energy Expansion Supply Chain GenAI products & enhancements Geographic expansion Upstream turnaround
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DIFFERENTIATED CUSTOMER VALUE PROPOSITION 35 We deliver world-leading benchmarks, data, and insights to help customers plan, act, and thrive in a rapidly evolving global landscape An essential strategic partner Flexible Delivery Platts Connect Data Feeds & APIs GenAI: LLMs & MCP 3rd-party Integrations Distribution Partners Software Solutions Elevated Engagement Deep customer engagement, at senior levels, in partnership with CCO and other divisions Powerful Products Benchmarks Data & thought Leadership
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37 S&P Dow Jones Indices Growth Drivers Continued globalization of passive indexing, supporting high mix of asset-linked fees AI-personalized solutions to meet demand for asset managers for subscription-based asset management solution Expansion of private market investment opportunities Growth in alternative asset classes and digital assets Strategic Priorities Innovation in Core & New Products Private Markets Retirement & Income Wealth
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Liquid Ecosystems 38 S&P Dow Jones Indices 1. Investment Company Institute. 2025 Investment Company Fact Book: A Review of Trends and Activities in the Investment Company Industry. Note: Mutual fund data include net new cash flow and reinvested dividends; ETF data for net share issuance include reinvested dividends. 2. S&P Dow Jones Indices Annual Survey of Assets – Asset values as of December 31, 2024. $27.7 trillion in assets indexed or benchmarked to all S&P Dow Jones Indices, reflecting an annual growth rate of 10% since 20202 Equity Futures Options ETF Options Unleveraged ETF Leveraged ETPs Sectors VIX Factors Dividends Scored & Screened Products linked to S&P 500 Products derived from S&P 500 Fixed Income ETFs ETF Options iBoxx Total Return Swaps iBoxx Futures CDS CDS Index Options CDS Index Tranches Bonds Indices (iBoxx) CDS Indices (CDX & iTraxx) Active to Passive 1 Passive Index-oriented products received $2.9 trillion in new net cash and reinvested dividends Active Actively managed domestic equity mutual funds experienced a net outflow of $3.0 trillion (including reinvested dividends) Actively managed domestic equity mutual funds Actively managed domestic equity ETFs Index domestic equity mutual funds Index domestic equity ETFs ($ in billions)
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39 ADVANCE Market Leadership EXPAND High-Growth Adjacencies AMPLIFY Enterprise Capabilities & AI Advancing Essential Intelligence Strong brands with 100+ years of trust Benchmarks and differentiated data & IP AI-enabled solutions with flexible delivery Global and diverse end markets Unique value proposition Expanded asset class coverage Scaled and emerging opportunities Adjacent sectors and client segments Scaled enterprise data operations Leading-edge AI and technology platforms Integrated, elevated client engagement Productivity and AI-enabled workforce
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40 Enterprise Data Strategy Saugata Saha President, S&P Global Market Intelligence and Chief Enterprise Data Officer, S&P Global
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41 S&P Global’s enterprise data strategy is driven by clear customer needs: flexible delivery, interoperability, AI-Readiness AI-Readiness Customer Needs Interoperability Enhance metadata, knowledge graph, and ontology Accelerate cross-divisional product development AI-Readiness Enable embedding in customer workflows Facilitate agentic consumption Flexible Delivery Scale up new delivery channels Modernize existing delivery channels
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Our expansive, unparalleled data combined with next-gen technology and deep sector knowledge protects and creates customer value and growth Trusted Source Streamlined and Accessible Embedded in Workflows 42 Data Estate Proprietary Differentiated Linked Distribution-ready Technology Capabilities Future ready Efficient Enterprise scale Human Capital Deep sector knowledge Proprietary processes Customer Value Trusted data to support mission-critical decisions AI-readiness increasing speed to value capture 350PB+ S&P Global data estate 535 Unique data sets 10M+ Monthly data units processed via AI 400+ Products supported 80K+ Public company fundamentals 400M+ Companies with credit risk insights
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Our advanced approach to data generation and curation creates real customer value from proprietary and public data 43 Example Example 1. Revenue based on trailing twelve months ended September 30, 2025. Percentage is based on trailing twelve months revenue from products whose value is derived from publicly available or 3rd-party data that is not based on or materially enhanced by S&P Global’s intellectual property. 2. PRP = Price Reporting Platform, AGAVE = Assessment Guardrail and Validation Evidence. We aggregate data from multiple public sources and normalize via proprietary methodologies Exclusive internal tools perform specialized ETL (Extract, Transform, Load) workloads Databasing and linking to Reference Data S&P Global presentation layer (e.g., Capital IQ Pro, XpressFeed) Team of 1,200+ data analysts with industry, methodology, and reporting expertise Platts Price Assessments Company Fundamentals 95%+ of Revenue1 <5% Undifferentiated 5% Services & Events 13% Workflow Tools 15% Proprietary & Curated Data 63% Benchmarks We generate data via independent and proprietary processes and methodologies Enhanced by company-developed tools such as PRP and AGAVE 2 Databasing and linking to Reference Data S&P Global presentation layer (e.g., Platts Connect, bulk distribution packages) 450+ price reporters and editors with deep market knowledge and trusted industry relationships
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We are building and accelerating frontier tech capabilities for our data that will continue to drive value for customers 44 Efficiency AI-enabled analysts to reduce production latency Upgraded middle-tier Expanded dataset coverage New Sources of Value New datasets created rapidly at scale and lower cost Leadership in open and master reference data Seamless internal access for new product development Future-Ready New sources of data Strategic partnerships for distribution Ontology, knowledge graph, master data, reference data, and metadata Path to straight-through processing (STP) Low friction, instant availability on new channels Preferred partner for customers’ AI use cases Long-term Vision
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We will continue to strengthen and accelerate S&P Global’s strategic advantages to deepen and widen our moats 45 Connecting All Our Data Enabling human and machine discovery, integration, and consumption Enhancing Speed to Market Responding to changing customer needs New Sources of Value Interoperability unlocking new product and consumption potential Multi-Channel Distribution and Partnership Meeting customers where they are and will be Accelerating Productivity Increasing AI-driven efficiency and speed
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46 Bhavesh Dayalji Chief AI Officer, S&P Global and Chief Executive Officer, Kensho Artificial Intelligence Strategy
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47 Foundational AI investment drives economic efficiency and acceleration in new product development Since 2018, S&P Global has: invested over $1 billion in AI initiatives established foundational capabilities to power accelerated innovation; and expanded margins meaningfully 2018 2019 2020 2021 2022 2023 2024 2025 Kensho Grounding Agent and MCP Document Viewer on Capital IQ Pro Machine-readable data feeds ChatAI on Platts Connect Kensho LLM-ready API Spark Assist ChatIQ on Capital IQ Pro Marketplace GenAI Search S&P Global appoints Chief AI Officer Ecosystem collaboration: Anthropic Google IBM Microsoft Rogo Salesforce Many new AI products, features & enhancements Acquisitions: ProntoNLP TeraHelix Acquisition: Foundational AI Investments Early GenAI Innovation Accelerated Innovation in Production NVIDIA R&D partnership Kensho AGAVE on Platts MOC
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Transform information for LLM-agnostic consumption Our Value Proposition Boost distribution & trust-based LLM performance Model Context Protocol 3rd-party cloud distribution (e.g., Snowflake) Kensho LLM-ready API Unified Data Infrastructure Unlock differentiated insights and AI-enabled UX ChatIQ & ChatAI Document Intelligence Credit Companion Spark Assist Kensho Grounding Agent Other specialized AI agents Enable efficient agentic workflows across applications S&P Global Platforms (e.g., Capital IQ Pro, Platts Connect) 3 rd-party applications (e.g., hyper-scalers) Customer applications & workflows S&P Global creates value for our customers across the full spectrum of GenAI needs, meeting them wherever they are on their AI journey 48 500 million+ Entities linked 1 million+ Hours transcribed 1 billion+ Pages processed
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Core competencies… …leading to enhanced client value 49 We pair proprietary, trusted data with deep domain expertise across the GenAI and Agentic ecosystems Proprietary, AI-ready data Regulated, time-sensitive, and historically rich datasets; decades of history and QA Auditability advantage Canonical IDs, entity resolution, grounding agent, and event schemas that make AI reliable and auditable Domain expertise at scale Practitioners who validate and improve AI outputs — judgment is part of the product Broad ecosystem & brand leadership Our benchmarks and identifiers are the gold standard in global markets Trusted insights, robust governance IP protection, attribution/audit trails, and policy controls for enterprises Embedded, contextual agentic workflows Client persona-driven products that unlock efficiency and effectiveness
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50 Multiple commercialization models exist, increasing the importance of agility, flexibility, and foundational expertise Commercial Value Improved Retention Competitive Wins Upsell, Cross sell New Client Spend Improved Economics New Product Sales New Channels Data licensing and usage-based, including through 3rd-party platforms New Features GenAI and Agentic- driven value realization on S&P Global platforms New Collaborations Co-created products with clients (Kensho Labs) New Products New and native GenAI & agentic products
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51 Kensho Labs offers various opportunities to engage based on customer needs and business priorities R&D and Exploration Solution Customization Hands-on Deployment Support Co-innovation
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Commercial Strategy: Advancing Client Centricity Panel 52
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Commercial Strategy Panel Panel Participants: Sally Moore, Chief Client Officer, S&P Global Dave Ernsberger, President, S&P Global Energy Saugata Saha, President, S&P Global Market Intelligence and Chief Enterprise Data Officer, S&P Global Moderated by: Mark Grant, Senior Vice President, Investor Relations and Treasurer, S&P Global 53
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Refreshment Break 54
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Financial Strategy Eric Aboaf Chief Financial Officer S&P Global 55
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56 Track record of profitable growth and shareholder returns All financials other than revenue refer to non-GAAP adjusted metrics for 2023 through 2025 and to non-GAAP pro forma adjusted metrics for 2022. 2025 revenue refers to GAAP revenue and 2022 revenue refers to non-GAAP pro forma adjusted revenue. 1. Represents the mid-point of our latest public guidance for full-year 2025. Strong execution 2022 20251 CAGR Revenue $11.8B $15.3B 9% Operating Margin Operating Margin ex-OSTTRA 44.9% 44.2% 50.25% 49.75% 180 bps/year 190 bps/year Diluted Earnings Per Share $11.19 $17.73 17% 53 million total shares repurchased Since the beginning of 2022, S&P Global has returned 145% of adjusted Free Cash Flow to shareholders: $17 billion in cumulative adjusted Free Cash Flow $21 billion in cumulative share repurchases $4 billion in cumulative cash dividends
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76% 24% 36% 34% 17% 13% Revenue by Division 1 Revenue by Type 1 57 S&P Global is focused on providing credit ratings, benchmarks, analytics, and workflow solutions in the global capital and commodity markets $13.3B1 1. Excludes S&P Global Mobility; some amounts may not sum due to rounding; total includes impact from intersegment elimination. $13.3B1 Non-recurring revenue includes: Non-subscription/transaction Sales usage-based royalties Recurring revenue includes: Subscription Non-transaction Asset-linked fees Recurring variable Trailing twelve months ended 9/30/2025 Trailing twelve months ended 9/30/2025
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S&P Global Ratings S&P Dow Jones Indices 58 Global leadership in market-driven businesses drives secular growth with highly defensible market position 17% 83% $1.8B1 Non-recurring Revenue Recurring Revenue 48% 52% $4.6B1 1. Revenue based on trailing twelve months ended September 30, 2025; some amounts may not sum due to rounding. Revenue Drivers Economic growth Refinancing walls M&A activity Private credit Revenue Drivers Market appreciation Multi-asset products Positive flows ETD volumes New product innovation 83% 17% Non-recurring Revenue Recurring Revenue Trailing twelve months ended 9/30/2025 Trailing twelve months ended 9/30/2025
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Subscription Businesses 59 Highly-recurring subscription businesses provide predictability, growth, and confidence in long-term investment planning 96% 87% 4% 13% $4.8B1 $2.3B1 Revenue Drivers & Execution Priorities Product innovation Client segment expansion New customer growth Go-to-market partnerships Price to value 1. Revenue based on trailing twelve months ended September 30, 2025; some amounts may not sum due to rounding. Trailing twelve months ended 9/30/2025 Non-recurring Revenue Recurring Revenue
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Platts CERA Data & Research Risk & Valuation Services Software & Services For descriptions of business lines, refer to slides 71 and 74 1. Reporting methodology will commence upon completion of the planned separation of the Mobility division. The Company expects to restate reported financials at that time. 60 Aligning business lines to simplify operations and maximize customer value in Market Intelligence and Energy divisions Future reported business lines1:
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61 Productivity will fund investments to drive organic growth, and contribute to margin expansion Investment Priorities Organic growth is primary focus Multiple investment levers • Product expansion • Geographic reach • Client segments Strategic focus areas Range of Productivity Levers End-to-end process engineering and GenAI Continued silo elimination and delayering Opportunities around data operations, software engineering, and research
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62 Shareholder-focused capital framework Balance Sheet Target adjusted gross leverage to adjusted EBITDA of 2.0x-2.5x Maintain investment-grade rating Capital Return to Shareholders Framework: Return ~85% of adjusted Free Cash Flow via dividends and share repurchases annually Dividend payout ratio 20-25% of adjusted Net Income Announcing new multi-year share repurchase authorization (30M shares) Portfolio Structure Four related divisions supported by Chief Client Office Tactical M&A in support of high-growth strategic initiatives
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63 Updated framework for annual guidance Revenue Growth (OCC) Revenue Growth (OCC) Annual Billed Issuance Forecast Revenue Growth (OCC) Revenue Growth (OCC) Assumption for U.S. equity market performance Divisions Organic, Constant Currency (OCC) Revenue Growth Adjusted Operating Margin Adjusted Diluted EPS Note: The Company also expects to continue providing annual adjusted guidance for corporate unallocated expense, capital expenditures, Free Cash Flow, Adjusted Free Cash Flow, deal-related amortization, interest expense, and tax rate. Guidance for corresponding GAAP metrics will also be provided. Enterprise
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64 Enterprise Targets New medium-term financial targets Double-Digit Adjusted Diluted EPS Growth 50-75 bps/year Adjusted Operating Margin Expansion 7% to 9% Organic, Constant Currency (OCC) Revenue Growth Key Assumptions: Assumes issuance volumes based on the historical average annual growth in issuance Assumes market appreciation based on historical average annual S&P 500 returns Target margin expansion excludes the contribution from OSTTRA in all periods 6% to 8% Revenue Growth (OCC) 6% to 9% Revenue Growth (OCC) 6% to 8% Revenue Growth (OCC) 10% to 12% Revenue Growth (OCC) Organic Division Targets Targets are average annual rates expected over the next 3-5 years
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Enterprise Q&A 65
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Enterprise Q&A Participants Martina Cheung, President and CEO, S&P Global Eric Aboaf, Chief Financial Officer, S&P Global Bhavesh Dayalji, Chief AI Officer, S&P Global and Chief Executive Officer, Kensho Dave Ernsberger, President, S&P Global Energy Yann Le Pallec, President, S&P Global Ratings Sally Moore, Chief Client Officer, S&P Global Saugata Saha, President, S&P Global Market Intelligence and Chief Enterprise Data Officer, S&P Global Moderated by: Mark Grant, Senior Vice President, Investor Relations and Treasurer, S&P Global 66
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Advancing Essential Intelligence 67
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68 Appendix
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69 Economic forecasts informing our Outlook Y/Y Change, except Dated Brent 2025 2026 2027 2028 Real GDP forecasts1 World 3.1% 3.0% 3.2% 3.3% United States 1.9% 1.8% 1.8% 2.0% Eurozone 1.1% 1.1% 1.4% 1.5% China 4.6% 4.0% 4.3% 4.3% India 6.5% 6.7% 7.0% 6.8% United States CPI 2 2.7% 2.8% 2.4% 1.9% Platts Dated Brent average $/bbl 3 $66 $53 $58 $58 1. S&P Global Ratings Economic Research – Global Economic Outlook (9/25/25). 2. S&P Global Ratings Economic Research – U.S. Economic Outlook (9/23/25). 3. S&P Global Commodity Insights Global Crude Oil Markets Long-term Outlook (8/20/25).
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70 S&P Global Market Intelligence Geographic & End Market Diversification Geographic Diversification 1 End Markets 1 1. Full-year 2024 revenue; some amounts may not sum due to rounding. Americas 65% EMEA 25% APAC 9% Investment Management 34% Investment Banking 21% Corporates 12% Commercial Banks 12% Insurance 6% Professional Services 6% Private Equity (GPs) 5% Government & Academia 4%
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71 S&P Global Market Intelligence New business line reporting, to commence upon completion of Mobility separation New Business Line Description Products (not exhaustive) Data & Research Consists of a subset of products that were previously reported as Data, Analytics, and Insights Integrated solutions, combining differentiated data, advanced tools, and top-tier customer support to enhance front-office decision-making and efficiency • Alpha Signals • Big Dough • ChartIQ • Compustat • Cross Reference • Financials & Estimates • GICS • Industry Intelligence • Issuer Solutions • Marketplace • Money Market Directories • Ownership • S&P Capital IQ Pro • SNL • Textual • Visible Alpha Risk & Valuations Services Consists of products that were previously reported as Credit & Risk Solutions and a subset of Data, Analytics, and Insights products Comprehensive data and analytics to assess financial, macro, and operational risks; pricing & valuations services providing market transparency • Credit Analytics & RiskGauge • Economics and Country Risk Research 1 • Equities & Analytics1 • Financial Risk Analytics • Journal of Commerce1 • Maritime, Trade & Supply Chain1 • Pricing (Bond/CDS/Loan)1 • Purchasing Managers Index (PMI) • RatingsXpress/Direct • Scorecards • TruSight2 • Valuations and Reference Data1 Software & Services Consists of products that were primarily reported previously as Enterprise Solutions Software and managed services enabling more efficient workflows for market participants across public and private markets • Cappitech • ClearPar • CLM Pro • Corporate Actions • DebtDomain • iLEVEL • Notice Manager • Primary Markets Group • Reg. & Compliance • Research Manager • Tax Solutions • WSO 1. Currently reported under Data, Analytics, & Insights. 2. Currently reported under Enterprise Solutions. 3. Currently reported under Credit & Risk Solutions. Note: 451 Research and sustainability-related products, which are currently in the Market Intelligence division will be reported under the S&P Global Energy division. See slide 74 for S&P Global Energy new businesss line reporting. Reporting methodology will commence upon completion of the planned separation of the Mobility division.
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Geographic Diversification 1 End Markets 1 72 S&P Global Ratings Geographic & End Market Diversification Americas 62% EMEA 27% APAC 11% Corporates 52% Financial Services 19% Structured Finance 14% Infrastructure 8% US Public Finance 5% Sovereign & Int’l Public Finance 2% 1. Full-year 2024 revenue; some amounts may not sum due to rounding. End Markets excludes CRISIL and Other (intersegment royalty, Taiwan Ratings Corporation, and adjustments).
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Geographic Diversification 1 End Markets 1 73 S&P Global Energy Geographic & End Market Diversification Americas 47% EMEA 31% APAC 22% Integrated Oil & Gas 27% Exploration & Production 14% Refining 10% Financial 10% Utilities 8% Transportation 6% Trading Distribution 6% Large Industrials 4% Chemicals 4% All Other 11% 1. Full-year 2024 revenue; some amounts may not sum due to rounding.
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74 S&P Global Energy New business line reporting, to commence upon completion of Mobility separation New Business Line Description Products (not exhaustive) Platts Thousands of Platts commodity benchmark prices are published daily, serving as a key source of pricing intelligence for traders, risk managers, analysts, governments, and exchanges; derivatives based on Platts benchmarks providing vital hedging, liquidity, and planning capabilities • Forward Curves2 • Global Trading Services4 • Market News & Reports1 • Price Assessments2 CERA Thought leadership, events, research, and insights, help customers navigate shifting geopolitics, policy frameworks, and increasingly complex trade relationships • 451 Research5 • Analytics1 • CERAWeek4 • Conferences & Events4 • Consulting4 • Environmental Solutions4 • Market Insights1 • Sustainable16 • Upstream Data & Insights3 1. Currently reported under Energy & Resources Data & Insights. 2. Currently reported under Price Assessments. 3. Currently reported under Upstream Data & Insights. 4. Currently reported under Advisory & Transactional Services. 5. Currently under Data, Analytics, & Insights within Market Intelligence. 6. Currently reported across multiple divisions. Includes products that generate revenue from evaluations, scores, physical risk analysis, and global climate and energy transition data and analytics. Note: Reporting methodology will commence upon completion of the planned separation of the Mobility division.
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Geographic Diversification 1 End Markets 1 75 S&P Dow Jones Indices Geographic & End Market Diversification Americas 84% EMEA 12% APAC 4% Asset Management 48% Financial Exchanges & Data 26% Insurance 10% Investment Banking & Brokerage 10% Diversified Banks 4% Other 2% 1. Full-Year 2024 Revenue; some amounts may not sum due to rounding.