1) Strategy & Leadership - MSCI continues to demonstrate strong momentum across product lines and client segments, achieving organic revenue growth of over 10% in Q4 2025. - The company has a long-term growth target, aiming for low double-digit revenue growth and low to mid-teens adjusted EBITDA growth, supported by a strong focus on innovation and client-centricity. - Baer Pettit, President, announced his retirement effective March 1, 2026, with Henry Fernandez expressing confidence in the leadership transition to Alvise Munari and Jorge Mina.

2) Financial & Segment Results - Q4 highlights include: - Adjusted EBITDA growth of over 13% and adjusted EPS growth of almost 12%. - Total run rate exceeded $3.3 billion, growing 13% YoY. - Recurring subscription run rate surpassed $2.4 billion, up over 9%. - Key client segments showed strong performance: - Hedge funds: 13% subscription run rate growth, 26% recurring net new sales growth. - Wealth managers: Nearly 11% subscription run rate growth, 15% recurring sales growth. - Private Capital Solutions: 86% recurring sales growth, driven by new product rollouts.

3) Problems / Headwinds - The Sustainability and Climate segment faced challenges, with lower new subscription sales compared to the previous year, particularly in the Americas. - Retention rates showed slight declines in certain segments, especially in Sustainability and Climate, and among asset managers in Europe, attributed to ongoing market pressures and regulatory uncertainties.

4) Operational or Product Plans - MSCI is leveraging AI to enhance operational efficiencies and product offerings, with over 120 AI projects underway to improve data processing and client insights. - The company is focusing on expanding its capabilities in private markets and sustainability, with new products aimed at addressing emerging risks such as AI impacts and supply chain disruptions. - The index product ecosystem is being enhanced to support custom indices and basket trading, responding to client demand for personalized investment solutions.

5) Guidance & Outlook / Investor Angle - For 2026, MSCI anticipates continued strong cash flow growth despite expected increases in cash taxes and interest expenses. - The company is optimistic about the pipeline of new product innovations and enhancements, which are expected to drive future sales and pricing power. - MSCI remains committed to maintaining transparency in its financial reporting while focusing on integrated product line growth.

Bottom line: MSCI's strong Q4 results and strategic focus on innovation position the company well for continued growth, despite some headwinds in specific segments. The leadership transition and ongoing investments in AI and product development are expected to enhance shareholder value moving forward.