Americas Business & Information Services What's Powering Your Services Recap 7 24 26

Equity Research 23 July 2026 | 11:53PM PDT

AMERICAS BUSINESS & INFORMATION SERVICES

What’s Powering Your Services Recap - 7/24/26

George K. Tong, CFA | Goldman Sachs & Co. LLC

Sami Nasir, CFA | Goldman Sachs & Co. LLC

Alex Lakritz This week in Business & Information Services, several companies reported 2Q results, | Goldman Sachs & Co. LLC including EFX, MSCI, MCO, ROL and RHI, with results reinforcing a bifurcated sector backdrop where structurally advantaged data, analytics and recurring revenue models continue to compound, while more cyclical, consumer-exposed and labor-linked businesses face uneven demand. Investor feedback on MCO was favorable given robust MIS revenue growth and accelerating MA ARR growth, though sentiment was tempered by the lack of a full year guidance raise in the ratings and analytics businesses. Meanwhile, opinions on EFX were cautious in the context of mortgage market weakness, delayed government revenue realization and a margin drag from FICO royalty payments. Feedback on MSCI was similarly cautious given muted performance in Analytics and Sustainability & Climate, combined with subdued active manager growth and an increase in the expense outlook. Investor sentiment was negative on ROL, as well, given a slowdown in consumer-initiated demand in residential pest control, particularly within brands that rely on search, digital media and inbound leads. Investors also leaned negative on RHI given widening Protiviti consulting pressure across both US and international operations that creates downside risk to revenue and earnings growth.

GS Business & Information Services Coverage Information Services: CLVT, CSGP, EFX, FDS, FICO, IT, MCO, MH, MSCI, SPGI, TRI/TRI.TO, TRU, VRSK

Business Services: ADT, BCO, BFAM, BV, CTAS, HRB, IRM, KFY, KLC, MAN, NATL, PBI, PXED, RHI, ROL, ULS, VSTS

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Americas Business & Information Services

Price Changes as of 7/23/26 Information Services: -8% average this week / -27% YTD | Top movers this week: -8% MCO, -9% CSGP, -11% TRI, -12% MSCI, -19% CLVT

Business Services: -4% average this week / +21% YTD | Top movers this week: -6% VSTS, -6% PXED, -7% KLC, -9% RHI, -13% ROL

S&P 500: -1% this week / +8% YTD

Valuation Multiples as of 7/23/26 Information Services: Average NTM EV/EBITDA: 12.7x | Average NTM P/E: 17.5x

Business Services: Average NTM EV/EBITDA: 10.4x | Average NTM P/E: 19.9x

S&P 500: NTM EV/EBITDA: 14.0x | NTM P/E: 20.1x

Top Inbounds ROL, RHI, CTAS, MCO, SPGI, MSCI, FDS, TRI, EFX, TRU, FICO, CSGP, ULS, CLVT

Relevant Macro Developments n Initial jobless claims decreased to 187k for the week ending 7/18, from 209k the week prior, and came below FactSet consensus of 208k. A tightening labor market is incrementally positive for temp staffers MAN and RHI.

Business & Information Services News Flow n RHI reported 2Q 2026 EPS of $0.26 vs FactSet consensus of $0.26, and guided to 3Q 2026 EPS of $0.43-0.53 vs consensus of $0.47. n ROL reported 2Q 2026 EPS of $0.32 vs FactSet consensus of $0.34. n MCO reported 2Q 2026 EPS of $4.68 vs FactSet consensus of $4.26, and guided to 2026 EPS of $16.50-17.00 vs consensus of $16.79. n MSCI reported 2Q 2026 EPS of $4.94 vs FactSet consensus of $4.99, and guided to 2026 FCF of $1,485-1,545mn vs consensus of $1,614mn. n EFX reported 2Q 2026 EPS of $2.25 vs FactSet consensus of $2.20, and guided to 2026 EPS of $8.39-8.69 vs consensus of $8.71.

GS Business & Information Services Research This Week Robert Half (RHI, Sell): Mixed 2Q Results with widening Protiviti pressures tempering the Talent Solutions recovery. Robert Half reported mixed 2Q results, with revenue upside, in-line EPS and guidance for 3Q that was largely…