S&P Global Inc.

- S&P Global expects to issue approximately $2 billion in debt related to the planned Mobility spin-off in 2026. - The proceeds from this debt issuance are expected to fund a cash payment to S&P Global. - The cash payment will likely be used for a combination of incremental share repurchases and some debt reduction. - There is no mention of raising new equity currently or in the near future. - The company plans to continue repurchases, increasing them to at least 100% of adjusted free cash flow, around $4.5 billion for the year.

- Continued investment in AI-native solutions and tools, including products like ChatIQ, Document Intelligence, and the AI Upstream data platform Titan, which is in beta with a planned hard launch later this year. - Strategic divestiture of certain workflow businesses in Energy (about 25% of Upstream revenues) with a new distribution partnership with SLB to sharpen focus on proprietary content and data. - Expansion of licensing for AI use in several data sets, including integration into clients' internal large language models (LLMs). - Investment in private markets data through partnerships with Cambridge Associates and Mercer, and integration of With Intelligence documents into Capital IQ Pro to enhance private credit and infrastructure data offerings. - Scaling AI and transformative technologies across the enterprise under new Chief Technology and Transformation Officer Firdaus Bhathena, with focus on Ratings analytics, research workflows, and data operations. - Capital allocation includes approximately $2 billion in debt issuance related to the Mobility spin, with proceeds funding share repurchases and debt reduction.

- Energy: Expected additional demand growth in energy and critical minerals data; transaction and subscription revenue growth may be moderate due to near-term volatility but expected to reaccelerate in the second half of the year after a slight second-quarter dip. - Ratings: Strong first-quarter revenue growth, no acceleration expected in Q2, growth expected to moderate in Q3 and turn negative in Q4. Full-year guidance unchanged. - Market Intelligence: Anticipated subscription revenue acceleration in Q2 driven by strong customer traction; overall organic revenue growth projected at 6-8% for the year. - Indices: Continued robust growth expected in Q2, with deceleration in H2 due to tougher comps. - Mobility: Growth expected to accelerate slightly in Q2 with stronger growth in H2; spin planned for mid-2026. - AI-enabled solutions and data access via new platforms (MCP) to drive increased customer engagement and revenue over time. - Overall: Reiterated full-year organic revenue growth guidance of 6-8%, with margin expansion of 50-75 basis points.

- S&P Global expects continued organic constant currency revenue growth in the range of 6% to 8% for the full year 2026. - Adjusted diluted EPS increased 14% year-over-year in Q1 2026, indicating strong profitability. - Margin expansion is projected at 50 to 75 basis points in 2026, excluding the impact of OSTTRA. - Division-level margin expansion is expected, with Ratings and Indices seeing above-enterprise-range margin growth in Q2. - Energy division revenue growth forecast lowered to 4.5% to 6% due to geopolitical disruptions but expected to reaccelerate in the second half. - Market Intelligence anticipates acceleration in subscription revenue growth offset by normalized non-subscription growth. - Ratings revenue growth expected to remain strong in Q2 but with no acceleration, followed by moderation and decline in later quarters. - Capital plans include increased share repurchases (up to 100% of adjusted free cash flow) and some debt reduction to enhance shareholder value.

- In the Energy division, the new AI native Upstream product "CERA Titan" has generated immediate increase in leads and sales pipeline. - One large strategic customer has already closed a large renewal with a meaningful increase in contract value after demoing CERA Titan. - The Energy division divestiture of software portfolio (about 25% of Upstream revenues) to SLB is expected to close in H2 2026 or early 2027. - The macro disruption in Energy has impacted the near-term sales pipeline, with expectations for revenue growth to fall slightly below guidance range in Q2 before reaccelerating in H2. - Market Intelligence sees strong renewals and net sales with subscription revenue increasing 6% led by products like Capital IQ Pro and With Intelligence. - There is growing demand and contracts for AI-enabled APIs (over 300 customers under contract or trial) and increased API call volumes (5x increase QoQ). - Overall, sales pipelines are healthy, with particular momentum in AI-driven products and data solutions across divisions.