Overview: 2-3

Adjusted Operating Results By Division and Division Trends

Division revenues do not include interdivision revenue elimination of $186 million for 2024, $177 million for 2023, and $171 million for 2022 non-GAAP pro forma adjusted. Percentages may sum to greater than 100%

Market Intelligence: 2024 results reflect the acquisitions of Visible Alpha and ProntoNLP and the divestitures of Fincentric and PrimeOne. 2023 results reflect the acquisitions of ChartIQ and TruSight Solutions LLC.  2022 non-GAAP pro forma adjusted results reflect the divestitures of CUSIP Global Service and Leveraged Commentary and Data. 2022 results reflect the acquisition of The Climate Service, Inc.

Ratings: 2023 results reflect the acquisition of Bridge to India. 2022 results reflect the acquisition of the Shades of Green business

Commodity Insights:  2024 results reflect the acquisition of World Hydrogen Leaders. 2022 non-GAAP pro forma adjusted results reflect the divestitures of the Base Chemicals business and OPIS

Mobility: 2023 results reflect the acquisition of Market Scan Information Systems Inc. and the divestiture of Aftersales

Indices: 2022 non-GAAP pro forma adjusted results reflect the divestiture of a family of leveraged loan indices

Indices: Includes operating profit attributable to noncontrolling interests ($284 million in 2024, $241 million in 2023, and $235 million in 2022 (includes an adjustment related to the JV Partner’s portion of the gain on the disposition of the L100 Index as part of the sale of LCD to Morningstar)) as part of the S&P Dow Jones Indices joint venture established in June 2012

Engineering Solutions: As of May 2, 2023, we completed the sale of Engineering Solutions, and the results are included through that date. 2023 revenue was $133 million, and 2022 pro forma revenue was $389 million; 2023 adjusted operating profit was $20 million, and 2022 non-GAAP pro forma adjusted operating profit was $67 million; and 2023 adjusted operating profit margin was 15.4%, and 2022 non-GAAP pro forma adjusted operating profit margin was 17.2%

SPGI:  S&P Global’s operations consist of five businesses: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Commodity Insights (“Commodity Insights”), S&P Global Mobility (“Mobility”), and S&P Dow Jones Indices (“Indices”). As of May 2, 2023, we completed the sale of S&P Global Engineering Solutions (“Engineering Solutions”), and the results are included through that date.

The Ratings division includes S&P Global Ratings, which is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (“NRSRO”); Crisil Limited, a global analytical company incorporated in India; and certain other ratings-related businesses. Unless otherwise noted, the presentations are for S&P Global Ratings as a division.

See Appendix for non-GAAP adjustments, deal-related amortization, and a reconciliation of adjusted information to U.S. GAAP

PF - PRO FORMA

Except as noted below, 2022 results on a non-GAAP pro forma adjusted basis as if the merger was completed on January 1, 2021 

2022 reflects non-GAAP pro forma adjusted revenue for Market Intelligence, Commodity Insights, and Indices; pro forma revenue for Mobility; and revenue for Ratings