Financial Data and Key Metrics Changes - In Q4 2025, the company achieved organic revenue growth of over 10%, adjusted EBITDA growth of over 13%, and adjusted EPS growth of almost 12% for the quarter and nearly 14% for the full year [6][7] - The total run rate reached over $3.3 billion, growing 13%, with total asset-based fees (ABF) run rate of $852 million, growing 26%, and recurring subscription run rate of over $2.4 billion, growing over 9% [8][9] - The company has delivered 11 consecutive years of double-digit adjusted EPS growth [7] Business Line Data and Key Metrics Changes - The index business had its best quarter ever for new recurring subscription sales, with a growth rate of 18% [8] - In analytics, the company posted its second-best Q4 on record for new subscription sales, with subscription run rate growth of over 8% [19] - Private Capital Solutions saw recurring sales growth of 86%, supported by innovative new products [9][19] Market Data and Key Metrics Changes - Total ETF and non-ETF AUM linked to MSCI indices reached approximately $7 trillion, driven by record inflows into clients' ETF products, particularly in Europe [9] - Equity ETFs linked to MSCI indexes captured a record $67 billion of inflows during Q4, totaling $204 billion for the full year [17] - The company observed significant uptick in activity in Europe and EMEA, with subscription run rate in EMEA now higher than in the Americas [39] Company Strategy and Development Direction - The company is focused on leveraging AI to enhance its capabilities across various product lines, including analytics and custom index creation [10][31] - MSCI aims to have a fully integrated company where each product line benefits from and contributes to every other product line, amplifying financial growth [22] - The company will no longer maintain product line-specific long-term targets to better reflect its focus on integrated growth [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on favorable long-term secular trends and the resilience of its all-weather franchise [6][7] - The company is optimistic about the recovery in Europe and the potential for growth in sustainability and climate solutions, despite current challenges [66][70] - Management highlighted the importance of adapting to emerging risks and opportunities beyond traditional ESG factors, including AI and supply chain disruptions [10][70] Other Important Information - The company repurchased nearly $958 million of its shares at an average price of about $560 per share in Q4 [7] - Baer Pettit, the president, announced his retirement, effective March 1, and will be succeeded by Alvise Munari and Jorge Mina [24][26] Q&A Session Questions and Answers Question: Discussion on AI adoption and its impact on growth - Management highlighted that AI has been integrated into various operations and product lines, with significant projects aimed at enhancing analytics and custom index capabilities [30][31][34] Question: Insights on international flows and pricing opportunities - Management confirmed that there has been a significant uptick in activity in Europe and EMEA, with subscription run rates exceeding those in the Americas, indicating a positive trend in international flows [39][40] Question: Performance of private assets and future trends - Management noted strong sales in Private Capital Solutions, driven by new offerings and a positive outlook for growth in this segment [46][49] Question: Free cash flow dynamics and projections - Management discussed expected increases in cash taxes and interest expenses impacting free cash flow in 2026, but emphasized strong underlying business dynamics [51][54][56] Question: Recovery in ESG market and future expectations - Management indicated that while recovery in Europe is underway, the U.S. market remains challenging, but there is potential for growth in sustainability solutions [66][70]

Fourth Quarter 2025 Earnings Presentation January 28, 2026 © 2026 MSCI Inc. All rights reserved. 2 → This earnings presentation contains forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, MSCI's Full-Year 2026 guidance and MSCI's long-term targets. These forward-looking statements relate to future events or to future financial performance and involve underlying assumptions, as well as known and unknown risks, uncertainties an ...

Group 1 - A proposed rule change by MSCI could force $15 billion out of crypto-linked stocks if companies holding over 50% of their assets in crypto are excluded from major indexes [1][3] - The average size of Bitcoin treasuries held by public and private companies has surged by 448% from 197K BTC to 1.08M BTC since January 2023 [2] - MSCI is consulting investors on the potential exclusion of digital asset treasury companies from its core equity indexes, which would require index-tracking funds to sell affected stocks [3][4] Group 2 - The potential forced selling could range between $10 billion and $15 billion, with expected outflows of approximately $11.6 billion from a preliminary list of 39 affected companies valued at about $113 billion [5] - One company, Strategy, represents about 74.5% of the total impacted market value and could face around $2.8 billion in selling due to MSCI-linked funds [6] - BitcoinForCorporations has gathered over 1,200 signatures urging MSCI to reconsider the balance-sheet test, arguing that it unfairly targets a single asset class and overlooks actual business operations [7]

Third Quarter 2025 Earnings Presentation October 28, 2025 © 2025 MSCI Inc. All rights reserved. Introduction → Forward-Looking Statements 3 → Foreign currency exchange rate fluctuations reflect the difference between the current period results as reported compared to the current period results recalculated using the foreign currency exchange rates in effect for the comparable prior period. While operating revenues adjusted for the impact of foreign currency fluctuations includes asset-based fees that have b ...

Financial Performance - MSCI's reported revenue increased by 9% year-over-year to $772679 thousand in 2Q25[11] - MSCI's organic revenue increased by 8% year-over-year in 2Q25[11] - MSCI's Adjusted EBITDA grew by 103% year-over-year to $474379 thousand in 2Q25, with a margin of 614%[11,26] - MSCI's Adjusted EPS increased by 15% year-over-year in 2Q25[11] - MSCI's Free Cash Flow was $302 million in 2Q25[11] Run Rate and Subscription Sales - MSCI's Total Run Rate across all segments reached $31 billion[16] - MSCI's Recurring Subscription Run Rate in the Americas was $1050 million, up 7% year-over-year organically[14] - MSCI's Recurring Subscription Run Rate in EMEA was $910 million, up 8% year-over-year organically[14] - MSCI's Recurring Subscription Run Rate in APAC was $389 million, up 8% year-over-year organically[14] Capital Allocation - MSCI repurchased shares worth $131 million in 2Q25 at an average price of $52320[11]

Company Overview - MSCI has approximately $156 trillion in AUM benchmarked to its Indexes as of December 31, 2023[9] - The company has approximately 6,900 clients in over 95 countries[10] - MSCI's total run rate is approximately $27 billion, with a year-over-year increase of 15%[8] - Approximately 67% of MSCI's employees are located in emerging market centers[9] Financial Performance - MSCI's revenue for the trailing twelve months (TTM) ending March 31, 2024, was $2617 million[40] - The adjusted EBITDA for the TTM ending March 31, 2024, was $1562 million[42] - The adjusted EPS for the TTM ending March 31, 2024, was $1390[42] - Free cash flow for the TTM ending March 31, 2024, was $1179 million[44] Recurring Revenue and Client Base - MSCI has a significant recurring revenue model, with approximately 98% of operating revenues being recurring as of March 31, 2024[32, 52] - Approximately 75% of operating revenues are recurring subscriptions[32, 52] - Client retention rates are greater than 90% across products[32]