Msci Inc. · NYSE:MSCI

Msci — Investor Presentation (August 2025)

75 slides from Msci's investor presentation, Aug 18, 2025

1. Slide 1: MSCI Inc. Investor Presentation

   MSCI Inc. INVESTOR PRESENTATION August 18, 2025 © 2025 MSCI Inc. All rights reserved.

2. Slide 2: Forward-Looking Statements

   Introduction → → This presentation contains forward-looking → Other factors that could materially affect Forward-Looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, actual results, levels of activity, performance or achievements can be found Statements incl

3. Slide 3: Other Information

   Introduction → → Foreign currency exchange rate fluctuations → All financial figures for the three months Other Information reflect the difference between the current period results as reported compared to the and six months ended June 30, 2025 are unaudited unless otherwise noted. current period re

4. Slide 4: Company Overview

   Section 01 Company Overview

5. Slide 5: A Global Franchise Serving the World's Largest Investors

   Company Overview → A Global Franchise Serving the 6,208 30+ World’s Largest Investors Employees1 office locations3 Employee distribution : 30% employees in DMC vs. 70% in EMC locations1 What We Do Provide mission-critical investment data, models, research and technology across asset classes Trusted

6. Slide 6: Our Strategy

   Company Overview → Our Strategy Support the Investment Process Needs of our Clients with Highly Differentiated Solutions Supported by Best-in-Class Capabilities 6

7. Slide 7: Helping Investors Navigate Increasingly Complex Global Landscape

   Company Overview → More: Helping Investors Navigate Investors Markets Increasingly Complex Global → Proliferation of investors → New geographies and markets are accessible Landscape $120T+ Managed Assets 118,000+ Public Equities Choices Styles →Securities →Factors Millions Fixed Income Instruments →

8. Slide 8: Addressing Client Needs to Power Better Investment Decisions

   Company Overview → Addressing Client Supporting Investors’ Needs Needs to Power in the Investment Process Better Investment Decisions Investors look to MSCI for →Data- and research-driven insights Designing Managing Evaluating into drivers of risk and performance Strategies Strategies Strategies →Br

9. Slide 9: Enabling Participants in the Investment Process

   Company Overview → Enabling Participants in the Investment Process Enabling asset owners Enabling corporate issuers, and managers to their advisors and others to make better investment decisions Providers Users understand sustainability and build better portfolios of Capital of Capital and climate r

10. Slide 10: MSCI Data and Technology Capabilities

    Company Overview → MSCI Data and Technology Capabilities Proven Ability to Handle Complex, Integrated and High-volume Workflows with Flexible and Scalable Solutions for Clients Collect Compute Deliver 500+ 5.7B+ 1,300+ Weekly Average Positions Data Vendors1 APIs across All Product Lines1 Clean Proce

11. Slide 11: Widespread Demand for MSCI's Offerings

    Company Overview → Widespread Demand for MSCI’s Offerings Clients Solutions for Capabilities •Asset Managers •Sustainability and Climate Investing •Data •Asset Owners •Customized Indexes •Models •Broker-Dealers •Derivatives •Technology •Wealth Managers •Factor Investing •Talent •Corporates •Private

12. Slide 12: Well-Positioned in Different Market Scenarios from All-Weather Franchise

    Company Overview → Well-Positioned in Different Market Scenarios from All-Weather Franchise Times of Strength Times of Stress 97% recurring revenue1,2 ~73% recurring subscription2 Upturn / Downturn Expense Levers Retention rates ~90% across segments2 Approx. Annual Impact of AUM-Based Revenue Future

13. Slide 13: Robust and Compelling Financial Model

    Company Overview → Robust and Compelling Financial Model Recurring, visible Operating Triple-Crown Attractive cash Creating value for Strong balance revenue model efficiency investment generation profile shareholders sheet and ~97% or higher strength opportunities to High free cash flow Double digit

14. Slide 14: Financial Review

    Section 02 Financial Review

15. Slide 15: Exceptional Track Record of Financial Execution

    Financial Review → Exceptional Track Record of Financial Execution Revenue ($m) Adjusted EBITDA1 ($m) 13% CAGR 15% CAGR 60.2% 60.1% 60.4% $2,856 $2,987 59.1% 58.6% $2,529 57.3% $1,803 $2,249 $1,716 $2,044 $1,523 $1,695 $1,197 $1,330 $972 2020 2021 2022 2023 2024 TTM 2020 2021 2022 2023 2024 TTM 06/3

16. Slide 16: Significant Recurring Revenue Model with Global Client Base

    Financial Review → MSCI Subscription Run Rate as of 06/30/2025 by Geography Significant Recurring Revenue Model with Global Client Base • Americas 45% Operating Revenues Mix • EMEA 39% Quarter Ended 06/30/2025 • APAC 16% by Product Line by Type 3% 9% Non-recurring All Other-Private Assets 2% 12% F&O

17. Slide 17: Emerging Growth Opportunities

    Financial Review → Emerging Growth Opportunities Expanding in attractive additional addressable markets 06/30/2024 6/30/2025 Run Rate US$ in millions $460 $423 $261 $280 $150 $126 $110 $122 $113 $107 $99 $95 $58 $59 Sustainability Insurance Climate1 Fixed Income2 Futures & Options3 Wealth Management

18. Slide 18: Innovation and Investment in Key Growth Areas

    Financial Review → Innovation and Investment in Key Growth Areas New Growth Scale Efficiencies Drive new business capabilities through new Expand existing products and capabilities to Avoid and/or repurpose costs; achieve products and services accelerate growth productivity gains Examples: Examples:

19. Slide 19: Strong Balance Sheet Provides Optionality

    Financial Review → Strong Balance Sheet Provides Optionality → In 2Q25, returned $270.5M to shareholders through share repurchases of $131.2M and quarterly dividends of $139.3M US$ in millions, unless otherwise noted → Strong balance sheet provides optionality Cash1 and Debt as of 6/30/2025 - Next m

20. Slide 20: Disciplined Approach to Capital Deployment for Shareholders

    Financial Review → Disciplined Approach to Capital Deployment for Shareholders Dividends ($ in millions) Share Repurchases 86 85 83 $509 81 80 79 78 $442 $1,285 $374 $304 $281 $810 $247 $727 $221 $172 $459 $121 $287 $102 $140 2019 2020 2021 2022 2023 2024 YTD 1 2017 2018 2019 2020 2021 2022 2023 202

21. Slide 21: 2Q25 Financial Results Snapshot

    Financial Review → 2Q25 Operating 2Q25 Operating As of June 30, 2025 As of June 30, 2025 Revenues (reported) Revenues (organic) Subscription Run Rate Subscription Run Rate 2Q25 Financial Growth (reported) Growth (organic) +9% +8% +9% +7% Results Snapshot 2Q25 Adjusted 2Q25 Operating 2Q25 Adjusted 2Q

22. Slide 22: Segment Highlights

    Section 03 Segment Highlights

23. Slide 23: MSCI Indexes Are Built Using a Modular Approach

    Segment Highlights → MSCI Indexes Are Built Using a Modular Approach → Rules-based, consistent and transparent methodology1 → Full opportunity set and all its segments across developed, emerging and frontier markets with no gaps or overlaps → Can be used as building blocks for portfolio construction

24. Slide 24: MSCI Has a Wide Range of Indexes

    Segment Highlights → MSCI Has a Wide Range of Indexes Our diverse offering spans multiple asset classes and includes broad-market, standard indexes, client-designed indexes, climate-aligned indexes, and more. Market Cap Weighted Thematic Indexes Aligned with Megatrends Fixed Income Transformative Te

25. Slide 25: Index Usage Throughout the Investment Process

    Segment Highlights → Index Usage Throughout the Investment Process GROWING USES OF INDEXES Define Investable Universe Exposure and Liquidity Management Po ag M n ru lio Asset Allocation Performance Attribution an io rt em st fo ct fo e on rt lio nt Market Cap, Factor, Climate, C Po Model Portfolios

26. Slide 26: Index: Client Demand for Customized Indexes to Meet Specified Needs

    Segment Highlights → Index: Client Demand for Customized Indexes to Meet Specified Needs 1 Clients define benchmark needs beyond MSCI standard indexes 2 MSCI calculates bespoke benchmarks leveraging each client’s custom Benefits inputs and methodology 3 Clients choose deployment options (e.g. Real T

27. Slide 27: Multiple Layers of Use Cases for Custom Indexes

    Segment Highlights → Multiple Layers of Use Cases for Custom Indexes Investment Use Cases Client Segments Examples Asset Owner Mandates → Since 2020, around one-third of MSCI indexes used Express a view via their capital allocations Asset Owners & Asset Managers by asset owners for policy or mandate

28. Slide 28: Index Subscription at a Glance

    Segment Highlights → Index Subscription Run Rate Index Subscription at a Glance as of 06/30/2025 by Geography Index Subscription Run Rate • Americas 38% US$ in millions • EMEA 41% • APAC +9% 21% +9% Organic $968.7 $891.6 $110.2 +9% $100.9 $107.0 +13% Index Subscription Run Rate $95.0 as of 06/30/202

29. Slide 29: Index: Growth Through the Index Revolution

    Segment Highlights → Index: Growth Through the Index Revolution Index Subscription Run Rate and Asset-Based Fees (ABF) Run Rate (US$ in millions) 2010 – 2Q25 Total Index $757 Run Rate $679 14% CAGR : 12% $591 CAGR $514 $589 $464 $396 $312 $317 $217 $317 $969 $201 $934 $175 $861 $158 $695 $778 11% $1

30. Slide 30: Growing AUM Linked to MSCI Indexes Across Active and Indexed Strategies

    Segment Highlights → Growing AUM Linked to MSCI Indexes Across Active and Indexed Strategies (US$ in Trillions) AUM benchmarked to MSCI Indexes AUM benchmarked to MSCI Indexes Active vs. Indexed breakdown as of December 31, 20241 CAGR* % $16.5 $16.9 11% $15.6 $14.9 ACWI $13.7 $5.5 $5.9 19% World $4.

31. Slide 31: MSCI-Linked ETFs: Increasing Geographic Diversification

    Segment Highlights → MSCI-Linked ETFs: Increasing Geographic Diversification with Growing Non-U.S. Exposure Mix of MSCI linked equity ETF AUM balance by geographic exposure % US DM Ex US EM 22% 26% 26% 26% 25% 26% 30% 29% 29% 30% 27% 33% 32% 44% 44% 45% 46% 47% 58% 51% 46% 43% 49% 50% 51% 47% 53% 43

32. Slide 32: Market Movement and Momentum in Cash Flows Continues

    Segment Highlights → Positive annual cash inflows for all years in Market Movement and Momentum ETFs linked to MSCI indexes except 2013 in Cash Flows Continues US$ in billions 9M22: MSCI-linked equity ETF AUM balance declined 26% vs Dec-21 amid 4Q18: MSCI-linked equity ETF AUM balance high inflation

33. Slide 33: Analytics: Significant Opportunities in Equity Portfolio Management

    Segment Highlights → Analytics: Significant Opportunities in Equity Portfolio Management: $1B+ Serviceable TAM Growth Drivers Accelerators Increasingly using Factors for portfolio Integration of Sustainability and Climate in portfolio Asset Owners construction and asset allocation construction • Cli

34. Slide 34: Analytics: Multi-Asset Class Solutions in a $2B+ Serviceable TAM

    Segment Highlights → Analytics: Multi-Asset Class Solutions Well Positioned to Grow in a $2B+ Serviceable TAM Growth Drivers Accelerators Multi-Asset Class Demand for multi-asset solutions from institutional • Tools for multi-asset solution managers • Asset allocation solutions for asset owners and

35. Slide 35: Build Better Solutions with MSCI Multi-Asset Class Solutions

    Segment Highlights → Build Better Solutions with MSCI Multi-Asset Class Solutions Sustainability & Climate Differentiated Content Enterprise Data Workflows Data →Across global geographies & asset →High-performance, high-availability classes workflows to integrate with internal →Integrated Climate an

36. Slide 36: Analytics: Growth Opportunities in Fixed Income Portfolio Management

    Segment Highlights → Analytics: Growth Opportunities in Fixed Income Portfolio Management Key Drivers MSCI is Offering Differentiated Solutions → Systematic investing in fixed income is growing as data becomes widely available and price transparency improves Developed Closely with Clients → Fixed in

37. Slide 37: Wealth Ecosystem Value Proposition

    Segment Highlights → Wealth Ecosystem Value Proposition – Mainstreaming Professional Investment Management Functions Wealth Manager MSCI Capabilities MSCI Opportunity Demands →Institutional Quality Content (including sustainability data, →To automate personalization, risk analytics, client-designed

38. Slide 38: Analytics Segment at a Glance

    Segment Highlights → Analytics Run Rate Analytics Segment at a Glance as of 06/30/2025 by Geography Analytics Run Rate • Americas 54% (US$ in millions) • EMEA 30% • APAC +8% 16% +7% Organic $730.6 $674.6 $243.6 +13% $216.5 Analytics Run Rate as of 06/30/2025 by Client base • Asset Managers 41% • Ban

39. Slide 39: Sustainability & Climate: A Pioneer and Market Leader

    Segment Highlights → Sustainability & Climate: A Pioneer and Market Leader Setting Standards and Providing a Leadership and Depth of Coverage: Common Language → #1 Sustainability Index Provider by Equity ETF Assets Linked to its Sustainability Indexes3; Sustainability Indexes → $1,083B in institutio

40. Slide 40: Sustainability & Climate: Extensive Solutions Backed by Unique Capabilities

    Segment Highlights → Sustainability & Climate: Extensive Solutions Backed by Unique Capabilities Financial Deep Broad Alternative Leading Long Track Materiality1 Knowledge Sustainability data beyond Technology Record4 → One of the first → Regularly and Climate corporate → Approximately → Extensive t

41. Slide 41: Climate Change is Influencing the Flow Of Capital

    Segment Highlights → Climate Change is Influencing the Flow Of Capital Across the Financial Ecosystem Bringing Clarity to Climate Investing Client-centric Climate Solutions Solutions to Support Financial Institutions and Corporates in: Strategy, Objectives Portfolio Construction & Aligning with evol

42. Slide 42: A Clear View of the Climate Transition and Physical Risks

    Segment Highlights → A Clear View of the Climate Transition and Physical Risks at Every Step of the Process: Identify, Measure and Monitor Risks and Opportunities Integration and Analysis of Forward-Looking Climate Insights Climate Models and Metrics Climate Exposure → Implied Temperature Rise (ITR)

43. Slide 43: MSCI Sustainability Research: Extensive Universe of Data

    Segment Highlights → MSCI Sustainability Research: Extensive Universe of Data → Robust metrics & scores, building blocks and data sets to provide more transparency into the underlying inputs into our models and offer clients tools to address their key data needs. Source Data and Documents (L0) Stand

44. Slide 44: MSCI Sustainability & Climate Standardized Data

    Segment Highlights → MSCI Sustainability & Climate Standardized Data Production and Capacity Data Company Segment Data Sustainable Activity Revenue Controversies and Global Norms Data Standardized production and capacity data Business and geographic revenue and asset Data Controversies involving the

45. Slide 45: MSCI Sustainability Research: Data to Help Clients

    Segment Highlights → MSCI Sustainability Research: Data to Help Clients with Critical Investing Decisions Data to measure and Drill down into MSCI model communicate the impact of Helping clients understand the components that portfolios drive an MSCI Sustainability Research top level Assess and comm

46. Slide 46: MSCI Sustainability & Climate Data – Quality Assurance

    Segment Highlights → Overarching Governance principles through data MSCI Sustainability Data Governance methodology, cataloging, data structure, QA methodologies, data receipts help maintain data & Climate Data consistency and quality. – Quality Assurance Global Industry expertise (11 Sectors), deep

47. Slide 47: YoY Growth Across Sustainability & Climate Franchise

    Segment Highlights → Sustainability & Climate Run Rates Across all Segments1 YoY Growth Across Sustainability US$ in millions & Climate Franchise Climate ABF Climate Subscription +12% Sustainability ABF Sustainability Subscription AUM in ETFs Linked to MSCI Sustainability and Climate Equity Indexes

48. Slide 48: Sustainability & Climate: Continued Growth Across Firmwide Franchise

    Segment Highlights → Firmwide Sustainability & Climate Run Rate Sustainability & Climate: Continued Growth Across Firmwide Franchise US$ in millions $610 $569 $523 $226 2010-2Q25 $433 $212 CAGR $190 44% +28% CAGR $357 $156 $154 $224 $86 $357 $384 24% $146 $333 CAGR $106 $277 $45 $84 $203 $61 $27 $22

49. Slide 49: Sustainability & Climate Segment at a Glance

    Segment Highlights → Sustainability & Climate Run Rate Sustainability & Climate Segment as of 06/30/2025 by Geography at a Glance • Americas 33% Sustainability & Climate Segment Run Rate • EMEA 54% (US$ in millions) • APAC 13% +11% +7% Organic $369.8 Sustainability & Climate Run Rate $333.7 as of 06

50. Slide 50: MSCI Private Assets Supports the Evolving Needs of Private Asset Investors

    MSCI Private Assets Supports the Evolving Needs of Private Asset Investors 2012 2013 2020 2020 2021 2023 Acquisition of IPD Launched first Global Launched Launched Real Estate Acquisition of Real Acquisition of Burgiss Private Real Estate Risk Infrastructure Risk Climate Value at Risk Capital Analyt

51. Slide 51: MSCI Private Asset Solutions Help Investors Navigate the Investment Lifecycle

    MSCI Private Asset Solutions Help Investors Navigate the Private Assets Investment Lifecycle Comprehensive Asset End-to-End Portfolio Managed Data Services & Fund Level Data Solutions Management Solutions & Insights In-depth Private Asset Benchmark Data Understand Performance Across Multi-Asset Port

52. Slide 52: How MSCI Spans Asset Classes and Strategies

    How MSCI Spans Asset Classes and Strategies Public Assets and Hedge Funds Private Assets Asset Private Equities Fixed Income Hedge Funds Infrastructure Private Equity Private Credit Classes Real Estate Total Plan Portfolio Management Solutions and Risk Model MSCI Indexes Asset Climate Solutions Clas

53. Slide 53: MSCI Private Capital Closed-end Fund Indexes

    MSCI Private Capital Closed-end Fund Indexes Span the spectrum of private assets including private equity, private credit and private real assets globally and by region. Our private capital indexes are designed to help Limited Partners and General Partners: → Measure performance effectively → Accura

54. Slide 54: All Other – Private Assets Segment at a Glance

    All Other- Private Assets Run Rate All Other – Private Assets as of 06/30/2025 by Geography Segment at a Glance • Americas 58% All Other – Private Assets Run Rate • EMEA 35% (US$ in millions) • APAC 7% +8% +6% Organic $280.3 $260.6 All Other- Private Assets Run Rate +13% as of 06/30/2025 by Client b

55. Slide 55: Capabilities

    Section 04 Capabilities

56. Slide 56: MSCI ONE Opportunity – Unified Platform

    Capabilities → MSCI ONE Opportunity– Unified Platform for Real- time Portfolio and Market Data Access Platform Overview →Instant access to portfolio, benchmark, and instrument data in a single, trusted platform →Insights into Performance, Liquidity & Market Risk, Sustainability, Climate Risk at port

57. Slide 57: Appendix

    Section 05 Appendix

58. Slide 58: Key Operating Metrics

    Appendix → Key Operating Metrics YoY Recurring Subscription Run Rate Growth (as Reported and Organic) Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 18% 18% 18% 17% 16% 15% 14% 14% 14% 13% 12% 12% 12% 12% 11% 10% 10% 10% 14% 14% 13% 8% 8% 9% 12% 12% 12% 12% 11% 11% 11%

59. Slide 59: 2Q20 to 2Q25 YoY Run Rate Growth

    Appendix → 2Q20 to 2Q25 YoY Run Rate Growth Index Asset Based Fees Run Rate Growth as reported Subscription Run Rate Growth as Reported 45% 49% 37% 27% 25% 13% 17% 15% 13% 14% 15% 16% 16% 15% 13% 17% 10% 12% 12% 12% 12% 10% 11% 11% 11% 11% 12% 12% 7% 11% 11% 9% 9% 9% 8% 9% 9% 5% -4% -7% -13% -13% 2Q

60. Slide 60: 2Q20 to 2Q25 YoY Run Rate Growth

    Appendix → 2Q20 to 2Q25 YoY Run Rate Growth Sustainability & Climate Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 50% 46% 47% 47% 42% 44% 42% 36% 37% 31% 46% 47% 30% 28% 42% 44% 26% 39% 41% 25% 34% 20% 33% 33% 15% 16% 29% 14% 27% 26% 10% 10% 11% 24% 22% 16% 13% 13% 1

61. Slide 61: 2Q25 QoQ AUM Drivers: MSCI-Linked Equity ETFs

    Appendix → 2Q25 QoQ AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure By Product US$ in billions US$ in billions $193.0 $193.0 $2,024.6 Market Cap EM $51.3 $2,024.6 Weighted $139.6 DM ex US $96.4 Factors $16.7 $36.6 US $45.2 $38.3 $8.8 $1.4 $32.4 $16.5 Sustainability $1,783.1 $1,783.1 & Cl

62. Slide 62: Index Segment: Asset-Based Fees Details

    Appendix → Index Segment: Asset-Based Fees Details US$ in millions US Futures and Options Average AUM EM Non-ETF1 Period-End Basis Point Fee DM ex US ETF1 +24% 2.47 2.44 2.44 2.43 2.43 +13% YoY YoY $2,025 $184.1 $163.3 $14.9 $1,632 $510 +15% +3% $14.4 $50.4 +7% $1,869 $445 $47.1 $517 +22% $1,794 $1,

63. Slide 63: Use of Operating Metrics

    Appendix → Use of Operating Metrics MSCI has presented supplemental key operating metrics as part of this investor presentation, including Run Rate, Retention Organic recurring subscription Run Rate growth is defined as the period-over-period growth in Run Rate, Rate, subscription sales, subscriptio

64. Slide 64: Use of Non-GAAP Financial Measures

    Appendix → Use of Non-GAAP Financial Measures MSCI has presented supplemental non-GAAP financial measures as part of this investor presentation. Reconciliations are We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI provided in subsequent slides that r

65. Slide 65: End Notes Regarding AUM benchmarked to MSCI Indexes

    Appendix → End Notes → Assets under management (AUM) as of December 31, 2024, reported on or before March 31, 2025, using data from eVestment for active institutional funds and Morningstar for active retail funds. Equity ETF values were based on data from Refinitiv and MSCI Regarding AUM → In additi

66. Slide 66: 2Q and Six Months 2025 Summary Financial Results

    Appendix → 2Q and Six US$ in thousands, except per share data For the Three Months Ended June 30 For the Six Months Ended June 30 Months 2025 YoY% YoY% Summary 2025 2024 2025 2024 Change Change Unaudited Financial Results Operating revenues $772,679 $707,949 9.1 % $1,518,505 $1,387,914 9.4 % Operati

67. Slide 67: Reconciliation of Net Income to Adjusted EBITDA

    Appendix → Year Ended Reconciliation In thousands Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 of Net Income Net income Provision for income taxes $ 1,109,128 247,040 $ 1,148,592 220,469 $ 870,573 173,268 $ 725,983 132,153 $ 601,822 84,403 to Adjusted Other expense (income),

68. Slide 68: Reconciliation of Net Income to Adjusted EBITDA

    Appendix → Three Months Ended Six Months Ended TTM June 30, June 30, June 30, June 30, June 30, Reconciliation In thousands Net income 2025 $ 303,650 2024 $ 266,758 2025 $ 592,250 2024 $ 522,712 2025 $ 1,178,666 of Net Income Provision for income taxes Other expense (income), net 74,190 47,394 73,23

69. Slide 69: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses

    Appendix → Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (Unaudited) Three Months Ended Six Months Ended Full-Year June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 In thousands Outlook(1) Total operating expenses $347,445 $325,341 $716,248 $665,924 $1,405,000 - $1,445,000 A

70. Slide 70: Reconciliation of Net Income and Diluted EPS to Adjusted EPS

    TTM Year Ended Appendix → Jun 30. Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, In thousands, except per share data 2025 2024 2023 2022 2021 2020 Reconciliation Net income Plus: Amortization of acquired intangible assets and $1,178,666 $1,109,128 $1,148,592 $ 870,573 $ 725,983 $ 601,822 of Net Income

71. Slide 71: Reconciliation of Net Income and Diluted EPS to Adjusted EPS

    Appendix → Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Reconciliation In thousands, except per share data Net income 2025 $ 303,650 2024 $ 266,758 2025 $ 592,250 2024 $ 522,712 of Net Income Plus: Amortization of acquired intangible assets Plus: Acquisition-related integr

72. Slide 72: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

    Appendix → Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (unaudited) TTM Year Ended Jun. 30 Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, In thousands 2025 2024 2023 2022 2021 2020 Net cash provided by operating activities $ 1,490,117 $ 1,501,627 $ 1,236,029 $ 1,095,36

73. Slide 73: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

    Appendix → Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) Three Months Ended Six Months Ended Full-Year Jun-30 Jun-30 Jun-30 Jun-30 Outlook(1) In thousands 2025 2024 2025 2024 Net cash provided by operating activities $336,138 $349,248 $637,875 $649,385 $1,

74. Slide 74: Q2 2025 Reconciliation of Operating Revenue Growth to Organic

    Appendix → Comparison of the Three Months Ended June 30, 2025 and 2024 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Q2 2025 Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 9.5 % 8.6 % 12.7 % (10.5)% Impact of acquisitions

75. Slide 75: Six Months 2025 Reconciliation of Operating Revenue Growth to Organic

    Appendix → Comparison of the Six Months Ended June 30, 2025 and 2024 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Six Months 2025 Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 11.1 % 9.1 % 15.3 % (5.2)% Impact of acquis

MSCI — Investor Presentation (August 2025) on 6ix