S&p Global Inc. · NYSE:SPGI
S&p Global — Q4 2024 Earnings Presentation
30 slides from S&p Global's earnings presentation, Feb 11, 2025
Slide 1: 4Q and Full-Year 2024 Quarterly Update
S&P Global Quarterly Update February 11, 2025 4Q and Full-Year 2024 1
Slide 2: Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995 This presentation contains “forward-looking 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 for
Slide 3: Comparison of adjusted information to U.S. GAAP information
Comparison of adjusted information to U.S. GAAP information This presentation includes Company financials on an as-reported basis. The Company also refers The Company’s non-GAAP measures include adjustments that reflect how management views to and presents certain additional non-GAAP financial measu
Slide 4: European regulations affecting investors in credit rating agencies
European regulations affecting investors in credit rating agencies European Union Regulation 1060/2009 (as amended) applies to credit rating agencies Any person obtaining direct or indirect ownership or control of 5% or more or 10% (CRAs) registered in the European Union (“EU”) and therefore to the
Slide 5: Strategy, Vision, and Execution
Strategy, Vision, and Execution Martina Cheung President and CEO 5
Slide 6: Full-year 2024 highlights
Full-year 2024 highlights Financial highlights 1 Additional highlights Excluding Engineering Solutions, revenue increased 15% y/y, with revenue from subscription products growing Leadership transition prioritizing customer engagement 7% and commercial success Adjusted operating profit increased 21%
Slide 7: Prioritizing customers
Customer at the Core Prioritizing customers Elevating Engagement Key Themes Commercial Conditions More than 100 meetings at the CEO AI at an inflection point – focus on Strong demand for our level with key stakeholders during pace, scale, and returns, in an benchmarks, differentiated data, the CEO t
Slide 8: Issuance volumes driven by favorable conditions
Customer at the Core Issuance volumes driven by favorable conditions Billed issuance up 54% in 2024 Updates on market conditions ($ in billions) Spreads narrowed to historically low $3,911 levels as issuers took advantage of favorable conditions to refinance near- $1,497 term maturities Investment G
Slide 9: 2024 Vitality Index performance
Grow & Innovate 2024 Vitality Index performance Vitality Index1 Key contributors of Vitality revenue Vitality revenue of CARFAX Car Listings (Mobility) $1.5 billion, which is Energy Transition and Climate Products (CI) revenue from new or enhanced products, CARFAX BIG (Mobility) accounted for 11% of
Slide 10: Accelerated growth and efficiency in 2024 through innovation and strategic investments
Grow & Innovate Accelerated growth and efficiency in 2024 through innovation and strategic investments Price Assessments S&P UBS Expanded multi- Stablecoin stability for Chemicals, Leveraged Loan asset indices assessment Beef, and Poultry Indices Launches & Enhancements Markit Fixed ChatAI in Platts
Slide 11: GenAI initiatives will prioritize practical applications
Data & Technology GenAI initiatives will prioritize practical applications that drive financial performance, innovation, and security Potential Productivity Enhancing our products Leveraging AI and services with AI to technologies to attain drive growth and foster peak operational innovation efficie
Slide 12: Delivered strong revenue growth and margin expansion in 2024
Execute & Deliver Delivered strong revenue growth and margin expansion in 2024 2024 Revenue 2024 Adjusted 2024 Adjusted Financial Performance Growth1 Operating Margin Operating Margin Y/Y2 2 6% 32.5% -50 bps 31% 63.0% 650 bps 10% 46.8% 70 bps 8% 39.0% 20 bps 16% 70.3% 140 bps Total S&P Global 14% 49
Slide 13: Fourth Quarter Financial Results
Fourth Quarter Financial Results Chris Craig Interim Chief Financial Officer 13
Slide 14: Fourth quarter enterprise financial results
Fourth quarter enterprise financial results Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +14% $3,592 $3,592 $3,152 $436 +21% $3,152 $360 $411 +9% $377 $1,677 +21% $545 +10% $1,390 Indices $497 Mobility 44.1% 46.7% $1,062 +27% Commodity Insights $838 Adjusted Operating
Slide 15: Continued growth in strategic investment areas, and strong Vitality Index
Continued growth in strategic investment areas, and strong Vitality Index Energy Transition Private Market Revenue Vitality & Sustainability 1 Solutions 2 Synergies Index 3 ($ in millions) ($ in millions) ($ in millions) ($ in millions) +23% +29% $409 Vitality revenue 11% Vitality Index $104 $146 $3
Slide 16: Fourth quarter expense bridge
Fourth quarter expense bridge Total Adjusted Expenses 1 ($ in millions) ($7) ($20) $1,915 $51 $58 $1,762 $71 4Q ’23 Core & Investment Incentives & Compensation 3 Acquisitions & FX Impact & 4Q ’24 Growth 2 Commissions Divestitures Other (some amounts may not sum due to rounding) 1. Refers to non-GAAP
Slide 17: S&P Global Market Intelligence
S&P Global Market Intelligence Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +5% $1,186 $1,186 $1,127 $1,127 $306 +8% 0% $282 $387 $386 Desktop 1 34.2% $356 $370 +4% 32.6% Data & Advisory Solutions 1 Adjusted Operating Profit Enterprise Solutions $279 $296 +6% Adjusted
Slide 18: S&P Global Ratings
S&P Global Ratings Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +27% $1,062 $1,062 $140 -3% $838 $61 +19% $838 Crisil, Other 1 $145 $153 +42% $634 +42% $52 Governments $108 $185 +34% $447 Structured Finance $138 Adjusted Operating Profit 59.7% Financials Adjusted Expen
Slide 19: S&P Global Commodity Insights
S&P Global Commodity Insights Revenue 1 Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +10% $545 $545 $497 $56 +27% $497 $44 Advisory & Transactional $113 +3% $245 +11% $110 Services $220 Upstream Data & Insights $186 +9% 44.4% 45.0% $170 Adjusted Operating Profit Price Assessme
Slide 20: S&P Global Mobility
S&P Global Mobility Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +9% $411 $411 $377 $377 $72 +18% $62 $143 +12% $127 $90 +1% $89 34.7% 33.7% Financials & Other Adjusted Operating Profit Manufacturing $249 +10% Adjusted Expense $250 $268 +7% $227 Dealer Adjusted Operati
Slide 21: S&P Dow Jones Indices
S&P Dow Jones Indices Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +21% $436 $436 $360 $74 +5% $360 Data & Custom $71 $71 +4% Subscriptions $296 +24% $68 $238 Exchange-Traded Adjusted Operating Profit Derivatives $291 +31% Adjusted Expense 66.1% 67.9% $221 Asset-Linked
Slide 22: 2025 Outlook and Guidance
2025 Outlook and Guidance Martina Cheung President and CEO 22
Slide 23: 2025 macroeconomic assumptions underlying guidance
2025 macroeconomic assumptions underlying guidance Real GDP United States Platts Dated 2025 Billed Growth 1 CPI 2 Brent 3 Issuance Growth 4 3.0% 2.3% $72 Low Single-Digit Global Average Per Barrel United States 2.0% Eurozone 1.2% China 4.1% India 6.7% Note: S&P Global Ratings billed issuance include
Slide 24: January 2025 Global Refinancing Study
January 2025 Global Refinancing Study Total debt maturing over the next… ($ in billions) $16,000 $14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 12 mos 24 mos 36 mos 48 mos 60 mos 72 mos 84 mos As of 1/1/2023 As of 1/1/2024 As of 1/1/2025 Includes bonds, loans, and revolving credit facilities
Slide 25: Drivers of 2025 Billed Issuance growth
Drivers of 2025 Billed Issuance growth Billed issuance expected to increase low single-digit in 2025 ($ in trillions) +LSD% $3.9 Billed Issuance increased dramatically in 2024, creating a difficult compare in 2025 $1.5 Stable market conditions and strong $2.3 $2.5 maturities in 2025 inspire confiden
Slide 26: 2025 GAAP guidance
2025 GAAP guidance Revenue Growth 5.0% - 7.0% Operating Profit 41.5% - 42.5% Margin Diluted EPS $14.20 - $14.45 26
Slide 27: 2025 adjusted guidance
2025 adjusted guidance Revenue Growth 5.0% - 7.0% Operating Profit 49.0% - 50.0% Margin $17.00 - $17.25 Diluted EPS +8% to +10% y/y 27
Slide 28: 2025 division revenue and margin outlook
2025 division revenue and margin outlook Revenue Adjusted Operating Growth Margin 5.0% - 6.5% 33.0% - 34.0% 3.0% - 5.0% 63.0% - 64.0% 7.0% - 8.5% 47.0% - 48.0% 7.0% - 8.5% 39.0% - 40.0% 8.0% - 10.0% 69.5% - 70.5% 28
Slide 29: 4Q 2024 and Full-Year Earnings Call Q&A
4Q 2024 and Full-Year Earnings Call Q&A Martina Cheung President and CEO Chris Craig Interim Chief Financial Officer Mark Grant Senior Vice President, Investor Relations February 11, 2025 29
Slide 30: 4Q 2024 and Full-Year Earnings Call
4Q 2024 and Full-Year Earnings Call Martina Cheung REPLAY OPTIONS President and CEO Internet: Replay available for one year Chris Craig Go to http://investor.spglobal.com Interim Chief Financial Officer Mark Grant Telephone: Replay available through March 11, 2025 Senior Vice President, Investor Rel