Second Quarter 2025 Earnings Presentation July 22, 2025 © 2025 MSCI Inc. All rights reserved. Introduction → Forward-Looking Statements 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 2025 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 kn ...

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]