Slide 1: S&P Global Quarterly Update 2Q 2025
2Q 2025 S&P Global Quarterly Update July 31, 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: Second quarter highlights
Second quarter highlights Financial highlights 1 Strategic highlights Revenue increased 6% year over year • Strong momentum with our enhanced commercial engagement, particularly in CCO and MI initiatives • Revenue from subscription products grew 7% y/y • Growth in Private Credit with continued progr
Slide 6: Momentum building in commercial initiatives
Momentum building in commercial initiatives Chief Client Office Update MI Revenue Transformation • Strengthening customer relationships in the C-Suite • Market Intelligence is aligning product and and more deeply establishing S&P Global as an commercial teams, strengthening account essential aspect
Slide 7: Debt & Equity Market Conditions
Debt & Equity Market Conditions Billed issuance Updates on market conditions ($ in billions) -4% • Volatility in global debt markets has substantially subsided, but $1,062 tariff-related concerns weigh on investors’ risk appetite. $1,017 $390 • Expecting credit spreads to remain tight, and M&A volum
Slide 8: S&P Global Ratings strength in Private Credit
S&P Global Ratings strength in Private Credit Products1 Stakeholders Regions Fund Ratings / Structured Credit / Asset Owners Bankers Americas Europe AIFs CLOs Credit Estimates / Entity Ratings General Partners Limited Partners Middle East/Africa Asia Pacific PCA Consistent criteria and methodologies
Slide 9: Accelerating innovation in artificial intelligence
Accelerating innovation in artificial intelligence S&P Global Data available CreditCompanion for through hyper-scale platforms1 RatingsDirect2 Multiple hyperscale collaborations launched to make CreditCompanion leverages advanced NLP, LLMs, and S&P Global’s AI-ready data available to customers throu
Slide 10: Progress towards agentic workflow solutions
Progress towards agentic workflow solutions Generative AI Kensho Grounding Agent, MCP, and S&P Global is transforming Agentic Ecosystems 4 Agents ideas into action with GenAI workflows for dynamic agent Generative AI ChatIQ ChatAI Spark Assist collaboration and scalability Interface Document Intelli
Slide 11: Second Quarter & TTM Performance
Second Quarter & TTM Performance 2Q ’25 Revenue TTM Adjusted TTM Adjusted Financial Performance Growth1 Operating Margin2 Operating Margin Y/Y2 5% 33.2% -10 bps 1% 63.3% 240 bps 8% 47.4% 60 bps 10% 39.5% 70 bps 15% 70.6% 80 bps Total S&P Global 6% 49.5% 150 bps 1. Revenue growth refers to GAAP reven
Slide 12: Second Quarter Financial Results
Second Quarter Financial Results Eric Aboaf Chief Financial Officer 12
Slide 13: Second quarter enterprise financial results
Second quarter enterprise financial results Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +6% $3,755 $3,755 $3,549 $3,549 $446 +15% $389 $438 +10% $400 $1,931 +7% $516 $555 +8% $1,800 Indices Mobility $1,148 +1% Commodity Insights $1,135 Adjusted Operating Profit 50.7%
Slide 14: Continued, strong progress in strategic revenue initiatives
Continued, strong progress in strategic revenue initiatives Energy Transition Private Market Revenue Vitality & Sustainability 1 Solutions 2 Synergies Index 3 ($ in millions) ($ in millions) ($ in millions) ($ in millions) 7% 11% $390 Vitality revenue 10% Vitality Index $87 $93 $148 $332 $350 $134 2
Slide 15: S&P Global Market Intelligence
S&P Global Market Intelligence Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +5% $1,217 $1,217 $1,155 $1,155 $430 +13% $380 $685 +6% $643 35.3% 32.9% Data, Analytics, & Insights 1,2 Adjusted Operating Profit Enterprise Solutions 3 $307 $314 +2% Adjusted Expense $775 $78
Slide 16: S&P Global Ratings
S&P Global Ratings Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +1% $1,135 $1,148 $1,135 $1,148 $128 $132 +3% $74 $81 +10% $143 $136 -5% Crisil, Other 1 $752 $747 +1% Governments $183 $192 +5% Structured Finance Adjusted Operating Profit Financials Adjusted Expense 65.
Slide 17: S&P Global Commodity Insights
S&P Global Commodity Insights Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +8% $555 $555 $516 $55 +5% $516 $53 Advisory & Transactional $107 +1% $270 +10% $106 Services $244 Upstream Data & Insights $195 +10% 48.6% $177 Adjusted Operating Profit 47.3% Price Assessments
Slide 18: S&P Global Mobility
S&P Global Mobility Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +10% $438 $438 $400 $400 $79 +12% $71 +13% $185 $86 +3% $164 $83 42.3% 40.9% Financials & Other Adjusted Operating Profit Manufacturing $273 +11% Adjusted Expense $253 +7% $245 $236 Dealer Adjusted Operat
Slide 19: S&P Dow Jones Indices
S&P Dow Jones Indices Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +15% $446 $446 $389 $80 +8% $389 $74 Data & Custom $80 +15% Subscriptions $70 $318 +16% $275 Exchange-Traded Adjusted Operating Profit Derivatives $286 +17% Adjusted Expense $245 70.7% 71.3% Asset-Linke
Slide 20: 2025 enterprise guidance
2025 enterprise guidance GAAP Adjusted Previous Current Previous Current Revenue Growth 4% - 6% 5% - 7% 4% - 6% 5% - 7% Operating Profit 48.5% - 49.5% 48.5% - 49.5% 42.5% - 43.5% 42.5% - 43.5% Margin Diluted EPS $14.60 - $15.10 $14.35 - $14.60 $16.75 - $17.25 $17.00 - $17.25 Indicates a change from
Slide 21: 2025 division revenue outlook
2025 division revenue outlook Previous Current 5% - 6.5% 5% - 6.5% 0% - 4% 2% - 5% 7% - 8.5% 6.5% - 8% 7% - 8.5% 7.5% - 9% 5% - 7% 8% - 10% Indicates a change from prior guidance 21
Slide 22: 2025 division adjusted margin outlook is unchanged
2025 division adjusted margin outlook is unchanged 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% 22
Slide 23: 2Q 2025 Earnings Call Q&A
2Q 2025 Earnings Call Q&A Martina Cheung President and CEO Eric Aboaf Chief Financial Officer Mark Grant Senior Vice President, Investor Relations and Treasurer July 31, 2025 23
Slide 24: 2Q 2025 Earnings Call
2Q 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 August 31, 2025 Senior Vice President, Investor Domestic: 866-361-4944 Re