S&P Global Inc. — Call Transcript 2026

Good morning, welcome to S&P Global's Q1 2026 earnings conference call. I'd like to inform you that this call is being recorded for broadcast. All participants are in a listen-only mode. We will open the conference to questions and answers after the presentation, and instructions will follow at that time. To access the webcast and slides, go to investor.spglobal.com. If you need any additional technical assistance, please press star zero and I will assist you momentarily. I would now like to introduce Mr. Mark Grant, Senior Vice President of Investor Relations and Treasurer for S&P Global. Sir, you may begin. Good morning, and thank you for joining today's S&P Global Q1 2026 earnings call. Presenting on today's call are Martina Cheung, President and Chief Executive Officer, and Eric Aboaf, Chief Financial Officer. We issued a press release with our results earlier today. In addition, we have posted a supplemental slide deck with additional information on our results and guidance. If you need a copy of the release and financial schedules or the supplemental deck, they can be downloaded at investor.spglobal.com. The matters discussed in today's conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including projections, estimates, and descriptions of future events. Any such statements are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from results anticipated in these forward-looking statements. Additional information concerning these risks and uncertainties can be found in our Forms 10-K and 10-Q filed with the US Securities and Exchange Commission. In today's earnings release and during the conference call, we're providing non-GAAP adjusted financial information. This information is provided to enable investors to make meaningful comparisons of the company's operating performance between periods and to view the company's business from the same perspective as management. The earnings release contains financial measures calculated in accordance with GAAP that corresponds to the non-GAAP measures we're providing, and the press release and the supplemental deck contain reconciliations of such GAAP and non-GAAP measures. The financial metrics we'll be discussing today refer to non-GAAP adjusted metrics unless explicitly noted otherwise. As noted in the press release and slides, financial guidance provided today assumes contributions from Mobility for the full year and excludes any impact from anticipated stranded costs. The company expects to update adjusted guidance to exclude Mobility and institute GAAP guidance upon completion of the spin. I would also like to call your attention to certain European regulations. Any investor who has or expects to obtain ownership of 5% or more of S&P Global should contact investor relations to better understand the potential impact of this legislation on the investor and the company. At this time, I would like to turn the call over to Martina Cheung. Martina. Thank you, Mark. We are pleased with the results that we achieved in the Q1. Revenue increased 10% year-over-year or 9% on an organic constant currency basis. Revenue from our subscription products increased 6% year-over-year. We saw even stronger growth in our market-driven businesses this quarter, with ratings and indices both showing remarkable resilience. On a trailing 12-month basis, we delivered 140 basis points of margin expansion and increased adjusted diluted EPS by 14% year-over-year in the quarter. We demonstrated a continued commitment to disciplined capital allocation, returning $1 billion to shareholders through share repurchases in addition to our cash dividends in the quarter. We delivered these results in an incredibly volatile and dynamic operating environment, making clear progress in each of the three pillars of the strategic vision we outlined at our Investor Day. While we're pleased with the innovation, execution, and results that we delivered in the Q1, we acknowledge the macro uncertainty that has increased in recent months. Even if conflicts are resolved quickly from this point, we expect it to take some time for supply chains to return to normal. In recent months, the geopolitical and economic backdrop has shifted and become substantially more challenging for many of our customers. The conflict in Iran has shocked energy markets and supply chains. This has led to much higher energy and commodity prices while also elevating volatility. The longer the duration of this conflict, the broader and more severe the impact on global supply chains and markets across sectors. This quarter, we also saw private credit navigate increased scrutiny, wider spreads, and elevated redemptions. We expect strong growth in private markets over the medium term, but this growth will require increased transparency from data and benchmarks, which is an important area of focus for S&P Global. Throughout all of this, the pace of technology innovation has only accelerated. Clearly, the markets are reacting quite aggressively to new AI frontier model headlines, shifts in diplomatic initiatives, and the unpredictability of the current environment. That manifests in volatility across the global markets. We've seen broad dispersion in the performance of different sectors of the equity markets, elevated volatility in equity and commodity markets, and shifting expectations for central bank actions. Despite the turmoil in the macro environment, issuance was resilient. Those issuance increased 14% year-over-year in the Q1, primarily driven by strength in investment grade. Investment grade benefited from hyperscaler investments in AI infrastructure. Notably, even without the hyperscaler issuance, investment grade delivered healthy growth, in part benefiting from several large M&A transactions. Growth was partly offset by a high-teen decline in bank loan volumes as we lacked a very difficult compare in the Q1 of 2025. We saw spreads widen slightly in the quarter as a reaction to uncertainty around AI, private credit, and geopolitical conflicts. Spreads are still below historical norms. Q1 build issuance was above our initial expectations, much of the outperformance was driven by hyperscaler issuance that our original guidance assumed would be spread more throughout the year. Our full-year expectations for the debt markets are largely unchanged. Everything we see reinforces our vision for the company, and our priority remains on executing our strategy. We are committed to our mission to advance essential intelligence by advancing our market leadership, expanding into high growth adjacencies, and amplifying enterprise capabilities and AI. Customers are coming to S&P Global with increased urgency for our differentiated data and benchmarks, insights and tools to make timely and informed decisions in this rapidly evolving operating and market environment. For instance, we saw record revenue and attendance at CERAWeek, the premier global conference addressing the intersection of energy, finance, technology, and geopolitics. This year's conference hosted a record 11,000 attendees and more than 2,300 companies from over 90 countries. We are helping our clients make sense of and manage the spike in volatility. We posted record-setting revenue in global trading services and energy and record quarterly average daily volumes for the S&P 500 in indices. We are also advancing our leadership as we help our customers unlock the potential of AI. As we discussed at our Investor Day, we are deploying AI-native solutions and tools like ChatAI and Document Intelligence for those seeking speed and scale on our platforms. For those who want to build their own AI-enabled or authentic solutions, we are increasingly making our data accessible via standard protocols like MCP. We've seen meaningful enhancement to the value that our products are creating for customers. More than a third of our S&P Capital Q Pro users engage with the AI features we've launched, including ChatIQ and Document Intelligence. We also saw tremendous growth in the usage of S&P Global data in the quarter. In March, we shared that nearly 150 customers across the Market Intelligence and Energy divisions were interacting with our data through AI applications like Claude and Copilot. We now have more than 300 customers under contract or in trial periods for Kensho LLM-ready APIs. In addition to the rapid growth in customers, we are seeing large increases in the volume of data that's consumed directly via API calls from customers and through these platforms. For instance, in the Q1, the volume of API calls made by our customers was more than 5x the volume that we saw just one quarter ago. Volumes doubled month-over-month just from February to March. We can see early indications of this translating into economic benefits. ACV growth among customers who use our AI solutions is outpacing growth from other customers by a wide margin. Growth in Market Intelligence is 30% higher among AI customers compared to others, and growth among AI customers in Energy is double the growth rate among other customers. Chief Client Office customers are also actively seeking the deep expertise of our in-house Kensho team. 25% of these clients are engaged with our Kensho Labs technologists to explore opportunities to leverage our technology and data to help solve their most challenging problems. All in, our approach to leveraging AI in S&P Global products and S&P Global data in AI platforms is resonating with customers in a meaningful way. While it will take some time to see exactly how this manifests in our financial results, we are confident that the value we create for our customers is increasing and the economics will reflect that over time. At our Investor Day, we provided a breakdown of the revenue that S&P Global generates based on different categories of our data, benchmarks, and workflow tools. We noted that less than 5% of total revenue comes from undifferentiated data. Even within Market Intelligence, undifferentiated data contributes only 12% of revenue. We want to share the full breakdown of the division here. Advisory, consulting, and events constitute about 11% of Market Intelligence revenue, and our workflow tools, which include a portion of Capital IQ and all of Enterprise Solutions, constitute about 37%. Our proprietary and curated data includes proprietary data based on our intellectual property, as well as curated contributory and reference data. For our curated data, perhaps the biggest challenge in replicating some of these datasets like Compustat and SNL is the means by which we aggregated these datasets to begin with. Often, employees would have to physically scan microfiche and paper documents in local offices. While some of that data may be publicly available, many of these types of datasets are only available in digital formats from S&P Global. Importantly, Market Intelligence is also the distribution platform for our ratings content through RatingsDirect on Capital IQ Pro and RatingsXpress. Contributory datasets include products and data like Visible Alpha and WiS Intelligence. We also have reference data in this bucket, which is based on intellectual property owned or co-owned by S&P Global, like the Global Industry Classification Standard, or GICS, and LoanX IDs or LXIDs. We also generate unique proprietary data from our events, including our private markets events. The WiS Intelligence team collects insights through engagements with LPs that help TPs target more accurately based on fund, strategy, sector, and regional capital commitments. This unique insight is available through our intentions and preferences dataset. One important point is that we have attributed the revenue from Capital IQ across three categories: benchmarks, workflow tools, and undifferentiated data. While many of our customers would likely attribute less value to the undifferentiated data, we wanted to take a conservative approach to this analysis. That breakdown is important because it highlights the multifaceted value proposition for Capital IQ Pro. When we talk about Capital IQ Pro, many investors often focus on our core platform or desktop offering. However, Capital IQ Pro's value to our customers extends far beyond the desktop to the data, business logic, and tools that are housed within the platform. As I mentioned earlier, we are deploying AI-native solutions and tools for those seeking speed and scale on Cap IQ Pro, including Cap IQ and Chart Explainer. These features are already driving customer engagement, and we expect many of our customers will continue to consume our content and data primarily through an integrated desktop solution. Other customers will have an interest in interacting with our content in their own AI environments and in third-party productivity tools like Claude and ChatGPT. Much of our data is accessible via Model Context Protocol, or MCP, and other standard protocols to customers in these environments. Our branded custom business logic and calculation engines, as well as many of the tools that exist in Cap IQ Pro, will integrate with platforms like Copilot and Claude. Our customers are on their own AI journeys and adopting these new platforms in different ways, depending on urgency, comfort level, and regulatory sensitivity. We will continue to invest in new ways to create value for our customers, including delivery through MCP and Agent2Agent Protocol, to ensure that customers can access our data and tools where they need it. As usage increases and use cases expand, we expect to align the economics with the value we create through price. In the Q1, we saw a great deal of innovation, including new products, new features, and new services for our customers. Within Market Intelligence, we continue to make progress in the private markets with our partnership with Cambridge Associates and Mercer. In our Energy division, we just wrapped up the best CERAWeek we've ever had. We unveiled our new AI-native upstream product for data and insights called CERA Titan. As we've discussed with you previously, we are in the process of completely revamping the upstream business within our Energy division. 70 customers were able to demo the new platform, and feedback was overwhelmingly positive. We immediately saw an increase in leads and sales pipeline for upstream data and insights, and one large strategic customer was so pleased with the new platform that we were able to close a large renewal with a meaningful increase in contract value. In addition to improving our data and insight solutions, we also announced in a separate press release that we had signed an agreement to divest the software portfolio in our upstream business, and we expect that to close in the second half of 2026 or early 2027. This allows us to more tightly focus our efforts on the proprietary data and insights within upstream, and we believe this will allow us to make faster progress toward returning upstream to sustained positive growth. We continue to innovate within S&P Dow Jones Indices with the launch of iBoxx US Treasuries Index as the first major index available as a native digital asset on a blockchain. We also launched an additional tokenized S&P 500 index on blockchain in partnership with Centrifuge. We launched S&P Lincoln US and Europe Senior Debt Indices. We continue to focus on decentralized finance and fixed income as strategic initiatives and are excited about the slate of new products coming to market. In Ratings, we rated the first esoteric ABS issuance backed by Bitcoin as we continue the innovation leadership in digital asset finance that we started in 2018. As we continue to execute our strategy, we are pleased with the results we're delivering for our shareholders, with strong revenue growth and margin expansion in every division. With that, I'll hand it over to Eric to walk through the quarter's financial results and the guidance. Thank you, Martina, and good morning, everyone. Starting with slide 16, we delivered strong Q1 financial results with 10% reported revenue growth, 9% organic constant currency revenue growth, and 14% growth in adjusted diluted EPS. This performance underscores the durability and resilience of our business even amid a period of elevated geopolitical and economic disruption. Reported revenue growth of 10% includes the acquisition of With Intelligence, which closed in the Q4, offset by the divestitures of EDM and thinkFolio in January, as well as modest tailwind from FX. Adjusted expenses increased 8%. As Martina mentioned, we began to see volatility and macro risk increase in late February and continue through March. We reacted quickly to make sure we were managing expenses effectively, allowing for better Q1 margins in every division than we had anticipated when we gave initial guidance. Strong growth and disciplined expense management combined to deliver 100 basis points of year-on-year margin expansion to 51.8% and 12% growth in adjusted operating profit. Excluding OSTTRA from the prior year period, our Q1 2026 margin expansion would have been 160 basis points. Turning to our divisions on slide 17. Market Intelligence revenue grew 8%. Organic constant currency revenue grew 6% in the Q1. Subscription revenue increased a solid 6%, both on a reported and organic basis, driven by strong renewals and net sales across the franchise. Subscription growth included a 50 basis point headwind from the timing of revenue recognition that we expect to reverse in the back half of the year. One-time revenue and volume-driven revenue grew 18% in aggregate in the quarter. This was partly driven by the acquisition of With Intelligence and partly by the rebound of volume-driven activity. Data analytics and insights reported revenue increased by 11%, driven by our first full quarter of revenue from the With Intelligence acquisition, worth 6 percentage points, as well as solid 5% organic growth driven by market data and valuations, Cap IQ Pro, and Visible Alpha. Enterprise Solutions reported revenue grew 3%, reflecting the divestiture of EDM and thinkFolio in mid-January. The businesses delivered very strong organic growth of 14%, with double-digit growth across all major product lines. We've also included an additional slide in our supplemental deck to provide a breakdown of the workflow tools in our Enterprise Solutions segment, most of which benefit heavily from S&P Global data and strong external networks. Credit and risk solutions revenue grew 6%, driven by strong subscription sales of RatingsXpress and RatingsDirect. Market Intelligence's adjusted expenses increased 7% year-over-year, driven by a full quarter of expenses from the With Intelligence acquisition, as well as an unfavorable FX impact, higher compensation expense, and long-term strategic investments, partially offset by the impact from the recent divestitures, including the sale of EDM and thinkFolio. Market Intelligence delivered 80 basis points of operating margin expansion to 33.6% in the quarter. Now turning to ratings on slide 18. Ratings revenue increased 13% year-over-year, exceeding our internal expectations for the quarter. Growth was strong across both transactional and non-transactional revenue streams. Transactional revenue increased 15%, driven by strength in investment grade, supported by a number of large hyperscale and M&A transactions in the Q1. Transaction revenue from governance, high yield, and structured finance also grew in the quarter, was more than offset by the weakness in bank loans due to a high teens decline in build issuance. Private markets revenues were up over 25%. Non-transactional revenue grew 11%, driven primarily by higher annual fee and CRISIL revenue. We were also pleased by our growth in Issuer Credit Ratings, or ICRs, and Rating Evaluation Services, or RES, in the quarter. Adjusted expenses rose 8%, reflecting higher compensation costs and continued strategic investments in our people, technology, and product development. This contributed to the division's 160 basis points of margin expansion to 67.8%. Turning to S&P Global Energy on Slide 19. The conflict in Iran has brought considerable volatility and uncertainty to the energy markets that has persisted into the Q2. Some of the energy customers in the Middle East have experienced a direct impact to their facilities, and many are facing supply chain and/or distribution disruptions. Even in this environment, energy revenue grew 7% this quarter as we benefited from very strong events revenue, and we saw a spike in volume-driven transactional activity. At the same time, the conflict weighed on other parts of our energy division, including our subscription revenue. Sanctions continue to be a headwind as well, as we've called out in recent quarters, but the conflict in the Middle East is pressuring clients and could lead to slower growth in the coming quarters. As Martina noted earlier, amid this uncertainty, our customers are turning to S&P Global for data and insights only we can provide. CERAWeek in Houston hit new records. Online, the number of user queries in our energy platform's Chat AI feature more than doubled quarter-over-quarter. Energy resources data and insights and price assessments grew 7% and 6% respectively, driven by strength in petroleum, gas, power, and renewables. The sanctions we discussed last year drove a 100 basis points headwind to energy and resources and a 140 basis points headwind to price assessments. Advisory and transactional services revenue increased 15%, driven by strong growth in conference and training revenue as CERAWeek delivered record-setting attendance and revenue. We also posted close to 30% growth in Global Trading Services, or GTS, amid elevated energy market volatility. Upstream data and insights revenue declined 5% in the quarter, driven by the absence of a prior year one-time fee. We continue to streamline this business line and refocus on the areas of proprietary data and insights, as Martina mentioned. Our transformation is on track, including the realignment of sales teams and the debut of our upgraded client platform at CERAWeek, which already has sparked strong customer interest. Given heightened energy market volatility and uncertainty, we still think it could take several quarters before these management actions drive growth in upstream. Adjusted expenses grew 4%. Our teams in energy did a particularly good job moving quickly to keep expense growth low to preserve margins during a volatile period. The expense growth we did see was driven by higher compensation costs and unfavorable FX impact, as well as ongoing investments in growth initiatives. Q1 margin expanded by 120 basis points to 49.3%. Now turning to S&P Dow Jones Indices on Slide 20. Revenue grew by 17%, with double-digit growth across all business lines. Revenue associated with asset link fees grew 18% in the Q1. This was driven by year-over-year equity market appreciation and net inflows into products based on S&P Dow Jones Indices. As we've noted before, in periods of heightened volatility, we often see slower flows and higher-priced indices like Sector, Factor, and Thematics, and higher flows and lower price indices like the S&P 500. That was the case in the Q1 as well, and that mix shift drove a modest decline in average realized price year-over-year in our asset length fees business. Exchange traded derivatives revenue was up 18%, driven by strong volumes, particularly in SPX, which continues to demonstrate the natural hedge we have in this business during times of geopolitical and macroeconomic disruptions. Data and custom subscriptions continued to benefit from our focused commercial efforts over the last several quarters, posting its third consecutive quarter of double-digit growth. Revenue increased 12%, largely driven by new business growth and end-of-day contracts. Adjusted expenses were up 13% year-over-year, driven by higher compensation costs and investments in growth initiatives. Indices operating profit grew 18% and operating margin expanded 90 basis points to 73.8%. Turning to Mobility on slide 21. Revenue grew 8% in the Q1, underscoring the mission-critical nature of the division's products with high single-digit growth in both dealer and financials and other, a modest tailwind from FX. Customers continue to rely on CARFAX's unique data and solutions, driving strong subscription growth despite a complicated environment for automotive OEMs. Dealer revenue increased 9%, benefiting from momentum in new customer growth at CARFAX and automotiveMastermind. Manufacturing revenue grew 5%, driven by subscription growth and increased discretionary spending. Growth was partially offset by softness in recalls and OEM marketing-related products. Financials & Other grew 8% as the business line continues to benefit from underwriting volumes and commercial momentum. Adjusted expenses grew 5%, driven by advertising and promotional investments. Mobility's operating margin expanded 150 basis points year-over-year to 40%. Looking forward, we remain on track for a planned separation of Mobility business, including completion of the spin mid-2026. We will file our Form 10 publicly this quarter, and the Mobility Global team is excited to be hosting their Investor Day in New York City on May 12th, ahead of the launch of its equity roadshow. We also plan to launch a public debt offering for Mobility at some point this quarter, targeting an investment-grade rating. As a reminder, from a financial reporting and guidance perspective, S&P Global will continue to fully consolidate Mobility Global in our financial statements and 2026 guidance until the separation is complete. Upon completion of the spin, we intend to provide recast financials for the 4 quarters of 2025 and any 2026 periods reported, adjusted to exclude Mobility's contributions along with other relevant adjustments as outlined at our Investor Day. We also expect to issue updated 2026 guidance at that time, excluding Mobility. Shifting to our outlook, starting with slide 22. I'd like to review the key macroeconomic assumptions that underpin our guidance, which takes into account the current geopolitical environment. The conflict in Iran has led to the largest energy shock since the 1970s and counterbalanced what was previously a broadly favorable economic environment for our business. Our current outlook assumes the situation stabilizes by the end of the Q2, but we acknowledge the risk of a protracted conflict. We assume 3.2% global GDP growth, including 2.2% growth in the US We also assume 3.2% CPI growth in the US We expect near-term energy client demand to remain suppressed given our expectation for ongoing market uncertainty. Should the conflict persist longer or escalate, we could see more significant direct headwinds, particularly in our energy business, and significant indirect headwinds in our market-sensitive businesses, depending on equity market reaction and credit market conditions. We continue to see favorable market conditions for issuance in 2026, even though we now only expect one rate cut in the US We also entered the year with encouraging maturity walls, as we discussed on our Q4 call. We are encouraged by the growth of announced M&A. As Martina mentioned, some of the strength in issuance in the Q1 was driven by front-end loading of hyperscaler issuance relative to our initial expectations. Given both the outperformance in the Q1 and the more modest expectations for Q2, we do not expect to see acceleration in ratings revenue growth in the Q2. We continue to expect ratings growth to moderate in the Q3 before turning negative in the Q4 as we lap prior year highs. This leads us to our updated guidance for the enterprise on slide 23. At the consolidated level, we are reiterating our guidance for organic constant currency revenue growth in the range of 6%-8%. We are also reiterating our guidance for 50 basis points-75 basis points of margin expansion in 2026, excluding the impact of Astra. Our adjusted EPS guidance is also unchanged as slightly higher expected interest expense is offset by lower share count due to the additional repurchases we now expect. As you can see on slide 24, our division guidance is also unchanged with the exception of our Energy division. Given the external environment, particularly the impact of the Iran conflict and the energy disruption on both the demand and supply side, we currently expect to deliver organic constant currency revenue growth in the range of 4.5%-6%, 1 percentage point lower than the previous guidance. Importantly, our guidance assumes that the current elevated level of disruption in the energy market persists through the Q2, though supply chain disruptions would not fully be resolved until later this year. For our Indices business, our full year guidance is unchanged. However, the underlying assumptions have been adjusted to reflect the current market dynamics. Our guidance now assumes equity markets roughly flat from current levels and low double-digit growth year-over-year in ETD volumes. We also wanted to provide some directional color for the Q2. In Market Intelligence, we expect some acceleration in subscription revenue, given what we're seeing in customer traction and sales pipeline. We expect that to be offset somewhat as growth in non-subscription revenue normalizes. In Ratings, we will be lapping the disruption caused after Liberation Day last year, which creates a favorable compare. We expect growth to remain strong, but we do not expect acceleration in Q2. We do expect investment grade to continue to represent a higher mix of issuance compared to historical averages, particularly if we continue to see elevating hyperscale CapEx driving large volumes in the Q2. For energy, the macro disruption has a concentrated impact in the Q2, and we have already seen that impacting our near-term sales pipeline. We expect revenue growth in the Q2 to fall slightly below the guidance range for the full year before re-accelerating in the second half. We will be monitoring the sales motion, customer health, and macro environment closely and managing expenses throughout the year to ensure we are preserving margin. For Indices, we expect continued robust growth in the Q2 before growth decelerates in the 2H, given the tougher compares in Q3 and Q4. For Mobility, we expect growth to accelerate slightly from the Q1 levels, with stronger growth expected in the second half. On Q2 margins, we expect margin expansion to be above the enterprise full-year range for Ratings and Indices, slightly below the range for Mobility and Energy, and within the range for Market Intelligence. This is largely due to the timing and quarterly phasing of expense recognition, as we were very disciplined in our approach in the Q1. Our full-year expectations in each of these divisions are unchanged. Lastly, we want to provide an update on our capital plans for the rest of the year. As you know, we have a target gross leverage range of 2x-2.5x trailing twelve-month EBITDA. Given the expected loss of Mobility EBITDA, our current leverage of 2.3x will naturally increase to 2.4x at the end of the year. However, we expect to issue approximately $2 billion in debt at Mobility in conjunction with the spin. Proceeds are expected to fund a cash payment to S&P Global, which we would expect to use for a combination of incremental share repurchases and some debt reduction. Given the strength and resilience of our business and our confidence in its long-term profitable growth, we believe the current share price reflects an attractive opportunity to increase our repurchases from the expected 85% of adjusted free cash flow to at least 100% or to roughly $4.5 billion for the year. With that, let me turn the call back over to Mark for your questions. Thank you, Eric. For those on the line, if you would like to ask a question, please press star one and record your name. To cancel or withdraw your question, simply press star two. For those joining via telephone, please turn off speakerphone in order to optimize sound quality. Participants will be limited to one question in order to allow time for others during today's Q&A session. Operator, we'll now take the first question. Thank you. Our first question comes from Toni Kaplan with Morgan Stanley. Your line is open. Thank you. Martina, thanks for the color on what you're doing with regard to the AI distribution channels. I was hoping that you could expand on how you're thinking about the partnership strategy with the large AI players. Are you building S&P MCP apps on the platforms, or do you just plan to continue to provide the data through the MCP integrations and the APIs? Maybe if you could just talk about the monetization model and directional economics between the different distribution channels. Thank you. Hi, Toni. Thanks for the question. The quick answer to the first part of that around MCP applications is yes, that is our intention. I think we're going to be very thoughtful around how we build those applications and for what. Particularly this is one of the reasons why we wanted to highlight the value that exists in the workflows in CapIQ Pro today, for example. It's not just the data, it is the standards, the business logic, as well as the tools. All three of those will be part of that strategy. The first step to doing that has actually been the announcement of the S&P Global plugin, which was announced in line with the Cloud for Financial Services announcement in the Q1. That's essentially a series of agents that teach AI agents within the platform how to actually conduct specific tasks for data, AI-ready data that the clients might be licensed to. Maybe to give you an example, one of our buy-side clients working with Kensho was looking at our financial data via an AI-ready API. Kensho helps them to understand how to use the plugin to perform tasks like creating tear sheets or creating earnings calls previews. As a result, the clients liked it so much that they actually canceled their existing provider and went with our data and plugin even though it was about 20% more expensive. Now, look, it's early days. Obviously, we just launched that in Q1. I think it's an interesting signal For how clients are testing the value of our IP, whether it's our logic, our standards, as well as our data, in the context of these of these providers. Now the point I would make on monetization is that we are really thinking about monetization through the lens of enterprise value. As you know, we don't do seat-based licensing. We don't do usage only. We track usage channels, the value we create, and a number of other metrics as part of the discussions that we have with our clients on value and price accordingly. That's gonna be true for Plugin, it's gonna be true for MCP, it's gonna be true for AI-ready data as well. We're seeing clients, you know, who are quite interested in the value that we bring through all of that. Perhaps maybe one other example I would provide is, in the quarter two financial clients who are just subscribing to our data at renewal, were opting to get that data available in an AI-ready format. We're willing to pay in the range of 35%-45% on the renewal increase to get the AI access. Again, early days, but some very strong signal here around the monetization from an enterprise value standpoint. Thanks for the question. Thank you. Our next question comes from Faiza Alwy with Deutsche Bank. Your line is open. Yes. Hi. Thank you. Good morning. Martina, I wanted to follow up on the same topic. You know, on slide eleven where you talk about Market Intelligence data differentiation, I'm curious, when we look at workflow solutions, how would you attribute sort of the value of the proprietary data versus sort of the, you know, the software component of the workflow tools here? Yeah. Hi, Faiza. Thanks for the question. With regards to workflow, you'll see a lot of these products embedded in our Enterprise Solutions business. There we operate many mission-critical software and workflows for our customers. These would be workflows that are scaled, require robust controls, risk management, and compliance layers, and really require a lot of intervention through our managed services to make sure that they're continuing to deliver. You know, there's a very much a mission-critical nature to many of these. There are several of them that actually function as networks for industry groups, not just for an individual client. You know, there we would see perhaps a Wall Street Office, for example, or a ClearPar in that category. Again, serving, you know, not just a client, but the benefit of it being derived because it is actually informing a whole ecosystem. In many cases, the, you know, the value that our clients get from these tools is a function of some of the proprietary content that we embed in the tools. A good example there would be the loan reference data that is provided through Wall Street Office. So, you know, we think of it more as the value that we are bringing to the clients through the workflow tools and the importance and criticality of those systems to clients' very, very critical processes. That's one of the reasons why we continue to see good growth in in these tools across Enterprise Solutions as well. Thanks for the question. Thank you. Our next question comes from Ashish Sabadra with RBC Capital Markets. Your line is open. Thanks for taking my question. In regards to MI, the subscription growth is expected to accelerate in Q2. I was just wondering if you could unpack that some more, what's driving it, how much of it is driven by AI products, chief client office, or any other color that you can provide. Thanks. Ashish, it's Eric. We've seen very good performance in the Q1 as we've started the year in MI, we just expect that to continue to build. You know, subscription revenue growth was in the 6% range. We feel good that that will, you know, continue to build. We had very good performance that all goes well for the coming couple quarters. You know, net renewal rates are up 100 basis points or so. Pipeline has been building January-February-March. Our average deal size is up, our net sales are up. We see good underlying indicators across that franchise, in a number of ways, and we think that'll just build, during the course of Q2, Q3, and Q4. You know, deliver the full year guidance that we expect in a nice way. Thank you for the question. Thank you. Our next question comes from Scott Wurtzel with Wolfe Research. Your line is open. Hi. Good morning. Thank you for taking my question. On the Market Intelligence margins, just wondering if you can maybe help contextualize how much of the margin expansion that you're seeing is being driven by efficiency gains associated with AI. Thanks. Scott, it's Eric. You know, margin expansion has come in nicely in Market Intelligence, in particular in Q1. You know, we were careful with the external environment. You know, starting late February, the Iran conflict started. We're careful about our discretionary spending. You saw particularly strong performance in Market Intelligence, as well as our other four divisions as we You know, carefully thought about pacing expenses through the year. More broadly, if you think about margin expansion in Market Intelligence and other divisions, it's really a combination of factors. There's certainly a set of AI benefits that we're getting as we think about our data operations, which is a big part of Market Intelligence. We see, you know, emerging progress or I think I'd say good progress in software development activities that are AI-driven with all the new tools available to it. We see the continued kind of classic productivity tools being effectuated in MI as the team there is really driving a combination of top line and bottom line. We're feeling comfortable about the margin expansion for the full year. We feel like we got off to a good start, and we just see with AI, a set of tools that become stronger and stronger and more and more valuable to us as we continue to deliver a margin and earnings growth quarter after quarter. Thanks for the question. Thank you. Our next question comes from Curtis Nagle with Bank of America. Your line is open. Great. Just a really quick one for me. Just, if we go through, I guess, like, how to think about the balance of transaction, non-transaction growth within the ratings business for the rest of the year. I guess just, you know, for the Q1, what drove, you know, a pretty notable spike in the non-transaction numbers? Yeah, if you could answer that. Thank you. Curtis, maybe I'll start on non-transaction. We had good growth in annual fees as, you know, as the franchise continues to be viewed very favorably by our clients around the world. Our CRISIL revenues, which are booked there, which have a mix of different factors, performed very, very well in the Q1, which we were pleased with. Couple good tailwinds and, you know, we expect some of that to gently moderate in the coming quarters. We think it'll help contribute to our full-year revenue guide. Curtis, I would maybe just add that, You know, you may recall when we gave our guidance back in February, that we mentioned we had prudence and moderate expectations for hyperscale issuance within the year. A good part of that was that we didn't assume that all of the announced CapEx was gonna be debt financed. As we looked at the amount of hyperscale issuance in Q1, we believe that there was some pull forward there relative to our expectations for hyperscale issuance, and this is one of the reasons why we are continuing to maintain our expectations for build issuance for the full year. Thanks for the question. Thank you. Our next question comes from Manav Patnaik with Barclays. Your line is open. Thank you. I was hoping just going back to the workflow conversation, you could help us just appreciate, you know, the strategy in energy, where you're selling the workflow businesses and focusing in data. Like, how are those workflow brands different than the ones you were talking about in MI? As a quick follow-up, just, you know, I think that there were, like, seven or eight different brands I think you're selling in energy. I was just hoping you could help us size that for our models. Like how much are you getting, selling to SLB? Hi, Manav. Thanks for the question. Maybe to start, the size of that is about 25% of upstream revenues. That software portfolio, as you mentioned, is actually quite varied and quite distinct. One of the reasons that really informed our decision there is that we think SLB is a very good partner on that. As part of that decision to divest, we also have a new distribution partnership with SLB that we are quite excited about as we close that. What I would focus on maybe is the 75% which is highly differentiated and unique proprietary content. Maybe just to give you a sense for what is here, we cover from basin to reservoir, subsurface and geoscience data, including seismic surveys, wells and logs, and spatial data. Some of the stuff that is particularly useful for our clients is Vantage asset valuation data that covers over 17,000 global upstream and gas assets. We also have very, very unique benchmarking performance content that is based on contributory data, and it allows operators to actually do peer-to-peer performance data, and is highly valued. This data actually goes back over 30 years, covering about 80,000 wells globally. There's a lot more to that, and one of the things that we're super excited about is actually creating CERA Titan that we talked about in the prepared remarks that sits on top of all of that data and provides the workflow for our clients to really interact with that data more seamlessly. This is something that our clients have been asking us for for many years, and the overwhelmingly positive feedback that we got when we used CERAWeek for that soft launch was just really very encouraging. We were able to close one client already just on the demo of the new tool because those clients are very, very aware that our data is the highest quality and most unique out there. On upstream, more broadly, I would say we look to a broader revenue transformation there. We look to the full hard launch of CERA Titan later this year and are very excited about the progress that we're making there as well. Thanks for the question. Thank you. Our next question comes from Alex Kramm with UBS. Your line is open. Yes. Hey, hello, everyone. I don't know if I missed this, one of the things you changed in your guidance was also the, I guess, acquisition and divestiture contribution on Market Intelligence. It's a small change, just wondering if I missed it, what changed there? Maybe related to that on With Intelligence, now that you've owned the business for a little over a full quarter, just wondering what kind of underlying growth rates you're seeing and any update on how that asset is performing. Thank you. Alex, it's Eric. Let me just summarize. As you noticed, the organic versus reported revenue contribution really has five deals, three of which are quite large, both divestitures and acquisitions. You've got EDM and thinkFolio being sold. You got With Intelligence coming in and two other small ones. So what we just did was updated the contribution from the net effect of those five. It's primarily driven by modest change in revenue recognition. As we step back, you know, we're quite pleased in particular with With Intelligence. As we said in our last call, we closed that early and even more quickly than we had thought. The team's really been digging in deeply and beginning to focus on all the synergies, both expenses and revenue in particular. As we've said, when we announced the deal, we expect high teens revenue growth in With Intelligence with some upside as as we go, you know, one year to the next, just because there are so many opportunities to redistribute that content across our franchise and really the leverage, the depth of the proprietary and the contributory data, you know, that Martina referenced earlier. Thanks for the question. Thank you. Our next question comes from Owen Lau with Clear Street. Your line is open. Good morning, and thank you for taking my question. Following up on the AI upstream data platform, Titan, it's still in beta testing version, but could you please talk about your go-to-market strategy and the revenue model of this product? Is it going to be a subscription-based model or consumption-based or a combination of the two? Thank you. Hi, Owen. It's Martina. Thanks so much for the question. It's gonna be a subscription-based model. You know, in terms of the broader go-to-market strategy, I think the team was able to really effectively leverage CERAWeek because we had so many clients in town to be able to do our launch and get, you know, get this into the minds of so many of our customers. We're excited about this. The official hard launch for the product is gonna be a little bit later this year. You know, as I mentioned, just to say again, you know, the experience there is very comprehensive, bringing together so many of these unique datasets that we have, and it's powerful enough that one of our clients renewed with a very large uptick just on seeing the demo. Thanks for the question. Thank you. Our next question comes from Jeff Silber with BMO Capital Markets. Your line is open. Thanks so much. You highlighted the war's impact on the energy sector. I'm just curious, you know, hopefully this war is gonna end soon. What do you think the impact would be on the other businesses? When should we start to see a rebound there? Jeff, it's Eric. You know, the impacts on the energy business as we described are quite direct, right? Because customers are affected. That slows down decision-making, and obviously we need to help customers focus on their core business. In the other divisions, it's really a question about how expectations around the conflict, you know, evolve, what sort of macroeconomic and I'll say economic disruption we see globally and also region by region, because that's going to affect, you know, equity price levels, which has an impact on our asset under our asset lend fees. It's going to affect potentially credit markets and you know, the flow of issuances in different, in different market segments. I think the indirect effects, you know, for the time being have been relatively small. The question is, does the conflict resolve itself, you know, in the coming months or does it drag on? You know, the longer it drags, you know, creates more uncertainty and a wider range of outcomes. You know, in general, there's a range of factors. We're trying to be careful and prudent. You saw some of that in our patterning of our expense spend that we feathered in carefully in the Q1 to create some additional margin expansion. We're just being vigilant about the effects and, you know, staying close with our clients and making sure we support them across our various divisions. Thanks for the question. Thank you. Our next question comes from Andrew Steinerman with JPMorgan. Your line is open. Hi, Eric, it's Andrew. What was the organic ACV growth in the Q1 for MI? Also remind us on the ratings side if S&P includes bank loan replacing transaction and build issuance or not and how it impacted Q1? Andrew, it's Eric. Thanks for the question. On MI, we saw good ACV growth in the Q1. It was right around the level of subscription growth, which we showed at 6%. I think in line with the last couple quarters. Then in terms of repricing for bank loans, that's not included in that line. Thanks for the question. Thank you. Our next question comes from George Tong with Goldman Sachs. Your line is open. Hi. Thanks. Good morning. Can you talk a little bit more about the latest trends you're seeing in the private credit markets and how much S&P ratings revenue you expect to come from private credit? Hi, George, it's Martina. Thanks for the question. Well, you know, this is an area that we've seen very strong growth in over several years now. In fact, we ended the full year 2025 at the enterprise level with north of $600 million in revenues in private markets. As I mentioned in my own prepared remarks, Ratings private credit grew 25% off a decently substantial base. You know, remember, we've been investing in this area for several years, and we made sure that we had the analytical capacity, expertise and, you know, the appropriate methodologies here. You know, it's an area that we are, I would say, cautiously optimistic about over the very immediate timeframe, just given some of the stresses on the sector that we mentioned. You know, we started this year with those potential stresses in mind. We didn't necessarily assume that there was gonna be huge growth in middle market CLOs, for example. We assumed that there would be some softness in BDCs. So far, you know, we're seeing the trends play out as expected. Of course, if you take a step back and you look at what we're doing in the broader Market Intelligence and index strategies around private markets, all of what we're doing is geared towards giving LPs and GPs performance data and benchmarks and data analytics to assess how these investments are trending, as well as how LPs are thinking about shifting allocations, et cetera. We are seeing a lot of demand for that data. Maybe just to give you two additional examples, during the quarter, we launched the first tranche of the data from our Cambridge Associates and Mercer partnership, focused on private credit and infrastructure. There's a lot of interest in that data because of its contributory nature. We also integrated With Intelligence, the first tranche of With Intelligence documents, into Cap IQ Pro, which again has stimulated quite a bit of interest because it enables GPs to really look at and target LPs based on their allocation strategy. You know, overall, I think, look, at this point, whether it's our ratings, our performance, data at the fund level, deal level, et cetera, and the analytics, there's a really big need and, a lot of interest in what we're providing here. Thanks for the question. Thank you. Our next question comes from Craig Huber with Huber Research Partners. Your line is open. Great. Thank you. I wanted to ask about AI efficiencies at your company. To the extent that you can give us some more examples of how AI internally is helping you guys be more efficient across your various sectors, including outside of the MI division. Also, Eric, wanted to ask, your 50 basis points to 75 basis points expected improvement excluding Astra. How much ballpark do you think AI efficiencies is actually helping that number? Thank you. Hi, Craig. Thanks for the question. Let me start, and then I'll hand over to Eric. I would say that we have been tackling AI by looking at some of our largest strategic processes across the company. At our IR day, for example, we mentioned four particular areas that we were focused on, including our ratings analytic workflows, our research workflows in energy and in Market Intelligence, as well as our technology and data workflows. These comprise roughly around half of the resources that we have at the company. If you want to think about, you know, areas outside of, you know, of maybe some of the more obvious areas like the data organization, we can see tremendous capacity expansion within Ratings, for example, where they've been a very early adopter of AI as part of augmenting analytical capacity and making sure that our analysts can do more high value things like thought leadership and, you know, and additional research. You know, we're really leaning into this. You know, we have announced you will see the joining of Firdaus Bhathena as our Chief Technology and Transformation Officer. Firdaus really, as part of that, is looking at how we would scale AI and other technologies like quantum and blockchain so that we can actually get the full benefit around the enterprise. He will also look at this transformation program that has started with these four strategic processes and make sure we're scaling it out to the rest of the organization over time. Eric, I'll hand over to you. Craig, I'd just add, you know, AI is just beginning to have a positive impact on margin. I say beginning because remember, AI is just the continuation of machine learning tools and a wide range of capabilities that we've used and leveraged across our processes. You know, I've talked at length about the enterprise data office and what we do in data operations. I'll say the predicate to the new LLM tools have aided the margin expansion, you know, over the last year and some into this year. I think the, you know, the upside from the broad adoption of frontier models is just beginning and really will have an impact, you know, in 2027, 2028 and in the future years as they get expanded into a wide range of these, you know, strategic and important processes that we operate and, you know, will be helpful in that regard. Thanks for the question, Craig. Thank you. Our next question comes from David Motemaden with Evercore. Your line is open. Hey, thanks. Good morning. Just a quick one on how clients are accessing your content, maybe a little bit to slide twelve. You talked about usage through your own solutions like ChatIQ, and then also through the frontier large language models. Are you seeing any meaningful differences in usage patterns or engagement with your data across those two broad channels today? And I guess I'm wondering, as adoption scales, where do you see the balance between direct delivery through your own solutions, and third-party large language models ultimately settling out? Hi, David. It's Martina. Let me start, and then I'll hand over to Eric as well. This is something obviously that we're spending quite a bit of time thinking about. I would start with our customers and what they're telling us and, you know, basically, the types of deals that we are signing with our customers. If we start from that perspective, you know, there's a spectrum, if you like, along the very large number of users of our products in this area in Capital IQ Pro. It ranges from customers who will persist in using the integrated desktop over a period of time, and this is for a variety of reasons. It can be because they prefer to have us do the hard work for them in terms of integrating the AI capabilities. It can also be because they may look over time at the cost of adopting some of these models, and prefer to have us manage that for them at scale, which can provide efficiencies rather than having them do that bespoke work themselves. We will also have clients who will do both. We see that already. We have one large global bank that signed an extended contract with us in the Q1. It included expanding the usage of the desktop, Capital IQ Pro, to additional users around the organization. It also included increasing licensing for AI use of several of our datasets. The bank actually made our datasets the standard on their own internal LLM. You know, this is an example of where S&P Capital IQ Pro will continue to be used alongside LLM model consumption within our clients. I would say that that is the majority of the conversations that we are having. Now, will clients look to just use their in-house LLMs? That's potentially a scenario that we could see play out over a period of time. We're ready for that. In that case, we think our data becomes even more valuable because our data is required to really get the full benefit of using these channels. As I mentioned earlier, we will use the plugin option, and we will also use MCP applications to make sure that we can continue to improve the user experience for clients that wanna use these third parties. All of this really is very consistent with how we have thought about partnering with third-party channels for many years now, and it's why we talked a lot about flexible distribution back in our IR day. Maybe, Eric, do you wanna talk a little bit about how we're seeing the usage evolve? Yeah. Let me just give you some examples. On the direct usage side, right, where clients are using our platforms and within our platforms, usage continues to build very substantially. I described in our Titan platform, AI queries are up 2x. In iLEVEL, the automated data ingestion through AI is up 2x. We're seeing very significant increases, which we're monitoring, 'cause in our minds, that's a way clients are gaining value. At the same time, in the LLM channels, the frontier models, the models that our clients have, as we said earlier, you know, call volume is up very significantly, literally 2x, you know, from February to March, 5x from December to March. Again, we're seeing the value that clients are--inking in our data and proprietary offerings that they're looking for. What we find is where there's more usage, there's more value over time, that's that will create economic benefits and opportunities for us. In the clients that have been using our AI tools and availing themselves of those, you know, in MI, we're seeing a 200 basis points higher retention rates. In energy, over 500 basis points of higher retention rates because, again, usage is value for clients. They get more benefits, and that helps us, you know, drive the overall economics of each of our businesses across the range of channels that we provide. Thanks for the question. Thank you. Our next question comes from Jason Haas with Wells Fargo. Your line is open. Hey, good morning, thanks for taking my question. Can you just clarify on the ACV growth? I think you said that it was 6% in the quarter. I believe the past couple quarters was 6.5%-7%. Did it decelerate? If so, what drove that? Yeah, the commentary on revenue sounded, you know, optimistic for the rest of the year. Just wanted to follow up on the ACV point. Thank you. Jason Haas, it's like I said, the ACV growth was in line with subscription revenue growth, which is around 6%. I think we've quoted over the last five quarters, 6-6.5, 6.5-upper sixes. You know, it's in the range. There's always gonna be a little bit of volatility. What we see is that the underlying drivers are moving in the right direction. We're feeling good about net sales, net renewals, and so forth across Market Intelligence. We see this as a good outcome for the Q1 and expect that to build momentum into Q2, Q3, and Q4. Thanks for the question. Thank you. Our next question comes from Shlomo Rosenbaum with Stifel. Your line is open. Hi. Thank you very much for taking my question. I just wanted to get a better sense as to how you are thinking about the ratings revenue through the year. I know you gave the cadence, but in aggregate, from the change in the geopolitical environment, like is there, in aggregate, any change in the way that you're thinking about ratings revenue for the year? Do you see there's more risk to what you're what you've been assessing? Also, if you don't mind just quantifying the ratings evaluation services, what was the growth? You said it was healthy. I think you've quantified it somewhat before in other quarters. You know, has that changed at all in terms of the growth rate of that business? It's usually a precursor to, you know, additional issuance. Thank you. Hi, Shlomo. It's Martina. I'll take the question here. I think ultimately, as you know, obviously we didn't change our guidance for the full year for build issuance and for ratings. I think look, the thing that we're watching is, you know, this kind of end of Q2 resolution, right? We haven't necessarily seen any direct impact on ratings revenue. If we were to see GDP growth coming down, much broader sector shocks around the world, you know, that's a, that's a scenario where we could see some weakness in the environment. I think maybe to your question on RES, we had a good quarter in RES. A lot of that was driven by M&A, you know, assessments from issuers. Strong performance there overall. Thanks for the question. Thank you. We will now take our final question with Jeff Meuler from Baird. Your line is open. Yeah, thank you for putting me in. Just looking out past the Iranian conflict, thinking about your energy business, how do you expect it to be impacted by the energy complex build-out associated with the data center and AI infrastructure build-out? Just any specific products that you'd expect to benefit, any new customer type opportunities? That's it. Thanks. Hi, Jeff. Thanks so much for the question. I think this goes back to one of the things that we really highlighted at our investor day around energy expansion. There is a tremendous amount of additional growth that will be projected in demand for energy as well as demand for critical minerals. You know, our data is really quite unique across these various different areas and gives us a true opportunity to work with clients around the world to help them understand forecasts for renewables, forecasts for hydrocarbons, the trade-offs between both as demand increases, et cetera. We're seeing great opportunities not just in some of the ones that we've been talking about within ratings, for example, on data center issuances, but we also saw increased issuances from utilities in the power sector and ratings. We see demand for additional scenario planning around power and utilities in the energy team. We've seen particular demand in the energy team's unique insights and data on critical minerals. These are all areas where we would expect to see additional demand over time. Thanks for that question. In closing, I'd like to thank our people for delivering such a strong quarter. Our mission of advancing essential intelligence is now more relevant than ever as we help our clients navigate the uncertainties in this environment. We're making really great progress against our strategy and are exceptionally well positioned and excited about our opportunity to drive value this year and beyond. We really appreciate you joining the call today. Thank you. That concludes this morning's call. A PDF version of the presenter's slides is available for downloading from investor.spglobal.com. The replays of the entire call will be available in about two hours. The webcast with audio and slides will be maintained on S&P Global's website for one year. The audio only telephone replay will be maintained for one month. On behalf of S&P Global, we thank you for participating and wish you a good day.

Speaker 16: Good morning, welcome to S&P Global's Q1 2026 earnings conference call. I'd like to inform you that this call is being recorded for broadcast. All participants are in a listen-only mode. We will open the conference to questions and answers after the presentation, and instructions will follow at that time. To access the webcast and slides, go to investor.spglobal.com. If you need any additional technical assistance, please press star zero and I will assist you momentarily. I would now like to introduce Mr. Mark Grant, Senior Vice President of Investor Relations and Treasurer for S&P Global. Sir, you may begin. Good morning, welcome to S&P Global's Q1 2026 earnings conference call. good morning welcome to s&p global's q1 2026 earnings conference call I'd like to inform you that this call is being recorded for broadcast. i'd like to inform you that this call is being recorded for broadcast All participants are in a listen-only mode. all participants are in a listen-only mode We will open the conference to questions and answers after the presentation, and instructions will follow at that time. we will open the conference to questions and answers after the presentation and instructions will follow at that time To access the webcast and slides, go to investor.spglobal.com. to access the webcast and slides go to investor.spglobal.com If you need any additional technical assistance, please press star zero and I will assist you momentarily. if you need any additional technical assistance please press star zero and i will assist you momentarily I would now like to introduce Mr. Mark Grant, Senior Vice President of Investor Relations and Treasurer for S&P Global. i would now like to introduce mr mark grant senior vice president of investor relations and treasurer for s&p global Sir, you may begin. sir you may begin

Speaker 14: Good morning, and thank you for joining today's S&P Global Q1 2026 earnings call. Presenting on today's call are Martina Cheung, President and Chief Executive Officer, and Eric Aboaf, Chief Financial Officer. We issued a press release with our results earlier today. In addition, we have posted a supplemental slide deck with additional information on our results and guidance. If you need a copy of the release and financial schedules or the supplemental deck, they can be downloaded at investor.spglobal.com. The matters discussed in today's conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including projections, estimates, and descriptions of future events. Any such statements are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from results anticipated in these forward-looking statements. Good morning, and thank you for joining today's S&P Global Q1 2026 earnings call. good morning and thank you for joining today's s&p global q1 2026 earnings call Presenting on today's call are Martina Cheung, President and Chief Executive Officer, and Eric Aboaf, Chief Financial Officer. presenting on today's call are martina cheung president and chief executive officer and eric aboaf chief financial officer We issued a press release with our results earlier today. we issued a press release with our results earlier today In addition, we have posted a supplemental slide deck with additional information on our results and guidance. in addition we have posted a supplemental slide deck with additional information on our results and guidance If you need a copy of the release and financial schedules or the supplemental deck, they can be downloaded at investor.spglobal.com. if you need a copy of the release and financial schedules or the supplemental deck they can be downloaded at investor.spglobal.com The matters discussed in today's conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including projections, estimates, and descriptions of future events. the matters discussed in today's conference call may contain forward-looking statements within the meaning of the private securities litigation reform act of 1995 including projections estimates and descriptions of future events Any such statements are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from results anticipated in these forward-looking statements. any such statements are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from results anticipated in these forward-looking statements Additional information concerning these risks and uncertainties can be found in our Forms 10-K and 10-Q filed with the US Securities and Exchange Commission. In today's earnings release and during the conference call, we're providing non-GAAP adjusted financial information. This information is provided to enable investors to make meaningful comparisons of the company's operating performance between periods and to view the company's business from the same perspective as management. The earnings release contains financial measures calculated in accordance with GAAP that corresponds to the non-GAAP measures we're providing, and the press release and the supplemental deck contain reconciliations of such GAAP and non-GAAP measures. The financial metrics we'll be discussing today refer to non-GAAP adjusted metrics unless explicitly noted otherwise. As noted in the press release and slides, financial guidance provided today assumes contributions from Mobility for the full year and excludes any impact from anticipated stranded costs. Additional information concerning these risks and uncertainties can be found in our Forms 10-K and 10-Q filed with the US Securities and Exchange Commission. additional information concerning these risks and uncertainties can be found in our forms 10-k and 10-q filed with the us securities and exchange commission In today's earnings release and during the conference call, we're providing non-GAAP adjusted financial information. in today's earnings release and during the conference call we're providing non-gaap adjusted financial information This information is provided to enable investors to make meaningful comparisons of the company's operating performance between periods and to view the company's business from the same perspective as management. this information is provided to enable investors to make meaningful comparisons of the company's operating performance between periods and to view the company's business from the same perspective as management The earnings release contains financial measures calculated in accordance with GAAP that corresponds to the non-GAAP measures we're providing, and the press release and the supplemental deck contain reconciliations of such GAAP and non-GAAP measures. the earnings release contains financial measures calculated in accordance with gaap that corresponds to the non-gaap measures we're providing and the press release and the supplemental deck contain reconciliations of such gaap and non-gaap measures The financial metrics we'll be discussing today refer to non-GAAP adjusted metrics unless explicitly noted otherwise. the financial metrics we'll be discussing today refer to non-gaap adjusted metrics unless explicitly noted otherwise As noted in the press release and slides, financial guidance provided today assumes contributions from Mobility for the full year and excludes any impact from anticipated stranded costs. as noted in the press release and slides financial guidance provided today assumes contributions from mobility for the full year and excludes any impact from anticipated stranded costs The company expects to update adjusted guidance to exclude Mobility and institute GAAP guidance upon completion of the spin. I would also like to call your attention to certain European regulations. Any investor who has or expects to obtain ownership of 5% or more of S&P Global should contact investor relations to better understand the potential impact of this legislation on the investor and the company. At this time, I would like to turn the call over to Martina Cheung. Martina. The company expects to update adjusted guidance to exclude Mobility and institute GAAP guidance upon completion of the spin. the company expects to update adjusted guidance to exclude mobility and institute gaap guidance upon completion of the spin I would also like to call your attention to certain European regulations. i would also like to call your attention to certain european regulations Any investor who has or expects to obtain ownership of 5% or more of S&P Global should contact investor relations to better understand the potential impact of this legislation on the investor and the company. any investor who has or expects to obtain ownership of 5% or more of s&p global should contact investor relations to better understand the potential impact of this legislation on the investor and the company At this time, I would like to turn the call over to Martina Cheung. at this time i would like to turn the call over to martina cheung Martina. martina

Speaker 15: Thank you, Mark. We are pleased with the results that we achieved in the Q1. Revenue increased 10% year-over-year or 9% on an organic constant currency basis. Revenue from our subscription products increased 6% year-over-year. We saw even stronger growth in our market-driven businesses this quarter, with ratings and indices both showing remarkable resilience. On a trailing 12-month basis, we delivered 140 basis points of margin expansion and increased adjusted diluted EPS by 14% year-over-year in the quarter. We demonstrated a continued commitment to disciplined capital allocation, returning $1 billion to shareholders through share repurchases in addition to our cash dividends in the quarter. We delivered these results in an incredibly volatile and dynamic operating environment, making clear progress in each of the three pillars of the strategic vision we outlined at our Investor Day. Thank you, Mark. thank you mark We are pleased with the results that we achieved in the Q1. we are pleased with the results that we achieved in the q1 Revenue increased 10% year-over-year or 9% on an organic constant currency basis. revenue increased 10% year-over-year or 9% on an organic constant currency basis Revenue from our subscription products increased 6% year-over-year. revenue from our subscription products increased 6% year-over-year We saw even stronger growth in our market-driven businesses this quarter, with ratings and indices both showing remarkable resilience. we saw even stronger growth in our market-driven businesses this quarter with ratings and indices both showing remarkable resilience On a trailing 12-month basis, we delivered 140 basis points of margin expansion and increased adjusted diluted EPS by 14% year-over-year in the quarter. on a trailing 12-month basis we delivered 140 basis points of margin expansion and increased adjusted diluted eps by 14% year-over-year in the quarter We demonstrated a continued commitment to disciplined capital allocation, returning $1 billion to shareholders through share repurchases in addition to our cash dividends in the quarter. we demonstrated a continued commitment to disciplined capital allocation returning $1 billion to shareholders through share repurchases in addition to our cash dividends in the quarter We delivered these results in an incredibly volatile and dynamic operating environment, making clear progress in each of the three pillars of the strategic vision we outlined at our Investor Day. we delivered these results in an incredibly volatile and dynamic operating environment making clear progress in each of the three pillars of the strategic vision we outlined at our investor day While we're pleased with the innovation, execution, and results that we delivered in the Q1, we acknowledge the macro uncertainty that has increased in recent months. Even if conflicts are resolved quickly from this point, we expect it to take some time for supply chains to return to normal. In recent months, the geopolitical and economic backdrop has shifted and become substantially more challenging for many of our customers. The conflict in Iran has shocked energy markets and supply chains. This has led to much higher energy and commodity prices while also elevating volatility. The longer the duration of this conflict, the broader and more severe the impact on global supply chains and markets across sectors. This quarter, we also saw private credit navigate increased scrutiny, wider spreads, and elevated redemptions. While we're pleased with the innovation, execution, and results that we delivered in the Q1, we acknowledge the macro uncertainty that has increased in recent months. while we're pleased with the innovation execution and results that we delivered in the q1 we acknowledge the macro uncertainty that has increased in recent months Even if conflicts are resolved quickly from this point, we expect it to take some time for supply chains to return to normal. even if conflicts are resolved quickly from this point we expect it to take some time for supply chains to return to normal In recent months, the geopolitical and economic backdrop has shifted and become substantially more challenging for many of our customers. in recent months the geopolitical and economic backdrop has shifted and become substantially more challenging for many of our customers The conflict in Iran has shocked energy markets and supply chains. the conflict in iran has shocked energy markets and supply chains This has led to much higher energy and commodity prices while also elevating volatility. this has led to much higher energy and commodity prices while also elevating volatility The longer the duration of this conflict, the broader and more severe the impact on global supply chains and markets across sectors. the longer the duration of this conflict the broader and more severe the impact on global supply chains and markets across sectors This quarter, we also saw private credit navigate increased scrutiny, wider spreads, and elevated redemptions. this quarter we also saw private credit navigate increased scrutiny wider spreads and elevated redemptions We expect strong growth in private markets over the medium term, but this growth will require increased transparency from data and benchmarks, which is an important area of focus for S&P Global. Throughout all of this, the pace of technology innovation has only accelerated. Clearly, the markets are reacting quite aggressively to new AI frontier model headlines, shifts in diplomatic initiatives, and the unpredictability of the current environment. That manifests in volatility across the global markets. We've seen broad dispersion in the performance of different sectors of the equity markets, elevated volatility in equity and commodity markets, and shifting expectations for central bank actions. Despite the turmoil in the macro environment, issuance was resilient. Those issuance increased 14% year-over-year in the Q1, primarily driven by strength in investment grade. Investment grade benefited from hyperscaler investments in AI infrastructure. We expect strong growth in private markets over the medium term, but this growth will require increased transparency from data and benchmarks, which is an important area of focus for S&P Global. we expect strong growth in private markets over the medium term but this growth will require increased transparency from data and benchmarks which is an important area of focus for s&p global Throughout all of this, the pace of technology innovation has only accelerated. throughout all of this the pace of technology innovation has only accelerated Clearly, the markets are reacting quite aggressively to new AI frontier model headlines, shifts in diplomatic initiatives, and the unpredictability of the current environment. clearly the markets are reacting quite aggressively to new ai frontier model headlines shifts in diplomatic initiatives and the unpredictability of the current environment That manifests in volatility across the global markets. that manifests in volatility across the global markets We've seen broad dispersion in the performance of different sectors of the equity markets, elevated volatility in equity and commodity markets, and shifting expectations for central bank actions. we've seen broad dispersion in the performance of different sectors of the equity markets elevated volatility in equity and commodity markets and shifting expectations for central bank actions Despite the turmoil in the macro environment, issuance was resilient. despite the turmoil in the macro environment issuance was resilient Those issuance increased 14% year-over-year in the Q1, primarily driven by strength in investment grade. those issuance increased 14% year-over-year in the q1 primarily driven by strength in investment grade Investment grade benefited from hyperscaler investments in AI infrastructure. investment grade benefited from hyperscaler investments in ai infrastructure Notably, even without the hyperscaler issuance, investment grade delivered healthy growth, in part benefiting from several large M&A transactions. Growth was partly offset by a high-teen decline in bank loan volumes as we lacked a very difficult compare in the Q1 of 2025. We saw spreads widen slightly in the quarter as a reaction to uncertainty around AI, private credit, and geopolitical conflicts. Spreads are still below historical norms. Q1 build issuance was above our initial expectations, much of the outperformance was driven by hyperscaler issuance that our original guidance assumed would be spread more throughout the year. Our full-year expectations for the debt markets are largely unchanged. Everything we see reinforces our vision for the company, and our priority remains on executing our strategy. Notably, even without the hyperscaler issuance, investment grade delivered healthy growth, in part benefiting from several large M&A transactions. notably even without the hyperscaler issuance investment grade delivered healthy growth in part benefiting from several large m&a transactions Growth was partly offset by a high-teen decline in bank loan volumes as we lacked a very difficult compare in the Q1 of 2025. growth was partly offset by a high-teen decline in bank loan volumes as we lacked a very difficult compare in the q1 of 2025 We saw spreads widen slightly in the quarter as a reaction to uncertainty around AI, private credit, and geopolitical conflicts. we saw spreads widen slightly in the quarter as a reaction to uncertainty around ai private credit and geopolitical conflicts Spreads are still below historical norms. spreads are still below historical norms Q1 build issuance was above our initial expectations, much of the outperformance was driven by hyperscaler issuance that our original guidance assumed would be spread more throughout the year. q1 build issuance was above our initial expectations much of the outperformance was driven by hyperscaler issuance that our original guidance assumed would be spread more throughout the year Our full-year expectations for the debt markets are largely unchanged. our full-year expectations for the debt markets are largely unchanged Everything we see reinforces our vision for the company, and our priority remains on executing our strategy. everything we see reinforces our vision for the company and our priority remains on executing our strategy We are committed to our mission to advance essential intelligence by advancing our market leadership, expanding into high growth adjacencies, and amplifying enterprise capabilities and AI. Customers are coming to S&P Global with increased urgency for our differentiated data and benchmarks, insights and tools to make timely and informed decisions in this rapidly evolving operating and market environment. For instance, we saw record revenue and attendance at CERAWeek, the premier global conference addressing the intersection of energy, finance, technology, and geopolitics. This year's conference hosted a record 11,000 attendees and more than 2,300 companies from over 90 countries. We are helping our clients make sense of and manage the spike in volatility. We posted record-setting revenue in global trading services and energy and record quarterly average daily volumes for the S&P 500 in indices. We are committed to our mission to advance essential intelligence by advancing our market leadership, expanding into high growth adjacencies, and amplifying enterprise capabilities and AI. we are committed to our mission to advance essential intelligence by advancing our market leadership expanding into high growth adjacencies and amplifying enterprise capabilities and ai Customers are coming to S&P Global with increased urgency for our differentiated data and benchmarks, insights and tools to make timely and informed decisions in this rapidly evolving operating and market environment. customers are coming to s&p global with increased urgency for our differentiated data and benchmarks insights and tools to make timely and informed decisions in this rapidly evolving operating and market environment For instance, we saw record revenue and attendance at CERAWeek, the premier global conference addressing the intersection of energy, finance, technology, and geopolitics. for instance we saw record revenue and attendance at ceraweek the premier global conference addressing the intersection of energy finance technology and geopolitics This year's conference hosted a record 11,000 attendees and more than 2,300 companies from over 90 countries. this year's conference hosted a record 11,000 attendees and more than 2,300 companies from over 90 countries We are helping our clients make sense of and manage the spike in volatility. we are helping our clients make sense of and manage the spike in volatility We posted record-setting revenue in global trading services and energy and record quarterly average daily volumes for the S&P 500 in indices. we posted record-setting revenue in global trading services and energy and record quarterly average daily volumes for the s&p 500 in indices We are also advancing our leadership as we help our customers unlock the potential of AI. As we discussed at our Investor Day, we are deploying AI-native solutions and tools like ChatAI and Document Intelligence for those seeking speed and scale on our platforms. For those who want to build their own AI-enabled or authentic solutions, we are increasingly making our data accessible via standard protocols like MCP. We've seen meaningful enhancement to the value that our products are creating for customers. More than a third of our S&P Capital Q Pro users engage with the AI features we've launched, including ChatIQ and Document Intelligence. We also saw tremendous growth in the usage of S&P Global data in the quarter. We are also advancing our leadership as we help our customers unlock the potential of AI. we are also advancing our leadership as we help our customers unlock the potential of ai As we discussed at our Investor Day, we are deploying AI-native solutions and tools like ChatAI and Document Intelligence for those seeking speed and scale on our platforms. as we discussed at our investor day we are deploying ai-native solutions and tools like chatai and document intelligence for those seeking speed and scale on our platforms For those who want to build their own AI-enabled or authentic solutions, we are increasingly making our data accessible via standard protocols like MCP. for those who want to build their own ai-enabled or authentic solutions we are increasingly making our data accessible via standard protocols like mcp We've seen meaningful enhancement to the value that our products are creating for customers. we've seen meaningful enhancement to the value that our products are creating for customers More than a third of our S&P Capital Q Pro users engage with the AI features we've launched, including ChatIQ and Document Intelligence. more than a third of our s&p capital q pro users engage with the ai features we've launched including chatiq and document intelligence We also saw tremendous growth in the usage of S&P Global data in the quarter. we also saw tremendous growth in the usage of s&p global data in the quarter In March, we shared that nearly 150 customers across the Market Intelligence and Energy divisions were interacting with our data through AI applications like Claude and Copilot. We now have more than 300 customers under contract or in trial periods for Kensho LLM-ready APIs. In addition to the rapid growth in customers, we are seeing large increases in the volume of data that's consumed directly via API calls from customers and through these platforms. For instance, in the Q1, the volume of API calls made by our customers was more than 5x the volume that we saw just one quarter ago. Volumes doubled month-over-month just from February to March. We can see early indications of this translating into economic benefits. ACV growth among customers who use our AI solutions is outpacing growth from other customers by a wide margin. In March, we shared that nearly 150 customers across the Market Intelligence and Energy divisions were interacting with our data through AI applications like Claude and Copilot. in march we shared that nearly 150 customers across the market intelligence and energy divisions were interacting with our data through ai applications like claude and copilot We now have more than 300 customers under contract or in trial periods for Kensho LLM-ready APIs. we now have more than 300 customers under contract or in trial periods for kensho llm-ready apis In addition to the rapid growth in customers, we are seeing large increases in the volume of data that's consumed directly via API calls from customers and through these platforms. in addition to the rapid growth in customers we are seeing large increases in the volume of data that's consumed directly via api calls from customers and through these platforms For instance, in the Q1, the volume of API calls made by our customers was more than 5x the volume that we saw just one quarter ago. for instance in the q1 the volume of api calls made by our customers was more than 5x the volume that we saw just one quarter ago Volumes doubled month-over-month just from February to March. volumes doubled month-over-month just from february to march We can see early indications of this translating into economic benefits. we can see early indications of this translating into economic benefits ACV growth among customers who use our AI solutions is outpacing growth from other customers by a wide margin. acv growth among customers who use our ai solutions is outpacing growth from other customers by a wide margin Growth in Market Intelligence is 30% higher among AI customers compared to others, and growth among AI customers in Energy is double the growth rate among other customers. Chief Client Office customers are also actively seeking the deep expertise of our in-house Kensho team. 25% of these clients are engaged with our Kensho Labs technologists to explore opportunities to leverage our technology and data to help solve their most challenging problems. All in, our approach to leveraging AI in S&P Global products and S&P Global data in AI platforms is resonating with customers in a meaningful way. While it will take some time to see exactly how this manifests in our financial results, we are confident that the value we create for our customers is increasing and the economics will reflect that over time. Growth in Market Intelligence is 30% higher among AI customers compared to others, and growth among AI customers in Energy is double the growth rate among other customers. growth in market intelligence is 30% higher among ai customers compared to others and growth among ai customers in energy is double the growth rate among other customers Chief Client Office customers are also actively seeking the deep expertise of our in-house Kensho team. 25% of these clients are engaged with our Kensho Labs technologists to explore opportunities to leverage our technology and data to help solve their most challenging problems. chief client office customers are also actively seeking the deep expertise of our in-house kensho team 25% of these clients are engaged with our kensho labs technologists to explore opportunities to leverage our technology and data to help solve their most challenging problems All in, our approach to leveraging AI in S&P Global products and S&P Global data in AI platforms is resonating with customers in a meaningful way. all in our approach to leveraging ai in s&p global products and s&p global data in ai platforms is resonating with customers in a meaningful way While it will take some time to see exactly how this manifests in our financial results, we are confident that the value we create for our customers is increasing and the economics will reflect that over time. while it will take some time to see exactly how this manifests in our financial results we are confident that the value we create for our customers is increasing and the economics will reflect that over time At our Investor Day, we provided a breakdown of the revenue that S&P Global generates based on different categories of our data, benchmarks, and workflow tools. We noted that less than 5% of total revenue comes from undifferentiated data. Even within Market Intelligence, undifferentiated data contributes only 12% of revenue. We want to share the full breakdown of the division here. Advisory, consulting, and events constitute about 11% of Market Intelligence revenue, and our workflow tools, which include a portion of Capital IQ and all of Enterprise Solutions, constitute about 37%. Our proprietary and curated data includes proprietary data based on our intellectual property, as well as curated contributory and reference data. For our curated data, perhaps the biggest challenge in replicating some of these datasets like Compustat and SNL is the means by which we aggregated these datasets to begin with. At our Investor Day, we provided a breakdown of the revenue that S&P Global generates based on different categories of our data, benchmarks, and workflow tools. at our investor day we provided a breakdown of the revenue that s&p global generates based on different categories of our data benchmarks and workflow tools We noted that less than 5% of total revenue comes from undifferentiated data. we noted that less than 5% of total revenue comes from undifferentiated data Even within Market Intelligence, undifferentiated data contributes only 12% of revenue. even within market intelligence undifferentiated data contributes only 12% of revenue We want to share the full breakdown of the division here. we want to share the full breakdown of the division here Advisory, consulting, and events constitute about 11% of Market Intelligence revenue, and our workflow tools, which include a portion of Capital IQ and all of Enterprise Solutions, constitute about 37%. advisory consulting and events constitute about 11% of market intelligence revenue and our workflow tools which include a portion of capital iq and all of enterprise solutions constitute about 37% Our proprietary and curated data includes proprietary data based on our intellectual property, as well as curated contributory and reference data. our proprietary and curated data includes proprietary data based on our intellectual property as well as curated contributory and reference data For our curated data, perhaps the biggest challenge in replicating some of these datasets like Compustat and SNL is the means by which we aggregated these datasets to begin with. for our curated data perhaps the biggest challenge in replicating some of these datasets like compustat and snl is the means by which we aggregated these datasets to begin with Often, employees would have to physically scan microfiche and paper documents in local offices. While some of that data may be publicly available, many of these types of datasets are only available in digital formats from S&P Global. Importantly, Market Intelligence is also the distribution platform for our ratings content through RatingsDirect on Capital IQ Pro and RatingsXpress. Contributory datasets include products and data like Visible Alpha and WiS Intelligence. We also have reference data in this bucket, which is based on intellectual property owned or co-owned by S&P Global, like the Global Industry Classification Standard, or GICS, and LoanX IDs or LXIDs. We also generate unique proprietary data from our events, including our private markets events. The WiS Intelligence team collects insights through engagements with LPs that help TPs target more accurately based on fund, strategy, sector, and regional capital commitments. Often, employees would have to physically scan microfiche and paper documents in local offices. often employees would have to physically scan microfiche and paper documents in local offices While some of that data may be publicly available, many of these types of datasets are only available in digital formats from S&P Global. while some of that data may be publicly available many of these types of datasets are only available in digital formats from s&p global Importantly, Market Intelligence is also the distribution platform for our ratings content through RatingsDirect on Capital IQ Pro and RatingsXpress. importantly market intelligence is also the distribution platform for our ratings content through ratingsdirect on capital iq pro and ratingsxpress Contributory datasets include products and data like Visible Alpha and WiS Intelligence. contributory datasets include products and data like visible alpha and wis intelligence We also have reference data in this bucket, which is based on intellectual property owned or co-owned by S&P Global, like the Global Industry Classification Standard, or GICS, and LoanX IDs or LXIDs. we also have reference data in this bucket which is based on intellectual property owned or co-owned by s&p global like the global industry classification standard or gics and loanx ids or lxids We also generate unique proprietary data from our events, including our private markets events. we also generate unique proprietary data from our events including our private markets events The WiS Intelligence team collects insights through engagements with LPs that help TPs target more accurately based on fund, strategy, sector, and regional capital commitments. the wis intelligence team collects insights through engagements with lps that help tps target more accurately based on fund strategy sector and regional capital commitments This unique insight is available through our intentions and preferences dataset. One important point is that we have attributed the revenue from Capital IQ across three categories: benchmarks, workflow tools, and undifferentiated data. While many of our customers would likely attribute less value to the undifferentiated data, we wanted to take a conservative approach to this analysis. That breakdown is important because it highlights the multifaceted value proposition for Capital IQ Pro. When we talk about Capital IQ Pro, many investors often focus on our core platform or desktop offering. However, Capital IQ Pro's value to our customers extends far beyond the desktop to the data, business logic, and tools that are housed within the platform. As I mentioned earlier, we are deploying AI-native solutions and tools for those seeking speed and scale on Cap IQ Pro, including Cap IQ and Chart Explainer. This unique insight is available through our intentions and preferences dataset. One important point is that we have attributed the revenue from Capital IQ across three categories: benchmarks, workflow tools, and undifferentiated data. this unique insight is available through our intentions and preferences dataset. one important point is that we have attributed the revenue from capital iq across three categories benchmarks workflow tools and undifferentiated data While many of our customers would likely attribute less value to the undifferentiated data, we wanted to take a conservative approach to this analysis. while many of our customers would likely attribute less value to the undifferentiated data we wanted to take a conservative approach to this analysis That breakdown is important because it highlights the multifaceted value proposition for Capital IQ Pro. that breakdown is important because it highlights the multifaceted value proposition for capital iq pro When we talk about Capital IQ Pro, many investors often focus on our core platform or desktop offering. when we talk about capital iq pro many investors often focus on our core platform or desktop offering However, Capital IQ Pro's value to our customers extends far beyond the desktop to the data, business logic, and tools that are housed within the platform. however capital iq pro's value to our customers extends far beyond the desktop to the data business logic and tools that are housed within the platform As I mentioned earlier, we are deploying AI-native solutions and tools for those seeking speed and scale on Cap IQ Pro, including Cap IQ and Chart Explainer. as i mentioned earlier we are deploying ai-native solutions and tools for those seeking speed and scale on cap iq pro including cap iq and chart explainer These features are already driving customer engagement, and we expect many of our customers will continue to consume our content and data primarily through an integrated desktop solution. Other customers will have an interest in interacting with our content in their own AI environments and in third-party productivity tools like Claude and ChatGPT. Much of our data is accessible via Model Context Protocol, or MCP, and other standard protocols to customers in these environments. Our branded custom business logic and calculation engines, as well as many of the tools that exist in Cap IQ Pro, will integrate with platforms like Copilot and Claude. Our customers are on their own AI journeys and adopting these new platforms in different ways, depending on urgency, comfort level, and regulatory sensitivity. These features are already driving customer engagement, and we expect many of our customers will continue to consume our content and data primarily through an integrated desktop solution. these features are already driving customer engagement and we expect many of our customers will continue to consume our content and data primarily through an integrated desktop solution Other customers will have an interest in interacting with our content in their own AI environments and in third-party productivity tools like Claude and ChatGPT. other customers will have an interest in interacting with our content in their own ai environments and in third-party productivity tools like claude and chatgpt Much of our data is accessible via Model Context Protocol, or MCP, and other standard protocols to customers in these environments. much of our data is accessible via model context protocol or mcp and other standard protocols to customers in these environments Our branded custom business logic and calculation engines, as well as many of the tools that exist in Cap IQ Pro, will integrate with platforms like Copilot and Claude. our branded custom business logic and calculation engines as well as many of the tools that exist in cap iq pro will integrate with platforms like copilot and claude Our customers are on their own AI journeys and adopting these new platforms in different ways, depending on urgency, comfort level, and regulatory sensitivity. our customers are on their own ai journeys and adopting these new platforms in different ways depending on urgency comfort level and regulatory sensitivity We will continue to invest in new ways to create value for our customers, including delivery through MCP and Agent2Agent Protocol, to ensure that customers can access our data and tools where they need it. As usage increases and use cases expand, we expect to align the economics with the value we create through price. In the Q1, we saw a great deal of innovation, including new products, new features, and new services for our customers. Within Market Intelligence, we continue to make progress in the private markets with our partnership with Cambridge Associates and Mercer. In our Energy division, we just wrapped up the best CERAWeek we've ever had. We unveiled our new AI-native upstream product for data and insights called CERA Titan. As we've discussed with you previously, we are in the process of completely revamping the upstream business within our Energy division. We will continue to invest in new ways to create value for our customers, including delivery through MCP and Agent2Agent Protocol, to ensure that customers can access our data and tools where they need it. we will continue to invest in new ways to create value for our customers including delivery through mcp and agent2agent protocol to ensure that customers can access our data and tools where they need it As usage increases and use cases expand, we expect to align the economics with the value we create through price. as usage increases and use cases expand we expect to align the economics with the value we create through price In the Q1, we saw a great deal of innovation, including new products, new features, and new services for our customers. in the q1 we saw a great deal of innovation including new products new features and new services for our customers Within Market Intelligence, we continue to make progress in the private markets with our partnership with Cambridge Associates and Mercer. within market intelligence we continue to make progress in the private markets with our partnership with cambridge associates and mercer In our Energy division, we just wrapped up the best CERAWeek we've ever had. in our energy division we just wrapped up the best ceraweek we've ever had We unveiled our new AI-native upstream product for data and insights called CERA Titan. we unveiled our new ai-native upstream product for data and insights called cera titan As we've discussed with you previously, we are in the process of completely revamping the upstream business within our Energy division. as we've discussed with you previously we are in the process of completely revamping the upstream business within our energy division 70 customers were able to demo the new platform, and feedback was overwhelmingly positive. We immediately saw an increase in leads and sales pipeline for upstream data and insights, and one large strategic customer was so pleased with the new platform that we were able to close a large renewal with a meaningful increase in contract value. In addition to improving our data and insight solutions, we also announced in a separate press release that we had signed an agreement to divest the software portfolio in our upstream business, and we expect that to close in the second half of 2026 or early 2027. This allows us to more tightly focus our efforts on the proprietary data and insights within upstream, and we believe this will allow us to make faster progress toward returning upstream to sustained positive growth. 70 customers were able to demo the new platform, and feedback was overwhelmingly positive. 70 customers were able to demo the new platform and feedback was overwhelmingly positive We immediately saw an increase in leads and sales pipeline for upstream data and insights, and one large strategic customer was so pleased with the new platform that we were able to close a large renewal with a meaningful increase in contract value. we immediately saw an increase in leads and sales pipeline for upstream data and insights and one large strategic customer was so pleased with the new platform that we were able to close a large renewal with a meaningful increase in contract value In addition to improving our data and insight solutions, we also announced in a separate press release that we had signed an agreement to divest the software portfolio in our upstream business, and we expect that to close in the second half of 2026 or early 2027. in addition to improving our data and insight solutions we also announced in a separate press release that we had signed an agreement to divest the software portfolio in our upstream business and we expect that to close in the second half of 2026 or early 2027 This allows us to more tightly focus our efforts on the proprietary data and insights within upstream, and we believe this will allow us to make faster progress toward returning upstream to sustained positive growth. this allows us to more tightly focus our efforts on the proprietary data and insights within upstream and we believe this will allow us to make faster progress toward returning upstream to sustained positive growth We continue to innovate within S&P Dow Jones Indices with the launch of iBoxx US Treasuries Index as the first major index available as a native digital asset on a blockchain. We also launched an additional tokenized S&P 500 index on blockchain in partnership with Centrifuge. We launched S&P Lincoln US and Europe Senior Debt Indices. We continue to focus on decentralized finance and fixed income as strategic initiatives and are excited about the slate of new products coming to market. In Ratings, we rated the first esoteric ABS issuance backed by Bitcoin as we continue the innovation leadership in digital asset finance that we started in 2018. As we continue to execute our strategy, we are pleased with the results we're delivering for our shareholders, with strong revenue growth and margin expansion in every division. We continue to innovate within S&P Dow Jones Indices with the launch of iBoxx US Treasuries Index as the first major index available as a native digital asset on a blockchain. we continue to innovate within s&p dow jones indices with the launch of iboxx us treasuries index as the first major index available as a native digital asset on a blockchain We also launched an additional tokenized S&P 500 index on blockchain in partnership with Centrifuge. we also launched an additional tokenized s&p 500 index on blockchain in partnership with centrifuge We launched S&P Lincoln US and Europe Senior Debt Indices. we launched s&p lincoln us and europe senior debt indices We continue to focus on decentralized finance and fixed income as strategic initiatives and are excited about the slate of new products coming to market. we continue to focus on decentralized finance and fixed income as strategic initiatives and are excited about the slate of new products coming to market In Ratings, we rated the first esoteric ABS issuance backed by Bitcoin as we continue the innovation leadership in digital asset finance that we started in 2018. in ratings we rated the first esoteric abs issuance backed by bitcoin as we continue the innovation leadership in digital asset finance that we started in 2018 As we continue to execute our strategy, we are pleased with the results we're delivering for our shareholders, with strong revenue growth and margin expansion in every division. as we continue to execute our strategy we are pleased with the results we're delivering for our shareholders with strong revenue growth and margin expansion in every division With that, I'll hand it over to Eric to walk through the quarter's financial results and the guidance. With that, I'll hand it over to Eric to walk through the quarter's financial results and the guidance. with that i'll hand it over to eric to walk through the quarter's financial results and the guidance

Speaker 7: Thank you, Martina, and good morning, everyone. Starting with slide 16, we delivered strong Q1 financial results with 10% reported revenue growth, 9% organic constant currency revenue growth, and 14% growth in adjusted diluted EPS. This performance underscores the durability and resilience of our business even amid a period of elevated geopolitical and economic disruption. Reported revenue growth of 10% includes the acquisition of With Intelligence, which closed in the Q4, offset by the divestitures of EDM and thinkFolio in January, as well as modest tailwind from FX. Adjusted expenses increased 8%. As Martina mentioned, we began to see volatility and macro risk increase in late February and continue through March. We reacted quickly to make sure we were managing expenses effectively, allowing for better Q1 margins in every division than we had anticipated when we gave initial guidance. Thank you, Martina, and good morning, everyone. thank you martina and good morning everyone Starting with slide 16, we delivered strong Q1 financial results with 10% reported revenue growth, 9% organic constant currency revenue growth, and 14% growth in adjusted diluted EPS. starting with slide 16 we delivered strong q1 financial results with 10% reported revenue growth 9% organic constant currency revenue growth and 14% growth in adjusted diluted eps This performance underscores the durability and resilience of our business even amid a period of elevated geopolitical and economic disruption. this performance underscores the durability and resilience of our business even amid a period of elevated geopolitical and economic disruption Reported revenue growth of 10% includes the acquisition of With Intelligence, which closed in the Q4, offset by the divestitures of EDM and thinkFolio in January, as well as modest tailwind from FX. reported revenue growth of 10% includes the acquisition of with intelligence which closed in the q4 offset by the divestitures of edm and thinkfolio in january as well as modest tailwind from fx Adjusted expenses increased 8%. adjusted expenses increased 8% As Martina mentioned, we began to see volatility and macro risk increase in late February and continue through March. as martina mentioned we began to see volatility and macro risk increase in late february and continue through march We reacted quickly to make sure we were managing expenses effectively, allowing for better Q1 margins in every division than we had anticipated when we gave initial guidance. we reacted quickly to make sure we were managing expenses effectively allowing for better q1 margins in every division than we had anticipated when we gave initial guidance Strong growth and disciplined expense management combined to deliver 100 basis points of year-on-year margin expansion to 51.8% and 12% growth in adjusted operating profit. Excluding OSTTRA from the prior year period, our Q1 2026 margin expansion would have been 160 basis points. Turning to our divisions on slide 17. Market Intelligence revenue grew 8%. Organic constant currency revenue grew 6% in the Q1. Subscription revenue increased a solid 6%, both on a reported and organic basis, driven by strong renewals and net sales across the franchise. Subscription growth included a 50 basis point headwind from the timing of revenue recognition that we expect to reverse in the back half of the year. One-time revenue and volume-driven revenue grew 18% in aggregate in the quarter. Strong growth and disciplined expense management combined to deliver 100 basis points of year-on-year margin expansion to 51.8% and 12% growth in adjusted operating profit. strong growth and disciplined expense management combined to deliver 100 basis points of year-on-year margin expansion to 51.8% and 12% growth in adjusted operating profit Excluding OSTTRA from the prior year period, our Q1 2026 margin expansion would have been 160 basis points. excluding osttra from the prior year period our q1 2026 margin expansion would have been 160 basis points Turning to our divisions on slide 17. turning to our divisions on slide 17 Market Intelligence revenue grew 8%. market intelligence revenue grew 8% Organic constant currency revenue grew 6% in the Q1. organic constant currency revenue grew 6% in the q1 Subscription revenue increased a solid 6%, both on a reported and organic basis, driven by strong renewals and net sales across the franchise. subscription revenue increased a solid 6% both on a reported and organic basis driven by strong renewals and net sales across the franchise Subscription growth included a 50 basis point headwind from the timing of revenue recognition that we expect to reverse in the back half of the year. One-time revenue and volume-driven revenue grew 18% in aggregate in the quarter. subscription growth included a 50 basis point headwind from the timing of revenue recognition that we expect to reverse in the back half of the year. one-time revenue and volume-driven revenue grew 18% in aggregate in the quarter This was partly driven by the acquisition of With Intelligence and partly by the rebound of volume-driven activity. Data analytics and insights reported revenue increased by 11%, driven by our first full quarter of revenue from the With Intelligence acquisition, worth 6 percentage points, as well as solid 5% organic growth driven by market data and valuations, Cap IQ Pro, and Visible Alpha. Enterprise Solutions reported revenue grew 3%, reflecting the divestiture of EDM and thinkFolio in mid-January. The businesses delivered very strong organic growth of 14%, with double-digit growth across all major product lines. We've also included an additional slide in our supplemental deck to provide a breakdown of the workflow tools in our Enterprise Solutions segment, most of which benefit heavily from S&P Global data and strong external networks. This was partly driven by the acquisition of With Intelligence and partly by the rebound of volume-driven activity. this was partly driven by the acquisition of with intelligence and partly by the rebound of volume-driven activity Data analytics and insights reported revenue increased by 11%, driven by our first full quarter of revenue from the With Intelligence acquisition, worth 6 percentage points, as well as solid 5% organic growth driven by market data and valuations, Cap IQ Pro, and Visible Alpha. data analytics and insights reported revenue increased by 11% driven by our first full quarter of revenue from the with intelligence acquisition worth 6 percentage points as well as solid 5% organic growth driven by market data and valuations cap iq pro and visible alpha Enterprise Solutions reported revenue grew 3%, reflecting the divestiture of EDM and thinkFolio in mid-January. enterprise solutions reported revenue grew 3% reflecting the divestiture of edm and thinkfolio in mid-january The businesses delivered very strong organic growth of 14%, with double-digit growth across all major product lines. the businesses delivered very strong organic growth of 14% with double-digit growth across all major product lines We've also included an additional slide in our supplemental deck to provide a breakdown of the workflow tools in our Enterprise Solutions segment, most of which benefit heavily from S&P Global data and strong external networks. we've also included an additional slide in our supplemental deck to provide a breakdown of the workflow tools in our enterprise solutions segment most of which benefit heavily from s&p global data and strong external networks Credit and risk solutions revenue grew 6%, driven by strong subscription sales of RatingsXpress and RatingsDirect. Market Intelligence's adjusted expenses increased 7% year-over-year, driven by a full quarter of expenses from the With Intelligence acquisition, as well as an unfavorable FX impact, higher compensation expense, and long-term strategic investments, partially offset by the impact from the recent divestitures, including the sale of EDM and thinkFolio. Market Intelligence delivered 80 basis points of operating margin expansion to 33.6% in the quarter. Now turning to ratings on slide 18. Ratings revenue increased 13% year-over-year, exceeding our internal expectations for the quarter. Growth was strong across both transactional and non-transactional revenue streams. Transactional revenue increased 15%, driven by strength in investment grade, supported by a number of large hyperscale and M&A transactions in the Q1. Credit and risk solutions revenue grew 6%, driven by strong subscription sales of RatingsXpress and RatingsDirect. credit and risk solutions revenue grew 6% driven by strong subscription sales of ratingsxpress and ratingsdirect Market Intelligence's adjusted expenses increased 7% year-over-year, driven by a full quarter of expenses from the With Intelligence acquisition, as well as an unfavorable FX impact, higher compensation expense, and long-term strategic investments, partially offset by the impact from the recent divestitures, including the sale of EDM and thinkFolio. market intelligence's adjusted expenses increased 7% year-over-year driven by a full quarter of expenses from the with intelligence acquisition as well as an unfavorable fx impact higher compensation expense and long-term strategic investments partially offset by the impact from the recent divestitures including the sale of edm and thinkfolio Market Intelligence delivered 80 basis points of operating margin expansion to 33.6% in the quarter. market intelligence delivered 80 basis points of operating margin expansion to 33.6% in the quarter Now turning to ratings on slide 18. now turning to ratings on slide 18 Ratings revenue increased 13% year-over-year, exceeding our internal expectations for the quarter. ratings revenue increased 13% year-over-year exceeding our internal expectations for the quarter Growth was strong across both transactional and non-transactional revenue streams. growth was strong across both transactional and non-transactional revenue streams Transactional revenue increased 15%, driven by strength in investment grade, supported by a number of large hyperscale and M&A transactions in the Q1. transactional revenue increased 15% driven by strength in investment grade supported by a number of large hyperscale and m&a transactions in the q1 Transaction revenue from governance, high yield, and structured finance also grew in the quarter, was more than offset by the weakness in bank loans due to a high teens decline in build issuance. Private markets revenues were up over 25%. Non-transactional revenue grew 11%, driven primarily by higher annual fee and CRISIL revenue. We were also pleased by our growth in Issuer Credit Ratings, or ICRs, and Rating Evaluation Services, or RES, in the quarter. Adjusted expenses rose 8%, reflecting higher compensation costs and continued strategic investments in our people, technology, and product development. This contributed to the division's 160 basis points of margin expansion to 67.8%. Turning to S&P Global Energy on Slide 19. The conflict in Iran has brought considerable volatility and uncertainty to the energy markets that has persisted into the Q2. Transaction revenue from governance, high yield, and structured finance also grew in the quarter, was more than offset by the weakness in bank loans due to a high teens decline in build issuance. transaction revenue from governance high yield and structured finance also grew in the quarter was more than offset by the weakness in bank loans due to a high teens decline in build issuance Private markets revenues were up over 25%. private markets revenues were up over 25% Non-transactional revenue grew 11%, driven primarily by higher annual fee and CRISIL revenue. non-transactional revenue grew 11% driven primarily by higher annual fee and crisil revenue We were also pleased by our growth in Issuer Credit Ratings, or ICRs, and Rating Evaluation Services, or RES, in the quarter. we were also pleased by our growth in issuer credit ratings or icrs and rating evaluation services or res in the quarter Adjusted expenses rose 8%, reflecting higher compensation costs and continued strategic investments in our people, technology, and product development. adjusted expenses rose 8% reflecting higher compensation costs and continued strategic investments in our people technology and product development This contributed to the division's 160 basis points of margin expansion to 67.8%. this contributed to the division's 160 basis points of margin expansion to 67.8% Turning to S&P Global Energy on Slide 19. turning to s&p global energy on slide 19 The conflict in Iran has brought considerable volatility and uncertainty to the energy markets that has persisted into the Q2. the conflict in iran has brought considerable volatility and uncertainty to the energy markets that has persisted into the q2 Some of the energy customers in the Middle East have experienced a direct impact to their facilities, and many are facing supply chain and/or distribution disruptions. Even in this environment, energy revenue grew 7% this quarter as we benefited from very strong events revenue, and we saw a spike in volume-driven transactional activity. At the same time, the conflict weighed on other parts of our energy division, including our subscription revenue. Sanctions continue to be a headwind as well, as we've called out in recent quarters, but the conflict in the Middle East is pressuring clients and could lead to slower growth in the coming quarters. As Martina noted earlier, amid this uncertainty, our customers are turning to S&P Global for data and insights only we can provide. CERAWeek in Houston hit new records. Some of the energy customers in the Middle East have experienced a direct impact to their facilities, and many are facing supply chain and/or distribution disruptions. some of the energy customers in the middle east have experienced a direct impact to their facilities and many are facing supply chain and/or distribution disruptions Even in this environment, energy revenue grew 7% this quarter as we benefited from very strong events revenue, and we saw a spike in volume-driven transactional activity. even in this environment energy revenue grew 7% this quarter as we benefited from very strong events revenue and we saw a spike in volume-driven transactional activity At the same time, the conflict weighed on other parts of our energy division, including our subscription revenue. at the same time the conflict weighed on other parts of our energy division including our subscription revenue Sanctions continue to be a headwind as well, as we've called out in recent quarters, but the conflict in the Middle East is pressuring clients and could lead to slower growth in the coming quarters. sanctions continue to be a headwind as well as we've called out in recent quarters but the conflict in the middle east is pressuring clients and could lead to slower growth in the coming quarters As Martina noted earlier, amid this uncertainty, our customers are turning to S&P Global for data and insights only we can provide. as martina noted earlier amid this uncertainty our customers are turning to s&p global for data and insights only we can provide CERAWeek in Houston hit new records. ceraweek in houston hit new records Online, the number of user queries in our energy platform's Chat AI feature more than doubled quarter-over-quarter. Energy resources data and insights and price assessments grew 7% and 6% respectively, driven by strength in petroleum, gas, power, and renewables. The sanctions we discussed last year drove a 100 basis points headwind to energy and resources and a 140 basis points headwind to price assessments. Advisory and transactional services revenue increased 15%, driven by strong growth in conference and training revenue as CERAWeek delivered record-setting attendance and revenue. We also posted close to 30% growth in Global Trading Services, or GTS, amid elevated energy market volatility. Upstream data and insights revenue declined 5% in the quarter, driven by the absence of a prior year one-time fee. Online, the number of user queries in our energy platform's Chat AI feature more than doubled quarter-over-quarter. online the number of user queries in our energy platform's chat ai feature more than doubled quarter-over-quarter Energy resources data and insights and price assessments grew 7% and 6% respectively, driven by strength in petroleum, gas, power, and renewables. energy resources data and insights and price assessments grew 7% and 6% respectively driven by strength in petroleum gas power and renewables The sanctions we discussed last year drove a 100 basis points headwind to energy and resources and a 140 basis points headwind to price assessments. the sanctions we discussed last year drove a 100 basis points headwind to energy and resources and a 140 basis points headwind to price assessments Advisory and transactional services revenue increased 15%, driven by strong growth in conference and training revenue as CERAWeek delivered record-setting attendance and revenue. advisory and transactional services revenue increased 15% driven by strong growth in conference and training revenue as ceraweek delivered record-setting attendance and revenue We also posted close to 30% growth in Global Trading Services, or GTS, amid elevated energy market volatility. we also posted close to 30% growth in global trading services or gts amid elevated energy market volatility Upstream data and insights revenue declined 5% in the quarter, driven by the absence of a prior year one-time fee. upstream data and insights revenue declined 5% in the quarter driven by the absence of a prior year one-time fee We continue to streamline this business line and refocus on the areas of proprietary data and insights, as Martina mentioned. Our transformation is on track, including the realignment of sales teams and the debut of our upgraded client platform at CERAWeek, which already has sparked strong customer interest. Given heightened energy market volatility and uncertainty, we still think it could take several quarters before these management actions drive growth in upstream. Adjusted expenses grew 4%. Our teams in energy did a particularly good job moving quickly to keep expense growth low to preserve margins during a volatile period. The expense growth we did see was driven by higher compensation costs and unfavorable FX impact, as well as ongoing investments in growth initiatives. Q1 margin expanded by 120 basis points to 49.3%. We continue to streamline this business line and refocus on the areas of proprietary data and insights, as Martina mentioned. we continue to streamline this business line and refocus on the areas of proprietary data and insights as martina mentioned Our transformation is on track, including the realignment of sales teams and the debut of our upgraded client platform at CERAWeek, which already has sparked strong customer interest. our transformation is on track including the realignment of sales teams and the debut of our upgraded client platform at ceraweek which already has sparked strong customer interest Given heightened energy market volatility and uncertainty, we still think it could take several quarters before these management actions drive growth in upstream. given heightened energy market volatility and uncertainty we still think it could take several quarters before these management actions drive growth in upstream Adjusted expenses grew 4%. adjusted expenses grew 4% Our teams in energy did a particularly good job moving quickly to keep expense growth low to preserve margins during a volatile period. our teams in energy did a particularly good job moving quickly to keep expense growth low to preserve margins during a volatile period The expense growth we did see was driven by higher compensation costs and unfavorable FX impact, as well as ongoing investments in growth initiatives. the expense growth we did see was driven by higher compensation costs and unfavorable fx impact as well as ongoing investments in growth initiatives Q1 margin expanded by 120 basis points to 49.3%. q1 margin expanded by 120 basis points to 49.3% Now turning to S&P Dow Jones Indices on Slide 20. Revenue grew by 17%, with double-digit growth across all business lines. Revenue associated with asset link fees grew 18% in the Q1. This was driven by year-over-year equity market appreciation and net inflows into products based on S&P Dow Jones Indices. As we've noted before, in periods of heightened volatility, we often see slower flows and higher-priced indices like Sector, Factor, and Thematics, and higher flows and lower price indices like the S&P 500. That was the case in the Q1 as well, and that mix shift drove a modest decline in average realized price year-over-year in our asset length fees business. Exchange traded derivatives revenue was up 18%, driven by strong volumes, particularly in SPX, which continues to demonstrate the natural hedge we have in this business during times of geopolitical and macroeconomic disruptions. Now turning to S&P Dow Jones Indices on Slide 20. now turning to s&p dow jones indices on slide 20 Revenue grew by 17%, with double-digit growth across all business lines. revenue grew by 17% with double-digit growth across all business lines Revenue associated with asset link fees grew 18% in the Q1. revenue associated with asset link fees grew 18% in the q1 This was driven by year-over-year equity market appreciation and net inflows into products based on S&P Dow Jones Indices. this was driven by year-over-year equity market appreciation and net inflows into products based on s&p dow jones indices As we've noted before, in periods of heightened volatility, we often see slower flows and higher-priced indices like Sector, Factor, and Thematics, and higher flows and lower price indices like the S&P 500. as we've noted before in periods of heightened volatility we often see slower flows and higher-priced indices like sector factor and thematics and higher flows and lower price indices like the s&p 500 That was the case in the Q1 as well, and that mix shift drove a modest decline in average realized price year-over-year in our asset length fees business. that was the case in the q1 as well and that mix shift drove a modest decline in average realized price year-over-year in our asset length fees business Exchange traded derivatives revenue was up 18%, driven by strong volumes, particularly in SPX, which continues to demonstrate the natural hedge we have in this business during times of geopolitical and macroeconomic disruptions. exchange traded derivatives revenue was up 18% driven by strong volumes particularly in spx which continues to demonstrate the natural hedge we have in this business during times of geopolitical and macroeconomic disruptions Data and custom subscriptions continued to benefit from our focused commercial efforts over the last several quarters, posting its third consecutive quarter of double-digit growth. Revenue increased 12%, largely driven by new business growth and end-of-day contracts. Adjusted expenses were up 13% year-over-year, driven by higher compensation costs and investments in growth initiatives. Indices operating profit grew 18% and operating margin expanded 90 basis points to 73.8%. Turning to Mobility on slide 21. Revenue grew 8% in the Q1, underscoring the mission-critical nature of the division's products with high single-digit growth in both dealer and financials and other, a modest tailwind from FX. Customers continue to rely on CARFAX's unique data and solutions, driving strong subscription growth despite a complicated environment for automotive OEMs. Data and custom subscriptions continued to benefit from our focused commercial efforts over the last several quarters, posting its third consecutive quarter of double-digit growth. data and custom subscriptions continued to benefit from our focused commercial efforts over the last several quarters posting its third consecutive quarter of double-digit growth Revenue increased 12%, largely driven by new business growth and end-of-day contracts. revenue increased 12% largely driven by new business growth and end-of-day contracts Adjusted expenses were up 13% year-over-year, driven by higher compensation costs and investments in growth initiatives. adjusted expenses were up 13% year-over-year driven by higher compensation costs and investments in growth initiatives Indices operating profit grew 18% and operating margin expanded 90 basis points to 73.8%. indices operating profit grew 18% and operating margin expanded 90 basis points to 73.8% Turning to Mobility on slide 21. turning to mobility on slide 21 Revenue grew 8% in the Q1, underscoring the mission-critical nature of the division's products with high single-digit growth in both dealer and financials and other, a modest tailwind from FX. revenue grew 8% in the q1 underscoring the mission-critical nature of the division's products with high single-digit growth in both dealer and financials and other a modest tailwind from fx Customers continue to rely on CARFAX's unique data and solutions, driving strong subscription growth despite a complicated environment for automotive OEMs. customers continue to rely on carfax's unique data and solutions driving strong subscription growth despite a complicated environment for automotive oems Dealer revenue increased 9%, benefiting from momentum in new customer growth at CARFAX and automotiveMastermind. Manufacturing revenue grew 5%, driven by subscription growth and increased discretionary spending. Growth was partially offset by softness in recalls and OEM marketing-related products. Financials & Other grew 8% as the business line continues to benefit from underwriting volumes and commercial momentum. Adjusted expenses grew 5%, driven by advertising and promotional investments. Mobility's operating margin expanded 150 basis points year-over-year to 40%. Looking forward, we remain on track for a planned separation of Mobility business, including completion of the spin mid-2026. We will file our Form 10 publicly this quarter, and the Mobility Global team is excited to be hosting their Investor Day in New York City on May 12th, ahead of the launch of its equity roadshow. Dealer revenue increased 9%, benefiting from momentum in new customer growth at CARFAX and automotiveMastermind. dealer revenue increased 9% benefiting from momentum in new customer growth at carfax and automotivemastermind Manufacturing revenue grew 5%, driven by subscription growth and increased discretionary spending. manufacturing revenue grew 5% driven by subscription growth and increased discretionary spending Growth was partially offset by softness in recalls and OEM marketing-related products. growth was partially offset by softness in recalls and oem marketing-related products Financials & Other grew 8% as the business line continues to benefit from underwriting volumes and commercial momentum. financials & other grew 8% as the business line continues to benefit from underwriting volumes and commercial momentum Adjusted expenses grew 5%, driven by advertising and promotional investments. adjusted expenses grew 5% driven by advertising and promotional investments Mobility's operating margin expanded 150 basis points year-over-year to 40%. mobility's operating margin expanded 150 basis points year-over-year to 40% Looking forward, we remain on track for a planned separation of Mobility business, including completion of the spin mid-2026. looking forward we remain on track for a planned separation of mobility business including completion of the spin mid-2026 We will file our Form 10 publicly this quarter, and the Mobility Global team is excited to be hosting their Investor Day in New York City on May 12th, ahead of the launch of its equity roadshow. we will file our form 10 publicly this quarter and the mobility global team is excited to be hosting their investor day in new york city on may 12th ahead of the launch of its equity roadshow We also plan to launch a public debt offering for Mobility at some point this quarter, targeting an investment-grade rating. As a reminder, from a financial reporting and guidance perspective, S&P Global will continue to fully consolidate Mobility Global in our financial statements and 2026 guidance until the separation is complete. Upon completion of the spin, we intend to provide recast financials for the 4 quarters of 2025 and any 2026 periods reported, adjusted to exclude Mobility's contributions along with other relevant adjustments as outlined at our Investor Day. We also expect to issue updated 2026 guidance at that time, excluding Mobility. Shifting to our outlook, starting with slide 22. I'd like to review the key macroeconomic assumptions that underpin our guidance, which takes into account the current geopolitical environment. We also plan to launch a public debt offering for Mobility at some point this quarter, targeting an investment-grade rating. we also plan to launch a public debt offering for mobility at some point this quarter targeting an investment-grade rating As a reminder, from a financial reporting and guidance perspective, S&P Global will continue to fully consolidate Mobility Global in our financial statements and 2026 guidance until the separation is complete. as a reminder from a financial reporting and guidance perspective s&p global will continue to fully consolidate mobility global in our financial statements and 2026 guidance until the separation is complete Upon completion of the spin, we intend to provide recast financials for the 4 quarters of 2025 and any 2026 periods reported, adjusted to exclude Mobility's contributions along with other relevant adjustments as outlined at our Investor Day. upon completion of the spin we intend to provide recast financials for the 4 quarters of 2025 and any 2026 periods reported adjusted to exclude mobility's contributions along with other relevant adjustments as outlined at our investor day We also expect to issue updated 2026 guidance at that time, excluding Mobility. we also expect to issue updated 2026 guidance at that time excluding mobility Shifting to our outlook, starting with slide 22. shifting to our outlook starting with slide 22 I'd like to review the key macroeconomic assumptions that underpin our guidance, which takes into account the current geopolitical environment. i'd like to review the key macroeconomic assumptions that underpin our guidance which takes into account the current geopolitical environment The conflict in Iran has led to the largest energy shock since the 1970s and counterbalanced what was previously a broadly favorable economic environment for our business. Our current outlook assumes the situation stabilizes by the end of the Q2, but we acknowledge the risk of a protracted conflict. We assume 3.2% global GDP growth, including 2.2% growth in the US We also assume 3.2% CPI growth in the US We expect near-term energy client demand to remain suppressed given our expectation for ongoing market uncertainty. Should the conflict persist longer or escalate, we could see more significant direct headwinds, particularly in our energy business, and significant indirect headwinds in our market-sensitive businesses, depending on equity market reaction and credit market conditions. The conflict in Iran has led to the largest energy shock since the 1970s and counterbalanced what was previously a broadly favorable economic environment for our business. the conflict in iran has led to the largest energy shock since the 1970s and counterbalanced what was previously a broadly favorable economic environment for our business Our current outlook assumes the situation stabilizes by the end of the Q2, but we acknowledge the risk of a protracted conflict. our current outlook assumes the situation stabilizes by the end of the q2 but we acknowledge the risk of a protracted conflict We assume 3.2% global GDP growth, including 2.2% growth in the US We also assume 3.2% CPI growth in the US We expect near-term energy client demand to remain suppressed given our expectation for ongoing market uncertainty. we assume 3.2% global gdp growth including 2.2% growth in the us we also assume 3.2% cpi growth in the us we expect near-term energy client demand to remain suppressed given our expectation for ongoing market uncertainty Should the conflict persist longer or escalate, we could see more significant direct headwinds, particularly in our energy business, and significant indirect headwinds in our market-sensitive businesses, depending on equity market reaction and credit market conditions. should the conflict persist longer or escalate we could see more significant direct headwinds particularly in our energy business and significant indirect headwinds in our market-sensitive businesses depending on equity market reaction and credit market conditions We continue to see favorable market conditions for issuance in 2026, even though we now only expect one rate cut in the US We also entered the year with encouraging maturity walls, as we discussed on our Q4 call. We are encouraged by the growth of announced M&A. As Martina mentioned, some of the strength in issuance in the Q1 was driven by front-end loading of hyperscaler issuance relative to our initial expectations. Given both the outperformance in the Q1 and the more modest expectations for Q2, we do not expect to see acceleration in ratings revenue growth in the Q2. We continue to expect ratings growth to moderate in the Q3 before turning negative in the Q4 as we lap prior year highs. This leads us to our updated guidance for the enterprise on slide 23. We continue to see favorable market conditions for issuance in 2026, even though we now only expect one rate cut in the US We also entered the year with encouraging maturity walls, as we discussed on our Q4 call. we continue to see favorable market conditions for issuance in 2026 even though we now only expect one rate cut in the us we also entered the year with encouraging maturity walls as we discussed on our q4 call We are encouraged by the growth of announced M&A. we are encouraged by the growth of announced m&a As Martina mentioned, some of the strength in issuance in the Q1 was driven by front-end loading of hyperscaler issuance relative to our initial expectations. as martina mentioned some of the strength in issuance in the q1 was driven by front-end loading of hyperscaler issuance relative to our initial expectations Given both the outperformance in the Q1 and the more modest expectations for Q2, we do not expect to see acceleration in ratings revenue growth in the Q2. given both the outperformance in the q1 and the more modest expectations for q2 we do not expect to see acceleration in ratings revenue growth in the q2 We continue to expect ratings growth to moderate in the Q3 before turning negative in the Q4 as we lap prior year highs. we continue to expect ratings growth to moderate in the q3 before turning negative in the q4 as we lap prior year highs This leads us to our updated guidance for the enterprise on slide 23. this leads us to our updated guidance for the enterprise on slide 23 At the consolidated level, we are reiterating our guidance for organic constant currency revenue growth in the range of 6%-8%. We are also reiterating our guidance for 50 basis points-75 basis points of margin expansion in 2026, excluding the impact of Astra. Our adjusted EPS guidance is also unchanged as slightly higher expected interest expense is offset by lower share count due to the additional repurchases we now expect. As you can see on slide 24, our division guidance is also unchanged with the exception of our Energy division. Given the external environment, particularly the impact of the Iran conflict and the energy disruption on both the demand and supply side, we currently expect to deliver organic constant currency revenue growth in the range of 4.5%-6%, 1 percentage point lower than the previous guidance. At the consolidated level, we are reiterating our guidance for organic constant currency revenue growth in the range of 6%-8%. at the consolidated level we are reiterating our guidance for organic constant currency revenue growth in the range of 6%-8% We are also reiterating our guidance for 50 basis points-75 basis points of margin expansion in 2026, excluding the impact of Astra. we are also reiterating our guidance for 50 basis points-75 basis points of margin expansion in 2026 excluding the impact of astra Our adjusted EPS guidance is also unchanged as slightly higher expected interest expense is offset by lower share count due to the additional repurchases we now expect. our adjusted eps guidance is also unchanged as slightly higher expected interest expense is offset by lower share count due to the additional repurchases we now expect As you can see on slide 24, our division guidance is also unchanged with the exception of our Energy division. as you can see on slide 24 our division guidance is also unchanged with the exception of our energy division Given the external environment, particularly the impact of the Iran conflict and the energy disruption on both the demand and supply side, we currently expect to deliver organic constant currency revenue growth in the range of 4.5%-6%, 1 percentage point lower than the previous guidance. given the external environment particularly the impact of the iran conflict and the energy disruption on both the demand and supply side we currently expect to deliver organic constant currency revenue growth in the range of 4.5%-6% 1 percentage point lower than the previous guidance Importantly, our guidance assumes that the current elevated level of disruption in the energy market persists through the Q2, though supply chain disruptions would not fully be resolved until later this year. For our Indices business, our full year guidance is unchanged. However, the underlying assumptions have been adjusted to reflect the current market dynamics. Our guidance now assumes equity markets roughly flat from current levels and low double-digit growth year-over-year in ETD volumes. We also wanted to provide some directional color for the Q2. In Market Intelligence, we expect some acceleration in subscription revenue, given what we're seeing in customer traction and sales pipeline. We expect that to be offset somewhat as growth in non-subscription revenue normalizes. In Ratings, we will be lapping the disruption caused after Liberation Day last year, which creates a favorable compare. Importantly, our guidance assumes that the current elevated level of disruption in the energy market persists through the Q2, though supply chain disruptions would not fully be resolved until later this year. For our Indices business, our full year guidance is unchanged. importantly our guidance assumes that the current elevated level of disruption in the energy market persists through the q2 though supply chain disruptions would not fully be resolved until later this year. for our indices business our full year guidance is unchanged However, the underlying assumptions have been adjusted to reflect the current market dynamics. however the underlying assumptions have been adjusted to reflect the current market dynamics Our guidance now assumes equity markets roughly flat from current levels and low double-digit growth year-over-year in ETD volumes. our guidance now assumes equity markets roughly flat from current levels and low double-digit growth year-over-year in etd volumes We also wanted to provide some directional color for the Q2. we also wanted to provide some directional color for the q2 In Market Intelligence, we expect some acceleration in subscription revenue, given what we're seeing in customer traction and sales pipeline. in market intelligence we expect some acceleration in subscription revenue given what we're seeing in customer traction and sales pipeline We expect that to be offset somewhat as growth in non-subscription revenue normalizes. we expect that to be offset somewhat as growth in non-subscription revenue normalizes In Ratings, we will be lapping the disruption caused after Liberation Day last year, which creates a favorable compare. in ratings we will be lapping the disruption caused after liberation day last year which creates a favorable compare We expect growth to remain strong, but we do not expect acceleration in Q2. We do expect investment grade to continue to represent a higher mix of issuance compared to historical averages, particularly if we continue to see elevating hyperscale CapEx driving large volumes in the Q2. For energy, the macro disruption has a concentrated impact in the Q2, and we have already seen that impacting our near-term sales pipeline. We expect revenue growth in the Q2 to fall slightly below the guidance range for the full year before re-accelerating in the second half. We will be monitoring the sales motion, customer health, and macro environment closely and managing expenses throughout the year to ensure we are preserving margin. We expect growth to remain strong, but we do not expect acceleration in Q2. we expect growth to remain strong but we do not expect acceleration in q2 We do expect investment grade to continue to represent a higher mix of issuance compared to historical averages, particularly if we continue to see elevating hyperscale CapEx driving large volumes in the Q2. we do expect investment grade to continue to represent a higher mix of issuance compared to historical averages particularly if we continue to see elevating hyperscale capex driving large volumes in the q2 For energy, the macro disruption has a concentrated impact in the Q2, and we have already seen that impacting our near-term sales pipeline. for energy the macro disruption has a concentrated impact in the q2 and we have already seen that impacting our near-term sales pipeline We expect revenue growth in the Q2 to fall slightly below the guidance range for the full year before re-accelerating in the second half. we expect revenue growth in the q2 to fall slightly below the guidance range for the full year before re-accelerating in the second half We will be monitoring the sales motion, customer health, and macro environment closely and managing expenses throughout the year to ensure we are preserving margin. we will be monitoring the sales motion customer health and macro environment closely and managing expenses throughout the year to ensure we are preserving margin For Indices, we expect continued robust growth in the Q2 before growth decelerates in the 2H, given the tougher compares in Q3 and Q4. For Mobility, we expect growth to accelerate slightly from the Q1 levels, with stronger growth expected in the second half. On Q2 margins, we expect margin expansion to be above the enterprise full-year range for Ratings and Indices, slightly below the range for Mobility and Energy, and within the range for Market Intelligence. This is largely due to the timing and quarterly phasing of expense recognition, as we were very disciplined in our approach in the Q1. Our full-year expectations in each of these divisions are unchanged. Lastly, we want to provide an update on our capital plans for the rest of the year. For Indices, we expect continued robust growth in the Q2 before growth decelerates in the 2H, given the tougher compares in Q3 and Q4. for indices we expect continued robust growth in the q2 before growth decelerates in the 2h given the tougher compares in q3 and q4 For Mobility, we expect growth to accelerate slightly from the Q1 levels, with stronger growth expected in the second half. for mobility we expect growth to accelerate slightly from the q1 levels with stronger growth expected in the second half On Q2 margins, we expect margin expansion to be above the enterprise full-year range for Ratings and Indices, slightly below the range for Mobility and Energy, and within the range for Market Intelligence. on q2 margins we expect margin expansion to be above the enterprise full-year range for ratings and indices slightly below the range for mobility and energy and within the range for market intelligence This is largely due to the timing and quarterly phasing of expense recognition, as we were very disciplined in our approach in the Q1. this is largely due to the timing and quarterly phasing of expense recognition as we were very disciplined in our approach in the q1 Our full-year expectations in each of these divisions are unchanged. our full-year expectations in each of these divisions are unchanged Lastly, we want to provide an update on our capital plans for the rest of the year. lastly we want to provide an update on our capital plans for the rest of the year As you know, we have a target gross leverage range of 2x-2.5x trailing twelve-month EBITDA. Given the expected loss of Mobility EBITDA, our current leverage of 2.3x will naturally increase to 2.4x at the end of the year. However, we expect to issue approximately $2 billion in debt at Mobility in conjunction with the spin. Proceeds are expected to fund a cash payment to S&P Global, which we would expect to use for a combination of incremental share repurchases and some debt reduction. As you know, we have a target gross leverage range of 2x- 2.5x trailing twelve-month EBITDA. as you know we have a target gross leverage range of 2x- 2.5x trailing twelve-month ebitda Given the expected loss of Mobility EBITDA, our current leverage of 2.3x will naturally increase to 2.4x at the end of the year. given the expected loss of mobility ebitda our current leverage of 2.3x will naturally increase to 2.4x at the end of the year However, we expect to issue approximately $2 billion in debt at Mobility in conjunction with the spin. however we expect to issue approximately $2 billion in debt at mobility in conjunction with the spin Proceeds are expected to fund a cash payment to S&P Global, which we would expect to use for a combination of incremental share repurchases and some debt reduction. proceeds are expected to fund a cash payment to s&p global which we would expect to use for a combination of incremental share repurchases and some debt reduction Given the strength and resilience of our business and our confidence in its long-term profitable growth, we believe the current share price reflects an attractive opportunity to increase our repurchases from the expected 85% of adjusted free cash flow to at least 100% or to roughly $4.5 billion for the year. With that, let me turn the call back over to Mark for your questions. Given the strength and resilience of our business and our confidence in its long-term profitable growth, we believe the current share price reflects an attractive opportunity to increase our repurchases from the expected 85% of adjusted free cash flow to at least 100% or to roughly $4.5 billion for the year. given the strength and resilience of our business and our confidence in its long-term profitable growth we believe the current share price reflects an attractive opportunity to increase our repurchases from the expected 85% of adjusted free cash flow to at least 100% or to roughly $4.5 billion for the year With that, let me turn the call back over to Mark for your questions. with that let me turn the call back over to mark for your questions

Speaker 14: Thank you, Eric. For those on the line, if you would like to ask a question, please press star one and record your name. To cancel or withdraw your question, simply press star two. For those joining via telephone, please turn off speakerphone in order to optimize sound quality. Participants will be limited to one question in order to allow time for others during today's Q&A session. Operator, we'll now take the first question. Thank you, Eric. thank you eric For those on the line, if you would like to ask a question, please press star one and record your name. for those on the line if you would like to ask a question please press star one and record your name To cancel or withdraw your question, simply press star two. to cancel or withdraw your question simply press star two For those joining via telephone, please turn off speakerphone in order to optimize sound quality. for those joining via telephone please turn off speakerphone in order to optimize sound quality Participants will be limited to one question in order to allow time for others during today's Q&A session. participants will be limited to one question in order to allow time for others during today's q&a session Operator, we'll now take the first question. operator we'll now take the first question

Speaker 16: Thank you. Our first question comes from Toni Kaplan with Morgan Stanley. Your line is open. Thank you. thank you Our first question comes from Toni Kaplan with Morgan Stanley. our first question comes from toni kaplan with morgan stanley Your line is open. your line is open

Speaker 20: Thank you. Martina, thanks for the color on what you're doing with regard to the AI distribution channels. I was hoping that you could expand on how you're thinking about the partnership strategy with the large AI players. Are you building S&P MCP apps on the platforms, or do you just plan to continue to provide the data through the MCP integrations and the APIs? Maybe if you could just talk about the monetization model and directional economics between the different distribution channels. Thank you. Thank you. thank you Martina, thanks for the color on what you're doing with regard to the AI distribution channels. martina thanks for the color on what you're doing with regard to the ai distribution channels I was hoping that you could expand on how you're thinking about the partnership strategy with the large AI players. i was hoping that you could expand on how you're thinking about the partnership strategy with the large ai players Are you building S&P MCP apps on the platforms, or do you just plan to continue to provide the data through the MCP integrations and the APIs? are you building s&p mcp apps on the platforms or do you just plan to continue to provide the data through the mcp integrations and the apis Maybe if you could just talk about the monetization model and directional economics between the different distribution channels. maybe if you could just talk about the monetization model and directional economics between the different distribution channels Thank you. thank you

Speaker 15: Hi, Toni. Thanks for the question. The quick answer to the first part of that around MCP applications is yes, that is our intention. I think we're going to be very thoughtful around how we build those applications and for what. Particularly this is one of the reasons why we wanted to highlight the value that exists in the workflows in CapIQ Pro today, for example. It's not just the data, it is the standards, the business logic, as well as the tools. All three of those will be part of that strategy. The first step to doing that has actually been the announcement of the S&P Global plugin, which was announced in line with the Cloud for Financial Services announcement in the Q1. Hi, Toni. hi toni Thanks for the question. thanks for the question The quick answer to the first part of that around MCP applications is yes, that is our intention. the quick answer to the first part of that around mcp applications is yes that is our intention I think we're going to be very thoughtful around how we build those applications and for what. i think we're going to be very thoughtful around how we build those applications and for what Particularly this is one of the reasons why we wanted to highlight the value that exists in the workflows in CapIQ Pro today, for example. particularly this is one of the reasons why we wanted to highlight the value that exists in the workflows in capiq pro today for example It's not just the data, it is the standards, the business logic, as well as the tools. it's not just the data it is the standards the business logic as well as the tools All three of those will be part of that strategy. all three of those will be part of that strategy The first step to doing that has actually been the announcement of the S&P Global plugin, which was announced in line with the Cloud for Financial Services announcement in the Q1. the first step to doing that has actually been the announcement of the s&p global plugin which was announced in line with the cloud for financial services announcement in the q1 That's essentially a series of agents that teach AI agents within the platform how to actually conduct specific tasks for data, AI-ready data that the clients might be licensed to. Maybe to give you an example, one of our buy-side clients working with Kensho was looking at our financial data via an AI-ready API. Kensho helps them to understand how to use the plugin to perform tasks like creating tear sheets or creating earnings calls previews. As a result, the clients liked it so much that they actually canceled their existing provider and went with our data and plugin even though it was about 20% more expensive. Now, look, it's early days. Obviously, we just launched that in Q1. I think it's an interesting signal That's essentially a series of agents that teach AI agents within the platform how to actually conduct specific tasks for data, AI-ready data that the clients might be licensed to. that's essentially a series of agents that teach ai agents within the platform how to actually conduct specific tasks for data ai-ready data that the clients might be licensed to Maybe to give you an example, one of our buy-side clients working with Kensho was looking at our financial data via an AI-ready API. maybe to give you an example one of our buy-side clients working with kensho was looking at our financial data via an ai-ready api Kensho helps them to understand how to use the plugin to perform tasks like creating tear sheets or creating earnings calls previews. kensho helps them to understand how to use the plugin to perform tasks like creating tear sheets or creating earnings calls previews As a result, the clients liked it so much that they actually canceled their existing provider and went with our data and plugin even though it was about 20% more expensive. as a result the clients liked it so much that they actually canceled their existing provider and went with our data and plugin even though it was about 20% more expensive Now, look, it's early days. now look it's early days Obviously, we just launched that in Q1. obviously we just launched that in q1 I think it's an interesting signal i think it's an interesting signal For how clients are testing the value of our IP, whether it's our logic, our standards, as well as our data, in the context of these of these providers. Now the point I would make on monetization is that we are really thinking about monetization through the lens of enterprise value. As you know, we don't do seat-based licensing. We don't do usage only. We track usage channels, the value we create, and a number of other metrics as part of the discussions that we have with our clients on value and price accordingly. That's gonna be true for Plugin, it's gonna be true for MCP, it's gonna be true for AI-ready data as well. We're seeing clients, you know, who are quite interested in the value that we bring through all of that. For how clients are testing the value of our IP, whether it's our logic, our standards, as well as our data, in the context of these of these providers. for how clients are testing the value of our ip whether it's our logic our standards as well as our data in the context of these of these providers Now the point I would make on monetization is that we are really thinking about monetization through the lens of enterprise value. now the point i would make on monetization is that we are really thinking about monetization through the lens of enterprise value As you know, we don't do seat-based licensing. as you know we don't do seat-based licensing We don't do usage only. we don't do usage only We track usage channels, the value we create, and a number of other metrics as part of the discussions that we have with our clients on value and price accordingly. we track usage channels the value we create and a number of other metrics as part of the discussions that we have with our clients on value and price accordingly That's gonna be true for Plugin, it's gonna be true for MCP, it's gonna be true for AI-ready data as well. that's gonna be true for plugin it's gonna be true for mcp it's gonna be true for ai-ready data as well We're seeing clients, you know, who are quite interested in the value that we bring through all of that. we're seeing clients you know who are quite interested in the value that we bring through all of that Perhaps maybe one other example I would provide is, in the quarter two financial clients who are just subscribing to our data at renewal, were opting to get that data available in an AI-ready format. We're willing to pay in the range of 35%-45% on the renewal increase to get the AI access. Again, early days, but some very strong signal here around the monetization from an enterprise value standpoint. Thanks for the question. Perhaps maybe one other example I would provide is, in the quarter two financial clients who are just subscribing to our data at renewal, were opting to get that data available in an AI-ready format. perhaps maybe one other example i would provide is in the quarter two financial clients who are just subscribing to our data at renewal were opting to get that data available in an ai-ready format We're willing to pay in the range of 35%-45% on the renewal increase to get the AI access. we're willing to pay in the range of 35%-45% on the renewal increase to get the ai access Again, early days, but some very strong signal here around the monetization from an enterprise value standpoint. again early days but some very strong signal here around the monetization from an enterprise value standpoint Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Faiza Alwy with Deutsche Bank. Your line is open. Thank you. thank you Our next question comes from Faiza Alwy with Deutsche Bank. our next question comes from faiza alwy with deutsche bank Your line is open. your line is open

Speaker 8: Yes. Hi. Thank you. Good morning. Martina, I wanted to follow up on the same topic. You know, on slide eleven where you talk about Market Intelligence data differentiation, I'm curious, when we look at workflow solutions, how would you attribute sort of the value of the proprietary data versus sort of the, you know, the software component of the workflow tools here? Yes. yes Hi. hi Thank you. thank you Good morning. good morning Martina, I wanted to follow up on the same topic. martina i wanted to follow up on the same topic You know, on slide eleven where you talk about Market Intelligence data differentiation, I'm curious, when we look at workflow solutions, how would you attribute sort of the value of the proprietary data versus sort of the, you know, the software component of the workflow tools here? you know on slide eleven where you talk about market intelligence data differentiation i'm curious when we look at workflow solutions how would you attribute sort of the value of the proprietary data versus sort of the you know the software component of the workflow tools here

Speaker 15: Yeah. Hi, Faiza. Thanks for the question. With regards to workflow, you'll see a lot of these products embedded in our Enterprise Solutions business. There we operate many mission-critical software and workflows for our customers. These would be workflows that are scaled, require robust controls, risk management, and compliance layers, and really require a lot of intervention through our managed services to make sure that they're continuing to deliver. You know, there's a very much a mission-critical nature to many of these. There are several of them that actually function as networks for industry groups, not just for an individual client. You know, there we would see perhaps a Wall Street Office, for example, or a ClearPar in that category. Yeah. yeah Hi, Faiza. hi faiza Thanks for the question. thanks for the question With regards to workflow, you'll see a lot of these products embedded in our Enterprise Solutions business. with regards to workflow you'll see a lot of these products embedded in our enterprise solutions business There we operate many mission-critical software and workflows for our customers. there we operate many mission-critical software and workflows for our customers These would be workflows that are scaled, require robust controls, risk management, and compliance layers, and really require a lot of intervention through our managed services to make sure that they're continuing to deliver. these would be workflows that are scaled require robust controls risk management and compliance layers and really require a lot of intervention through our managed services to make sure that they're continuing to deliver You know, there's a very much a mission-critical nature to many of these. you know there's a very much a mission-critical nature to many of these There are several of them that actually function as networks for industry groups, not just for an individual client. there are several of them that actually function as networks for industry groups not just for an individual client You know, there we would see perhaps a Wall Street Office, for example, or a ClearPar in that category. you know there we would see perhaps a wall street office for example or a clearpar in that category Again, serving, you know, not just a client, but the benefit of it being derived because it is actually informing a whole ecosystem. In many cases, the, you know, the value that our clients get from these tools is a function of some of the proprietary content that we embed in the tools. A good example there would be the loan reference data that is provided through Wall Street Office. So, you know, we think of it more as the value that we are bringing to the clients through the workflow tools and the importance and criticality of those systems to clients' very, very critical processes. That's one of the reasons why we continue to see good growth in in these tools across Enterprise Solutions as well. Thanks for the question. Again, serving, you know, not just a client, but the benefit of it being derived because it is actually informing a whole ecosystem. again serving you know not just a client but the benefit of it being derived because it is actually informing a whole ecosystem In many cases, the, you know, the value that our clients get from these tools is a function of some of the proprietary content that we embed in the tools. in many cases the you know the value that our clients get from these tools is a function of some of the proprietary content that we embed in the tools A good example there would be the loan reference data that is provided through Wall Street Office. a good example there would be the loan reference data that is provided through wall street office So, you know, we think of it more as the value that we are bringing to the clients through the workflow tools and the importance and criticality of those systems to clients' very, very critical processes. so you know we think of it more as the value that we are bringing to the clients through the workflow tools and the importance and criticality of those systems to clients' very very critical processes That's one of the reasons why we continue to see good growth in in these tools across Enterprise Solutions as well. that's one of the reasons why we continue to see good growth in in these tools across enterprise solutions as well Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Ashish Sabadra with RBC Capital Markets. Your line is open. Thank you. thank you Our next question comes from Ashish Sabadra with RBC Capital Markets. our next question comes from ashish sabadra with rbc capital markets Your line is open. your line is open

Speaker 3: Thanks for taking my question. In regards to MI, the subscription growth is expected to accelerate in Q2. I was just wondering if you could unpack that some more, what's driving it, how much of it is driven by AI products, chief client office, or any other color that you can provide. Thanks. Thanks for taking my question. thanks for taking my question In regards to MI, the subscription growth is expected to accelerate in Q2. in regards to mi the subscription growth is expected to accelerate in q2 I was just wondering if you could unpack that some more, what's driving it, how much of it is driven by AI products, chief client office, or any other color that you can provide. i was just wondering if you could unpack that some more what's driving it how much of it is driven by ai products chief client office or any other color that you can provide Thanks. thanks

Speaker 7: Ashish, it's Eric. We've seen very good performance in the Q1 as we've started the year in MI, we just expect that to continue to build. You know, subscription revenue growth was in the 6% range. We feel good that that will, you know, continue to build. We had very good performance that all goes well for the coming couple quarters. You know, net renewal rates are up 100 basis points or so. Pipeline has been building January-February-March. Our average deal size is up, our net sales are up. Ashish, it's Eric. ashish it's eric We've seen very good performance in the Q1 as we've started the year in MI, we just expect that to continue to build. we've seen very good performance in the q1 as we've started the year in mi we just expect that to continue to build You know, subscription revenue growth was in the 6% range. you know subscription revenue growth was in the 6% range We feel good that that will, you know, continue to build. we feel good that that will you know continue to build We had very good performance that all goes well for the coming couple quarters. we had very good performance that all goes well for the coming couple quarters You know, net renewal rates are up 100 basis points or so. you know net renewal rates are up 100 basis points or so Pipeline has been building January- February- March. pipeline has been building january- february- march Our average deal size is up, our net sales are up. our average deal size is up our net sales are up We see good underlying indicators across that franchise, in a number of ways, and we think that'll just build, during the course of Q2, Q3, and Q4. You know, deliver the full year guidance that we expect in a nice way. Thank you for the question. We see good underlying indicators across that franchise, in a number of ways, and we think that'll just build, during the course of Q2, Q3, and Q4. we see good underlying indicators across that franchise in a number of ways and we think that'll just build during the course of q2 q3 and q4 You know, deliver the full year guidance that we expect in a nice way. you know deliver the full year guidance that we expect in a nice way Thank you for the question. thank you for the question

Speaker 16: Thank you. Our next question comes from Scott Wurtzel with Wolfe Research. Your line is open. Thank you. thank you Our next question comes from Scott Wurtzel with Wolfe Research. our next question comes from scott wurtzel with wolfe research Your line is open. your line is open

Speaker 18: Hi. Good morning. Thank you for taking my question. On the Market Intelligence margins, just wondering if you can maybe help contextualize how much of the margin expansion that you're seeing is being driven by efficiency gains associated with AI. Thanks. Hi. hi Good morning. good morning Thank you for taking my question. thank you for taking my question On the Market Intelligence margins, just wondering if you can maybe help contextualize how much of the margin expansion that you're seeing is being driven by efficiency gains associated with AI. on the market intelligence margins just wondering if you can maybe help contextualize how much of the margin expansion that you're seeing is being driven by efficiency gains associated with ai Thanks. thanks

Speaker 7: Scott, it's Eric. You know, margin expansion has come in nicely in Market Intelligence, in particular in Q1. You know, we were careful with the external environment. You know, starting late February, the Iran conflict started. We're careful about our discretionary spending. You saw particularly strong performance in Market Intelligence, as well as our other four divisions as we You know, carefully thought about pacing expenses through the year. More broadly, if you think about margin expansion in Market Intelligence and other divisions, it's really a combination of factors. There's certainly a set of AI benefits that we're getting as we think about our data operations, which is a big part of Market Intelligence. Scott, it's Eric. scott it's eric You know, margin expansion has come in nicely in Market Intelligence, in particular in Q1. you know margin expansion has come in nicely in market intelligence in particular in q1 You know, we were careful with the external environment. you know we were careful with the external environment You know, starting late February, the Iran conflict started. you know starting late february the iran conflict started We're careful about our discretionary spending. we're careful about our discretionary spending You saw particularly strong performance in Market Intelligence, as well as our other four divisions as we You know, carefully thought about pacing expenses through the year. you saw particularly strong performance in market intelligence as well as our other four divisions as we you know carefully thought about pacing expenses through the year More broadly, if you think about margin expansion in Market Intelligence and other divisions, it's really a combination of factors. more broadly if you think about margin expansion in market intelligence and other divisions it's really a combination of factors There's certainly a set of AI benefits that we're getting as we think about our data operations, which is a big part of Market Intelligence. there's certainly a set of ai benefits that we're getting as we think about our data operations which is a big part of market intelligence We see, you know, emerging progress or I think I'd say good progress in software development activities that are AI-driven with all the new tools available to it. We see the continued kind of classic productivity tools being effectuated in MI as the team there is really driving a combination of top line and bottom line. We're feeling comfortable about the margin expansion for the full year. We see, you know, emerging progress or I think I'd say good progress in software development activities that are AI-driven with all the new tools available to it. we see you know emerging progress or i think i'd say good progress in software development activities that are ai-driven with all the new tools available to it We see the continued kind of classic productivity tools being effectuated in MI as the team there is really driving a combination of top line and bottom line. we see the continued kind of classic productivity tools being effectuated in mi as the team there is really driving a combination of top line and bottom line We're feeling comfortable about the margin expansion for the full year. we're feeling comfortable about the margin expansion for the full year We feel like we got off to a good start, and we just see with AI, a set of tools that become stronger and stronger and more and more valuable to us as we continue to deliver a margin and earnings growth quarter after quarter. We feel like we got off to a good start, and we just see with AI, a set of tools that become stronger and stronger and more and more valuable to us as we continue to deliver a margin and earnings growth quarter after quarter. we feel like we got off to a good start and we just see with ai a set of tools that become stronger and stronger and more and more valuable to us as we continue to deliver a margin and earnings growth quarter after quarter

Speaker 15: Thanks for the question. Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Curtis Nagle with Bank of America. Your line is open. Thank you. thank you Our next question comes from Curtis Nagle with Bank of America. our next question comes from curtis nagle with bank of america Your line is open. your line is open

Speaker 5: Great. Just a really quick one for me. Just, if we go through, I guess, like, how to think about the balance of transaction, non-transaction growth within the ratings business for the rest of the year. I guess just, you know, for the Q1, what drove, you know, a pretty notable spike in the non-transaction numbers? Yeah, if you could answer that. Thank you. Great. great Just a really quick one for me. just a really quick one for me Just, if we go through, I guess, like, how to think about the balance of transaction, non-transaction growth within the ratings business for the rest of the year. just if we go through i guess like how to think about the balance of transaction non-transaction growth within the ratings business for the rest of the year I guess just, you know, for the Q1, what drove, you know, a pretty notable spike in the non-transaction numbers? i guess just you know for the q1 what drove you know a pretty notable spike in the non-transaction numbers Yeah, if you could answer that. yeah if you could answer that Thank you. thank you

Speaker 7: Curtis, maybe I'll start on non-transaction. We had good growth in annual fees as, you know, as the franchise continues to be viewed very favorably by our clients around the world. Our CRISIL revenues, which are booked there, which have a mix of different factors, performed very, very well in the Q1, which we were pleased with. Couple good tailwinds and, you know, we expect some of that to gently moderate in the coming quarters. We think it'll help contribute to our full-year revenue guide. Curtis, maybe I'll start on non-transaction. curtis maybe i'll start on non-transaction We had good growth in annual fees as, you know, as the franchise continues to be viewed very favorably by our clients around the world. we had good growth in annual fees as you know as the franchise continues to be viewed very favorably by our clients around the world Our CRISIL revenues, which are booked there, which have a mix of different factors, performed very, very well in the Q1, which we were pleased with. our crisil revenues which are booked there which have a mix of different factors performed very very well in the q1 which we were pleased with Couple good tailwinds and, you know, we expect some of that to gently moderate in the coming quarters. couple good tailwinds and you know we expect some of that to gently moderate in the coming quarters We think it'll help contribute to our full-year revenue guide. we think it'll help contribute to our full-year revenue guide

Speaker 15: Curtis, I would maybe just add that, You know, you may recall when we gave our guidance back in February, that we mentioned we had prudence and moderate expectations for hyperscale issuance within the year. A good part of that was that we didn't assume that all of the announced CapEx was gonna be debt financed. As we looked at the amount of hyperscale issuance in Q1, we believe that there was some pull forward there relative to our expectations for hyperscale issuance, and this is one of the reasons why we are continuing to maintain our expectations for build issuance for the full year. Thanks for the question. Curtis, I would maybe just add that, You know, you may recall when we gave our guidance back in February, that we mentioned we had prudence and moderate expectations for hyperscale issuance within the year. curtis i would maybe just add that you know you may recall when we gave our guidance back in february that we mentioned we had prudence and moderate expectations for hyperscale issuance within the year A good part of that was that we didn't assume that all of the announced CapEx was gonna be debt financed. a good part of that was that we didn't assume that all of the announced capex was gonna be debt financed As we looked at the amount of hyperscale issuance in Q1, we believe that there was some pull forward there relative to our expectations for hyperscale issuance, and this is one of the reasons why we are continuing to maintain our expectations for build issuance for the full year. as we looked at the amount of hyperscale issuance in q1 we believe that there was some pull forward there relative to our expectations for hyperscale issuance and this is one of the reasons why we are continuing to maintain our expectations for build issuance for the full year Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Manav Patnaik with Barclays. Your line is open. Thank you. thank you Our next question comes from Manav Patnaik with Barclays. our next question comes from manav patnaik with barclays Your line is open. your line is open

Speaker 13: Thank you. I was hoping just going back to the workflow conversation, you could help us just appreciate, you know, the strategy in energy, where you're selling the workflow businesses and focusing in data. Like, how are those workflow brands different than the ones you were talking about in MI? As a quick follow-up, just, you know, I think that there were, like, seven or eight different brands I think you're selling in energy. I was just hoping you could help us size that for our models. Like how much are you getting, selling to SLB? Thank you. thank you I was hoping just going back to the workflow conversation, you could help us just appreciate, you know, the strategy in energy, where you're selling the workflow businesses and focusing in data. i was hoping just going back to the workflow conversation you could help us just appreciate you know the strategy in energy where you're selling the workflow businesses and focusing in data Like, how are those workflow brands different than the ones you were talking about in MI? like how are those workflow brands different than the ones you were talking about in mi As a quick follow-up, just, you know, I think that there were, like, seven or eight different brands I think you're selling in energy. as a quick follow-up just you know i think that there were like seven or eight different brands i think you're selling in energy I was just hoping you could help us size that for our models. i was just hoping you could help us size that for our models Like how much are you getting, selling to SLB? like how much are you getting selling to slb

Speaker 15: Hi, Manav. Thanks for the question. Maybe to start, the size of that is about 25% of upstream revenues. That software portfolio, as you mentioned, is actually quite varied and quite distinct. One of the reasons that really informed our decision there is that we think SLB is a very good partner on that. As part of that decision to divest, we also have a new distribution partnership with SLB that we are quite excited about as we close that. What I would focus on maybe is the 75% which is highly differentiated and unique proprietary content. Hi, Manav. hi manav Thanks for the question. thanks for the question Maybe to start, the size of that is about 25% of upstream revenues. maybe to start the size of that is about 25% of upstream revenues That software portfolio, as you mentioned, is actually quite varied and quite distinct. that software portfolio as you mentioned is actually quite varied and quite distinct One of the reasons that really informed our decision there is that we think SLB is a very good partner on that. one of the reasons that really informed our decision there is that we think slb is a very good partner on that As part of that decision to divest, we also have a new distribution partnership with SLB that we are quite excited about as we close that. as part of that decision to divest we also have a new distribution partnership with slb that we are quite excited about as we close that What I would focus on maybe is the 75% which is highly differentiated and unique proprietary content. what i would focus on maybe is the 75% which is highly differentiated and unique proprietary content Maybe just to give you a sense for what is here, we cover from basin to reservoir, subsurface and geoscience data, including seismic surveys, wells and logs, and spatial data. Some of the stuff that is particularly useful for our clients is Vantage asset valuation data that covers over 17,000 global upstream and gas assets. We also have very, very unique benchmarking performance content that is based on contributory data, and it allows operators to actually do peer-to-peer performance data, and is highly valued. This data actually goes back over 30 years, covering about 80,000 wells globally. Maybe just to give you a sense for what is here, we cover from basin to reservoir, subsurface and geoscience data, including seismic surveys, wells and logs, and spatial data. maybe just to give you a sense for what is here we cover from basin to reservoir subsurface and geoscience data including seismic surveys wells and logs and spatial data Some of the stuff that is particularly useful for our clients is Vantage asset valuation data that covers over 17,000 global upstream and gas assets. some of the stuff that is particularly useful for our clients is vantage asset valuation data that covers over 17,000 global upstream and gas assets We also have very, very unique benchmarking performance content that is based on contributory data, and it allows operators to actually do peer-to-peer performance data, and is highly valued. we also have very very unique benchmarking performance content that is based on contributory data and it allows operators to actually do peer-to-peer performance data and is highly valued This data actually goes back over 30 years, covering about 80,000 wells globally. this data actually goes back over 30 years covering about 80,000 wells globally There's a lot more to that, and one of the things that we're super excited about is actually creating CERA Titan that we talked about in the prepared remarks that sits on top of all of that data and provides the workflow for our clients to really interact with that data more seamlessly. This is something that our clients have been asking us for for many years, and the overwhelmingly positive feedback that we got when we used CERAWeek for that soft launch was just really very encouraging. We were able to close one client already just on the demo of the new tool because those clients are very, very aware that our data is the highest quality and most unique out there. There's a lot more to that, and one of the things that we're super excited about is actually creating CERA Titan that we talked about in the prepared remarks that sits on top of all of that data and provides the workflow for our clients to really interact with that data more seamlessly. there's a lot more to that and one of the things that we're super excited about is actually creating cera titan that we talked about in the prepared remarks that sits on top of all of that data and provides the workflow for our clients to really interact with that data more seamlessly This is something that our clients have been asking us for for many years, and the overwhelmingly positive feedback that we got when we used CERAWeek for that soft launch was just really very encouraging. this is something that our clients have been asking us for for many years and the overwhelmingly positive feedback that we got when we used ceraweek for that soft launch was just really very encouraging We were able to close one client already just on the demo of the new tool because those clients are very, very aware that our data is the highest quality and most unique out there. we were able to close one client already just on the demo of the new tool because those clients are very very aware that our data is the highest quality and most unique out there On upstream, more broadly, I would say we look to a broader revenue transformation there. We look to the full hard launch of CERA Titan later this year and are very excited about the progress that we're making there as well. Thanks for the question. On upstream, more broadly, I would say we look to a broader revenue transformation there. on upstream more broadly i would say we look to a broader revenue transformation there We look to the full hard launch of CERA Titan later this year and are very excited about the progress that we're making there as well. we look to the full hard launch of cera titan later this year and are very excited about the progress that we're making there as well Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Alex Kramm with UBS. Your line is open. Thank you. thank you Our next question comes from Alex Kramm with UBS. our next question comes from alex kramm with ubs Your line is open. your line is open

Speaker 1: Yes. Hey, hello, everyone. I don't know if I missed this, one of the things you changed in your guidance was also the, I guess, acquisition and divestiture contribution on Market Intelligence. It's a small change, just wondering if I missed it, what changed there? Maybe related to that on With Intelligence, now that you've owned the business for a little over a full quarter, just wondering what kind of underlying growth rates you're seeing and any update on how that asset is performing. Thank you. Yes. yes Hey, hello, everyone. hey hello everyone I don't know if I missed this, one of the things you changed in your guidance was also the, I guess, acquisition and divestiture contribution on Market Intelligence. i don't know if i missed this one of the things you changed in your guidance was also the i guess acquisition and divestiture contribution on market intelligence It's a small change, just wondering if I missed it, what changed there? it's a small change just wondering if i missed it what changed there Maybe related to that on With Intelligence, now that you've owned the business for a little over a full quarter, just wondering what kind of underlying growth rates you're seeing and any update on how that asset is performing. maybe related to that on with intelligence now that you've owned the business for a little over a full quarter just wondering what kind of underlying growth rates you're seeing and any update on how that asset is performing Thank you. thank you

Speaker 7: Alex, it's Eric. Let me just summarize. As you noticed, the organic versus reported revenue contribution really has five deals, three of which are quite large, both divestitures and acquisitions. You've got EDM and thinkFolio being sold. You got With Intelligence coming in and two other small ones. So what we just did was updated the contribution from the net effect of those five. It's primarily driven by modest change in revenue recognition. As we step back, you know, we're quite pleased in particular with With Intelligence. As we said in our last call, we closed that early and even more quickly than we had thought. Alex, it's Eric. alex it's eric Let me just summarize. let me just summarize As you noticed, the organic versus reported revenue contribution really has five deals, three of which are quite large, both divestitures and acquisitions. as you noticed the organic versus reported revenue contribution really has five deals three of which are quite large both divestitures and acquisitions You've got EDM and thinkFolio being sold. you've got edm and thinkfolio being sold You got With Intelligence coming in and two other small ones. you got with intelligence coming in and two other small ones So what we just did was updated the contribution from the net effect of those five. so what we just did was updated the contribution from the net effect of those five It's primarily driven by modest change in revenue recognition. it's primarily driven by modest change in revenue recognition As we step back, you know, we're quite pleased in particular with With Intelligence. as we step back you know we're quite pleased in particular with with intelligence As we said in our last call, we closed that early and even more quickly than we had thought. as we said in our last call we closed that early and even more quickly than we had thought The team's really been digging in deeply and beginning to focus on all the synergies, both expenses and revenue in particular. As we've said, when we announced the deal, we expect high teens revenue growth in With Intelligence with some upside as as we go, you know, one year to the next, just because there are so many opportunities to redistribute that content across our franchise and really the leverage, the depth of the proprietary and the contributory data, you know, that Martina referenced earlier. The team's really been digging in deeply and beginning to focus on all the synergies, both expenses and revenue in particular. the team's really been digging in deeply and beginning to focus on all the synergies both expenses and revenue in particular As we've said, when we announced the deal, we expect high teens revenue growth in With Intelligence with some upside as as we go, you know, one year to the next, just because there are so many opportunities to redistribute that content across our franchise and really the leverage, the depth of the proprietary and the contributory data, you know, that Martina referenced earlier. as we've said when we announced the deal we expect high teens revenue growth in with intelligence with some upside as as we go you know one year to the next just because there are so many opportunities to redistribute that content across our franchise and really the leverage the depth of the proprietary and the contributory data you know that martina referenced earlier

Speaker 15: Thanks for the question. Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Owen Lau with Clear Street. Your line is open. Thank you. thank you Our next question comes from Owen Lau with Clear Street. our next question comes from owen lau with clear street Your line is open. your line is open

Speaker 17: Good morning, and thank you for taking my question. Following up on the AI upstream data platform, Titan, it's still in beta testing version, but could you please talk about your go-to-market strategy and the revenue model of this product? Is it going to be a subscription-based model or consumption-based or a combination of the two? Thank you. Good morning, and thank you for taking my question. good morning and thank you for taking my question Following up on the AI upstream data platform, Titan, it's still in beta testing version, but could you please talk about your go-to-market strategy and the revenue model of this product? following up on the ai upstream data platform titan it's still in beta testing version but could you please talk about your go-to-market strategy and the revenue model of this product Is it going to be a subscription-based model or consumption-based or a combination of the two? is it going to be a subscription-based model or consumption-based or a combination of the two Thank you. thank you

Speaker 15: Hi, Owen. It's Martina. Thanks so much for the question. It's gonna be a subscription-based model. You know, in terms of the broader go-to-market strategy, I think the team was able to really effectively leverage CERAWeek because we had so many clients in town to be able to do our launch and get, you know, get this into the minds of so many of our customers. We're excited about this. The official hard launch for the product is gonna be a little bit later this year. Hi, Owen. hi owen It's Martina. it's martina Thanks so much for the question. thanks so much for the question It's gonna be a subscription-based model. it's gonna be a subscription-based model You know, in terms of the broader go-to-market strategy, I think the team was able to really effectively leverage CERAWeek because we had so many clients in town to be able to do our launch and get, you know, get this into the minds of so many of our customers. you know in terms of the broader go-to-market strategy i think the team was able to really effectively leverage ceraweek because we had so many clients in town to be able to do our launch and get you know get this into the minds of so many of our customers We're excited about this. we're excited about this The official hard launch for the product is gonna be a little bit later this year. the official hard launch for the product is gonna be a little bit later this year You know, as I mentioned, just to say again, you know, the experience there is very comprehensive, bringing together so many of these unique datasets that we have, and it's powerful enough that one of our clients renewed with a very large uptick just on seeing the demo. Thanks for the question. You know, as I mentioned, just to say again, you know, the experience there is very comprehensive, bringing together so many of these unique datasets that we have, and it's powerful enough that one of our clients renewed with a very large uptick just on seeing the demo. you know as i mentioned just to say again you know the experience there is very comprehensive bringing together so many of these unique datasets that we have and it's powerful enough that one of our clients renewed with a very large uptick just on seeing the demo Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Jeff Silber with BMO Capital Markets. Your line is open. Thank you. thank you Our next question comes from Jeff Silber with BMO Capital Markets. our next question comes from jeff silber with bmo capital markets Your line is open. your line is open

Speaker 12: Thanks so much. You highlighted the war's impact on the energy sector. I'm just curious, you know, hopefully this war is gonna end soon. What do you think the impact would be on the other businesses? When should we start to see a rebound there? Thanks so much. thanks so much You highlighted the war's impact on the energy sector. you highlighted the war's impact on the energy sector I'm just curious, you know, hopefully this war is gonna end soon. i'm just curious you know hopefully this war is gonna end soon What do you think the impact would be on the other businesses? what do you think the impact would be on the other businesses When should we start to see a rebound there? when should we start to see a rebound there

Speaker 7: Jeff, it's Eric. You know, the impacts on the energy business as we described are quite direct, right? Because customers are affected. That slows down decision-making, and obviously we need to help customers focus on their core business. In the other divisions, it's really a question about how expectations around the conflict, you know, evolve, what sort of macroeconomic and I'll say economic disruption we see globally and also region by region, because that's going to affect, you know, equity price levels, which has an impact on our asset under our asset lend fees. It's going to affect potentially credit markets and you know, the flow of issuances in different, in different market segments. Jeff, it's Eric. jeff it's eric You know, the impacts on the energy business as we described are quite direct, right? you know the impacts on the energy business as we described are quite direct right Because customers are affected. because customers are affected That slows down decision-making, and obviously we need to help customers focus on their core business. that slows down decision-making and obviously we need to help customers focus on their core business In the other divisions, it's really a question about how expectations around the conflict, you know, evolve, what sort of macroeconomic and I'll say economic disruption we see globally and also region by region, because that's going to affect, you know, equity price levels, which has an impact on our asset under our asset lend fees. in the other divisions it's really a question about how expectations around the conflict you know evolve what sort of macroeconomic and i'll say economic disruption we see globally and also region by region because that's going to affect you know equity price levels which has an impact on our asset under our asset lend fees It's going to affect potentially credit markets and you know, the flow of issuances in different, in different market segments. it's going to affect potentially credit markets and you know the flow of issuances in different in different market segments I think the indirect effects, you know, for the time being have been relatively small. The question is, does the conflict resolve itself, you know, in the coming months or does it drag on? You know, the longer it drags, you know, creates more uncertainty and a wider range of outcomes. You know, in general, there's a range of factors. We're trying to be careful and prudent. You saw some of that in our patterning of our expense spend that we feathered in carefully in the Q1 to create some additional margin expansion. We're just being vigilant about the effects and, you know, staying close with our clients and making sure we support them across our various divisions. I think the indirect effects, you know, for the time being have been relatively small. i think the indirect effects you know for the time being have been relatively small The question is, does the conflict resolve itself, you know, in the coming months or does it drag on? the question is does the conflict resolve itself you know in the coming months or does it drag on You know, the longer it drags, you know, creates more uncertainty and a wider range of outcomes. you know the longer it drags you know creates more uncertainty and a wider range of outcomes You know, in general, there's a range of factors. you know in general there's a range of factors We're trying to be careful and prudent. we're trying to be careful and prudent You saw some of that in our patterning of our expense spend that we feathered in carefully in the Q1 to create some additional margin expansion. you saw some of that in our patterning of our expense spend that we feathered in carefully in the q1 to create some additional margin expansion We're just being vigilant about the effects and, you know, staying close with our clients and making sure we support them across our various divisions. we're just being vigilant about the effects and you know staying close with our clients and making sure we support them across our various divisions

Speaker 15: Thanks for the question. Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Andrew Steinerman with JPMorgan. Your line is open. Thank you. thank you Our next question comes from Andrew Steinerman with JP Morgan. our next question comes from andrew steinerman with jp morgan Your line is open. your line is open

Speaker 2: Hi, Eric, it's Andrew. What was the organic ACV growth in the Q1 for MI? Also remind us on the ratings side if S&P includes bank loan replacing transaction and build issuance or not and how it impacted Q1? Hi, Eric, it's Andrew. hi eric it's andrew What was the organic ACV growth in the Q1 for MI? what was the organic acv growth in the q1 for mi Also remind us on the ratings side if S&P includes bank loan replacing transaction and build issuance or not and how it impacted Q1? also remind us on the ratings side if s&p includes bank loan replacing transaction and build issuance or not and how it impacted q1

Speaker 7: Andrew, it's Eric. Thanks for the question. On MI, we saw good ACV growth in the Q1. It was right around the level of subscription growth, which we showed at 6%. I think in line with the last couple quarters. Then in terms of repricing for bank loans, that's not included in that line. Andrew, it's Eric. andrew it's eric Thanks for the question. thanks for the question On MI, we saw good ACV growth in the Q1. on mi we saw good acv growth in the q1 It was right around the level of subscription growth, which we showed at 6%. it was right around the level of subscription growth which we showed at 6% I think in line with the last couple quarters. i think in line with the last couple quarters Then in terms of repricing for bank loans, that's not included in that line. then in terms of repricing for bank loans that's not included in that line

Speaker 15: Thanks for the question. Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from George Tong with Goldman Sachs. Your line is open. Thank you. thank you Our next question comes from George Tong with Goldman Sachs. our next question comes from george tong with goldman sachs Your line is open. your line is open

Speaker 9: Hi. Thanks. Good morning. Can you talk a little bit more about the latest trends you're seeing in the private credit markets and how much S&P ratings revenue you expect to come from private credit? Hi. hi Thanks. thanks Good morning. good morning Can you talk a little bit more about the latest trends you're seeing in the private credit markets and how much S&P ratings revenue you expect to come from private credit? can you talk a little bit more about the latest trends you're seeing in the private credit markets and how much s&p ratings revenue you expect to come from private credit

Speaker 15: Hi, George, it's Martina. Thanks for the question. Well, you know, this is an area that we've seen very strong growth in over several years now. In fact, we ended the full year 2025 at the enterprise level with north of $600 million in revenues in private markets. As I mentioned in my own prepared remarks, Ratings private credit grew 25% off a decently substantial base. You know, remember, we've been investing in this area for several years, and we made sure that we had the analytical capacity, expertise and, you know, the appropriate methodologies here. You know, it's an area that we are, I would say, cautiously optimistic about over the very immediate timeframe, just given some of the stresses on the sector that we mentioned. Hi, George, it's Martina. hi george it's martina Thanks for the question. thanks for the question Well, you know, this is an area that we've seen very strong growth in over several years now. well you know this is an area that we've seen very strong growth in over several years now In fact, we ended the full year 2025 at the enterprise level with north of $600 million in revenues in private markets. in fact we ended the full year 2025 at the enterprise level with north of $600 million in revenues in private markets As I mentioned in my own prepared remarks, Ratings private credit grew 25% off a decently substantial base. as i mentioned in my own prepared remarks ratings private credit grew 25% off a decently substantial base You know, remember, we've been investing in this area for several years, and we made sure that we had the analytical capacity, expertise and, you know, the appropriate methodologies here. you know remember we've been investing in this area for several years and we made sure that we had the analytical capacity expertise and you know the appropriate methodologies here You know, it's an area that we are, I would say, cautiously optimistic about over the very immediate timeframe, just given some of the stresses on the sector that we mentioned. you know it's an area that we are i would say cautiously optimistic about over the very immediate timeframe just given some of the stresses on the sector that we mentioned You know, we started this year with those potential stresses in mind. We didn't necessarily assume that there was gonna be huge growth in middle market CLOs, for example. We assumed that there would be some softness in BDCs. So far, you know, we're seeing the trends play out as expected. Of course, if you take a step back and you look at what we're doing in the broader Market Intelligence and index strategies around private markets, all of what we're doing is geared towards giving LPs and GPs performance data and benchmarks and data analytics to assess how these investments are trending, as well as how LPs are thinking about shifting allocations, et cetera. We are seeing a lot of demand for that data. You know, we started this year with those potential stresses in mind. you know we started this year with those potential stresses in mind We didn't necessarily assume that there was gonna be huge growth in middle market CLOs, for example. we didn't necessarily assume that there was gonna be huge growth in middle market clos for example We assumed that there would be some softness in BDCs. we assumed that there would be some softness in bdcs So far, you know, we're seeing the trends play out as expected. so far you know we're seeing the trends play out as expected Of course, if you take a step back and you look at what we're doing in the broader Market Intelligence and index strategies around private markets, all of what we're doing is geared towards giving LPs and GPs performance data and benchmarks and data analytics to assess how these investments are trending, as well as how LPs are thinking about shifting allocations, et cetera. of course if you take a step back and you look at what we're doing in the broader market intelligence and index strategies around private markets all of what we're doing is geared towards giving lps and gps performance data and benchmarks and data analytics to assess how these investments are trending as well as how lps are thinking about shifting allocations et cetera We are seeing a lot of demand for that data. we are seeing a lot of demand for that data Maybe just to give you two additional examples, during the quarter, we launched the first tranche of the data from our Cambridge Associates and Mercer partnership, focused on private credit and infrastructure. There's a lot of interest in that data because of its contributory nature. We also integrated With Intelligence, the first tranche of With Intelligence documents, into Cap IQ Pro, which again has stimulated quite a bit of interest because it enables GPs to really look at and target LPs based on their allocation strategy. Maybe just to give you two additional examples, during the quarter, we launched the first tranche of the data from our Cambridge Associates and Mercer partnership, focused on private credit and infrastructure. maybe just to give you two additional examples during the quarter we launched the first tranche of the data from our cambridge associates and mercer partnership focused on private credit and infrastructure There's a lot of interest in that data because of its contributory nature. there's a lot of interest in that data because of its contributory nature We also integrated With Intelligence, the first tranche of With Intelligence documents, into Cap IQ Pro, which again has stimulated quite a bit of interest because it enables GPs to really look at and target LPs based on their allocation strategy. we also integrated with intelligence the first tranche of with intelligence documents into cap iq pro which again has stimulated quite a bit of interest because it enables gps to really look at and target lps based on their allocation strategy You know, overall, I think, look, at this point, whether it's our ratings, our performance, data at the fund level, deal level, et cetera, and the analytics, there's a really big need and, a lot of interest in what we're providing here. Thanks for the question. You know, overall, I think, look, at this point, whether it's our ratings, our performance, data at the fund level, deal level, et cetera, and the analytics, there's a really big need and, a lot of interest in what we're providing here. you know overall i think look at this point whether it's our ratings our performance data at the fund level deal level et cetera and the analytics there's a really big need and a lot of interest in what we're providing here Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Craig Huber with Huber Research Partners. Your line is open. Thank you. thank you Our next question comes from Craig Huber with Huber Research Partners. our next question comes from craig huber with huber research partners Your line is open. your line is open

Speaker 4: Great. Thank you. I wanted to ask about AI efficiencies at your company. To the extent that you can give us some more examples of how AI internally is helping you guys be more efficient across your various sectors, including outside of the MI division. Also, Eric, wanted to ask, your 50 basis points to 75 basis points expected improvement excluding Astra. How much ballpark do you think AI efficiencies is actually helping that number? Thank you. Great. great Thank you. thank you I wanted to ask about AI efficiencies at your company. i wanted to ask about ai efficiencies at your company To the extent that you can give us some more examples of how AI internally is helping you guys be more efficient across your various sectors, including outside of the MI division. to the extent that you can give us some more examples of how ai internally is helping you guys be more efficient across your various sectors including outside of the mi division Also, Eric, wanted to ask, your 50 basis points to 75 basis points expected improvement excluding Astra. also eric wanted to ask your 50 basis points to 75 basis points expected improvement excluding astra How much ballpark do you think AI efficiencies is actually helping that number? how much ballpark do you think ai efficiencies is actually helping that number Thank you. thank you

Speaker 15: Hi, Craig. Thanks for the question. Let me start, and then I'll hand over to Eric. I would say that we have been tackling AI by looking at some of our largest strategic processes across the company. At our IR day, for example, we mentioned four particular areas that we were focused on, including our ratings analytic workflows, our research workflows in energy and in Market Intelligence, as well as our technology and data workflows. These comprise roughly around half of the resources that we have at the company. Hi, Craig. hi craig Thanks for the question. thanks for the question Let me start, and then I'll hand over to Eric. let me start and then i'll hand over to eric I would say that we have been tackling AI by looking at some of our largest strategic processes across the company. i would say that we have been tackling ai by looking at some of our largest strategic processes across the company At our IR day, for example, we mentioned four particular areas that we were focused on, including our ratings analytic workflows, our research workflows in energy and in Market Intelligence, as well as our technology and data workflows. at our ir day for example we mentioned four particular areas that we were focused on including our ratings analytic workflows our research workflows in energy and in market intelligence as well as our technology and data workflows These comprise roughly around half of the resources that we have at the company. these comprise roughly around half of the resources that we have at the company If you want to think about, you know, areas outside of, you know, of maybe some of the more obvious areas like the data organization, we can see tremendous capacity expansion within Ratings, for example, where they've been a very early adopter of AI as part of augmenting analytical capacity and making sure that our analysts can do more high value things like thought leadership and, you know, and additional research. You know, we're really leaning into this. You know, we have announced you will see the joining of Firdaus Bhathena as our Chief Technology and Transformation Officer. If you want to think about, you know, areas outside of, you know, of maybe some of the more obvious areas like the data organization, we can see tremendous capacity expansion within Ratings, for example, where they've been a very early adopter of AI as part of augmenting analytical capacity and making sure that our analysts can do more high value things like thought leadership and, you know, and additional research. if you want to think about you know areas outside of you know of maybe some of the more obvious areas like the data organization we can see tremendous capacity expansion within ratings for example where they've been a very early adopter of ai as part of augmenting analytical capacity and making sure that our analysts can do more high value things like thought leadership and you know and additional research You know, we're really leaning into this. you know we're really leaning into this You know, we have announced you will see the joining of Firdaus Bhathena as our Chief Technology and Transformation Officer. you know we have announced you will see the joining of firdaus bhathena as our chief technology and transformation officer Firdaus really, as part of that, is looking at how we would scale AI and other technologies like quantum and blockchain so that we can actually get the full benefit around the enterprise. He will also look at this transformation program that has started with these four strategic processes and make sure we're scaling it out to the rest of the organization over time. Eric, I'll hand over to you. Firdaus really, as part of that, is looking at how we would scale AI and other technologies like quantum and blockchain so that we can actually get the full benefit around the enterprise. firdaus really as part of that is looking at how we would scale ai and other technologies like quantum and blockchain so that we can actually get the full benefit around the enterprise He will also look at this transformation program that has started with these four strategic processes and make sure we're scaling it out to the rest of the organization over time. he will also look at this transformation program that has started with these four strategic processes and make sure we're scaling it out to the rest of the organization over time Eric, I'll hand over to you. eric i'll hand over to you

Speaker 7: Craig, I'd just add, you know, AI is just beginning to have a positive impact on margin. I say beginning because remember, AI is just the continuation of machine learning tools and a wide range of capabilities that we've used and leveraged across our processes. You know, I've talked at length about the enterprise data office and what we do in data operations. I'll say the predicate to the new LLM tools have aided the margin expansion, you know, over the last year and some into this year. Craig, I'd just add, you know, AI is just beginning to have a positive impact on margin. craig i'd just add you know ai is just beginning to have a positive impact on margin I say beginning because remember, AI is just the continuation of machine learning tools and a wide range of capabilities that we've used and leveraged across our processes. i say beginning because remember ai is just the continuation of machine learning tools and a wide range of capabilities that we've used and leveraged across our processes You know, I've talked at length about the enterprise data office and what we do in data operations. you know i've talked at length about the enterprise data office and what we do in data operations I'll say the predicate to the new LLM tools have aided the margin expansion, you know, over the last year and some into this year. i'll say the predicate to the new llm tools have aided the margin expansion you know over the last year and some into this year I think the, you know, the upside from the broad adoption of frontier models is just beginning and really will have an impact, you know, in 2027, 2028 and in the future years as they get expanded into a wide range of these, you know, strategic and important processes that we operate and, you know, will be helpful in that regard. I think the, you know, the upside from the broad adoption of frontier models is just beginning and really will have an impact, you know, in 2027, 2028 and in the future years as they get expanded into a wide range of these, you know, strategic and important processes that we operate and, you know, will be helpful in that regard. i think the you know the upside from the broad adoption of frontier models is just beginning and really will have an impact you know in 2027 2028 and in the future years as they get expanded into a wide range of these you know strategic and important processes that we operate and you know will be helpful in that regard

Speaker 15: Thanks for the question, Craig. Thanks for the question, Craig. thanks for the question craig

Speaker 16: Thank you. Our next question comes from David Motemaden with Evercore. Your line is open. Thank you. thank you Our next question comes from David Motemaden with Evercore. our next question comes from david motemaden with evercore Your line is open. your line is open

Speaker 6: Hey, thanks. Good morning. Just a quick one on how clients are accessing your content, maybe a little bit to slide twelve. You talked about usage through your own solutions like ChatIQ, and then also through the frontier large language models. Are you seeing any meaningful differences in usage patterns or engagement with your data across those two broad channels today? And I guess I'm wondering, as adoption scales, where do you see the balance between direct delivery through your own solutions, and third-party large language models ultimately settling out? Hey, thanks. hey thanks Good morning. good morning Just a quick one on how clients are accessing your content, maybe a little bit to slide twelve. just a quick one on how clients are accessing your content maybe a little bit to slide twelve You talked about usage through your own solutions like ChatIQ, and then also through the frontier large language models. you talked about usage through your own solutions like chatiq and then also through the frontier large language models Are you seeing any meaningful differences in usage patterns or engagement with your data across those two broad channels today? are you seeing any meaningful differences in usage patterns or engagement with your data across those two broad channels today And I guess I'm wondering, as adoption scales, where do you see the balance between direct delivery through your own solutions, and third-party large language models ultimately settling out? and i guess i'm wondering as adoption scales where do you see the balance between direct delivery through your own solutions and third-party large language models ultimately settling out

Speaker 15: Hi, David. It's Martina. Let me start, and then I'll hand over to Eric as well. This is something obviously that we're spending quite a bit of time thinking about. I would start with our customers and what they're telling us and, you know, basically, the types of deals that we are signing with our customers. If we start from that perspective, you know, there's a spectrum, if you like, along the very large number of users of our products in this area in Capital IQ Pro. It ranges from customers who will persist in using the integrated desktop over a period of time, and this is for a variety of reasons. Hi, David. hi david It's Martina. it's martina Let me start, and then I'll hand over to Eric as well. let me start and then i'll hand over to eric as well This is something obviously that we're spending quite a bit of time thinking about. this is something obviously that we're spending quite a bit of time thinking about I would start with our customers and what they're telling us and, you know, basically, the types of deals that we are signing with our customers. i would start with our customers and what they're telling us and you know basically the types of deals that we are signing with our customers If we start from that perspective, you know, there's a spectrum, if you like, along the very large number of users of our products in this area in Capital IQ Pro. if we start from that perspective you know there's a spectrum if you like along the very large number of users of our products in this area in capital iq pro It ranges from customers who will persist in using the integrated desktop over a period of time, and this is for a variety of reasons. it ranges from customers who will persist in using the integrated desktop over a period of time and this is for a variety of reasons It can be because they prefer to have us do the hard work for them in terms of integrating the AI capabilities. It can also be because they may look over time at the cost of adopting some of these models, and prefer to have us manage that for them at scale, which can provide efficiencies rather than having them do that bespoke work themselves. We will also have clients who will do both. We see that already. We have one large global bank that signed an extended contract with us in the Q1. It included expanding the usage of the desktop, Capital IQ Pro, to additional users around the organization. It can be because they prefer to have us do the hard work for them in terms of integrating the AI capabilities. it can be because they prefer to have us do the hard work for them in terms of integrating the ai capabilities It can also be because they may look over time at the cost of adopting some of these models, and prefer to have us manage that for them at scale, which can provide efficiencies rather than having them do that bespoke work themselves. it can also be because they may look over time at the cost of adopting some of these models and prefer to have us manage that for them at scale which can provide efficiencies rather than having them do that bespoke work themselves We will also have clients who will do both. we will also have clients who will do both We see that already. we see that already We have one large global bank that signed an extended contract with us in the Q1. we have one large global bank that signed an extended contract with us in the q1 It included expanding the usage of the desktop, Capital IQ Pro, to additional users around the organization. it included expanding the usage of the desktop capital iq pro to additional users around the organization It also included increasing licensing for AI use of several of our datasets. The bank actually made our datasets the standard on their own internal LLM. You know, this is an example of where S&P Capital IQ Pro will continue to be used alongside LLM model consumption within our clients. I would say that that is the majority of the conversations that we are having. Now, will clients look to just use their in-house LLMs? That's potentially a scenario that we could see play out over a period of time. We're ready for that. In that case, we think our data becomes even more valuable because our data is required to really get the full benefit of using these channels. It also included increasing licensing for AI use of several of our datasets. it also included increasing licensing for ai use of several of our datasets The bank actually made our datasets the standard on their own internal LLM. the bank actually made our datasets the standard on their own internal llm You know, this is an example of where S&P Capital IQ Pro will continue to be used alongside LLM model consumption within our clients. you know this is an example of where s&p capital iq pro will continue to be used alongside llm model consumption within our clients I would say that that is the majority of the conversations that we are having. i would say that that is the majority of the conversations that we are having Now, will clients look to just use their in-house LLMs? now will clients look to just use their in-house llms That's potentially a scenario that we could see play out over a period of time. that's potentially a scenario that we could see play out over a period of time We're ready for that. we're ready for that In that case, we think our data becomes even more valuable because our data is required to really get the full benefit of using these channels. in that case we think our data becomes even more valuable because our data is required to really get the full benefit of using these channels As I mentioned earlier, we will use the plugin option, and we will also use MCP applications to make sure that we can continue to improve the user experience for clients that wanna use these third parties. All of this really is very consistent with how we have thought about partnering with third-party channels for many years now, and it's why we talked a lot about flexible distribution back in our IR day. Maybe, Eric, do you wanna talk a little bit about how we're seeing the usage evolve? As I mentioned earlier, we will use the plugin option, and we will also use MCP applications to make sure that we can continue to improve the user experience for clients that wanna use these third parties. as i mentioned earlier we will use the plugin option and we will also use mcp applications to make sure that we can continue to improve the user experience for clients that wanna use these third parties All of this really is very consistent with how we have thought about partnering with third-party channels for many years now, and it's why we talked a lot about flexible distribution back in our IR day. all of this really is very consistent with how we have thought about partnering with third-party channels for many years now and it's why we talked a lot about flexible distribution back in our ir day Maybe, Eric, do you wanna talk a little bit about how we're seeing the usage evolve? maybe eric do you wanna talk a little bit about how we're seeing the usage evolve

Speaker 7: Yeah. Let me just give you some examples. On the direct usage side, right, where clients are using our platforms and within our platforms, usage continues to build very substantially. I described in our Titan platform, AI queries are up 2x. In iLEVEL, the automated data ingestion through AI is up 2x. We're seeing very significant increases, which we're monitoring, 'cause in our minds, that's a way clients are gaining value. Yeah. yeah Let me just give you some examples. let me just give you some examples On the direct usage side, right, where clients are using our platforms and within our platforms, usage continues to build very substantially. on the direct usage side right where clients are using our platforms and within our platforms usage continues to build very substantially I described in our Titan platform, AI queries are up 2x. i described in our titan platform ai queries are up 2x In iLEVEL, the automated data ingestion through AI is up 2x. in ilevel the automated data ingestion through ai is up 2x We're seeing very significant increases, which we're monitoring, 'cause in our minds, that's a way clients are gaining value. we're seeing very significant increases which we're monitoring 'cause in our minds that's a way clients are gaining value At the same time, in the LLM channels, the frontier models, the models that our clients have, as we said earlier, you know, call volume is up very significantly, literally 2x, you know, from February to March, 5x from December to March. Again, we're seeing the value that clients are--inking in our data and proprietary offerings that they're looking for. What we find is where there's more usage, there's more value over time, that's that will create economic benefits and opportunities for us. At the same time, in the LLM channels, the frontier models, the models that our clients have, as we said earlier, you know, call volume is up very significantly, literally 2x, you know, from February to March, 5x from December to March. at the same time in the llm channels the frontier models the models that our clients have as we said earlier you know call volume is up very significantly literally 2x you know from february to march 5x from december to march Again, we're seeing the value that clients are--inking in our data and proprietary offerings that they're looking for. again we're seeing the value that clients are--inking in our data and proprietary offerings that they're looking for What we find is where there's more usage, there's more value over time, that's that will create economic benefits and opportunities for us. what we find is where there's more usage there's more value over time that's that will create economic benefits and opportunities for us In the clients that have been using our AI tools and availing themselves of those, you know, in MI, we're seeing a 200 basis points higher retention rates. In energy, over 500 basis points of higher retention rates because, again, usage is value for clients. They get more benefits, and that helps us, you know, drive the overall economics of each of our businesses across the range of channels that we provide. In the clients that have been using our AI tools and availing themselves of those, you know, in MI, we're seeing a 200 basis points higher retention rates. in the clients that have been using our ai tools and availing themselves of those you know in mi we're seeing a 200 basis points higher retention rates In energy, over 500 basis points of higher retention rates because, again, usage is value for clients. in energy over 500 basis points of higher retention rates because again usage is value for clients They get more benefits, and that helps us, you know, drive the overall economics of each of our businesses across the range of channels that we provide. they get more benefits and that helps us you know drive the overall economics of each of our businesses across the range of channels that we provide

Speaker 15: Thanks for the question. Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Jason Haas with Wells Fargo. Your line is open. Thank you. thank you Our next question comes from Jason Haas with Wells Fargo. our next question comes from jason haas with wells fargo Your line is open. your line is open

Speaker 10: Hey, good morning, thanks for taking my question. Can you just clarify on the ACV growth? I think you said that it was 6% in the quarter. I believe the past couple quarters was 6.5%-7%. Did it decelerate? If so, what drove that? Yeah, the commentary on revenue sounded, you know, optimistic for the rest of the year. Just wanted to follow up on the ACV point. Thank you. Hey, good morning, thanks for taking my question. hey good morning thanks for taking my question Can you just clarify on the ACV growth? can you just clarify on the acv growth I think you said that it was 6% in the quarter. i think you said that it was 6% in the quarter I believe the past couple quarters was 6.5%-7%. i believe the past couple quarters was 6.5%-7% Did it decelerate? did it decelerate If so, what drove that? if so what drove that Yeah, the commentary on revenue sounded, you know, optimistic for the rest of the year. yeah the commentary on revenue sounded you know optimistic for the rest of the year Just wanted to follow up on the ACV point. just wanted to follow up on the acv point Thank you. thank you

Speaker 7: Jason Haas, it's like I said, the ACV growth was in line with subscription revenue growth, which is around 6%. I think we've quoted over the last five quarters, 6-6.5, 6.5-upper sixes. You know, it's in the range. There's always gonna be a little bit of volatility. What we see is that the underlying drivers are moving in the right direction. We're feeling good about net sales, net renewals, and so forth across Market Intelligence. We see this as a good outcome for the Q1 and expect that to build momentum into Q2, Q3, and Q4. Jason Haas, it's like I said, the ACV growth was in line with subscription revenue growth, which is around 6%. jason haas it's like i said the acv growth was in line with subscription revenue growth which is around 6% I think we've quoted over the last five quarters, 6-6.5, 6.5-upper sixes. i think we've quoted over the last five quarters 6-6.5 6.5-upper sixes You know, it's in the range. you know it's in the range There's always gonna be a little bit of volatility. there's always gonna be a little bit of volatility What we see is that the underlying drivers are moving in the right direction. what we see is that the underlying drivers are moving in the right direction We're feeling good about net sales, net renewals, and so forth across Market Intelligence. we're feeling good about net sales net renewals and so forth across market intelligence We see this as a good outcome for the Q1 and expect that to build momentum into Q2, Q3, and Q4. we see this as a good outcome for the q1 and expect that to build momentum into q2 q3 and q4

Speaker 15: Thanks for the question. Thanks for the question. thanks for the question

Speaker 16: Thank you. Our next question comes from Shlomo Rosenbaum with Stifel. Your line is open. Thank you. thank you Our next question comes from Shlomo Rosenbaum with Stifel. our next question comes from shlomo rosenbaum with stifel Your line is open. your line is open

Speaker 19: Hi. Thank you very much for taking my question. I just wanted to get a better sense as to how you are thinking about the ratings revenue through the year. I know you gave the cadence, but in aggregate, from the change in the geopolitical environment, like is there, in aggregate, any change in the way that you're thinking about ratings revenue for the year? Do you see there's more risk to what you're what you've been assessing? Also, if you don't mind just quantifying the ratings evaluation services, what was the growth? You said it was healthy. I think you've quantified it somewhat before in other quarters. You know, has that changed at all in terms of the growth rate of that business? It's usually a precursor to, you know, additional issuance. Thank you. Hi. hi Thank you very much for taking my question. thank you very much for taking my question I just wanted to get a better sense as to how you are thinking about the ratings revenue through the year. i just wanted to get a better sense as to how you are thinking about the ratings revenue through the year I know you gave the cadence, but in aggregate, from the change in the geopolitical environment, like is there, in aggregate, any change in the way that you're thinking about ratings revenue for the year? i know you gave the cadence but in aggregate from the change in the geopolitical environment like is there in aggregate any change in the way that you're thinking about ratings revenue for the year Do you see there's more risk to what you're what you've been assessing? do you see there's more risk to what you're what you've been assessing Also, if you don't mind just quantifying the ratings evaluation services, what was the growth? also if you don't mind just quantifying the ratings evaluation services what was the growth You said it was healthy. you said it was healthy I think you've quantified it somewhat before in other quarters. i think you've quantified it somewhat before in other quarters You know, has that changed at all in terms of the growth rate of that business? you know has that changed at all in terms of the growth rate of that business It's usually a precursor to, you know, additional issuance. it's usually a precursor to you know additional issuance Thank you. thank you

Speaker 15: Hi, Shlomo. It's Martina. I'll take the question here. I think ultimately, as you know, obviously we didn't change our guidance for the full year for build issuance and for ratings. I think look, the thing that we're watching is, you know, this kind of end of Q2 resolution, right? We haven't necessarily seen any direct impact on ratings revenue. If we were to see GDP growth coming down, much broader sector shocks around the world, you know, that's a, that's a scenario where we could see some weakness in the environment. I think maybe to your question on RES, we had a good quarter in RES. A lot of that was driven by M&A, you know, assessments from issuers. Strong performance there overall. Hi, Shlomo. hi shlomo It's Martina. it's martina I'll take the question here. i'll take the question here I think ultimately, as you know, obviously we didn't change our guidance for the full year for build issuance and for ratings. i think ultimately as you know obviously we didn't change our guidance for the full year for build issuance and for ratings I think look, the thing that we're watching is, you know, this kind of end of Q2 resolution, right? i think look the thing that we're watching is you know this kind of end of q2 resolution right We haven't necessarily seen any direct impact on ratings revenue. we haven't necessarily seen any direct impact on ratings revenue If we were to see GDP growth coming down, much broader sector shocks around the world, you know, that's a, that's a scenario where we could see some weakness in the environment. if we were to see gdp growth coming down much broader sector shocks around the world you know that's a that's a scenario where we could see some weakness in the environment I think maybe to your question on RES, we had a good quarter in RES. i think maybe to your question on res we had a good quarter in res A lot of that was driven by M&A, you know, assessments from issuers. a lot of that was driven by m&a you know assessments from issuers Strong performance there overall. strong performance there overall Thanks for the question. Thanks for the question. thanks for the question

Speaker 16: Thank you. We will now take our final question with Jeff Meuler from Baird. Your line is open. Thank you. thank you We will now take our final question with Jeff Meuler from Baird. we will now take our final question with jeff meuler from baird Your line is open. your line is open

Speaker 11: Yeah, thank you for putting me in. Just looking out past the Iranian conflict, thinking about your energy business, how do you expect it to be impacted by the energy complex build-out associated with the data center and AI infrastructure build-out? Just any specific products that you'd expect to benefit, any new customer type opportunities? That's it. Thanks. Yeah, thank you for putting me in. yeah thank you for putting me in Just looking out past the Iranian conflict, thinking about your energy business, how do you expect it to be impacted by the energy complex build-out associated with the data center and AI infrastructure build-out? just looking out past the iranian conflict thinking about your energy business how do you expect it to be impacted by the energy complex build-out associated with the data center and ai infrastructure build-out Just any specific products that you'd expect to benefit, any new customer type opportunities? just any specific products that you'd expect to benefit any new customer type opportunities That's it. that's it Thanks. thanks

Speaker 15: Hi, Jeff. Thanks so much for the question. I think this goes back to one of the things that we really highlighted at our investor day around energy expansion. There is a tremendous amount of additional growth that will be projected in demand for energy as well as demand for critical minerals. You know, our data is really quite unique across these various different areas and gives us a true opportunity to work with clients around the world to help them understand forecasts for renewables, forecasts for hydrocarbons, the trade-offs between both as demand increases, et cetera. Hi, Jeff. hi jeff Thanks so much for the question. thanks so much for the question I think this goes back to one of the things that we really highlighted at our investor day around energy expansion. i think this goes back to one of the things that we really highlighted at our investor day around energy expansion There is a tremendous amount of additional growth that will be projected in demand for energy as well as demand for critical minerals. there is a tremendous amount of additional growth that will be projected in demand for energy as well as demand for critical minerals You know, our data is really quite unique across these various different areas and gives us a true opportunity to work with clients around the world to help them understand forecasts for renewables, forecasts for hydrocarbons, the trade-offs between both as demand increases, et cetera. you know our data is really quite unique across these various different areas and gives us a true opportunity to work with clients around the world to help them understand forecasts for renewables forecasts for hydrocarbons the trade-offs between both as demand increases et cetera We're seeing great opportunities not just in some of the ones that we've been talking about within ratings, for example, on data center issuances, but we also saw increased issuances from utilities in the power sector and ratings. We see demand for additional scenario planning around power and utilities in the energy team. We've seen particular demand in the energy team's unique insights and data on critical minerals. These are all areas where we would expect to see additional demand over time. Thanks for that question. In closing, I'd like to thank our people for delivering such a strong quarter. Our mission of advancing essential intelligence is now more relevant than ever as we help our clients navigate the uncertainties in this environment. We're seeing great opportunities not just in some of the ones that we've been talking about within ratings, for example, on data center issuances, but we also saw increased issuances from utilities in the power sector and ratings. we're seeing great opportunities not just in some of the ones that we've been talking about within ratings for example on data center issuances but we also saw increased issuances from utilities in the power sector and ratings We see demand for additional scenario planning around power and utilities in the energy team. we see demand for additional scenario planning around power and utilities in the energy team We've seen particular demand in the energy team's unique insights and data on critical minerals. we've seen particular demand in the energy team's unique insights and data on critical minerals These are all areas where we would expect to see additional demand over time. these are all areas where we would expect to see additional demand over time Thanks for that question. thanks for that question In closing, I'd like to thank our people for delivering such a strong quarter. in closing i'd like to thank our people for delivering such a strong quarter Our mission of advancing essential intelligence is now more relevant than ever as we help our clients navigate the uncertainties in this environment. our mission of advancing essential intelligence is now more relevant than ever as we help our clients navigate the uncertainties in this environment We're making really great progress against our strategy and are exceptionally well positioned and excited about our opportunity to drive value this year and beyond. We really appreciate you joining the call today. Thank you. We're making really great progress against our strategy and are exceptionally well positioned and excited about our opportunity to drive value this year and beyond. we're making really great progress against our strategy and are exceptionally well positioned and excited about our opportunity to drive value this year and beyond We really appreciate you joining the call today. we really appreciate you joining the call today Thank you. thank you

Speaker 16: That concludes this morning's call. A PDF version of the presenter's slides is available for downloading from investor.spglobal.com. The replays of the entire call will be available in about two hours. The webcast with audio and slides will be maintained on S&P Global's website for one year. The audio only telephone replay will be maintained for one month. On behalf of S&P Global, we thank you for participating and wish you a good day. That concludes this morning's call. that concludes this morning's call A PDF version of the presenter's slides is available for downloading from investor.spglobal.com. a pdf version of the presenter's slides is available for downloading from investor.spglobal.com The replays of the entire call will be available in about two hours. the replays of the entire call will be available in about two hours The webcast with audio and slides will be maintained on S&P Global's website for one year. the webcast with audio and slides will be maintained on s&p global's website for one year The audio only telephone replay will be maintained for one month. the audio only telephone replay will be maintained for one month On behalf of S&P Global, we thank you for participating and wish you a good day. on behalf of s&p global we thank you for participating and wish you a good day