S&P Global had an excellent 2025. We achieved good growth in revenue and profits whilst continuing to invest in the innovation that we expect to drive strong, profitable growth in the future.

Our company’s mission is Advancing Essential Intelligence. This is ever more important for our customers in the complex and uncertain world in which we all operate. We accomplish this mission by equipping our customers with the benchmarks, data, tools, and analytics to allow them to make more confident decisions.

This mission is championed by S&P Global’s more than 40,000 people led by our outstanding President and CEO, Martina Cheung. Spending time with our people is an important part of every Board meeting. We are always impressed by their creativity, enthusiasm, and commitment to excellence. On behalf of the Board, I would like to thank our teams for the amazing work they do every day.

The Board believes that oversight, strategy, and effective risk management are essential to the company’s commitment to delivering long-term shareholder value. To that end, over the past year, the Board continued to have focused discussions on matters concerning strategy, finance, operations, legal, compliance, technology and cybersecurity, talent management, and culture. Through these reviews, we remain deeply impressed with the direction of the company.

An area of particular focus for the Board has been the growth of artificial intelligence, which provides significant opportunities for the business and some potential challenges. We have been strongly investing in AI for more than a decade. It already has helped us bring more and higher-value services to our customers, and it allows us to operate more efficiently. We will continue to focus on the potential of this technology, as well as in other areas such as blockchain and quantum computing.

S&P Global adheres to strong and effective corporate governance practices. A key part of this is a Board that is highly experienced across a range of areas relevant to the company’s operations and risk areas and, with the exception of the CEO, is independent.

In line with the company’s corporate governance guidelines, Dick Thornburgh retired at the last Annual Meeting as the independent Chairman and a Director. I had the great honor of succeeding Dick as S&P Global’s Chairman. Retiring from our Board at this year’s Annual Meeting is Bill Green. I would like to thank Dick and Bill for their amazing leadership and many years of service to our company. They played a critical role in guiding the smooth CEO transition from Doug Peterson to Martina and putting in place our new Board.

Additionally, in 2025 the Board approved the appointment of two new Directors. Bob Moritz, former Chairman of PricewaterhouseCoopers LLC (PwC), and Hubert Joly, former Chair and CEO of Best Buy, joined the Board in early 2026. Their outstanding records as executives and thought leaders in business will add further to our Board, and I am very much looking forward to working with them.

Just as we always have, S&P Global enters 2026 helping our customers make critical decisions. That is our history, and Advancing Essential Intelligence is our future. With a globally admired brand, great people, and outstanding capabilities and products, we are in an excellent position to succeed.

Thank you to all our shareholders for supporting us in this journey.

Sincerely,