S&P Global Inc. (SPGI) Strong 2Q with Ratings and Indices offset by ongoing MI and Energy uncertainty

Equity Research 28 July 2026 | 7:11PM PDT

S&P Global Inc. (SPGI) Strong 2Q with Ratings and Indices offset by ongoing MI and Energy uncertainty

SPGI 12m Price Target: $528.00 Price: $424.36 Upside: 24.4% BUY George K. Tong, CFA Following 2Q results, we believe S&P Global remains well positioned | Goldman Sachs & Co. LLC to benefit from several attractive structural growth drivers, Alex Lakritz including AI infrastructure investment, expanding private markets | Goldman Sachs & Co. LLC activity and continued index benchmark adoption across asset classes. In Ratings, a combination of hyperscaler financing, Sami Nasir, CFA | Goldman Sachs & Co. LLC improving M&A activity and a sizable multi-year refinancing pipeline should support healthy issuance activity, while private markets continue to drive demand for benchmarks, data and analytics across Key Data _____________________________________ Market cap: $125.4bn the portfolio. Within Market Intelligence, the company is sharpening Enterprise value: $142.4bn 3m ADTV: $893.2mn its focus on higher-growth proprietary data assets, APIs and United States AI-enabled offerings through its new Data & Platforms and Americas Information and Business Services M&A Rank: 3 Enterprise Solutions structure. That said, questions remain around GS Forecast __________________________________ the pace of improvement in Market Intelligence, the timing of AI 12/25 12/26E 12/27E 12/28E

monetization and Energy’s path back toward its medium-term Revenue ($ mn) New Revenue ($ mn) Old 13,589.0 15,336.0 14,583.3 15,531.5 15,543.7 15,600.9 16,690.5 16,749.3 growth framework. While AI adoption remains robust, usage growth EBITDA ($ mn) 7,115.6 7,689.2 8,291.0 9,012.5 EBIT ($ mn) 7,005.6 7,582.2 8,191.0 8,912.5 continues to outpace revenue realization, and Energy remains below EPS ($) New its long-term growth algorithm. We view these as execution and EPS ($) Old P/E (X) timing issues rather than structural challenges to the investment Dividend yield (%) 0.8 0.9 0.9 0.9 thesis. Following the completion of the Mobility separation and an Net debt/EBITDA (X) 1.6 1.6 1.4 1.2

increase in planned share repurchases, SPGI is increasingly 6/26 9/26E 12/26E 3/27E concentrated in its highest-quality benchmark, data and analytics EPS ($)

businesses. We continue to believe the company’s defensive revenue GS Factor Profile ______________________________ Growth mix, strong competitive positioning and exposure to durable secular growth themes support attractive organic growth and margin Financial Returns

expansion. Reiterate Buy. Multiple

2Q 2026 Financial Highlights Revenue surpasses expectations. Total revenue of $3,678mn Percentile 20th 40th 60th 80th 100th

increased 10.9% y/y (10.6% OCC), better than our estimate of SPGI relative to Americas Coverage SPGI relative to Americas Information and Business Services 10.7% and FactSet consensus of 10.1% ex Mobility, with growth outperformance in Ratings and Market Intelligence, in-line Source: Company data, Goldman Sachs Research estimates. See disclosures for details. performance in Indices and a shortfall in Energy. Ratings revenue grew 16.6% y/y, and came above our forecast of 15.2%. Market

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 S&P Global Inc. (SPGI)

S&P Global Inc. (SPGI) Balance Sheet ($ mn) _______________________________________ BUY Rating since Mar 7, 2022 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 1,745.0 4,558.3 5,291.5 5,991.4 Accounts receivable 3,441.0 3,854.8 4,151.9 4,365.5 Inventory -- -- -- -- Ratios & Valuation __________________________________________ Other current assets 1,110.0 1,058.2 1,050.2 1,044.2 12/25 12/26E 12/27E 12/28E Total current assets 6,296.0…