S&p Global Inc. · NYSE:SPGI
S&p Global — Q1 2025 Earnings Presentation
29 slides from S&p Global's earnings presentation, Apr 29, 2025
Slide 1: S&P Global Quarterly Update
1Q 2025 S&P Global Quarterly Update April 29, 2025 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: Strategy, Vision, and Execution
Strategy, Vision, and Execution Martina Cheung President and CEO 4
Slide 5: First quarter highlights
First quarter highlights Financial highlights 1 Strategic highlights Revenue increased 8% year over year Significant progress on active portfolio optimization • Strong revenue growth in all five divisions • Announced planned divestiture of OSTTRA JV • Revenue from subscription products grew 7% y/y •
Slide 6: Billed Issuance
Billed Issuance Billed issuance up 9% Updates on market conditions ($ in billions) • Growth driven by structured finance and $1,083 bank loans, partially offset by declines in $993 IG and HY $440 $456 • Spreads wider, though still below historical average levels $113 $120 Investment Grade • Market v
Slide 7: Commercial conditions
Commercial conditions Demand for insights Proactive engagement Resilient Business Mix • Average of 23% y/y growth in • Customers have mixed outlook • Recurring revenue accounted active users1 across Capital IQ for remainder of 2025 for 75% of total revenue in Q1 2 platforms, Platts Connect, and Mobi
Slide 8: Changes in market conditions expected to impact financial results in 2025
Changes in market conditions expected to impact financial results both positively and negatively in 2025 Macroeconomic and Broad Market Factors +/- Trade conflict & supply chain risk +/- Geopolitics +/- Central bank activity Equity Bond and Commodity Markets Credit Markets Markets Volatility and +/–
Slide 9: Continued innovation in key strategic areas
Continued innovation in key strategic areas Multiple Fixed Income Visible Alpha data now indices launched in Q1, available on Capital IQ Pro including first-of-its-kind via add-on module1 Rolling Fixed Maturity in EMEA iLevel Automated Data Ingestion – AI-powered New Platts Benchmarks ingestion tool
Slide 10: First Quarter & TTM Performance
First Quarter & TTM Performance 1Q ’25 Revenue TTM Adjusted TTM Adjusted Financial Performance Growth1 Operating Margin Operating Margin Y/Y2 2 5% 32.6% -50 bps 8% 63.4% 490 bps 9% 47.1% 70 bps 9% 39.1% 50 bps 15% 70.4% 110 bps Total S&P Global 8% 49.3% 240 bps 1. Revenue growth refers to GAAP reven
Slide 11: S&P Global Announces Intent to Separate Mobility Division
S&P Global Announces Intent to Separate Mobility Division 11
Slide 12: S&P Global and Mobility will benefit from enhanced strategic and operational focus
S&P Global and Mobility will benefit from enhanced strategic and operational focus S&P Global ex-Mobility Standalone Mobility Accelerate Progress by Leading provider of Powering Global Markets automotive data, analysis, and insights 2024 Revenue1 2024 Financial Profile 2024 Revenue 2024 Financial Pr
Slide 13: Improved strategic focus and enhanced potential for profitable growth after separation
S&P Global sees improved strategic focus and enhanced potential for profitable growth, following the separation of Mobility Key Advantages for S&P Global ex-Mobility Investor Day Increased focus on enterprise strategy, with a similar customer base across four synergistic divisions The Company expe
Slide 14: Mobility is an automotive data and technology leader
Mobility is an automotive data and technology leader delivering insights and solutions across the vehicle lifecycle 1 Used Vehicle Sales & Service 2 Strategy & Product Planning Serving Suppliers, OEMs, Finance & Insurance Unique Data Assets 94% 100% 72M Usage by Top 100 Usage by Top 40 Global Lines
Slide 15: Mobility has a resilient business model and multiple growth drivers
Mobility has a resilient business model and multiple drivers of long-term, profitable growth Key Market Dynamics Growth Opportunities Used Car Planning Growth in used car market Expand used car offerings in the Embed mission-critical data in used vehicle sales and service strategic and product plann
Slide 16: Transaction Summary & Next Steps
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 str
Slide 17: First Quarter Financial Results
First Quarter Financial Results Eric Aboaf Chief Financial Officer 17
Slide 18: First quarter enterprise financial results
First quarter enterprise financial results Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +8% $3,777 $3,777 $3,491 $445 +15% $3,491 $387 $420 +9% $386 +10% $1,920 $612 +9% $1,738 Indices $559 Mobility $1,149 +8% 50.8% Commodity Insights $1,062 Adjusted Operating Profit 4
Slide 19: Continued, strong progress in strategic revenue initiatives
Continued, strong progress in strategic revenue initiatives Energy Transition Private Market Revenue Vitality & Sustainability 1 Solutions 2 Synergies Index 3 ($ in millions) ($ in millions) ($ in millions) ($ in millions) 20% 21% $374 Vitality revenue $93 $140 $350 10% Vitality Index $78 $116 $311
Slide 20: S&P Global Market Intelligence
S&P Global Market Intelligence Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +5% $1,199 $1,199 $1,142 $1,142 $394 +5% $373 $686 +7% $642 32.7% 32.8% Data, Analytics, & Insights 1,2 Adjusted Operating Profit Enterprise Solutions 3 $297 $299 +1% Adjusted Expense $769 $805
Slide 21: S&P Global Ratings
S&P Global Ratings Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +8% $1,149 $1,149 $1,062 $127 +4% $1,062 $122 $72 +18% $62 $139 +31% Crisil, Other 1 $107 $761 +11% $188 +6% $687 Governments $177 Structured Finance Adjusted Operating Profit Financials Adjusted Expense 6
Slide 22: S&P Global Commodity Insights
S&P Global Commodity Insights Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +9% $612 $612 $559 $559 $126 +19% $106 Advisory & Transactional $294 +11% Services $105 $106 +1% $264 Upstream Data & Insights $175 $188 +8% Adjusted Operating Profit 47.2% 48.1% Price Assessmen
Slide 23: S&P Global Mobility
S&P Global Mobility Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +9% $420 $420 $386 $386 $76 +11% $69 $162 +10% $85 +1% $147 $84 38.1% 38.5% Financials & Other Adjusted Operating Profit Manufacturing $259 +11% Adjusted Expense $258 +8% $233 $239 Dealer Adjusted Operati
Slide 24: S&P Dow Jones Indices
S&P Dow Jones Indices Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +15% $445 $445 $387 $76 +7% $387 $70 Data & Custom $81 +11% Subscriptions $73 $324 +15% $282 Exchange-Traded Adjusted Operating Profit Derivatives $288 +18% Adjusted Expense 72.9% 72.9% $244 Asset-Linke
Slide 25: 2025 enterprise guidance
2025 enterprise guidance GAAP Adjusted Previous Current Previous Current Revenue Growth 5% - 7% 4% - 6% 5% - 7% 4% - 6% Operating Profit 49% - 50% 48.5% - 49.5% 41.5% - 42.5% 42.5% - 43.5% Margin Diluted EPS $14.20 - $14.45 $14.60 - $15.10 $17.00 - $17.25 $16.75 - $17.25 Indicates a change from prio
Slide 26: 2025 division revenue outlook
2025 division revenue outlook Previous Current 5% - 6.5% 5% - 6.5% 3% - 5% 0% - 4% 7% - 8.5% 7% - 8.5% 7% - 8.5% 7% - 8.5% 8% - 10% 5% - 7% Indicates a change from prior guidance 26
Slide 27: 2025 division adjusted margin outlook
2025 division adjusted margin outlook Previous Current 33% - 34% 33% - 34% 63% - 64% 63% - 64% 47% - 48% 47% - 48% 39% - 40% 39% - 40% 69.5% - 70.5% 69.5% - 70.5% Indicates a change from prior guidance 27
Slide 28: 1Q 2025 Earnings Call Q&A
1Q 2025 Earnings Call Q&A Martina Cheung President and CEO Eric Aboaf Chief Financial Officer Mark Grant Senior Vice President, Investor Relations April 29, 2025 28
Slide 29: 1Q 2025 Earnings Call
1Q 2025 Earnings Call Martina Cheung REPLAY OPTIONS President and CEO Internet: Replay available for one year Eric Aboaf Go to http://investor.spglobal.com Chief Financial Officer Mark Grant Telephone: Replay available through May 29, 2025 Senior Vice President, Investor Relations Domestic: 866-361-