Core Insights - Ironvine Capital Partners emphasizes that long-term equity returns are driven by underlying earnings growth, with portfolio companies increasing earnings by 12% to 16% in 2025 and compounding profits at approximately 15% to 18% annually over the past nine years [1] - The firm anticipates another year of mid-teens earnings growth in 2026, supported by competitive advantages, reinvestment opportunities, and industry tailwinds [1] - The Ironvine Concentrated Equity Composite returned 11.27% in 2025, while the Ironvine Core Equity Composite gained 9.68%, compared to 17.88% for the S&P 500 Index [1] Portfolio Highlights - Major portfolio holdings are benefiting from trends such as cloud computing, aerospace maintenance, datacenter and semiconductor growth linked to artificial intelligence, resilient credit markets, digitization of payments, and demand for enterprise software and risk-management services [1] - S&P Global Inc. is highlighted as a key stock, with a one-month return of 2.07% and a market capitalization of approximately $129.04 billion as of March 19, 2026 [2] - S&P Global Inc. operates near monopolies in credit ratings, with its ratings being essential for bond purchases, thus maintaining a strong competitive position and generating significant cash flow for shareholder returns [3]

Economic Outlook - Moody's has raised the odds of a recession to 49% within the next year, one of the highest figures in recent years, primarily due to the worsening energy crisis and weak labor market data [2][10] - The February employment data indicates a decline in total nonfarm payroll employment by 92,000, with the unemployment rate remaining relatively stable at 4.4% [4] Oil Price Impact - The recent oil price shock has significantly affected consumer spending, with typical family gas expenses potentially rising from $2,000 to $3,300 if prices increase from $3 to $5 per gallon [5] - The median household income in the US is approximately $83,000, which, after taxes, is closer to $70,000, highlighting the financial strain on families, especially those below the median income [5] - High oil prices impact various sectors, as oil is essential for diesel, jet fuel, heating oil, and petrochemicals, affecting a wide range of businesses and consumers [6] Historical Context - The current situation bears similarities to the oil price surge following Russia's invasion of Ukraine in March 2022, when oil prices reached $100 per barrel and gas prices hit $5 by June [7] - The ongoing supply issues are broader than those experienced during the previous crisis, raising concerns about the duration of the current oil interruption and its economic implications [7]

Summary of Moody's Conference Call Company Overview - **Company**: Moody's Corporation (NYSE: MCO) - **Industry**: Financial Services, specifically focusing on credit ratings, analytics, and risk management Key Points and Arguments AI Integration and Strategy - Moody's has embedded AI across all facets of its business, focusing on internal efficiencies and new product development solutions [3][5] - The demand for understanding credit and risk is at an all-time high, with a significant emphasis on AI's role in enhancing analytics and ratings [5][30] - The company has a proprietary dataset that supports its credit models, which are unique due to their calibration on actual loss data [8][10] Market Position and Competitive Advantages - Moody's has established strong regulatory support for its models, as many institutions rely on its data for compliance with regulatory reviews [12][14] - The Orbis database is highlighted as the world's largest company database, providing unique firmographic information and proprietary data that enhances Moody's competitive edge [19][21] - The company is experiencing higher growth rates from large banks that are integrating Moody's data into their own AI platforms, contrasting with smaller banks that seek AI-enabled workflow solutions [33][34] Pricing Models and Revenue Growth - Moody's is piloting consumption-based pricing models, particularly for smaller customers, which may lead to hybrid pricing structures in the future [38][46] - The company anticipates a shift towards more value-based pricing as it enhances its offerings and customer engagement [42][46] Internal Efficiency and Workforce Changes - Moody's is redesigning its product development life cycle to be AI-first, aiming to improve efficiency and product velocity [60][62] - The company is transitioning from traditional roles to a model focused on "builders," enhancing productivity through AI tools [60][64] Ratings Business and Market Dynamics - AI is expected to automate many traditional tasks within the ratings business, allowing Moody's to focus on unique insights that provide competitive advantages [76][78] - The company is cautious about geopolitical risks and market volatility but believes that underlying funding drivers remain intact, supporting future growth [92][94] Private Credit Market - Moody's has adapted to the growth of private credit, emphasizing the need for rigorous third-party credit assessments to instill confidence in investors [121][123] - The company is seeing robust growth in its analytics business, which is well-positioned to serve the private credit market [125][126] Capital Allocation and M&A Strategy - Moody's prioritizes investing in its core ratings business and is selective about M&A opportunities, focusing on acquiring proprietary data assets [157][159] - The company has announced a $2 billion share buyback program, reflecting confidence in its valuation and future prospects [166] Conclusion - Moody's is strategically positioned to leverage AI and proprietary data to enhance its offerings and maintain a competitive edge in the financial services industry. The company is focused on internal efficiencies, adapting to market dynamics, and exploring new pricing models to drive future growth.

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 ...

Core Viewpoint - UBS has maintained a Neutral rating on Moody's Corporation (MCO) while reducing its price target from $515 to $490 following the company's fourth-quarter earnings release, indicating adjustments to its financial model [1]. Financial Performance - Moody's Corporation reported fourth-quarter revenue of $1.9 billion, reflecting a 13% increase year-over-year, with a slight positive impact from foreign exchange [2]. - For the full year 2025, total revenue reached $7.7 billion, marking a 9% increase compared to 2024 [2]. Segment Performance - The company's Analytics segment showed strong results, driven by growth in Decision Solutions, Research and Insights, and Data & Information [3]. - Moody's Investors Service achieved its best-ever fourth-quarter revenue growth of 17%, supported by significant corporate finance activity and investment-grade issuance [3]. - For the full year, the MIS revenue also advanced by 9%, benefiting from favorable market conditions and high issuance volumes across various asset classes [4]. Market Position - Moody's Corporation is recognized as a global provider of credit ratings, research, and risk analysis, assisting investors and businesses in making informed financial decisions [4].

Fourth Quarter and Full Year 2025 Earnings Call February 18,,2026 Shivani Kak HEAD OF INVESTOR RELATIONS Fourth Quarter and Full Year 2025 - Earnings Call 2 Disclaimer Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody's business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual res ...

Core Viewpoint - Moody's Corporation is a significant entity in the financial services sector, known for its credit ratings and risk management products, which are vital for global investors and businesses [1] Group 1: Price Target Trends - The consensus price target for Moody's has decreased from $539.53 to $532 over the past year, indicating a downward trend in analysts' expectations [2][5] - This decline in price targets may be influenced by various factors, including market conditions and company performance [2] Group 2: Earnings Performance - Moody's has a history of delivering impressive earnings surprises, suggesting strong performance despite the declining price targets [3] - The company is expected to report robust fourth-quarter results, driven by global loan and bond issuance, benefiting its Moody's Investors Service segment [3][5] - There is sustained demand for Moody's Analytics services, contributing to the anticipated growth in earnings [3] Group 3: Strategic Outlook - The upcoming earnings announcement is expected to show growth, with Wall Street anticipating positive results [4] - Moody's strategic positioning and strong performance history indicate it may continue its positive trend, even with rising acquisition costs [4]

4Q and Full-Year 2025 Earnings Supplemental Disclosure When adding colors, don't use the variants or the Standard Colors of the Theme Colors. Only use the Data Visualization colors for charts. Data Visualization colors in correct order. No content below the line No content below the line February 10, 2026 1 Always copy slides into a new presentation using Paste Options / Paste Special Use Destination Theme Default Footer text on all slides is "S&P Global – Internal Use Only" – to change / remove use Insert ...

Financial Performance - 3Q 2025 - S&P Global's revenue increased by 9% to $3888 million in 3Q 2025, compared to $3575 million in 3Q 2024[41] - Operating profit increased by 16% to $2026 million, with an operating margin of 52.1%, a 330 bps increase from 48.8% in 3Q 2024[41] - Net income (less NCI) increased by 19% to $1442 million, compared to $1210 million in 3Q 2024[41] - Diluted EPS increased by 22% to $4.73, compared to $3.89 in 3Q 2024[41] - Adjusted Free Cash Flow, excluding certain items, increased by 6% to $1505 million[41] Segment Performance - 3Q 2025 - S&P Global Market Intelligence revenue increased by 6% to $1236 million, with a segment operating margin of 35.6%[71] - S&P Global Ratings revenue increased by 12% to $1240 million, with a segment operating margin of 67.1%[79] - S&P Global Commodity Insights revenue increased by 6% to $556 million, with a segment operating margin of 48.1%[86] - S&P Global Mobility revenue increased by 8% to $445 million, with a segment operating margin of 43.3%[92] - S&P Dow Jones Indices revenue increased by 11% to $462 million, with a segment operating margin of 71.2%[98] Updated 2025 Guidance - The company updated its 2025 revenue growth guidance from 5%-7% to 7%-8%[110, 116] - The company updated its 2025 diluted EPS guidance from $14.35-$14.60 to $14.80-$15.05 on a GAAP basis[110] and from $17.00-$17.25 to $17.60-$17.85 on an adjusted basis[116]

Financial Data and Key Metrics Changes - Moody's achieved record quarterly revenue exceeding $2 billion for the first time, representing an 11% increase from the same quarter last year [5] - Adjusted operating margin reached almost 53%, up over 500 basis points year-over-year, indicating strong operating leverage [5] - Adjusted diluted EPS was $3.92, a 22% increase from the previous year, reflecting consistent earnings power growth [5][21] Business Line Data and Key Metrics Changes - Moody's Investors Service (MIS) reported a 12% revenue growth, surpassing $1 billion in quarterly revenue for the third consecutive quarter [6][21] - Revenue from private credit grew over 60% in the third quarter, driven by strong demand in fund finance and securitization [11] - Moody's Analytics (MA) delivered a 9% year-over-year revenue growth, with an 11% increase in decision solutions [12][28] Market Data and Key Metrics Changes - The issuance pipeline remains robust, with projected refunding needs over the next four years exceeding $5 trillion, a 10% compound annual growth rate from 2018 to 2025 [9] - Spec-grade bond maturities increased by over 20% in both the U.S. and EMEA regions, indicating a favorable backdrop for future issuance [10] - The number of private credit-related deals grew almost 70% in the third quarter, highlighting the sector's growth potential [10] Company Strategy and Development Direction - Moody's is focused on investing in scalable solutions across high-growth markets while simplifying its product suite [12] - The company is expanding its presence in emerging markets, including acquiring a majority interest in Meris, a leading ratings agency in Egypt [19] - Strategic partnerships, such as with Salesforce, are being leveraged to enhance customer integration and drive durable growth [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the issuance environment heading into 2026, citing tight spreads and potential Fed easing as positive factors [60] - The company anticipates continued strong demand for credit insights, particularly in the private credit market amid rising concerns about credit health [70] - Management acknowledged risks related to ongoing tariff negotiations and potential government shutdown impacts on market conditions [28] Other Important Information - Moody's is increasing its full-year guidance for adjusted diluted EPS to a range of $14.50 to $14.75, implying approximately 17% growth at the midpoint [37] - Free cash flow is expected to be around $2.5 billion, with share repurchase guidance increased to at least $1.5 billion [37] Q&A Session Summary Question: Thoughts on AI in the analytics business - Management clarified that AI is being embedded into various workflow solutions and that they have developed over 50 domain-specific agents leveraging proprietary data [41] Question: Impact of record issuance in Q3 - Management noted that pull forward activity is more prevalent in spec-grade than investment-grade issuers, with healthy maturity walls expected [46] Question: Proprietary data sets in KYC solutions - Management highlighted the unique data sets used in KYC solutions, including Orbis and AI-curated news, which provide a comprehensive view of business relationships [50] Question: Differences in refi walls portrayal - Management explained that the article referenced a decline in U.S. spec-grade refi walls, which is a subset of broader maturities that remain healthy [52] Question: Outlook for issuance in 2026 - Management indicated more tailwinds than headwinds for 2026, with expectations for continued strong issuance driven by M&A activity and infrastructure investments [60]