Slides
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S&P Global Quarterly Update April 29, 2025 1 1Q 2025
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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: 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: 2 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 a re 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 re quired by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial conditio n, is contained 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 Report on Form 10 -Q.
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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; trailing twelve-month adjusted operating margin; organic constant currency revenue; adjusted expenses; and 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. Comparison of adjusted information to U.S. GAAP information 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 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. 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. The Company's earnings releases, including its earnings releases dated February 11, 2025 and April 29, 2025, contain financial measures calculated in accordance with GAAP that correspond to the non-GAAP measures included in this presentation, and the earnings releases and the Earnings Supplemental Disclosure contain reconciliations of such GAAP and non-GAAP measures. The Company's earnings releases and the Earnings Supplemental Disclosure are available on the Company's website at https://investor.spglobal.com/quarterly-earnings. 3 European regulations affecting investors in credit rating agencies 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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4 Strategy, Vision, and Execution Martina Cheung President and CEO
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51. All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. First quarter highlights Financial highlights 1 Revenue increased 8% year over year • Strong revenue growth in all five divisions • Revenue from subscription products grew 7% y/y Adjusted operating profit increased 10% y/y, while TTM adjusted operating margins expanded 240 bps Adjusted diluted EPS increased 9% year over year Returned over $900 million to shareholders through dividends and share repurchases Strategic highlights Significant progress on active portfolio optimization • Announced planned divestiture of OSTTRA JV • Announced planned separation of Mobility division Continued focus on customer engagement Launch of multiple new products aligned with key strategic initiatives Investor Day to be held November 13, 2025
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6 Investment Grade High-Yield Other1 ($ in billions) Billed issuance up 9% Source: S&P Global Ratings 1. Other includes Loans, Structured Finance, and Government $417 $530 $120 $113 $456 $440 1Q ’24 1Q ’25 $993 $1,083 • Growth driven by structured finance and bank loans, partially offset by declines in IG and HY • Spreads wider, though still below historical average levels • Market volatility suppressing high-yield issuance volumes • M&A transaction volumes roughly in line with modest expectations in Q1, but expected to be flat y/y in 2025 Updates on market conditions Billed Issuance
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7 Resilient Business Mix • Recurring revenue accounted for 75% of total revenue in Q1 2 • Record quarterly revenue in Exchange-Traded Derivatives (SPDJI) and Global Trading Services (CI) • Quality of products, continued innovation, and the strength of our global brands provide stability and ballast Demand for insights • Average of 23% y/y growth in active users 1 across Capital IQ platforms, Platts Connect, and Mobility platforms • Record CERAWeek, with over 10k attendees, including more than 1,600 C-Suite and Board Directors, and 39 new partners • Record attendance at TPM25, S&P Global’s trans-Pacific and global container shipping and logistics conference Proactive engagement • Customers have mixed outlook for remainder of 2025 • Large, strategic customers continue to maintain long-term optimism, but prioritizing flexibility and optionality in the near-term • M&A volumes still well below historical norms, fueling some optimism, but with near-term uncertainty 1. Average of the y/y growth rates across named platforms. Active Users include logged in, paying users who meet a minimum threshold of engagement in the period. 2. Recurring revenue includes revenue classified as subscription, non-transaction, asset-linked fees, and recurring variable. Excludes Non-subscription/transaction and sales usage-based royalties. Commercial conditions
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8 Changes in market conditions expected to impact financial results both positively and negatively in 2025 Expected positive factor in 2025 Expected negative factor in 2025+ – Macroeconomic and Broad Market Factors +/- Trade conflict & supply chain risk +/- Geopolitics +/- Central bank activity Commodity Markets Equity Markets Bond and Credit Markets +/– Volatility and regulatory changes in commodity markets + Energy transition for sustainable future – Customer consolidation from M&A +/– Timing of issuance – Composition/mix of maturity profiles – Interest rate spreads +/– Equity flows from active to passive +/– Changes in market volatility – Fluctuation in average asset prices in global equities
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9 Continued innovation in key strategic areas 1. https://press.spglobal.com/2025-03-25-S-P-Global-Market-Intelligence-Launches-Visible-Alpha-on-S-P-Capital-IQ-Pro-Platform 2. https://press.spglobal.com/2025-02-04-S-P-Global-Market-Intelligence-Launches-High-Scale-Data-Automation-in-iLEVEL,-Transforming-Private-Markets-Portfolio-Monitoring-with-AI-Powered-Technology 3. https://view.highspot.com/viewer/1ff466cb76a7f3d8e3d110c3766bb1d6#1 iLevel Automated Data Ingestion – AI-powered ingestion tool for the management of private equity and private credit portfolios2 New Platts Benchmarks products in Biofuels, Fertilizers, Chemicals, and Metals 3 Multiple Fixed Income indices launched in Q1, including first-of-its-kind Rolling Fixed Maturity in EMEA Visible Alpha data now available on Capital IQ Pro via add-on module 1
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Financial Performance Total S&P Global 10 1. Revenue growth refers to GAAP revenue in all periods. 2. Adjusted financials refer to non-GAAP adjusted metrics in all periods. 1Q ’25 Revenue Growth1 TTM Adjusted Operating Margin2 TTM Adjusted Operating Margin Y/Y2 32.6% -50 bps 63.4% 490 bps 47.1% 70 bps 9% 39.1% 50 bps 15% 70.4% 110 bps 8% 240 bps 8% 5% 49.3% 9% First Quarter & TTM Performance
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11 S&P Global Announces Intent to Separate Mobility Division
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S&P Global and Mobility will benefit from enhanced strategic and operational focus 12 Accelerate Progress by Powering Global Markets S&P Global ex-Mobility $12.6B Revenue ~50% Adj. Operating Profit Margin ~14% Revenue Growth 13% 17% 35% 37% Indices Commodity Insights Ratings Market Intelligence Leading provider of automotive data, analysis, and insights Standalone Mobility $1.6B Revenue 39% Adj. Operating Profit Margin 8% Revenue Growth 18% 22%61% Financials & Other Manufacturing Dealer 2024 Revenue1 2024 Financial Profile (some amounts may not sum due to rounding) 1. S&P Global ex-Mobility revenue of $12.6 billion includes $186 million in inter-segment eliminations, which is not reflected in the pie chart 2024 Revenue 2024 Financial Profile
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S&P Global sees improved strategic focus and enhanced potential for profitable growth, following the separation of Mobility 13 The Company expects to discuss the multi-year strategy at an Investor Day to be hosted on: November 13, 2025 Investor DayKey Advantages for S&P Global ex-Mobility Increased focus on enterprise strategy, with a similar customer base across four synergistic divisions Unified approach to powering public and private markets across all asset classes Proven track record of innovation and profitable growth among strong, global brands Strong and focused leadership team, with broad experience across all relevant industries, executing strategy
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Mobility is an automotive data and technology leader delivering insights and solutions across the vehicle lifecycle 14 Strategy & Product Planning 2 Unique Data Assets Serving Suppliers, OEMs, Finance & Insurance New Vehicle Sales & Marketing Unique Data Assets Serving OEMs, Dealers, Finance & Insurance 3 1. Groups defined as operating at least 50 dealerships 72M Lines of Monthly Forecasts 100% Usage by Top 40 Global Brands by Volume Largest Player in Optimized Private Offers 100% Usage by Largest Dealer Groups1 100% Usage by Top 20 North America OEMs by Volume Used Vehicle Sales & Service Unique Data Assets & Customers Leading brand, trusted by millions of consumers to answer automotive questions #1 Market Share by SEO 46M+ CARFAX Car Care Users 35B+ Vehicle History Records Serving Dealers, Consumers, Finance & Insurance 1 94% Usage by Top 100 Suppliers by Revenue
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Mobility has a resilient business model and multiple drivers of long-term, profitable growth 15 Key Market Dynamics Global EV transition Autonomous and software- defined vehicles Tariffs, trade and supply chain disruptions Growth in used car market Transformation of retail Growth Opportunities Planning Embed mission-critical data in strategic and product planning workflow solutions and expand into adjacent planning use cases Sales & Marketing Streamline new vehicle marketing and sales processes for OEMs and dealers while delivering aligned data, insights and engagements to drive effectiveness Used Car Expand used car offerings in the used vehicle sales and service sector to unlock significant growth opportunities across the customer lifecycle Mobility Pursue investment opportunities to grow geographically and to add adjacent capabilities
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16 Transaction Summary & Next Steps Separation will increase strategic focus for S&P Global, and provide independence for Mobility so both businesses can invest for growth across strategic priorities S&P Global and Mobility will both have well-capitalized balance sheets, with additional capital structure detail to be provided as the transaction progresses Intended to qualify as a tax-free transaction for U.S. federal tax purposes to S&P Global shareholders Expected to be executed within 12 to 18 months, subject to the satisfaction of customary legal and regulatory requirements and approvals Expect to share key separation milestones along the way
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17 First Quarter Financial Results Eric Aboaf Chief Financial Officer
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Revenue First quarter enterprise financial results ($ in millions) Adjusted Operating Profit & Expense ($ in millions) Indices Mobility Commodity Insights Ratings Market Intelligence (some amounts may not sum due to rounding) Note: Totals presented reflect intersegment elimination of $45 million in 1Q 2024 and $48 million in 1Q 2025. All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. 18 Adjusted Operating Profit Adjusted Operating Margin Adjusted Expense $1,142 $1,199 $1,062 $1,149 $559 $612 $386 $420$387 $445 1Q ’24 1Q ’25 +15% +9% +9% +8% +5% $3,491 $3,777 +8% $1,753 $1,857 $1,738 $1,920 49.8% 50.8% 1Q ’24 1Q ’25 $3,491 $3,777 Adjusted Diluted Earnings Per Share: $4.37 (+9% y/y) +6% +10% S&P Global Organic Constant Currency Revenue Growth: +9%
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Continued, strong progress in strategic revenue initiatives 19 $78 $93 1Q ’24 1Q ’25 20% $116 $140 1Q ’24 1Q ’25 21% $311 $350 Run- rate 2026 Target Energy Transition & Sustainability 1 ($ in millions) Private Market Solutions 2 ($ in millions) Revenue Synergies ($ in millions) Vitality Index 3 ($ in millions) Vitality revenue Vitality Index Note: Categories presented on this slide are not mutually exclusive. Some products are included in multiple categories. 1. Revenue generated from evaluations, scores, physical risk analysis, and global climate and energy transition data and analytics. 2. Revenue generated from private company coverage and proprietary analytics. 3. Vitality Revenue, which is revenue from new or enhanced products, as a percent of GAAP revenue. $374 10% 1Q ’25
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S&P Global Market Intelligence Data, Analytics, & Insights 1,2 Enterprise Solutions 3 Credit & Risk Solutions ($ in millions) ($ in millions) Adjusted Operating Profit Adjusted Operating Margin Adjusted Expense (some amounts may not sum due to rounding) 1. In prior periods Data, Analytics, & Insights was reported separately as Desktop and Data & Advisory Solutions. 2. Excluding the impact of acquisitions and divestitures, growth in Data, Analytics, & Insights would have been 4%. 3. Excluding the impact of divestitures, growth in Enterprise Solutions would have been 8% y/y Note: All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. 20 Revenue Adjusted Operating Profit & Expense $203 $215 $297 $299 $642 $686 1Q ’24 1Q ’25 +7% +1% +6% $1,142 $1,199 +5% $769 $805 $373 $394 32.7% 32.8% 1Q ’24 1Q ’25 $1,142 $1,199 +5% +5% Market Intelligence Organic Constant Currency Revenue Growth: +5%
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S&P Global Ratings ($ in millions) ($ in millions) Adjusted Operating Profit Adjusted Operating Margin Adjusted Expense 21 Adjusted Operating Profit & Expense $594 $622 $177 $188 $107 $139$62 $72$122 $127 1Q ’24 1Q ’25 +4% +18% +31% +6% +5% $1,062 $1,149 +8% $375 $388 $687 $761 64.7% 66.2% 1Q ’24 1Q ’25 $1,062 $1,149 +11% Corporates Structured Finance Crisil, Other 1 Financials Governments (some amounts may not sum due to rounding) 1. Other includes intersegment royalty, Taiwan Ratings Corporation, and adjustments. Note: All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. +4% Ratings Organic Constant Currency Revenue Growth: +9% Transaction revenue increased 7% y/y. Non-Transaction revenue increased 10% y/y Revenue
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S&P Global Commodity Insights Advisory & Transactional Services Upstream Data & Insights Price Assessments Energy & Resources Data & Insights ($ in millions) ($ in millions) 22 Adjusted Expense (some amounts may not sum due to rounding) Note: All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. Adjusted Operating Profit Revenue Adjusted Operating Profit & Expense Adjusted Operating Margin $174 $192 $175 $188 $105 $106 $106 $126 1Q ’24 1Q ’25 +19% +1% +8% +10% $559 $612 +9% $295 $318 $264 $294 47.2% 48.1% 1Q ’24 1Q ’25 $559 $612 +11% +8% Commodity Insights Organic Constant Currency Revenue Growth: +9%
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S&P Global Mobility ($ in millions) ($ in millions) 23 Dealer Financials & Other Manufacturing Adjusted Expense (some amounts may not sum due to rounding) Note: All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. Adjusted Operating Profit Revenue Adjusted Operating Profit & Expense Adjusted Operating Margin $239 $258 $147 $162 38.1% 38.5% 1Q ’24 1Q ’25 $386 $420 $233 $259 $84 $85 $69 $76 1Q ’24 1Q ’25 +11% +1% +11% $386 $420 +9% +10% +8% Mobility Organic Constant Currency Revenue Growth: +10%
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S&P Dow Jones Indices ($ in millions) ($ in millions) 24 Data & Custom Subscriptions Exchange-Traded Derivatives Adjusted Expense Asset-Linked Fees (some amounts may not sum due to rounding) Note: All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. Adjusted Operating Profit Revenue Adjusted Operating Profit & Expense Adjusted Operating Margin $105 $121 $282 $324 72.9% 72.9% 1Q ’24 1Q ’25 $387 $445 $244 $288 $73 $81 $70 $76 1Q ’24 1Q ’25 +7% +11% +18% $387 $445 +15% +15% +15% Indices Organic Constant Currency Revenue Growth: +15%
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2025 enterprise guidance 25 GAAP Adjusted Revenue Growth Operating Profit Margin Diluted EPS 5% - 7% 41.5% - 42.5% $14.20 - $14.45 42.5% - 43.5% $14.60 - $15.10 4% - 6% 5% - 7% 4% - 6% 49% - 50% 48.5% - 49.5% $17.00 - $17.25 $16.75 - $17.25 Indicates a change from prior guidance Previous Current Previous Current
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2025 division revenue outlook 26 Indicates a change from prior guidance 5% - 6.5% 3% - 5% 7% - 8.5% 7% - 8.5% 8% - 10% Previous Current 5% - 6.5% 0% - 4% 7% - 8.5% 7% - 8.5% 5% - 7%
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2025 division adjusted margin outlook 27 Indicates a change from prior guidance 33% - 34% 33% - 34% 63% - 64% 63% - 64% 47% - 48% 47% - 48% 39% - 40% 39% - 40% 69.5% - 70.5% 69.5% - 70.5% Previous Current
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April 29, 2025 Martina Cheung President and CEO Eric Aboaf Chief Financial Officer Mark Grant Senior Vice President, Investor Relations 28 1Q 2025 Earnings Call Q&A
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REPLAY OPTIONS Internet: Replay available for one year Go to http://investor.spglobal.com Telephone: Replay available through May 29, 2025 Domestic: 866-361-4944 International: 203-369-0192 No password required 1Q 2025 Earnings Call 29 April 29, 2025 Martina Cheung President and CEO Eric Aboaf Chief Financial Officer Mark Grant Senior Vice President, Investor Relations