Msci Inc. · NYSE:MSCI

Msci — Investor Presentation (June 2026)

61 slides from Msci's investor presentation, Jun 15, 2026

1. Slide 1: MSCI Inc. Investor Presentation

   MSCI Inc. INVESTOR PRESENTATION June 15, 2026 © 2026 MSCI Inc. All rights reserved.

2. Slide 2: Forward-Looking Statements

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

3. Slide 3: Other Information

   Introduction → Other Information → Foreign currency exchange rate fluctuations reflect the difference between the current period → All financial figures for the three months ended March 31, 2026 are unaudited unless results as reported compared to the current otherwise noted. period results recalcul

4. Slide 4: Company Overview

   Section 01 Company Overview 4

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

   Company Overview → A Global Franchise Serving the 6,319 30+ World’s Largest Investors Employees 1 office locations3 Employee distribution : 29% employees in DMC vs. 71% 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 $130T+ Managed Assets 119,000+ 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+ 1,900+ 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 •Custom Indexes •Data •Asset Owners •Derivatives •Models •Broker-Dealers •Private Asset Investing •Technology •Wealth Managers •Sustainability and Climate Investing •Talent •Corporates •Facto

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 ~71% 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 14

15. 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 (%) 11% CAGR 13% CAGR $3,134 $3,239 61.3% $2,856 60.2% 60.1% 60.8% $2,529 58.6% 59.1% $2,249 $1,906 $1,985 $2,044 $1,716 $1,523 $1,197 $1,330 2021 2022 2023 2024 2025 TTM

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

    Financial Review → MSCI Subscription Run Rate as of March 31, 2026 by Geography Significant Recurring Revenue Model with Global Client Segments • Americas 45% Operating Revenues Mix • EMEA 38% Quarter Ended March 31, 2026 • APAC 17% by Product Line by Type 3% Non-Recurring 9% All Other-Private Asset

17. Slide 17: 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:

18. Slide 18: Strong Balance Sheet Provides Optionality

    Financial Review → Strong Balance Sheet Provides Optionality US$ in millions Unsecured Debt Maturity Profile as of 3/31/2026 Senior Unsecured Notes → In 1Q26, returned $549M to shareholders through share repurchases Drawn revolver facility1 of $399M and quarterly dividends of $150M Undrawn revolver

19. Slide 19: Disciplined Approach to Capital Deployment for Shareholders

    Financial Review → Disciplined Approach to Capital Deployment for Shareholders Dividends ($ in millions) Share Repurchases $555 86 85 83 81 80 79 $509 77 73 $442 $2,419 $374 $304 $247 $1,285 $221 $172 $810 $150 $727 $121 $459 $399 $102 $140 2019 2020 2021 2022 2023 2024 2025 1Q26 2017 2018 2019 2020

20. Slide 20: 1Q26 Financial Results Snapshot

    Financial Review → 1Q26 Operating 1Q26 Operating As of March 31, 2026 As of March 31, 2026 Revenues (reported) Revenues (organic) Subscription Run Rate Subscription Run Rate 1Q26 Financial Growth (reported) Growth (organic) Results Snapshot +14.1% +13.3% +8.9% +8.2% 1Q26 Adjusted 1Q26 Operating 1Q26

21. Slide 21: Segment Highlights

    Section 03 Segment Highlights 21

22. Slide 22: 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

23. Slide 23: Index Usage Throughout the Investment Process

    Segment Highlights → Index Usage Throughout the Investment Process $2.4T+ 1 $40B+ 2 ~$4.9T+ 1 $350B+ 1 AUM in Active ETFs linked to MSCI AUM in non-ETF AUM linked to MSCI Total notional interest on MSCI-listed AUM in MSCI index linked ETF Products Indexes indexes futures & options GROWING USES OF IN

24. Slide 24: Indexation Journey and Evolution

    Segment Highlights → • Rapid data and technology Indexation Journey • One-size-fits-all transformation further indexes fall short for fuels MSCI custom and Evolution Shift to delivering unique index franchise growth objectives of and unlocks new use Customization investors • Growing demand cases and

25. Slide 25: 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

26. Slide 26: Custom Index Use Cases across Client Segments

    Segment Highlights → 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 Mana

27. Slide 27: Index Subscription at a Glance

    Segment Highlights → Index Subscription Run Rate Index Subscription at a Glance as of March 31, 2026 by Geography Index Subscription Run Rate • Americas 38% (US$ in millions) • EMEA 41% • APAC +11% 21% +10% Organic $1,049.9 $948.3 $119.9 +11% $107.6 +24% Index Subscription Run Rate $126.5 $102.3 as

28. Slide 28: 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 – 1Q26 Total Index $872 Run Rate $852 14% CAGR : 12% $679 CAGR $591 $514 $589 $464 $396 $312 $317 $317 $217 $1,022 $1,050 $175 $201 $861 $934 $158 $7

29. Slide 29: 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

30. Slide 30: 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

31. Slide 31: Analytics Segment at a Glance

    Segment Highlights → Analytics Run Rate Analytics Segment at a Glance as of March 31, 2026 by Geography Analytics Run Rate • Americas 54% (US$ in millions) • EMEA 29% • APAC +8% 16% +7% Organic $763.4 +12% Analytics Run Rate $707.8 as of March 31, 2026 by Client Segments $233.2 $260.1 • Asset 37% Ma

32. Slide 32: 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 Indexes4; Sustainability Indexes → $1,272B in institutio

33. Slide 33: 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

34. Slide 34: 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

35. Slide 35: Solutions to Help Investors Adapt to the Climate Transition

    Segment Highlights → Solutions to Help Investors Adapt to the Climate Transition and Integrate Physical Risks into their Investment Process Integration and Analysis of Forward-Looking Climate Insights Climate Models and Metrics Climate Exposure → Implied Temperature Rise (ITR) provides a forward-loo

36. Slide 36: Sustainability & Climate Segment at a Glance

    Segment Highlights → Sustainability & Climate Run Rate Sustainability & Climate Segment as of March 31, 2026 by Geography at a Glance • Americas 32% Sustainability & Climate Segment Run Rate • EMEA 54% (US$ in millions) • APAC 14% +7% +4% Organic $375.7 Sustainability & Climate Run Rate $352.3 as of

37. Slide 37: MSCI Private Assets Supports the Evolving Needs of Private Asset Investors

    Segment Highlights → MSCI Private Assets Supports the Evolving Needs of Private Asset Investors 2012 2013 2020 2020 2021 2023 2026 Acquisition of IPD Launched first Global Launched Launched Real Estate Acquisition of Real Acquisition of Burgiss Acquisition of Private Infrastructure Risk Climate Valu

38. Slide 38: MSCI Private Asset Solutions Help Investors Navigate the Investment Lifecycle

    Segment Highlights → 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 Ac

39. Slide 39: MSCI Private Capital Closed-end Fund Indexes

    Segment Highlights → 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

40. Slide 40: All Other – Private Assets Segment at a Glance

    Segment Highlights → All Other- Private Assets Run Rate All Other – Private Assets as of March 31, 2026 by Geography Segment at a Glance • Americas 59% All Other – Private Assets Run Rate • EMEA 34% (US$ in millions) • APAC 7% +8% +8% Organic All Other- Private Assets Run Rate $296.4 as of March 31,

41. Slide 41: Appendix

    Section 04 Appendix 41

42. Slide 42: 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% 14% 14% 9% 9% 13% 8% 8% 9% 8% 12% 12% 12% 12% 11% 11% 11% 10

43. Slide 43: 1Q21 to 1Q26 YoY Run Rate Growth

    Appendix → 1Q21 to 1Q26 YoY Run Rate Growth Index Asset-Based Fees Run Rate Growth as reported Subscription Run Rate Growth as Reported 45% 49% 37% 27% 25% 26% 25% 15% 13% 14% 15% 16% 16% 15% 13% 17% 17% 12% 12% 12% 12% 11% 11% 11% 12% 12% 7% 11% 11% 9% 9% 9% 8% 9% 9% 9% 9% 11% -4% -7% -13% -13% 1Q2

44. Slide 44: 1Q21 to 1Q26 YoY Run Rate Growth

    Appendix → 1Q21 to 1Q26 YoY Run Rate Growth Sustainability & Climate Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 50% 46% 47% 47% 42% 44% 42% 37% 46% 47% 30% 42% 44% 26% 39% 41% 25% 34% 20% 33% 15% 16% 29% 14% 10% 10% 11% 10% 24% 22% 8% 7% 16% 13% 13% 11% 8% 10% 7% 6

45. Slide 45: Index Segment: Asset-Based Fees Details

    Appendix → Index Segment: Asset-Based Fees Details US$ in millions US$ in billions US$ in billions US Futures and Options Average AUM EM Non-ETF1 Period-End Basis Point Fee DM ex US ETF1 +35% +27% 2.43 2.43 2.41 2.41 2.35 $2,403 YoY YoY $224.5 $553 +19% +11% $1,783 $16.2 $177.4 +13% $14.5 $56.6 $465

46. Slide 46: 1Q26 QoQ AUM Drivers: MSCI-Linked Equity ETFs

    Appendix → 1Q26 QoQ AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure By Product US$ in billions US$ in billions $(40.4) $(40.4) $0.5 EM $3.5 $(22.6) Market Cap Weighted $(18.9) DM ex US $10.5 $(1.5) Factors $53.7 $(22.0) $(16.3) $2,403.3 $89.0 $2,403.3 $41.2 Sustainability & $8.1 US Clima

47. Slide 47: Listed Futures & Options Linked to MSCI Indexes

    Appendix → Listed Futures & Options Linked to MSCI Indexes Run Rate From Listed Futures & Options Linked to MSCI Indexes Futures & Options Volume Linked to MSCI Indexes US$ in millions in millions of contracts traded1 $64.8 29.0 $58.2 $59.5 $56.6 $56.6 24.9 25.1 22.8 23.2 1Q25 2Q25 3Q25 4Q25 1Q26 1Q

48. Slide 48: Geographic Market Exposures of MSCI-Linked ETFs

    Appendix → 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% 30% 29% 29% 30% 27% 27% 28% 33% 32% 44% 44% 45% 46% 47% 58% 51% 46% 43% 49% 50% 51% 48% 47% 53% 43% 27%

49. Slide 49: Market Movement and Momentum in Cash Flows Continues

    Appendix → 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 declined 9% QoQ amid hig

50. Slide 50: YoY Growth Across Sustainability and Climate Franchise

    Appendix → YoY Growth Across Sustainability Sustainability & Climate Run Rates Across all Segments1 US$ in millions and Climate Franchise Climate ABF Climate Subscription +9% Sustainability ABF Sustainability Subscription AUM in ETFs Linked to MSCI Sustainability and Climate Equity Indexes $633 US$

51. Slide 51: Sustainability & Climate: Firmwide Franchise Run Rate Growth

    Appendix → Sustainability & Climate: Firmwide Franchise Run Rate Growth Firmwide Sustainability & Climate Run Rate US$ in millions $642 $633 $569 $523 $250 $244 2010-1Q26 42% $433 $212 CAGR 26% CAGR $190 $357 $156 $154 $224 $392 $389 23% $86 $357 CAGR $146 $333 $106 $277 $45 $84 $203 $61 $27 $18 $22

52. Slide 52: Use of Operating Metrics

    Appendix → Use of Operating Metrics MSCI has presented supplemental key operating metrics as part of this presentation, including Run Rate, Retention Rate, Retention Rate is a key performance metric that provides insight into the stability and durability of MSCI’s recurring subscription sales, subsc

53. Slide 53: 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 presentation. Reconciliations are provided We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI because they adjust for the after-ta

54. Slide 54: Reconciliation of Net Income to Adjusted EBITDA

    Appendix → Year Ended Reconciliation In millions December 31, 2025 December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 of Net Income Net income Provision for income taxes $ 1,202.3 292.0 $ 1,109.1 247.0 $ 1,148.6 220.5 $ 870.6 173.3 $ 726.0 132.2 to Adjusted Other expense (income

55. Slide 55: Reconciliation of Net Income to Adjusted EBITDA

    Appendix → TTM Three Months Ended Reconciliation In millions March 31, 2026 March 31, 2026 March 31, 2025 of Net Income Net income Provision for income taxes $ 1,319.7 232.7 $ 406.0 (16.8) $ 288.6 42.5 to Adjusted Other expense (income), net Operating income 241.1 1,793.5 67.7 456.9 45.9 377.0 EBITD

56. Slide 56: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses

    Appendix → Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (Unaudited) Three Months Ended March 31, 2026 March 31, 2025 In millions Total operating expenses $ 393.9 $ 368.8 Amortization of intangible assets 41.9 43.9 Depreciation and amortization of property, 5.9 4.7 equipment and l

57. Slide 57: Reconciliation of Net Income and Diluted EPS to Adjusted EPS

    Year Ended Appendix → December 31, December 31, December 31, December 31, December 31, In millions, except per share data 2025 2024 2023 2022 2021 Net income $ 1,202.3 $ 1,109.1 $ 1,148.6 $ 870.6 $ 726.0 Reconciliation Plus: Amortization of acquired intangible assets and equity method investment bas

58. Slide 58: Reconciliation of Net Income and Diluted EPS to Adjusted EPS

    Appendix → TTM Three Months Ended Reconciliation March 31, March 31, March 31, In millions, except per share data 2026 2026 2025 of Net Income Net income $ 1,319.7 $ 406.0 $ 288.6 Plus: Amortization of acquired intangible assets 84.4 19.6 25.8 and Diluted Plus: Loss in ownership interest of investee

59. Slide 59: 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) Year Ended December 31, December 31, December 31, December 31, December 31, In millions 2025 2024 2023 2022 2021 Net cash provided by operating activities $ 1,588.4 $ 1,501.6 $ 1,236.0 $ 1,095.4 $ 93

60. Slide 60: 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 Three Months Ended March 31, March 31, March 31, In millions 2026 2026 2025 Net cash provided by operating activities $ 1,593.5 $ 306.8 $ 301.7 Capital expenditures (30.5) (2.8) (11.6) Capitalize

61. Slide 61: First Quarter 2026 Reconciliation of Operating Revenue Growth to Organic

    Appendix → Comparison of the Three Months Ended March 31, 2026 and 2025 Total Recurring Subscription Asset-Based Fees Non-Recurring Revenues First Quarter 2026 Index Change Percentage Change Percentage Change Percentage Change Percentage Operating revenue growth 17.7 % 9.0 % 26.6 % 60.0 % Impact of

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