S&P Global Inc at Goldman Sachs U.S. Financial Services Conference Transcript

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

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : Okay. So at your recent Investor Day, you provided updated medium-term organic revenue growth targets of 7% to 9% and 50 to 75 bps of margin expansion per year. Can you talk about some of the top drivers underpinning your confidence in achieving these targets and what risks could challenge them?

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : Makes sense. You had estimated that around 95% of S&P's revenue is tied to proprietary benchmarks, data, workflow tools. Can you talk about how your proprietary data gives you an advantage into translating your tools and data into AI-enabled products?

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : And then sticking with the topic of AI, how do you plan to monetize the AI functionalities within your products? Are you thinking about upgrade cycles with products, pricing or perhaps as you mentioned, the clients are seeing better outcomes, perhaps it's pricing based on client outcomes?

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : Great. We get a lot of questions from investors on the potential threat of AI, specifically with Market Intelligence. Can you talk about any potential competitive shifts you expect with MI given the rise of AI? And how MI is positioning with AI differs with the other segments within S&P? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 5:20PM, SPGI.N - S&P Global Inc at Goldman Sachs U.S. Financial Services Conference

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : That's great. You highlighted private credit and energy as key medium-term growth drivers for the company. Can you talk a little bit more about how S&P is positioning itself to capture and leverage these secular tailwinds in these big adjacencies that you're going after?

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : And what about energy?

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : That's great. Let's dive into some of the segments individually. So with the Ratings business, the 6% to 9% medium-term growth, how much is private credit factored into that growth target? And then can you talk about the refinancing wall, the opportunity over the next several years with the pipeline of debt coming due? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 5:20PM, SPGI.N - S&P Global Inc at Goldman Sachs U.S. Financial Services Conference

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : Great. And then with Market Intelligence, you've got the With Intelligence acquisition, going on there. You've got Salesforce enhancements, end market dynamics. How do you put all those pieces together to inform the 2026 outlook?

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : In the energy business, you're targeting revenue growth to accelerate or reaccelerate from current levels as some of the macro headwinds ease and you lap some of the regulatory factors in the business, what would you need to see from a macro and industry perspective for the growth rates to improve meaningfully from current levels?

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : Great. And then turning to the Index business, the margins there are already incredibly high. How do you think about balancing margin expansion with reinvesting for growth in the index business?

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : Right. The Index business is your fastest-growing segment. Can you talk about some of the innovations beyond -- you touched on decentralized finance, maybe private asset classes, penetration into additional passive categories that can further support that 10% to 12% longer-term growth?

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : Great. Let's switch to margins. So you had mentioned that with the 50 to 75 bps of margin expansion opportunity over the medium term, Market Intelligence represents the biggest opportunity for segment level expansion. Can you talk about the main levers for expansion? How much of it's going to be based by AI-driven productivity? How much is it's going to be based on process redesign, organizational changes, et cetera? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 5:20PM, SPGI.N - S&P Global Inc at Goldman Sachs U.S. Financial Services Conference

Question: George K. Tong - Goldman Sachs Group Inc - Analyst : Okay. Well, Martina, we're just about at time. Thank you so much for the insights and the discussion. Please join me in thanking Martina.