MIS: Agency of Choice rated $6.6T1 in 2025 FY25 REVENUE FY25 ISSUANCE2 1 9% 4% 8% 9% YoY Change Raymond James Institutional Investors Conference March 3rd, 2026 Michael West, President of Moody's Investors Service FY25 ADJUSTED OPERATING MARGIN 350 bps 13% 7% 1. MIS Other revenue was approximately $34 million and $35 million for the full years ended December 31, 2024, and December 31, 2025, respectively. 2. MIS rated issuance, excludes sovereign debt issuance. Issuance figures are subject to amendment given ...