Msci Inc. · NYSE:MSCI
Msci — Investor Presentation (November 2025)
73 slides from Msci's investor presentation, Nov 25, 2025
Slide 1: MSCI Inc. Investor Presentation
MSCI Inc. INVESTOR PRESENTATION November 25, 2025 © 2025 MSCI Inc. All rights reserved.
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
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 nine months ended September 30, 2025 are unaudited unless otherwise noted. current per
Slide 4: Company Overview
Section 01 Company Overview
Slide 5: A Global Franchise Serving the World's Largest Investors
Company Overview → A Global Franchise Serving the 6,253 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
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
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 →
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
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
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
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
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 98% recurring revenue1,2 ~73% recurring subscription2 Upturn / Downturn Expense Levers Retention rates >90% across segments2 Approx. Annual Impact of AUM-Based Revenue Future
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
Slide 14: Financial Review
Section 02 Financial Review
Slide 15: Exceptional Track Record of Financial Execution
Financial Review → Exceptional Track Record of Financial Execution Revenue ($m) Adjusted EBITDA1 ($m) and Adjusted EBITDA Margin (%) 13% CAGR 14% CAGR 60.2% 60.1% 60.4% $3,055 59.1% $2,856 58.6% $2,529 57.3% $1,847 $2,249 $1,716 $2,044 $1,523 $1,695 $1,197 $1,330 $972 2020 2021 2022 2023 2024 TTM 20
Slide 16: Significant Recurring Revenue Model with Global Client Segment
Financial & Strategic Highlights → MSCI Subscription Run Rate as of 09/30/2025 by Geography Significant Recurring Revenue Model with Global Client Segment • Americas 45% Operating Revenues Mix • EMEA 39% Quarter Ended 09/30/2025 • APAC 16% by Product Line by Type 2% Non-recurring 9% 2% All Other-Pri
Slide 17: Emerging Growth Opportunities
Financial & Strategic Highlights → Emerging Growth Opportunities Expanding in attractive additional addressable markets 09/30/2024 09/30/2025 Run Rate US$ in millions $462 $435 $269 $285 $157 $142 $158 $112 $130 $86 $95 $100 Sustainability Insurance1 Fixed Income2 Climate3 Wealth Management1 Private
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:
Slide 19: Strong Balance Sheet Provides Optionality
Financial & Strategic Highlights → Strong Balance Sheet → In 3Q25, returned $1,363.1M to shareholders through share repurchases of $1,225.7M and quarterly dividends of $137.4M Provides Optionality → In November 2025, issued $500 million in unsecured senior notes with US$ in millions, unless otherwis
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 77 $442 $420 $374 $1,512 $304 $1,285 $247 $221 $810 $727 $172 $121 $459 $102 $140 2019 2020 2021 2022 2023 2024 YTD 1 2017 2018 2019 2020 2021 2022 2023 2
Slide 21: 3Q25 Financial Results Snapshot
Financial & Strategic Highlights → 3Q25 Operating 3Q25 Operating As of Sep 30, 2025 As of Sep 30, 2025 Revenues (reported) Revenues (organic) Subscription Run Rate Subscription Run Rate 3Q25 Financial Growth (reported) Growth (organic) Results Snapshot +10% +9% +8% +7% 3Q25 Adjusted 3Q25 Operating 3
Slide 22: Segment Highlights
Section 03 Segment Highlights
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
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
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
Slide 26: Indexation Journey and Evolution
• Rapid data and Indexation Journey • One-size-fits-all technology transformation further and Evolution Shift to indexes fall short for delivering unique fuels MSCI custom index franchise growth objectives of and unlocks new use Customization investors • Growing demand cases and client types for dif
Slide 27: Custom Index Use Cases across Client Segments
Custom Index Use Cases across Client Segments TRADITIONAL USE-CASES EXPANDED USE-CASES Client Segments Use-Cases Growth Drivers Use-Cases Growth Drivers Quality, transparency, Unifying multiple AO adoption and Managing indexed AO-indexed mandates competitive benchmark Asset Managers service, and inn
Slide 28: Index Subscription at a Glance
Segment Highlights → Index Subscription Run Rate Index Subscription at a Glance as of September 30, 2025 by Geography Index Subscription Run Rate • Americas 38% US$ in millions • EMEA 41% • APAC +9% 21% +9% Organic $988.1 $906.8 111.9 +12% 102.0 109.7 Index Subscription Run Rate 97.6 +12% as of Sept
Slide 29: Index: Growth Through the Index Revolution
Segment Highlights → Index: Growth Through the Index Revolution Index Subscription Run Rate and Asset-Based Fees (ABF) Run Rate (US$ in millions) 2010 – 2Q25 Total Index $800 Run Rate $679 14% CAGR : 12% $591 CAGR $514 $589 $464 $396 $312 $317 $217 $317 $988 $201 $934 $175 $861 $158 $695 $778 11% $1
Slide 30: Geographic Market Exposures of MSCI-Linked ETFs Increasingly Diversified Over Time
Additional Information → Geographic Market Exposures of MSCI-Linked ETFs Increasingly Diversified Over Time Mix of MSCI linked equity ETF AUM balance by geographic exposure % US DM Ex US EM 22% 26% 26% 26% 25% 26% 30% 29% 29% 30% 27% 33% 32% 44% 44% 45% 46% 47% 58% 51% 46% 43% 49% 50% 51% 47% 53% 43
Slide 31: Market Movement and Momentum in Cash Flows Continues
Financial & Strategic Highlights → Market Movement and Momentum Positive annual cash inflows for all years in ETFs linked to MSCI indexes except 2013 in Cash Flows Continues US$ in billions 9M22: MSCI-linked equity ETF AUM 4Q18: MSCI-linked equity ETF AUM balance declined 26% vs Dec-21 amid balance
Slide 32: 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
Slide 33: Analytics: Multi-Asset Class Solutions Well Positioned to Grow
Segment Highlights → Analytics: Multi-Asset Class Solutions Well Positioned to Grow in a $2B+ Serviceable TAM Growth Drivers Accelerators Multi-Asset Class Demand for multi-asset solutions from institutional • Tools for multi-asset solution managers • Asset allocation solutions for asset owners and
Slide 34: Build Better Solutions with MSCI Multi-Asset Class Solutions
Segment Highlights → Build Better Solutions with MSCI Multi-Asset Class Solutions Sustainability & Climate Differentiated Content Enterprise Data Workflows Data →Across global geographies & asset →High-performance, high-availability classes workflows to integrate with internal →Integrated Climate an
Slide 35: Analytics: Growth Opportunities in Fixed Income Portfolio Management
Segment Highlights → Analytics: Growth Opportunities in Fixed Income Portfolio Management Key Drivers MSCI is Offering Differentiated Solutions → Systematic investing in fixed income is growing as data becomes widely available and price transparency improves Developed Closely with Clients → Fixed in
Slide 36: Wealth Ecosystem Value Proposition
Segment Highlights → Wealth Ecosystem Value Proposition – Mainstreaming Professional Investment Management Functions Wealth Manager MSCI Capabilities MSCI Opportunity Demands →Institutional Quality Content (including sustainability data, →To automate personalization, risk analytics, client-designed
Slide 37: Analytics Segment at a Glance
Segment Highlights → Analytics Run Rate Analytics Segment at a Glance as of September 30, 2025 by Geography Analytics Run Rate • Americas 54% (US$ in millions) • EMEA 30% • APAC +7% 16% +7% Organic 742.4 691.3 251.7 +13% Analytics Run Rate 223.4 as of September 30, 2025 by Client Segment • Asset 38%
Slide 38: 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 → $1,123B in institutio
Slide 39: 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 350 → Extensi
Slide 40: Climate Change is Influencing the Flow Of Capital Across the Financial Ecosystem
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
Slide 41: 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)
Slide 42: 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
Slide 43: 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
Slide 44: MSCI Sustainability Research: Data to Help Clients with Critical Investing Decisions
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
Slide 45: 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
Slide 46: YoY Growth Across Sustainability and Climate Franchise
Additional Information → YoY Growth Across Sustainability Sustainability & Climate Run Rates Across all Segments1 US$ in millions and Climate Franchise Climate ABF Climate Subscription +10% Sustainability ABF Sustainability Subscription AUM in ETFs Linked to MSCI Sustainability and Climate Equity In
Slide 47: Sustainability & Climate: Continued Growth Across Firmwide Franchise
Segment Highlights → Firmwide Sustainability & Climate Run Rate Sustainability & Climate: Continued Growth Across Firmwide Franchise US$ in millions $620 $569 $523 $235 2010-2Q25 $433 $212 CAGR $190 44% +27% CAGR $357 $156 $154 $224 $86 $357 $385 24% $146 $333 CAGR $106 $277 $45 $84 $203 $61 $27 $22
Slide 48: Sustainability & Climate Segment at a Glance
Segment Highlights → Sustainability & Climate Run Rate Sustainability & Climate Segment as of September 30, 2025 by Geography at a Glance • Americas 33% Sustainability & Climate Segment Run Rate • EMEA 54% (US$ in millions) • APAC 13% +8% +6% Organic Sustainability & Climate Run Rate $370.8 as of Se
Slide 49: MSCI Private Assets Supports the Evolving Needs of Private Asset Investors
MSCI Private Assets Supports the Evolving Needs of Private Asset Investors 2012 2013 2020 2020 2021 2023 Acquisition of IPD Launched first Global Launched Launched Real Estate Acquisition of Real Acquisition of Burgiss Private Real Estate Risk Infrastructure Risk Climate Value at Risk Capital Analyt
Slide 50: MSCI Private Asset Solutions Help Investors Navigate the Private Assets Investment Lifecycle
MSCI Private Asset Solutions Help Investors Navigate the Private Assets Investment Lifecycle Comprehensive Asset End-to-End Portfolio Managed Data Services & Fund Level Data Solutions Management Solutions & Insights In-depth Private Asset Benchmark Data Understand Performance Across Multi-Asset Port
Slide 51: How MSCI Spans Asset Classes and Strategies
How MSCI Spans Asset Classes and Strategies Public Assets and Hedge Funds Private Assets Asset Private Equities Fixed Income Hedge Funds Infrastructure Private Equity Private Credit Classes Real Estate Total Plan Portfolio Management Solutions and Risk Model MSCI Indexes Asset Climate Solutions Clas
Slide 52: MSCI Private Capital Closed-end Fund Indexes
MSCI Private Capital Closed-end Fund Indexes Span the spectrum of private assets including private equity, private credit and private real assets globally and by region. Our private capital indexes are designed to help Limited Partners and General Partners: → Measure performance effectively → Accura
Slide 53: All Other – Private Assets Segment at a Glance
All Other- Private Assets Run Rate All Other – Private Assets as of September 30, 2025 by Geography Segment at a Glance • Americas 58% All Other – Private Assets Run Rate • EMEA 35% (US$ in millions) • APAC 7% +6% $285 +6% Organic All Other- Private Assets Run Rate $269 as of September 30, 2025 by C
Slide 54: Capabilities
Section 04 Capabilities
Slide 55: MSCI ONE Opportunity – Unified Platform for Real-time Portfolio and Market Data Access
Capabilities → MSCI ONE Opportunity– Unified Platform for Real- time Portfolio and Market Data Access Platform Overview →Instant access to portfolio, benchmark, and instrument data in a single, trusted platform →Insights into Performance, Liquidity & Market Risk, Sustainability, Climate Risk at port
Slide 56: Appendix
Section 05 Appendix
Slide 57: Key Operating Metrics
Additional Information → Key Operating Metrics YoY Recurring Subscription Run Rate Growth (as Reported and Organic) Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 18% 18% 18% 17% 16% 15% 14% 14% 14% 13% 12% 12% 12% 12% 11% 10% 10% 14% 14% 13% 8% 8% 9% 8% 12% 12% 12% 12
Slide 58: 3Q20 to 3Q25 YoY Run Rate Growth
Additional Information → 3Q20 to 3Q25 YoY Run Rate Growth Index Asset-Based Fees Run Rate Growth as reported Subscription Run Rate Growth as Reported 45% 49% 37% 27% 25% 13% 17% 15% 13% 14% 15% 16% 16% 15% 13% 17% 17% 12% 12% 12% 12% 10% 11% 11% 11% 11% 12% 12% 7% 11% 11% 9% 9% 9% 8% 9% 9% 9% -4% -7
Slide 59: 3Q20 to 3Q25 YoY Run Rate Growth
Additional Information → 3Q20 to 3Q25 YoY Run Rate Growth Sustainability & Climate Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 50% 46% 47% 47% 42% 44% 42% 36% 37% 31% 46% 47% 30% 42% 44% 26% 39% 41% 25% 34% 20% 33% 33% 15% 16% 29% 14% 26% 10% 10% 11% 24% 22% 8% 16%
Slide 60: 3Q25 QoQ AUM Drivers: MSCI-Linked Equity ETFs
Financial & Strategic Highlights → 3Q25 QoQ AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure By Product US$ in billions US$ in billions $140.0 $140.0 EM $46.3 $2,211.0 Market Cap Weighted $106.6 $2,211.0 DM ex US $55.5 $38.2 Factors $11.7 $23.4 $18.4 $(8.0) $3.7 $21.7 $4.7 $50.7 $2,024.6
Slide 61: Index Segment: Asset-Based Fees Details
Financial & Strategic Highlights → Index Segment: Asset-Based Fees Details US$ in millions US Futures and Options Average AUM EM Non-ETF1 Period-End Basis Point Fee DM ex US ETF1 +26% 2.44 2.44 2.43 2.43 2.41 +17% $2,211 YoY YoY $197.5 +17% $1,762 $553 $168.6 $14.2 -4% $14.7 $50.7 $473 +8% $582 +27%
Slide 62: Use of Operating Metrics
Appendix → Use of Operating Metrics MSCI has presented supplemental key operating metrics as part of this earnings presentation, including Run Rate, Organic recurring subscription Run Rate growth is defined as the period-over-period growth in Run Rate, Retention Rate, subscription sales, subscriptio
Slide 63: Use of Non-GAAP Financial Measures
Appendix → Use of Non-GAAP Financial Measures MSCI has presented supplemental non-GAAP financial measures as part of this earnings presentation. Reconciliations are We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI provided in subsequent slides that r
Slide 64: 3Q and Nine Months 2025 Summary
Appendix → 3Q and Nine US$ in thousands, except per share data For the Three Months Ended September For the Nine Months Ended September 30 30 Months 2025 YoY% YoY% Summary 2025 2024 2025 2024 Change Change Unaudited Financial Results Operating revenues $793,426 $724,705 9.5 % $2,311,931 $2,112,619 9
Slide 65: 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),
Slide 66: Reconciliation of Net Income to Adjusted EBITDA
Appendix → Three Months Ended Nine Months Ended TTM September September 30, September 30, September 30, September 30, 30, Reconciliation In thousands Net income 2025 $ 325,386 2024 $ 280,901 2025 $ 917,636 2024 $ 803,613 2025 $ 1,223,151 of Net Income Provision for income taxes Other expense (income
Slide 67: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses
Appendix → Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (Unaudited) Three Months Ended Nine Months Ended Full-Year September 30, September 30, September 30, September 30, In thousands 2025 2024 2025 2024 Outlook(1) Total operating expenses $345,736 $323,371 $1,061,984 $989,295 $1
Slide 68: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS
TTM Year Ended Appendix → September 30. December 31, December 31, December 31, December 31, December 31, In thousands, except per share data 2025 2024 2023 2022 2021 2020 Reconciliation Net income Plus: Amortization of acquired intangible assets and $ 1,223,151 $ 1,109,128 $ 1,148,592 $ 870,573 $ 72
Slide 69: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS
Appendix → Three Months Ended Nine Months Ended Sep. 30, Sep. 30, Sep. 30, Sep. 30, Reconciliation In thousands, except per share data Net income 2025 $ 325,386 2024 $ 280,901 2025 $ 917,636 2024 $ 803,613 of Net Income Plus: Amortization of acquired intangible assets Plus: Acquisition-related integ
Slide 70: 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 September 30, December 31, December 31, December 31, December 31, December 31, In thousands 2025 2024 2023 2022 2021 2020 Net cash provided by operating activities $ 1,517,949 $ 1,501,
Slide 71: 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 Nine Months Ended Full-Year Sep. 30, Sep. 30, Sep. 30, Sep. 30, 2025 In thousands 2025 2024 2025 2024 Guidance (1) Net cash provided by operating activities $449,441 $421,609 $1,08
Slide 72: Q3 2025 Reconciliation of Operating Revenue Growth to Organic
Appendix → Comparison of the Three Months Ended September 30, 2025 and 2024 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Q3 2025 Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 11.4 % 8.3 % 17.1 % (10.1)% Impact of foreig
Slide 73: Nine Months 2025 Reconciliation of Operating Revenue Growth to Organic
Appendix → Comparison of the Nine Months Ended September 30, 2025 and 2024 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues Nine Months Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 11.2 % 8.8 % 15.9 % (6.7)% Impact of fore