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	Sep '25	Jun '25
Recurring Subscriptions Operating Revenue	579.1	562.8
Asset-Based Fees Operating Revenue	197.5	184.1
Non-Recurring Operating Revenue	16.9	25.8
Other Revenue	—	—
Total Revenue	793.4	772.7

Revenue	Sep '25	Jun '25
Index Operating Revenue	451.2	434.8
Analytics Operating Revenue	182.2	177.7
Sustainability and Climate Operating Revenue	90.1	88.9
All Other - Private Assets Operating Revenue	70	71.2
Other Revenue	—	—
Total Revenue	793.4	772.7

Adjusted EBITDA	Sep '25	Jun '25
Index Adjusted EBITDA	350.3	330.2
Analytics Adjusted EBITDA	90	92.6
Sustainability and Climate Adjusted EBITDA	34.8	31.7
All Other - Private Assets Adjusted EBITDA	19.3	19.9
Total Adjusted EBITDA	494.4	474.4

Key Performance Indicators	Sep '25	Jun '25
Index - Retention Rate	95.8%	96%
Analytics - Retention Rate	94.4%	93.7%
Sustainability and Climate - Retention Rate	93.6%	93.8%
All Other - Private Assets - Retention Rate	93.3%	91.2%
Total Company - Retention Rate	94.7%	94.4%
Americas - Subscription Run Rate	1,070	1,050
EMEA - Subscription Run Rate	919	910
APAC - Subscription Run Rate	397	389
Asset Managers - Subscription Run Rate Contribution	46%	46%
Hedge Funds - Subscription Run Rate Contribution	10%	10%
Wealth Management - Subscription Run Rate Contribution	7%	7%
Other Clients - Subscription Run Rate Contribution	4%	4%
Asset Owners & Consultants - Subscription Run Rate Contribution	13%	13%
Banks & Brokerages - Subscription Run Rate Contribution	16%	16%
Insurance Companies - Subscription Run Rate Contribution	4%	4%
US - AUM in ETFs Linked to MSCI Equity Indexes Exposure	473,000	510,000
Emerging Markets - AUM in ETFs Linked to MSCI Equity Indexes Exposure	457,000	517,000
Developed Markets (ex. US) - AUM in ETFs Linked to MSCI Equity Indexes Exposure	832,000	998,000
AUM in ETFs Linked to MSCI Equity Indexes	2,211,000	2,024,600
Market Appreciation - AUM in ETFs Linked to MSCI Equity Indexes	140,000	193,000
Cash Inflows - AUM in ETFs Linked to MSCI Equity Indexes	46,400	48,500
Period-End Basis Point Fee - ETFs Linked to MSCI Equity Indexes	2.4	2.4