S&P Global Inc Q2 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Toni Kaplan - Morgan Stanley & Co LLC - Analyst : Really nice acceleration in the organic growth in MI this quarter up to 7%, really the highest we've seen in a while. You talked about a number of the steps that you took to drive it like the sales execution and simplifying the incentives there and the customer engagement. I was wondering if you could just talk about your ability to sustain that level of growth? I notice you didn't raise the MI organic growth target for the year. And also just wondering if AI contributed there, and if you're able to share any sort of incremental revenue metrics or usage on AI?

Question: Faiza Alwy - Deutsche Bank Securities Inc - Analyst : You've had really strong margin and expense management this quarter, particularly in Market Intelligence. And again, I understand you're not raising the margin guide, but wanted to ask about what you were doing to achieve these better expenses or if there was something onetime in the quarter that we should be mindful of? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 31, 2025 / 12:30PM, SPGI.N - Q2 2025 S&P Global Inc Earnings Call

Question: Scott Wurtzel - Wolfe Research LLC - Analyst : I appreciate the commentary on the Chief Client Office. I just wanted to talk about that a little bit more. I'm wondering if you can maybe share a little bit more about your criteria for moving strategic clients into the Chief Client Office.

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : Just wanted to follow up on Toni's question on MI. Obviously, pretty strong momentum. So just on the competitive wins, just wanted to better understand how these competitive displacement driven by also products, if those are resonating much better with customer in addition to better execution? And then just maybe on enterprise solution, the 10% growth that we saw really strong acceleration there. Can you provide more color about the puts and takes going forward? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 31, 2025 / 12:30PM, SPGI.N - Q2 2025 S&P Global Inc Earnings Call

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : I wanted just to ask about the second half ratings revenue assumption. I really saw and heard you say that you pushed up the '25 rating revenue assumption really by just the second quarter outperformance. That does surprise me a little bit. Maybe I was just kind of asking you why did you keep the second half performance, assuming June was the strongest month of issuance in the second quarter. And I'm assuming that, that issuance momentum continued into July.

Question: Jeff Silber - BMO Capital Markets - Analyst : Actually, I just wanted to circle back to Mobility. Can you just remind us what the milestones we should be tracking for the spin-off over the next year or so what we should be expecting?

Question: Owen Lau - Oppenheimer & Co Inc - Analyst : So let's continue with the Mobility conversation. You raised the revenue guidance, which is great. But there may be some pull forward for auto activities in the first half which could normalize in the second half. Your revenue guidance also implies that your growth in the second half will be maybe slightly slower than the first half. It's pulled forward the main reason for the slowdown? Or is there any other thing that you want to call out?

Question: Manav Patnaik - Barclays Services Corp - Analyst : I guess I'll ask on Commodity Insights. Can you just provide a little bit more color on the sanctions you mentioned in terms of the revenue impact? And also, if I may. The upstream business has been a very, very low growth business for many, many years now. So just curious on your thoughts on why that fits well in the portfolio.

Question: George Tong - Goldman Sachs & Company Inc - Analyst : I wanted to go back to the MI segment. Can you talk about how much lapping cancellations will benefit growth in the second half, quantify that, if you can? And how much of the assumption of stronger growth in the second half depends on an improving external customer environment?

Question: Andrew Nicholas - William Blair & Company - Analyst : I was hoping you could speak a bit more to the strategic and/or economic considerations underlying your data partnerships with Copilot with Anthropic. Just curious, do you envision more of your data being consumed that way via those channels over time?

Question: Jason Haas - Wells Fargo Securities LLC - Analyst : I wanted to follow up on the Indices margin since you Indices that there's going to be some pressure in the back half of the year. So I was curious if you could talk about if there's been some incremental expenses there because I normally think about that relatively fixed expense base and obviously, the revenue has been strong.

Question: Jeff Meuler - Robert W. Baird & Co Inc - Analyst : Private credit question, I recognize it will be hard to precisely answer given there's a lot of pockets, but any perspective would be helpful. Just what is your hit rate in terms of what percentage of private credit activity you're monetizing? And how that's evolved over time or just any types of activity where your monetization has been particularly good or other areas where maybe it's lagging thus far, but you see a big opportunity? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 31, 2025 / 12:30PM, SPGI.N - Q2 2025 S&P Global Inc Earnings Call

Question: Russell Quelch - Rothchild in Redburn - Analyst : I wondered if we could get a bit more detail on the Barclays deal. Was that a competitive displacement? And exactly what products did that entail? I wanted to know, did you take like a bundled or enterprise approach when it came to pricing? And is this a strategy that maybe you'll look to replicate with other clients in the Chief Client Office? And will this make sales a bit more lumpy in Market Intelligence going forward.

Question: Surinder Thind - Jefferies LLC - Analyst : Just focusing on the investments and just a big picture here, two related items. One is, should we get outperformance in the year, should that generally flow to margins? Or do you think you'll just reinvest it back in the business? And then philosophically, when we think about all of the change and all of the opportunity ahead, should we be entering a period of maybe elevated investment relative to historical?