Summary of S&P Global Conference Call - December 09, 2025 Company Overview - **Company**: S&P Global (NYSE: SPGI) - **Key Speaker**: Martina Cheung, CEO Industry Insights Growth Targets - **Medium-term organic revenue growth**: 7%-9% with **margin expansion** of 50-75 basis points per year [2][6] - **Division-specific growth rates**: - Market Intelligence: 6%-8% - Ratings: 6%-9% - Commodity Insights: 6%-8% - Index: 10%-12% [3] Key Growth Drivers - **Private Markets**: Significant opportunities in private credit, private equity, hedge funds, and infrastructure [20] - **Energy Expansion**: Anticipated 50% increase in overall energy demand by 2050 and tripling of electricity demand [24] - **AI Integration**: Leveraging proprietary data and AI to enhance product offerings and customer engagement [8][12] Market Dynamics - **Refinancing Wall**: High levels of refinancing expected, with 9% growth in 2024 [27] - **Economic Outlook**: No anticipated recession; balanced growth expected [28] Core Business Segments Ratings - Focus on transparency in credit rating methodologies to build trust with investors and issuers [21] - Growth driven by both transaction and non-transaction revenue, including surveillance fees [29] Market Intelligence - Strong execution and innovation, particularly in integrating generative AI into workflows [31] - Recent acquisition of WIP intelligence aimed at enhancing data integration capabilities [32] Index - Fastest-growing segment with a focus on private market indices and decentralized finance [38] - Continued investment in growth opportunities while maintaining high margins [36] Risks and Challenges - **Macro-exogenous factors**: Potential risks from external economic conditions [6] - **Regulatory impacts**: Specific sanctions affecting revenue projections in the energy sector [34] AI and Technology Integration - **AI Opportunities**: Significant potential for new product creation and improved customer outcomes through AI [11][14] - **Partnerships**: Collaborations with LLMs and IBM to enhance data distribution and integration [15] Conclusion - S&P Global is well-positioned to leverage growth opportunities in private markets and energy while integrating AI to enhance its product offerings. The company maintains a positive outlook on revenue growth and margin expansion across its divisions, despite potential macroeconomic risks.

Core Viewpoint - The U.S. government is advancing an energy expansion plan to open nearly all coastal waters and the Arctic National Wildlife Refuge (ANWR) coastal plain for new oil and gas exploration, which has sparked opposition from several state governors and environmental organizations concerned about the risks of oil spills affecting coastal economies reliant on tourism [1]. Group 1 - The U.S. government is preparing to open almost all coastal waters for oil and gas exploration [1]. - The plan includes the Arctic National Wildlife Refuge (ANWR) coastal plain [1]. - Opposition arises from multiple state governors and environmental groups [1]. Group 2 - Concerns are raised about the potential risks of oil spills [1]. - The opposition highlights the impact on coastal economies that depend on tourism [1].

Core Viewpoint - The U.S. government is advancing an energy expansion plan that involves opening nearly all coastal waters and the Arctic National Wildlife Refuge (ANWR) in Alaska for new oil and gas exploration, which has sparked opposition from state governors and environmental organizations concerned about potential oil spill risks affecting coastal economies reliant on tourism [3]. Group 1 - The U.S. government is preparing to open almost all coastal waters and the ANWR coastal plain for oil and gas extraction [3]. - This initiative is part of a broader energy expansion strategy aimed at increasing domestic energy production [3]. - The plan has faced backlash from multiple state governors and environmental groups, who are worried about the environmental risks associated with oil spills [3].