S&P Global (SPGI) investor relations material

Strategic priorities and growth outlook

• Focused on three pillars: advancing market leadership, expanding into high-growth adjacencies, and amplifying enterprise capabilities through AI, targeting 6%-8% top-line growth and margin expansion over time.

• Market-driven businesses, especially ratings and index, are expected to outperform if market conditions remain favorable over the next 12-18 months.

• AI transformation is underway, with productivity and speed-to-market gains anticipated as enterprise data and technology functions are integrated.

Ratings and private credit

• Ratings business benefits from strong tailwinds, including a historically high maturity wall through 2028 and robust issuance, though guidance remains cautious due to macro uncertainties.

• Private credit demand is rising amid increased scrutiny, with S&P's consistent methodology and expertise valued by LPs and GPs globally.

• Expansion into new sub-asset classes and geographies is ongoing, with a focus on maintaining high-quality, independent ratings.

Market Intelligence and leadership changes

• Recent leadership transition aims to better align data and technology, driving productivity and AI integration.

• Market Intelligence is positioned for growth, with strong retention, pipeline build, and a focus on vendor consolidation and AI-native experiences.

• Revenue recognition impacts in Q1 are expected to reverse, supporting confidence in full-year guidance.