MSCI Inc., together with its subsidiaries, provides investment decision support tools for the clients to manage their investment processes worldwide. It operates through four segments: Index, Analytics, ESG and Climate, and All Other Private Assets. The Index segment provides indexes for use in various areas of the investment process, including indexed product creation, such as ETFs, mutual funds, annuities, futures, options, structured products, over-the-counter derivatives; performance benchmarking; portfolio construction and rebalancing; and asset allocation, as well as licenses GICS and GICS Direct. The Analytics segment offers risk management, performance attribution and portfolio management content, application, and service that provides an integrated view of risk and return, and an analysis of market, credit, liquidity, and counterparty risk across asset classes; managed services, including consolidation of client portfolio data from various sources, review and reconciliation of input data and results, and customized reporting; and HedgePlatform to measure, evaluate, and monitor the risk of hedge fund investments. The ESG and Climate segment provides products and services that help institutional investors understand how ESG factors impact the long-term risk and return of their portfolio and individual security-level investments; and data, ratings, research, and tools to help investors navigate increasing regulation. The All Other Private Assets segment includes real estate market and transaction data, benchmarks, return-analytics, climate assessments and market insights for funds, investors, and managers; business intelligence to real estate owners, managers, developers, and brokers; and offers investment decision support tools for private capital. It serves asset owners and managers, financial intermediaries, wealth managers, real estate professionals, and corporates. MSCI Inc. was incorporated in 1998 and is headquartered in New York, New York.

MSCI Inc.

Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Gross Profit

Adjusted Net Income

Net Revenue

Net Income

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Index Adjusted EBITDA

Index Adjusted EBITDA % Chg.

Analytics Adjusted EBITDA

Analytics Adjusted EBITDA % Chg.

Sustainability and Climate Adjusted EBITDA

Sustainability and Climate Adjusted EBITDA % Chg.

All Other - Private Assets Adjusted EBITDA

All Other - Private Assets Adjusted EBITDA % Chg.

Total Adjusted EBITDA

Total Adjusted EBITDA Common Size

Total Adjusted EBITDA % Chg.

Index - Retention Rate

Index - Retention Rate % Chg.

Analytics - Retention Rate

Analytics - Retention Rate % Chg.

Sustainability and Climate - Retention Rate

Sustainability and Climate - Retention Rate % Chg.

All Other - Private Assets - Retention Rate

All Other - Private Assets - Retention Rate % Chg.

Total Company - Retention Rate

Total Company - Retention Rate % Chg.

Americas - Subscription Run Rate

Americas - Subscription Run Rate % Chg.

EMEA - Subscription Run Rate

EMEA - Subscription Run Rate % Chg.

APAC - Subscription Run Rate

APAC - Subscription Run Rate % Chg.

Asset Managers - Subscription Run Rate Contribution

Asset Managers - Subscription Run Rate Contribution % Chg.

Hedge Funds - Subscription Run Rate Contribution

Hedge Funds - Subscription Run Rate Contribution % Chg.

Wealth Management - Subscription Run Rate Contribution

Wealth Management - Subscription Run Rate Contribution % Chg.

Other Clients - Subscription Run Rate Contribution

Other Clients - Subscription Run Rate Contribution % Chg.

Asset Owners & Consultants - Subscription Run Rate Contribution

Asset Owners & Consultants - Subscription Run Rate Contribution % Chg.

Banks & Brokerages - Subscription Run Rate Contribution

Banks & Brokerages - Subscription Run Rate Contribution % Chg.

Insurance Companies - Subscription Run Rate Contribution

US - AUM in ETFs Linked to MSCI Equity Indexes Exposure

US - AUM in ETFs Linked to MSCI Equity Indexes Exposure % Chg.

Emerging Markets - AUM in ETFs Linked to MSCI Equity Indexes Exposure

Emerging Markets - AUM in ETFs Linked to MSCI Equity Indexes Exposure % Chg.

Developed Markets (ex. US) - AUM in ETFs Linked to MSCI Equity Indexes Exposure

Developed Markets (ex. US) - AUM in ETFs Linked to MSCI Equity Indexes Exposure % Chg.

AUM in ETFs Linked to MSCI Equity Indexes

AUM in ETFs Linked to MSCI Equity Indexes % Chg.

Market Appreciation - AUM in ETFs Linked to MSCI Equity Indexes

Market Appreciation - AUM in ETFs Linked to MSCI Equity Indexes % Chg.

Cash Inflows - AUM in ETFs Linked to MSCI Equity Indexes

Cash Inflows - AUM in ETFs Linked to MSCI Equity Indexes % Chg.

Period-End Basis Point Fee - ETFs Linked to MSCI Equity Indexes

Period-End Basis Point Fee - ETFs Linked to MSCI Equity Indexes % Chg.

Key Performance Indicators

Recurring Subscriptions Operating Revenue

Recurring Subscriptions Operating Revenue % Chg.

Recurring Subscriptions Operating Revenue Common Size

Asset-Based Fees Operating Revenue

Asset-Based Fees Operating Revenue % Chg.

Asset-Based Fees Operating Revenue Common Size

Non-Recurring Operating Revenue

Non-Recurring Operating Revenue % Chg.

Non-Recurring Operating Revenue Common Size

Other Revenue

Other Revenue % Chg.

Other Revenue Common Size

Total Revenue

Total Revenue Common Size

Total Revenue % Chg.

Index Operating Revenue

Index Operating Revenue % Chg.

Index Operating Revenue Common Size

Analytics Operating Revenue

Analytics Operating Revenue % Chg.

Analytics Operating Revenue Common Size

Sustainability and Climate Operating Revenue

Sustainability and Climate Operating Revenue % Chg.

Sustainability and Climate Operating Revenue Common Size

All Other - Private Assets Operating Revenue

All Other - Private Assets Operating Revenue % Chg.

All Other - Private Assets Operating Revenue Common Size

Revenue	LTM	Dec '24	Dec '23
Recurring Subscriptions Operating Revenue	2,237.8	2,114.4	1,871.3
Asset-Based Fees Operating Revenue	734.3	657.5	557.5
Non-Recurring Operating Revenue	83.3	84.2	100.1
Other Revenue	—	—	—
Total Revenue	3,055.4	2,856.1	2,528.9

Revenue	LTM	Dec '24	Dec '23
Index Operating Revenue	1,727.9	1,596.1	1,451.8
Analytics Operating Revenue	704.8	675.1	616
Sustainability and Climate Operating Revenue	348.9	326.6	287.6
All Other - Private Assets Operating Revenue	273.8	258.3	173.6
Other Revenue	—	—	—
Total Revenue	3,055.4	2,856.1	2,528.9

Adjusted EBITDA	LTM	Dec '24	Dec '23
Index Adjusted EBITDA	1,315.1	1,222.1	1,107
Analytics Adjusted EBITDA	342.8	328.3	274.9
Sustainability and Climate Adjusted EBITDA	120	104.7	91.7
All Other - Private Assets Adjusted EBITDA	68.8	61.4	49.4
Total Adjusted EBITDA	1,846.7	1,716.5	1,523

Key Performance Indicators	LTM	Dec '24	Dec '23
Index - Retention Rate	—	94.7%	95.8%
Analytics - Retention Rate	—	94.1%	94.4%
Sustainability and Climate - Retention Rate	—	92.8%	95.9%
All Other - Private Assets - Retention Rate	—	90.6%	90.4%
Total Company - Retention Rate	—	93.7%	94.7%
Americas - Subscription Run Rate	1,070	1,022	951
EMEA - Subscription Run Rate	919	851	797
APAC - Subscription Run Rate	397	369	347
Asset Managers - Subscription Run Rate Contribution	46%	50%	52%
Hedge Funds - Subscription Run Rate Contribution	10%	10%	9%
Wealth Management - Subscription Run Rate Contribution	7%	5%	5%
Other Clients - Subscription Run Rate Contribution	4%	8%	7%
Asset Owners & Consultants - Subscription Run Rate Contribution	13%	13%	12%
Banks & Brokerages - Subscription Run Rate Contribution	16%	14%	15%
Insurance Companies - Subscription Run Rate Contribution	4%	—	—
US - AUM in ETFs Linked to MSCI Equity Indexes Exposure	473,000	482,000	406,000
Emerging Markets - AUM in ETFs Linked to MSCI Equity Indexes Exposure	457,000	431,000	378,000
Developed Markets (ex. US) - AUM in ETFs Linked to MSCI Equity Indexes Exposure	832,000	812,000	685,000
AUM in ETFs Linked to MSCI Equity Indexes	2,211,000	1,724,700	1,468,900
Market Appreciation - AUM in ETFs Linked to MSCI Equity Indexes	264,100	140,000	197,900
Cash Inflows - AUM in ETFs Linked to MSCI Equity Indexes	185,100	115,800	48,100
Period-End Basis Point Fee - ETFs Linked to MSCI Equity Indexes	2.4	2.4	2.5