S&p Global Inc. · NYSE:SPGI
S&p Global — Investor Day (November 2025)
75 slides from S&p Global's investor day presentation, Nov 13, 2025
Slide 1: Advancing Essential Intelligence
Advancing Essential Intelligence 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 statements,” Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or i
Slide 3: Comparison of adjusted information to U.S. GAAP information
Comparison of adjusted European regulations information to affecting investors U.S. GAAP information in credit rating agencies This presentation includes Company financials on an as-reported basis. The Company also refers to and European Union Regulation 1060/2009 (as amended) applies to credit rati
Slide 4: Agenda
Agenda Registration, Lunch & Product Showcase Refreshment Break Welcome Financial Strategy Mark Grant, Senior Vice President, Investor Relations and Treasurer, S&P Global Eric Aboaf, Chief Financial Officer, S&P Global Advancing Essential Intelligence Enterprise Q&A Session Martina Cheung, President
Slide 5: Product Showcases
Product Showcases S&P Global AI Innovation Partnership Spotlights iLEVEL Automated Data Ingestion and Anthropic Claude Document Search IBM® watsonx Orchestrate Kensho Link Microsoft Copilot Platts Connect ChatAI RatingsDirect® Credit Companion S&P Capital IQ Pro • Document Intelligence and ChatIQ •
Slide 6: Advancing Essential Intelligence
Advancing Essential Intelligence Martina Cheung President and Chief Executive Officer S&P Global 6
Slide 7: Advancing Essential Intelligence
Advancing Essential Intelligence Our industry-leading benchmarks, data, and solutions provide customers with the ability to make more confident decisions and stay a step ahead 7
Slide 8: ADVANCE Market Leadership
Our industry-leading, global franchise is well positioned to drive durable customer and shareholder value through three key objectives ADVANCE EXPAND AMPLIFY Market High-Growth Enterprise Leadership Adjacencies Capabilities & AI Strong brands with 100+ years of trust Unique value proposition Scaled
Slide 9: ADVANCE Market Leadership
” ADVANCE Ana Market Leadership S&P Global
Slide 10: We are global, diversified, and highly differentiated
We are global, diversified, and highly differentiated Advance Market Leadership Trusted Brand & Reputation Best-in-Class Products Flexible Distribution World-class benchmarks and IP Globally renowned brands that Multi-channel distribution through powering major ecosystems have been trusted by the ma
Slide 11: More than 95% of revenue is derived from proprietary data, processes, and tools
More than 95% of revenue1 is derived from proprietary data, Advance Market Leadership processes, and tools, supported by strong IP protection <5% Undifferentiated As-reported Financials Transcripts Directories Public Ownership (13Fs) Press Releases / 3rd-Party News 5% Services & Events Valuation & I
Slide 12: Most market forces are secular tailwinds that are creating opportunities for high-quality growth
Most market forces are secular tailwinds that are creating Advance Market Leadership opportunities for high-quality growth Increased capital markets activity Emerging markets growth Demand for energy expansion and Private markets growth infrastructure Asset class rebalancing and wealth Geopolitical
Slide 13: EXPAND High-Growth Adjacencies
EXPAND High-Growth Adjacencies 13
Slide 14: Tailwinds enable us to invest across the enterprise in high-growth and emerging areas
Tailwinds enable us to invest across the enterprise in high-growth Expand High-growth and emerging areas alongside leading-edge AI and technology Adjacencies Scaled initiatives with Emerging opportunities Enterprise technology & immediate impact with future impact leading-edge capabilities Artificia
Slide 15: ~$21T Global private markets AUM
Private Markets AUM has grown at almost twice the rate of global Expand High-growth AUM1, a trend expected to continue due to market tailwinds Adjacencies Growth trends Tailwinds Expect private markets to generate ~50% of asset management fees by 20301 ~$21T Global private markets AUM 1 GPs expandin
Slide 16: Our expanding footprint reinforces our leadership position in private markets
Our expanding footprint reinforces our leadership position in private Expand High-growth markets, supported by recent partnerships and acquisitions Adjacencies Investment lifecycle Fundraising & LP Allocation Deal Sourcing & Diligence Portfolio Management, Fund Monitoring & Reporting Partnerships wi
Slide 17: Complex and interconnected energy ecosystem creates strong demand for S&P Global's solutions
An increasingly complex and interconnected energy ecosystem Expand High-growth creates strong demand for S&P Global’s fit-for-purpose solutions Adjacencies Electricity demand ~3x Renewables growing Related commodities by 2050 (driven by AI + quickly, to fill supply gap, surge: (e.g., metals, electri
Slide 18: Energy Expansion
Energy Expansion Expand High-growth Adjacencies Fit-For Purpose Solutions Enterprise Value Creation for Approach Global, Diverse End- Markets Power & AI Risk Energy Transition Bringing leading Analysts | Brokers | C-Suite | Solutions for energy Expanded solutions Integration of products from Complia
Slide 19: AMPLIFY Enterprise Capabilities & AI
AMPLIFY Enterprise Capabilities & AI 19
Slide 20: Our integrated operating model removes silos in key areas
Our integrated operating model removes silos in key areas, Amplify Enterprise unlocking growth, innovation and operating leverage Capabilities & AI Cross divisional initiatives Integrate operations for core data collection and distribution for scale & Enterprise Data cross-division product synergy E
Slide 21: Our Enterprise Technology initiatives accelerate scale and innovation
Our Enterprise Technology initiatives accelerate scale and innovation, Amplify Enterprise optimizing our data & products for humans, machines and agents Capabilities & AI Scaled Enterprise Deep Strategic New Potential Technology Model Collaboration Commercial Models Enterprise architecture Partner f
Slide 22: Elevating our approach to customer engagement and commercialization
We are elevating our approach to customer engagement and Amplify Enterprise commercialization, while continuing to collaborate across divisions Capabilities & AI Engagement Across Stakeholder Engagement Disciplined Execution Sectors and Divisions C-Suite Sector-Specific Go-to-Market Engagement Event
Slide 23: Leveraging technology, process, and skills innovation to empower our people
Leveraging technology, process, and skills innovation to empower Amplify Enterprise our people, enhance productivity, and deliver enterprise impact Capabilities & AI 1 2 3 4 People-Forward Skills Focus People + AI: Aligned Culture Process Redesign Incentives 23
Slide 24: S&P Global Divisions
S&P Global Divisions S&P Global S&P Global S&P Global ner Dow Jones ; . ndices Market Intelligence Ratings Energy A Division of S&P Global Investor Day 2025 S&P Global
Slide 25: S&P Global Market Intelligence
S&P Global Market Intelligence Investor Day 2025 S&P Global
Slide 26: S&P Global Market Intelligence
S&P Global Market Intelligence Data & Insights Workflow Tools 6T+ 2.5M+ iLEVEL Unique data points Fixed income bonds Leading desktop solution, Market leading platform managed, contributing to a priced daily serving a diverse customer serving private equity with world-leading data estate base 16B+ da
Slide 27: S&P Global Market Intelligence
S&P Global Market Intelligence Growth Drivers Strategic Priorities Differentiated data, fit-for-purpose workflow tools and deployment of AI across product suites Private markets and credit Integrated account management approach, supported by cross-divisional collaboration and the Chief Client Office
Slide 28: We deliver differentiated data and world-class workflow tools through multiple channels
We deliver differentiated data and world-class workflow tools through multiple channels to help customers solve their biggest problems Powerful Flexible Elevated An essential Products Delivery Engagement strategic partner S&P Capital IQ Pro & Deep customer Visible Alpha engagement, at Data & Insight
Slide 29: S&P Global Ratings
S&P Global Ratings Investor Day 2025 S&P Global 29
Slide 30: S&P Global Ratings
S&P Global Ratings Growth Drivers Strategic Priorities Continued growth in global debt outstanding, in conjunction Analyst expertise, capacity, with GDP and efficiency Strong forward maturity walls Private credit Need for more transparency in private markets Rapidly expanding fixed income and credit
Slide 31: S&P Global Ratings
S&P Global Ratings $8T+ corporate debt rated by S&P Global Tailwinds from Upcoming Refinancing Wall Ratings is maturing over the next 3 years ($ in trillions) Corporate maturity wall remains healthy over the +26% medium-term, with $8.2T of maturities coming due over $8.2 next three years $2.5 2026 M
Slide 32: S&P Global Energy
S&P Global Energy Investor Day 2025 S&P Global 32
Slide 33: S&P Global Energy
S&P Global Energy Benchmarks Data & Thought Leadership 15,000+ 270+ 2,000+ 100% Price assessments IOSCO benchmarks Researchers, price Major global energy produced daily reporters, and industry and commodity markets experts covered1 150+ ~70% 451 Research Countries where Of waterborne crude ~14k data
Slide 34: S&P Global Energy
S&P Global Energy Growth Drivers Strategic Priorities Energy Expansion Expansion and evolution of global energy ecosystem and diversification of energy sources Supply Chain Ongoing product innovation and benchmark expansion, particularly in emerging commodity classes, and GenAI products & enhancemen
Slide 35: We deliver world-leading benchmarks, data, and insights to help customers plan, act, and thrive
We deliver world-leading benchmarks, data, and insights to help customers plan, act, and thrive in a rapidly evolving global landscape Powerful Flexible Elevated An essential Products Delivery Engagement strategic partner Platts Connect Deep customer engagement, at Benchmarks Data Feeds & APIs senio
Slide 36: S&P Dow Jones Indices
S&P Dow Jones Indices A Division of S&P Global Investor Day 2025 S&P Global 36
Slide 37: S&P Dow Jones Indices
S&P Dow Jones Indices Growth Drivers Strategic Priorities Continued globalization of passive indexing, supporting high mix Innovation in Core & of asset-linked fees New Products AI-personalized solutions to meet demand for asset managers Private Markets for subscription-based asset management soluti
Slide 38: S&P Dow Jones Indices
S&P Dow Jones Indices Active to Passive 1 Liquid Ecosystems ($ in billions) Equity Fixed Income Passive Futures Sectors ETFs Index-oriented products received $2.9 trillion CDS in new net cash and reinvested dividends Options VIX ETF Options Products Products CDS Bonds CDS ETF linked derived Indices
Slide 39: Advancing Essential Intelligence
Advancing Essential Intelligence ADVANCE EXPAND AMPLIFY Market High-Growth Enterprise Leadership Adjacencies Capabilities & AI Strong brands with 100+ years of trust Unique value proposition Scaled enterprise data operations Benchmarks and differentiated data & IP Expanded asset class coverage Leadi
Slide 40: Enterprise Data Strategy
Enterprise Data Strategy Saugata Saha President, S&P Global Market Intelligence and Chief Enterprise Data Officer, S&P Global 40
Slide 41: Enterprise data strategy is driven by clear customer needs
S&P Global’s enterprise data strategy is driven by clear customer needs: flexible delivery, interoperability, AI-Readiness Flexible Delivery Scale up new delivery channels Modernize existing delivery channels Interoperability Enhance metadata, knowledge graph, and ontology Customer Accelerate cross-
Slide 42: Our expansive, unparalleled data combined with next-gen technology and deep sector knowledge
Our expansive, unparalleled data combined with next-gen technology and deep sector knowledge protects and creates customer value and growth Data Estate Technology Human Capital Customer Value Proprietary Capabilities Deep sector knowledge Trusted data to support Proprietary processes mission-critica
Slide 43: Our advanced approach to data generation and curation
Our advanced approach to data generation and curation creates real customer value from proprietary and public data <5% Undifferentiated Company Fundamentals 5% Services & Events 13% Workflow Tools We aggregate Exclusive internal Databasing S&P Global Team of 1,200+ data from multiple tools perform a
Slide 44: Building and accelerating frontier tech capabilities for our data
We are building and accelerating frontier tech capabilities for our data that will continue to drive value for customers Efficiency New Sources of Value Future-Ready AI-enabled analysts to reduce New datasets created rapidly New sources of data production latency at scale and lower cost Strategic pa
Slide 45: Strengthen and accelerate strategic advantages to deepen and widen our moats
We will continue to strengthen and accelerate S&P Global’s strategic advantages to deepen and widen our moats Connecting Enhancing New Sources Multi-Channel Accelerating All Our Data Speed of Value Distribution and Productivity to Market Partnership Enabling human Responding to Interoperability Meet
Slide 46: Artificial Intelligence Strategy
Artificial Intelligence Strategy Bhavesh Dayalji Chief AI Officer, S&P Global and Chief Executive Officer, Kensho 46
Slide 47: Foundational AI investment drives economic efficiency and acceleration in new product development
Foundational AI investment drives economic efficiency and acceleration in new product development Since 2018, S&P Global has: Kensho Grounding Agent and MCP invested over $1 billion in AI initiatives Many new AI products, features & enhancements established foundational capabilities Ecosystem to pow
Slide 48: S&P Global creates value for customers across the full spectrum of GenAI needs
S&P Global creates value for our customers across the full spectrum of GenAI needs, meeting them wherever they are on their AI journey Our Value Proposition Transform information Boost distribution Unlock differentiated Enable efficient for LLM-agnostic & trust-based insights and agentic workflows c
Slide 49: We pair proprietary, trusted data with deep domain expertise across GenAI
We pair proprietary, trusted data with deep domain expertise across the GenAI and Agentic ecosystems Core competencies… …leading to enhanced client value Proprietary, AI-ready data Broad ecosystem & Regulated, time-sensitive, and brand leadership historically rich datasets; decades of Our benchmarks
Slide 50: Multiple commercialization models exist
Multiple commercialization models exist, increasing the importance of agility, flexibility, and foundational expertise New Channels New Features New Collaborations New Products Data licensing and GenAI and Agentic- Co-created products New and native usage-based, including driven value realization wi
Slide 51: Kensho Labs offers various opportunities to engage
Kensho Labs offers various opportunities to engage based on customer needs and business priorities R&D and Co-innovation Hands-on Solution Exploration Deployment Support Customization 51
Slide 52: Commercial Strategy: Advancing Client Centricity
Commercial Strategy: Advancing Client Centricity Panel 52
Slide 53: Commercial Strategy Panel
Commercial Strategy Panel Panel Participants: Sally Moore, Chief Client Officer, S&P Global Dave Ernsberger, President, S&P Global Energy Saugata Saha, President, S&P Global Market Intelligence and Chief Enterprise Data Officer, S&P Global Moderated by: Mark Grant, Senior Vice President, Investor Re
Slide 54: Refreshment Break
S&P Global Refreshment Break Investor Day 2025
Slide 55: Financial Strategy
Financial Strategy Eric Aboaf Chief Financial Officer S&P Global 55
Slide 56: Track record of profitable growth and shareholder returns
Track record of profitable growth and shareholder returns Strong execution 2022 20251 CAGR Revenue $11.8B $15.3B 9% Operating Margin 44.9% 50.25% 180 bps/year Operating Margin ex-OSTTRA 44.2% 49.75% 190 bps/year Diluted Earnings Per Share $11.19 $17.73 17% Since the beginning of 2022, S&P Global has
Slide 57: Focused on credit ratings, benchmarks, analytics, and workflow solutions
S&P Global is focused on providing credit ratings, benchmarks, analytics, and workflow solutions in the global capital and commodity markets Revenue by Division 1 Revenue by Type 1 Trailing twelve months ended 9/30/2025 Trailing twelve months ended 9/30/2025 $13.3B1 13% 24% Non-recurring revenue inc
Slide 58: Global leadership in market-driven businesses drives secular growth
Global leadership in market-driven businesses drives secular growth with highly defensible market position S&P Global Ratings S&P Dow Jones Indices Trailing twelve months ended 9/30/2025 Trailing twelve months ended 9/30/2025 $4.6B1 $1.8B1 Revenue Drivers 17% Revenue Drivers 17% Economic growth Mark
Slide 59: Highly-recurring subscription businesses provide predictability and growth
Highly-recurring subscription businesses provide predictability, growth, and confidence in long-term investment planning Subscription Businesses Trailing twelve months ended 9/30/2025 $4.8B1 $2.3B1 4% 13% Revenue Drivers & Execution Priorities Product innovation Client segment expansion 96% New cust
Slide 60: Aligning business lines to simplify operations and maximize customer value
Aligning business lines to simplify operations and maximize customer value in Market Intelligence and Energy divisions Future reported business lines1: Data & Research Platts Risk & Valuation Services Software & Services CERA For descriptions of business lines, refer to slides 71 and 74 1. Reporting
Slide 61: Productivity will fund investments to drive organic growth
Productivity will fund investments to drive organic growth, and contribute to margin expansion Investment Priorities Range of Productivity Levers Organic growth is primary focus End-to-end process engineering and GenAI Multiple investment levers • Product expansion Continued silo elimination and • G
Slide 62: Shareholder-focused capital framework
Shareholder-focused capital framework Portfolio Structure Balance Sheet Capital Return to Shareholders Four related divisions supported by Target adjusted gross leverage to Framework: Return ~85% of adjusted Chief Client Office adjusted EBITDA of 2.0x-2.5x Free Cash Flow via dividends and share repu
Slide 63: Updated framework for annual guidance
Updated framework for annual guidance Enterprise Divisions Revenue Growth (OCC) Organic, Constant Currency (OCC) Revenue Growth Annual Billed Revenue Growth (OCC) Issuance Forecast Adjusted Operating Margin Adjusted Diluted EPS Revenue Growth (OCC) Note: The Company also expects to continue providin
Slide 64: New medium-term financial targets
New medium-term financial targets Targets are average annual rates expected over the next 3-5 years Enterprise Targets Organic Division Targets 6% to 8% Revenue Growth (OCC) 7% to 9% 50-75 bps/year Double-Digit 6% to 9% Organic, Constant Adjusted Operating Adjusted Diluted Revenue Growth (OCC) Curre
Slide 65: Enterprise Q&A
S&P Global Enterprise Q&A Investor Day 2025
Slide 66: Enterprise Q&A Participants
Enterprise Q&A Participants Martina Cheung, President and CEO, S&P Global Eric Aboaf, Chief Financial Officer, S&P Global Bhavesh Dayalji, Chief AI Officer, S&P Global and Chief Executive Officer, Kensho Dave Ernsberger, President, S&P Global Energy Yann Le Pallec, President, S&P Global Ratings Sall
Slide 67: Advancing Essential Intelligence
Advancing Essential Intelligence 67
Slide 68: Appendix
S&P Global Appendix Investor Day 2025
Slide 69: Economic forecasts informing our Outlook
Economic forecasts informing our Outlook Y/Y Change, except Dated Brent 2025 2026 2027 2028 Real GDP forecasts1 World 3.1% 3.0% 3.2% 3.3% United States 1.9% 1.8% 1.8% 2.0% Eurozone 1.1% 1.1% 1.4% 1.5% China 4.6% 4.0% 4.3% 4.3% India 6.5% 6.7% 7.0% 6.8% United States CPI 2 2.7% 2.8% 2.4% 1.9% Platts
Slide 70: S&P Global Market Intelligence: Geographic & End Market Diversification
S&P Global Market Intelligence Geographic & End Market Diversification Geographic Diversification 1 End Markets 1 Investment Management 34% Investment Banking 21% Corporates 12% Americas EMEA APAC Commercial Banks 12% 65% 25% 9% Insurance 6% Professional Services 6% Private Equity (GPs) 5% Governmen
Slide 71: S&P Global Market Intelligence: New business line reporting
S&P Global Market Intelligence New business line reporting, to commence upon completion of Mobility separation New Business Line Description Products (not exhaustive) Consists of a subset of products that were previously • Alpha Signals • Issuer Solutions reported as Data, Analytics, and Insights •
Slide 72: S&P Global Ratings: Geographic & End Market Diversification
S&P Global Ratings Geographic & End Market Diversification Geographic Diversification 1 End Markets 1 Corporates 52% Financial Services 19% Americas EMEA APAC Structured Finance 14% 62% 27% 11% Infrastructure 8% US Public Finance 5% Sovereign & Int’l Public Finance 2% 1. Full-year 2024 revenue; some
Slide 73: S&P Global Energy: Geographic & End Market Diversification
S&P Global Energy Geographic & End Market Diversification Geographic Diversification 1 End Markets 1 Integrated Oil & Gas 27% Exploration & Production 14% Refining 10% Financial 10% Americas EMEA APAC Utilities 8% 47% 31% 22% Transportation 6% Trading Distribution 6% Large Industrials 4% Chemicals 4
Slide 74: S&P Global Energy: New business line reporting
S&P Global Energy New business line reporting, to commence upon completion of Mobility separation New Business Line Description Products (not exhaustive) Thousands of Platts commodity benchmark • Forward Curves2 • Global Trading Services4 prices are published daily, serving as a key • Market News &
Slide 75: S&P Dow Jones Indices: Geographic & End Market Diversification
S&P Dow Jones Indices Geographic & End Market Diversification Geographic Diversification 1 End Markets 1 Asset Management 48% Financial Exchanges & Data 26% Americas EMEA APAC Insurance 10% 84% 12% 4% Investment Banking & Brokerage 10% Diversified Banks 4% Other 2% 1. Full-Year 2024 Revenue; some am