Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation April 21, 2026 © 2026 MSCI Inc. All rights reserved.
Slide 2: Forward-Looking Statements
Introduction → Forward-Looking → This earnings presentation contains forward- looking statements within the meaning of the → Other factors that could materially affect actual results, levels of activity, performance Statements Private Securities Litigation Reform Act of 1995, including without limit
Slide 3: Other Information
Introduction → Other Information → Foreign currency exchange rate fluctuations reflect the difference between the current period → Percentage changes refer to the comparable period in 2025, unless otherwise noted. results as reported compared to the current → All financial figures for the three mont
Slide 4: MSCI First Quarter 2026 Earnings Call Participants
Introduction → MSCI First Quarter 2026 Earnings Call Participants Henry Fernandez Andy Wiechmann Jeremy Ulan Chairman & CEO Chief Financial Officer Head of IR & Treasurer 4
Slide 5: Financial and Operating Highlights
Section 01 Financial and Operating Highlights
Slide 6: First Quarter 2026 Highlights
Financial and Operating Highlights → First Quarter 2026 Highlights 1 Highest first quarter since 2022 for recurring net new subscription sales at $39.6m. Index — Highest ever first quarter recurring net new subscription sales at $24.8m; Record 2 equity ETF AUM of $2.4t linked to MSCI indexes 3 Adjus
Slide 7: 1Q26 Financial Results Snapshot
Financial and Operating Highlights → 1Q26 Operating 1Q26 Operating As of March 31, 2026 As of March 31, 2026 Revenues (reported) Revenues (organic) Subscription Run Rate Subscription Run Rate 1Q26 Financial Growth (reported) Growth (organic) Results Snapshot +14.1% +13.3% +8.9% +8.2% 1Q26 Adjusted 1
Slide 8: 1Q26 Operating Revenues
Financial and Operating Highlights → 1Q26 Operating Revenues US$ in millions Non-Recurring Revenues +18% Organic Asset-Based Fees Revenues +18% Recurring Subscription Revenues +11% Organic $496.3 +4% Organic +10% +5% Organic $17.6 $421.7 +9% $190.0 +8% $11.0 $172.2 $6.8 $224.5 $2.4 $91.9 $177.4 $84.
Slide 9: Adjusted Earnings Per Share Growth Drivers
Financial and Operating Highlights → Adjusted Earnings Per Share Growth Drivers Adjusted EPS Growth supported by Strong Operating Performance, Offset by Higher Tax Rate US$ in per share amounts Business Growth Capital Activities Tax and FX1,2 +13.8% $0.85 $0.02 $(0.32) YoY $(0.26) $0.26 $(0.24) $(0.
Slide 10: 1Q26 Total Run Rate
Financial and Operating Highlights → 1Q26 Total Run Rate $3.4B Total Run Rate 95.4% Total Run Rate Quarterly Retention Rate US$ in millions +12% Organic Asset-Based Fee Run Rate growth of 25.1%, +13% driven by record AUM in ETF and non-ETF indexed funds +17% Organic $3,357 +17% Asset-Based Fees $2,9
Slide 11: 1Q26 Subscription Run Rate
Financial and Operating Highlights → 1Q26 Subscription Run Rate US$ in millions Non-Market Cap Weighted Equity Analytics Sustainability & Climate Real Assets Custom Indexes Multi-Asset Class Analytics Private Capital Solutions Market Cap Weighted +10% Organic +11% +7% Organic $1,049.9 YoY +4% Organi
Slide 12: 1Q26 Regional Performance
Financial and Operating Highlights → MSCI Subscription Run Rate 1Q26 Regional as of March 31, 2026 by Geography Performance • Americas 45% • EMEA 38% • APAC 17% YoY YoY YoY 1Q26 Recurring Subscription Run Rate by Region AMERICAS +8% EMEA +10% APAC +11% $1,111M Organic $956M Organic $419M Organic YoY
Slide 13: Index Segment: Asset-Based Fees Details
Financial and Operating Highlights → Index Segment: Asset-Based Fees Details US$ 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 $1
Slide 14: 1Q26 QoQ AUM Drivers: MSCI-Linked Equity ETFs
Financial and Operating Highlights → 1Q26 QoQ AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure By Product US$ 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 $41.2 Sust
Slide 15: 1Q26 YoY AUM Drivers: MSCI-Linked Equity ETFs
Financial and Operating Highlights → 1Q26 YoY AUM Drivers: MSCI-Linked Equity ETFs By Geographic Exposure By Product US$ in billions US$ in billions $355.4 $355.4 EM $116.8 $2,403.3 $270.4 $2,403.3 Market Cap Weighted DM ex US $169.3 Factors $32.7 US $69.3 $19.0 $52.2 $6.9 $117.4 $238.9 Sustainabili
Slide 16: Full Year 2026 Guidance
Financial and Operating Highlights → Guidance Item Current Guidance Prior Guidance Full Year 2026 Guidance Operating Expense $1,490 to $1,530 million $1,490 to $1,530 million Adjusted EBITDA Expense $1,305 to $1,335 million $1,305 to $1,335 million MSCI's guidance for the year ending December 31, 20
Slide 17: Quarterly Highlights
Section 02 Quarterly Highlights
Slide 18: Driving Innovation from New and Enhanced Solutions
Quarterly Highlights → Driving Innovation from New and Enhanced Solutions Index AI Insights™ AI for Private Markets New solutions Conversational AI interface to 68,000+ Conversational AI interface to Private launched this indexes with 20 years of history — Capital Intel’s (PCI) 15,200+ funds enablin
Slide 19: Expanding Multi-Asset and Private Market Platforms
Quarterly Highlights → Expanding Multi- Private Assets Diligence Platform Compass Financial Technologies PM Insights Asset and Private AI-Enabled Diligence | formerly Vantager Multi-Asset and Alternative Index Capabilities Private Market Data and Analytics Capabilities Market Platforms → AI-enabled
Slide 20: Additional Information
Section 03 Additional Information
Slide 21: Strong Balance Sheet Provides Optionality
Additional Information → Strong Balance Sheet Provides Optionality US$ 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 $150M Undrawn rev
Slide 22: Disciplined Approach to Capital Deployment for Shareholders
Additional Information → Disciplined Approach to Capital Deployment for Shareholders Dividends ($ 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 $140 2019 2020 2021 2022 2023 2024 2025 1Q26 2017 2018 201
Slide 23: Subscription Run Rate by Geography
Additional Information → Subscription Run Rate by Geography 17% 17% 21% 21% 15% 16% 14% 14% 7% 7% 34% 34% 52% 54% 38% 38% 30% 29% 41% 41% 59% 59% 55% 54% 45% 45% Americas 38% 38% EMEA 34% 32% APAC 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 MSCI Index Analytics Sustainability & Climate All Oth
Slide 24: Subscription Run Rate by Client Segment
Additional Information → Subscription Run Rate by Client Segment 1% 1% 4% 4% 4% 4% 2% 2% 7% 3% 3% 5% 8% 11% 4% 4% 5% 12% 7% 6% 7% 7% 9% 9% 5% 6% 10% 11% 8% 9% 19% 20% 2% 3% 12% 12% 2% 1% Asset Managers 5% 5% 13% 4% 4% Banks & Brokerages 13% 18% 15% 16% 19% 10% 10% 37% 39% Asset Owners 16% 16% 11% 11
Slide 25: Key Operating Metrics
Additional Information → Key Operating Metrics YoY Recurring Subscription Run Rate Growth (as Reported and Organic) Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 18% 18% 18% 17% 16% 15% 14% 14% 14% 13% 12% 12% 12% 12% 11% 14% 14% 9% 9% 13% 8% 8% 9% 8% 12% 12% 12% 12%
Slide 26: 1Q21 to 1Q26 YoY Run Rate Growth
Additional Information → 1Q21 to 1Q26 YoY Run Rate Growth Index Asset-Based Fees Run Rate Growth as reported Subscription Run Rate Growth as Reported 45% 49% 37% 27% 25% 26% 25% 15% 13% 14% 15% 16% 16% 15% 13% 17% 17% 12% 12% 12% 12% 11% 11% 11% 12% 12% 7% 11% 11% 9% 9% 9% 8% 9% 9% 9% 9% 11% -4% -7%
Slide 27: 1Q21 to 1Q26 YoY Run Rate Growth
Additional Information → 1Q21 to 1Q26 YoY Run Rate Growth Sustainability & Climate Subscription Run Rate Growth as Reported Organic Subscription Run Rate Growth 50% 46% 47% 47% 42% 44% 42% 37% 46% 47% 30% 42% 44% 26% 39% 41% 25% 34% 20% 33% 15% 16% 29% 14% 10% 10% 11% 10% 24% 22% 8% 7% 16% 13% 13% 1
Slide 28: YoY Growth Across Sustainability and Climate Franchise
Additional Information → YoY Growth Across Sustainability Sustainability & Climate Run Rates Across all Segments1 US$ in millions and Climate Franchise Climate ABF Climate Subscription +9% Sustainability ABF Sustainability Subscription AUM in ETFs Linked to MSCI Sustainability and Climate Equity Ind
Slide 29: MSCI to Participate in Upcoming Conferences
Additional Information → MSCI to Participate in Upcoming Conferences Barclays Americas Select Franchise Conference · London · May 5 Morgan Stanley Business Services Conference · New York · May 11 Rothschild & Co. Redburn Canada Conference · Toronto · May 12 Deutsche Bank Global Financial Services Co
Slide 30: Appendix
Section 04 Appendix
Slide 31: Use of Operating Metrics
Appendix → Use of Operating Metrics MSCI has presented supplemental key operating metrics as part of this earnings presentation, including Run Rate, Retention Rate is a key performance metric that provides insight into the stability and durability of MSCI’s recurring Retention Rate, subscription sal
Slide 32: 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 earnings presentation. Reconciliations are We believe adjusted net income and adjusted EPS are meaningful measures of the performance of MSCI because they adjust for the after-ta
Slide 33: Reconciliation of Net Income to Adjusted EBITDA
Appendix → Three Months Ended Reconciliation In millions March 31, 2026 March 31, 2025 of Net Income Net income Provision for income taxes $ 406.0 (16.8) $ 288.6 42.5 to Adjusted Other expense (income), net Operating income 67.7 456.9 45.9 377.0 EBITDA Amortization of intangible assets Depreciation
Slide 34: Reconciliation of Net Income and Diluted EPS to Adjusted Net Income and Adjusted EPS
Appendix → Three Months Ended March 31, March 31, Reconciliation In millions, except per share data Net income 2026 $ 406.0 2025 $ 288.6 of Net Income Plus: Amortization of acquired intangible assets Less: Tax impact of internal legal entity restructuring1 19.6 (88.0) 25.8 — and Diluted Less: Income
Slide 35: Reconciliation of Operating Expenses to Adjusted EBITDA Expenses
Appendix → Reconciliation of Operating Expenses to Adjusted EBITDA Expenses (Unaudited) Three Months Ended Full-Year March 31, 2026 March 31, 2025 2026 Outlook1 In millions Total operating expenses $393.9 $368.8 $1,490 - $1,530 Amortization of intangible assets 41.9 43.9 Depreciation and amortizatio
Slide 36: 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) Three Months Ended Full-Year March 31, March 31, 2026 Outlook1 In millions 2026 2025 Net cash provided by operating activities $306.8 $301.7 $1,640 - $1,690 Capital expenditures (2.8) (11.6) Capitali
Slide 37: 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