智通财经7月22日电，明晟（MSCI）二季度运营收入7.727亿美元，预估7.697亿美元；调整后每股收益 4.17美元，预估4.14美元。 ...

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights%20for%20Second%20Quarter%202025) MSCI reported strong Q2 2025 financial performance with increased revenues, diluted EPS, and significant growth in asset-based fees and total Run Rate Q2 and H1 2025 Financial Highlights (YoY) | In thousands, except per share data | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | % Change | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Operating revenues** | $772,679 | $707,949 | 9.1% | $1,518,505 | $1,387,914 | 9.4% | | **Operating income** | $425,234 | $382,608 | 11.1% | $802,257 | $721,990 | 11.1% | | **Net income** | $303,650 | $266,758 | 13.8% | $592,250 | $522,712 | 13.3% | | **Diluted EPS** | $3.92 | $3.37 | 16.3% | $7.63 | $6.59 | 15.8% | | **Adjusted EPS** | $4.17 | $3.64 | 14.6% | $8.17 | $7.17 | 13.9% | | **Adjusted EBITDA** | $474,379 | $429,955 | 10.3% | $900,020 | $813,528 | 10.6% | - CEO Henry A. Fernandez highlighted strong performance driven by **record AUM in ETFs**, with more cash flows into equity ETFs tied to MSCI indexes than any other provider, alongside double-digit subscription run-rate growth across several client segments[3](index=3&type=chunk) - Key operational metrics for Q2 2025 include: - Organic operating revenue growth of **8.3%**[5](index=5&type=chunk) - Recurring subscription revenues up **7.9%**; Asset-based fees up **12.7%**[5](index=5&type=chunk) - Organic recurring subscription Run Rate growth of **7.4%** with a Retention Rate of **94.4%**[5](index=5&type=chunk) - Repurchased **$131.2 million** of shares and paid **$139.3 million** in dividends[5](index=5&type=chunk) [Consolidated Financial Results](index=2&type=section&id=Second%20Quarter%20Consolidated%20Results) Consolidated operating revenues grew 9.1% to $772.7 million, driven by recurring subscriptions and asset-based fees, resulting in expanded operating margins - Total Run Rate as of June 30, 2025, increased by **10.7%** to **$3,106.7 million**, composed of a **$188.9 million** increase in recurring subscription Run Rate and a **$110.5 million** increase in asset-based fees Run Rate[7](index=7&type=chunk) - Total operating expenses rose **6.8%** to **$347.4 million**, and Adjusted EBITDA expenses grew **7.3%** to **$298.3 million**, primarily due to higher compensation, benefits, and severance costs[8](index=8&type=chunk) - Operating income increased by **11.1%** to **$425.2 million**, with the operating margin improving to **55.0%** in Q2 2025 from **54.0%** in Q2 2024[9](index=9&type=chunk) - Net income grew **13.8%** to **$303.7 million**, and Adjusted EBITDA rose **10.3%** to **$474.4 million**, with the Adjusted EBITDA margin expanding to **61.4%** from **60.7%**[12](index=12&type=chunk) [Segment Performance Analysis](index=3&type=section&id=Segment%20Performance%20Analysis) All business segments showed revenue growth in Q2 2025, led by the Index segment and strong Adjusted EBITDA growth in Sustainability and Climate [Index Segment](index=3&type=section&id=Index%20Segment) Index segment operating revenue grew 9.5% to $434.8 million, driven by asset-based fees and subscriptions, with a slight Adjusted EBITDA margin decrease Index Segment Q2 2025 Results (YoY) | In thousands | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Recurring subscriptions | $235,647 | $217,032 | 8.6% | | Asset-based fees | $184,072 | $163,281 | 12.7% | | **Total operating revenues** | **$434,833** | **$397,192** | **9.5%** | | Adjusted EBITDA | $330,158 | $306,990 | 7.5% | | Adjusted EBITDA margin % | 75.9% | 77.3% | - | - The growth in asset-based fees was mainly driven by increased average AUM in both ETFs and non-ETF indexed funds linked to MSCI indexes[14](index=14&type=chunk) - Index Run Rate increased by **12.2%** to **$1.7 billion**, comprising a **$110.5 million** increase in asset-based fees Run Rate and a **$77.1 million** increase in recurring subscription Run Rate[15](index=15&type=chunk) [Analytics Segment](index=3&type=section&id=Analytics%20Segment) Analytics segment operating revenue increased 7.1% to $177.7 million, driven by subscriptions and non-recurring revenues, improving Adjusted EBITDA margin Analytics Segment Q2 2025 Results (YoY) | In thousands | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Recurring subscriptions | $169,781 | $162,128 | 4.7% | | Non-recurring | $7,922 | $3,867 | 104.9% | | **Total operating revenues** | **$177,703** | **$165,995** | **7.1%** | | Adjusted EBITDA | $92,606 | $81,672 | 13.4% | | Adjusted EBITDA margin % | 52.1% | 49.2% | - | - Revenue growth was driven by recurring subscriptions for both Multi-Asset Class and Equity Analytics products, as well as higher non-recurring revenues from one-time contracts and overage fees[16](index=16&type=chunk)[17](index=17&type=chunk) - Analytics Run Rate increased by **8.3%** to **$730.6 million**, reflecting growth across all regions and client segments, particularly in Multi-Asset Class and Equity Analytics products[18](index=18&type=chunk) [Sustainability and Climate Segment](index=4&type=section&id=Sustainability%20and%20Climate%20Segment) Sustainability and Climate segment operating revenues grew 11.3% to $88.9 million, fueled by recurring subscriptions and significant Adjusted EBITDA margin expansion Sustainability and Climate Segment Q2 2025 Results (YoY) | In thousands | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Recurring subscriptions | $87,027 | $78,000 | 11.6% | | **Total operating revenues** | **$88,911** | **$79,855** | **11.3%** | | Adjusted EBITDA | $31,677 | $23,930 | 32.4% | | Adjusted EBITDA margin % | 35.6% | 30.0% | - | - Revenue growth was primarily driven by recurring subscriptions related to Ratings and Climate products, with notable strength in the EMEA region[19](index=19&type=chunk) - The segment's Run Rate increased by **10.8%** to **$369.8 million**, reflecting growth in Climate and Ratings products, with asset manager, wealth manager, and asset owner client segments being the main drivers[20](index=20&type=chunk) [All Other – Private Assets](index=4&type=section&id=All%20Other%20%E2%80%93%20Private%20Assets) All Other – Private Assets segment revenue increased 9.7% to $71.2 million, driven by Private Capital Solutions subscriptions and improved Adjusted EBITDA margin All Other – Private Assets Segment Q2 2025 Results (YoY) | In thousands | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Recurring subscriptions | $70,313 | $64,309 | 9.3% | | **Total operating revenues** | **$71,232** | **$64,907** | **9.7%** | | Adjusted EBITDA | $19,938 | $17,363 | 14.8% | | Adjusted EBITDA margin % | 28.0% | 26.8% | - | - Revenue growth was mainly driven by recurring subscriptions in Private Capital Solutions (Private Capital Intel, Total Plan Portfolio Management, Transparency Data) and Real Assets (Index Intel product)[21](index=21&type=chunk)[22](index=22&type=chunk) - The segment's Run Rate increased by **7.6%** to **$280.3 million**, primarily driven by growth from Private Capital Solutions products across all regions, with asset owner and asset manager clients leading the growth[23](index=23&type=chunk) [Capital Management and Financial Position](index=5&type=section&id=Select%20Balance%20Sheet%20Items%20and%20Capital%20Allocation) MSCI maintained a strong financial position with $347.3 million in cash, a 2.5x debt to Adjusted EBITDA ratio, and active capital returns - As of June 30, 2025, cash and cash equivalents stood at **$347.3 million**, while total principal debt was **$4.5 billion**[24](index=24&type=chunk)[25](index=25&type=chunk) - The total debt to trailing twelve months adjusted EBITDA ratio was **2.5x**, which is below the company's target range of **3.0x to 3.5x**[25](index=25&type=chunk)[26](index=26&type=chunk) - In Q2 2025, the company repurchased **250,818 shares** for **$131.2 million**, with approximately **$1.2 billion** remaining on the share repurchase authorization as of July 21, 2025[27](index=27&type=chunk) - A cash dividend of **$1.80 per share** for Q3 2025 was declared by the Board of Directors, following a payment of **$139.3 million** in dividends in Q2 2025[28](index=28&type=chunk) [Full-Year 2025 Guidance](index=6&type=section&id=Full-Year%202025%20Guidance) MSCI projects full-year 2025 Adjusted EBITDA Expenses between $1,220 million and $1,250 million, and Free Cash Flow between $1,400 million and $1,460 million Full-Year 2025 Guidance | Guidance Item | Current Guidance for Full-Year 2025 | | :--- | :--- | | Operating Expense | $1,405 to $1,445 million | | Adjusted EBITDA Expense | $1,220 to $1,250 million | | Interest Expense | $182 to $186 million | | Depreciation & Amortization Expense | $185 to $195 million | | Effective Tax Rate | 17.5% to 20.0% | | Capital Expenditures | $115 to $125 million | | Net Cash Provided by Operating Activities | $1,525 to $1,575 million | | Free Cash Flow | $1,400 to $1,460 million | - The guidance is subject to uncertainty and risks related to macroeconomic factors and capital markets, as detailed in the company's SEC filings[29](index=29&type=chunk) [Appendix: Financial Statements and Reconciliations](index=7&type=section&id=Appendix%3A%20Financial%20Statements%20and%20Reconciliations) This appendix provides detailed financial statements, key operating metrics, and comprehensive GAAP to non-GAAP reconciliations for transparent reporting [Condensed Consolidated Financial Statements](index=12&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This subsection presents unaudited condensed consolidated financial statements, including income, balance sheet, and cash flow, for a detailed financial overview - Table 2: The Condensed Consolidated Statements of Income details revenues, expenses, and net income for the second quarter and first six months of 2025 and 2024[63](index=63&type=chunk) - Table 3: The Condensed Consolidated Balance Sheet shows the company's assets, liabilities, and shareholders' equity (deficit) as of June 30, 2025, compared to December 31, 2024[65](index=65&type=chunk) - Table 4: The Condensed Consolidated Statement of Cash Flow outlines the cash flows from operating, investing, and financing activities for the second quarter and first six months of 2025 and 2024[66](index=66&type=chunk) [Key Operating Metrics](index=15&type=section&id=Key%20Operating%20Metrics) This subsection details key operating metrics, including sales, retention rates, AUM in ETFs, and Run Rate by segment, highlighting operational performance - Table 6: Details sales and retention rates by segment, showing consolidated net new recurring subscription sales of **$43.8 million** and a total retention rate of **94.4%** for Q2 2025[70](index=70&type=chunk) - Table 7: Shows AUM in ETFs linked to MSCI equity indexes increased to **$2,024.6 billion** at the end of Q2 2025, up from **$1,631.9 billion** a year prior, driven by market appreciation and cash inflows[71](index=71&type=chunk) - Table 8: Presents Run Rate by segment as of June 30, 2025, with Total Run Rate growing **10.7%** YoY to **$3,106.7 million**, and asset-based fees Run Rate growing **17.1%**[73](index=73&type=chunk) [Non-GAAP Reconciliations](index=20&type=section&id=Non-GAAP%20Reconciliations) This subsection provides comprehensive GAAP to non-GAAP reconciliations for Adjusted EBITDA, Adjusted EPS, Free Cash Flow, and organic revenue growth - Table 9 reconciles Net Income of **$303.7 million** to Adjusted EBITDA of **$474.4 million** for Q2 2025[74](index=74&type=chunk) - Table 10 reconciles Diluted EPS of **$3.92** to Adjusted EPS of **$4.17** for Q2 2025[75](index=75&type=chunk) - Tables 13 and 14 provide a detailed breakdown of reported revenue growth versus organic revenue growth, adjusting for foreign currency impacts, with consolidated organic operating revenue growth at **8.3%** for Q2 2025[80](index=80&type=chunk)[81](index=81&type=chunk)

Core Viewpoint - The MSCI Nordic Countries Index increased by 0.2%, reaching 349.56 points, with the industrial sector leading the gains [1] Group 1: Index Performance - The MSCI Nordic Countries Index rose by 0.2% [1] - The index closed at 349.56 points [1] Group 2: Company Performance - Boliden, a mining company focused on zinc and copper, saw its stock price increase by 5.4%, outperforming other constituents [1]

摩根大通将 明晟公司目标价从650美元上调至680美元；将 标普全球公司目标价从575美元上调至625美 元。 ...

Group 1 - MSCI Nordic Countries Index declined by 0.5%, closing at 348.99 points, marking the lowest close since May 9 [1] - The healthcare sector in the Nordic region led the decline [1] - Epiroc AB, a supplier of construction and mining machinery, fell by 9.2%, leading the drop among constituent stocks [1]

Group 1 - MSCI Nordic Countries Index increased by 0.4%, ending a four-day decline, closing at 350.42 points [1] - The Nordic industrial sector led the gains in the index [1] - Online gambling company Evolution AB surged by 8.1%, outperforming other constituents [1]

Core Insights - MSCI is expected to report quarterly earnings of $4.14 per share, a 13.7% increase year-over-year, with revenues forecasted at $771.46 million, reflecting a 9% year-over-year growth [1] Earnings Estimates - The consensus EPS estimate has been revised upward by 1.6% in the past 30 days, indicating analysts' reassessment of their initial projections [2] - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [3] Revenue Projections - Analysts project 'Operating Revenues- ESG and Climate' to reach $88.56 million, a year-over-year increase of 10.9% [5] - 'Operating Revenues- Asset-based fees - Total' is estimated at $181.01 million, also reflecting a 10.9% increase from the previous year [5] - 'Operating Revenues- Analytics' is expected to be $176.90 million, indicating a 6.6% year-over-year growth [5] Additional Revenue Metrics - 'Operating Revenues- All Other - Private Assets' is projected at $70.32 million, showing an 8.3% increase from the year-ago quarter [6] - Estimated 'Period-End AUM in ETFs linked to MSCI equity indexes' is $1.75 billion, up from $1.37 billion in the same quarter last year [6] Subscription Metrics - 'Index Run Rate - Recurring subscriptions' is forecasted to reach $971.21 million, compared to $891.63 million in the same quarter last year [7] - The consensus for 'Total Run Rate - Total recurring subscriptions' stands at $2.34 billion, up from $2.16 billion year-over-year [7] Retention Rates - Analysts expect 'Total Retention Rate' to be 95.3%, compared to 94.8% a year ago [8] - 'Analytics Run Rate' is projected at $723.75 million, an increase from $674.61 million in the same quarter last year [8] Other Key Metrics - 'All Other - Private Assets Run Rate' is expected to reach $281.69 million, up from $260.56 million year-over-year [9] - 'ESG and Climate Run Rate' is projected at $362.21 million, compared to $333.68 million a year ago [9] - 'Index Retention Rate' is likely to be 95.9%, up from 95.2% last year [10] Stock Performance - MSCI shares have increased by 5.2% in the past month, outperforming the Zacks S&P 500 composite's 4.2% increase [11] - With a Zacks Rank 2 (Buy), MSCI is expected to outperform the overall market in the near term [11]

Group 1 - MSCI Nordic Countries Index declined by 0.7%, marking a continuous drop for four trading days, closing at 348.85 points [1] - The Nordic industrial sector was the worst performer among the sectors [1] - Svenska Handelsbanken AB experienced a significant drop of 9.1%, leading the decline among constituent stocks [1]

Group 1 - MSCI Nordic Countries Index declined by 0.8%, marking three consecutive days of losses, closing at 350.86 points [1] - The healthcare sector in the Nordic region was the worst performer [1] - Ericsson experienced a significant drop of 7.7%, leading the decline among constituent stocks [1]

韩国将制定一份路线图，以争取获得MSCI股票指数提供商的发达市场地位。 ...