MSCI Inc.

“Our research-based data, analytics and indexes, supported by advanced technology, set standards for global investors and help our clients understand risks and opportunities, make better investment decisions and unlock innovation.”

“Our principal business model is generally to license annual, recurring subscriptions for the majority of our products and services for a fee due in advance of the service period.”

“The Company has five operating segments: Index, Analytics, Sustainability and Climate, Real Assets and Private Capital Solutions, which are presented as the following three reportable segments: Index, Analytics, and Sustainability and Climate.”

“In the first quarter of 2025, we renamed our "ESG and Climate" operating and reportable segment to "Sustainability and Climate" to reflect the breadth of our product offerings.”

“Our client types include: •Asset managers... •Banks and brokerages... •Asset owners, including pension funds, endowments, foundations, investment consultants, central banks, sovereign wealth funds and single family offices”

“Our products and services include indexes; portfolio construction and risk management analytical models and tools; sustainability and climate solutions; and private asset data and analytics.”

“Approximately three-fifths of the AUM is invested in securities denominated in currencies other than the U.S. dollar, and any such impact is excluded from the disclosed foreign currency-adjusted variances.”

“Since January 2022, we have operated a hybrid work model, under which most employees may at times work remotely.”

“Differentiated research-enhanced content provides our clients with insights to better navigate a complex, fast-changing investment landscape.”

“executing strategic partnerships and acquisitions with complementary data, content and technology companies”

“Apply AI to accelerate product innovation. We are applying AI across our organization to enhance and accelerate content creation, data processing and analytics, and development of differentiated products and solutions.”

“As of December 31, 2025, there was $300.0 million outstanding under the Revolving Credit Facility.”

“In Europe, disclosure requirements continue to drive demand for sustainability and climate tools to meet both regulatory and investor expectations. In the United States, political debate has led to some scrutiny of the use of sustainability and climate considerations in investment and risk management decisions.”

“While industry fee pressure and consolidation may result in cost-cutting and vendor consolidation, firms may require more sophisticated and a broader array of investment tools across use cases and asset classes, driving demand for the Company’s offerings.”

“As of December 31, 2025, we served approximately 6,800 clients1 in more than 100 countries.”

“Mr. Pettit will step down as President and as a member of the Board on March 1, 2026.”

“Based on the results of the annual goodwill impairment testing performed and given there were no impairment triggers identified as part of interim assessments, no impairment of goodwill was recorded during the years ended December 31, 2025, 2024 and 2023.”

“Balance as of December 31, 2025 $6,421”

“In November 2024, the European Union adopted Regulation (EU) 2024/3005 on the transparency and integrity of ESG rating activities, which will require ESG rating providers operating in the European Union to be authorized by, or registered with, ESMA beginning July 2, 2026.”

“MSCI ESG Ratings and Research Private Limited (a subsidiary of MSCI Inc.) is in the process of surrendering its certificate of registration with the Securities and Exchange Board of India (SEBI) as an ESG Ratings Provider, following a strategic review by the Company.”

“In the United Kingdom, MSCI Limited (a subsidiary of MSCI Inc.) is authorized by the Financial Conduct Authority (FCA) as a benchmark administrator for applicable MSCI indexes.”

“Certain Vendor Products are concentrated among a small number of suppliers, and we also rely on major cloud and infrastructure providers to host and deliver certain products and services”

“AI-enabled tools may allow clients, including asset managers, asset owners, banks, hedge funds and others, to develop in-house capabilities to replace our products such as custom indexes, risk analytics, and sustainability and climate data.”

“These fees are primarily based on a client’s assets under management or trading volumes, and if the level of assets under management or trading volumes declines, we expect our fee-based revenue to show a corresponding decline.”

“including volatility and trends resulting from geopolitical events and trade policy changes, including tariffs, retaliatory tariffs and related trade tensions”

“Changes in tax laws, including the implementation of a 15% global minimum tax under OECD BEPS Pillar 2, uncertainty regarding its application to U.S.-based companies”