Moodys Second Quarter 2025 Earnings Call

Moodys Second Quarter 2025 Earnings Call

• 1. Second Quarter 2025 Earnings Call July 23,,2025

• 2. Shivani Kak HEAD OF INVESTOR RELATIONS Second Quarter 2025 - Earnings Call 2

• 3. Second Quarter 2025 - Earnings Call 3 Disclaimer Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody’s undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Moody’s is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to: the uncertain effects of U.S. and foreign government actions affecting international trade and economic policy, including changes and volatility in tariffs and trade policies and retaliatory actions, on credit markets, customers and customer retention, and demand for our products and services; the impact of general economic conditions (including significant government debt and deficit levels, and inflation or recessions and related monetary policy actions by governments in response thereto) on worldwide credit markets and on economic activity, including on the level of merger and acquisition activity, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effects of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the impact of geopolitical events and actions, such as the Russia-Ukraine military conflict and military conflict in the Middle East, and of tensions and disputes in political and global relations, on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide and on Moody’s own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; the level of merger and acquisition activity in the U.S. and abroad; the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing and/or emerging technologies and products; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to CRAs in a manner adverse to CRAs; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs; currency and foreign exchange volatility; the outcome of any review by tax authorities of Moody’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions, corporate or government entities. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2024, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

• 4. Rob Fauber PRESIDENT AND CHIEF EXECUTIVE OFFICER Second Quarter 2025 - Earnings Call 4

• 5. 1 Moody’s delivered another strong quarter amid market turbulence in April → Revenue grew 4% against a strong prior year comp → Adjusted Operating Margin1 up 130bps to 50.9% → Adjusted Diluted EPS1 increased 9% to $3.56 2 MIS achieved its second highest 2Q revenue on record → Second consecutive quarter with over $1B in revenue → Continued momentum in Private Credit-related transactions → Adjusted Operating Margin up 100bps to 64.2% 3 MA ARR2 of $3.3B; up 8% versus prior year → Recurring revenue grew 12%3 → Adjusted Operating Margin increased 360bps to 32.1% → Decision Solutions led with 10% ARR2 growth 4 Updating select metrics in full year 2025 guidance4 → MCO revenue growth to be in the mid-single-digit percent range → Updating Adjusted Diluted EPS1,4 to now be in the range of $13.50 to $14.00 → Continuing to strengthen the earnings power of our business 1. Refer to the Appendix for reconciliations between non-GAAP or adjusted measures mentioned throughout this presentation and U.S. GAAP. 2. ARR: Annualized Recurring Revenue. ARR growth as of June 30, 2025. Refer to the Appendix for the definition of and further information on ARR. ARR is presented on an organic constant currency basis. 3. Year-over-year growth for the three months ended June 30, 2025. Recurring revenue grew 8% on an organic constant currency (OC$) basis. Refer to the Appendix for the definition of OC$ revenue, as well as reconciliations between all OC$ measures mentioned throughout this presentation and U.S. GAAP. 4. Guidance as of July 23, 2025. Refer to Table 12 – “2025 Outlook” in the press release titled “Moody's Corporation Reports Results for Second Quarter 2025” from July 23, 2025, for a complete list of guidance, and refer to page 10 – "Assumptions and Outlook" for a list of the assumptions used by the Company with respect to its guidance. Key Takeaways Second Quarter 2025 - Earnings Call 5

• 6. 63.2% 64.2% 2Q24 2Q25 Second Quarter 2025 - Earnings Call 6 MIS: Revenue outpaced issuance by ~12% REVENUE ISSUANCE3 ADJUSTED OPERATING MARGIN 1. Refer to the Appendix for the definition of organic constant currency (OC$) revenue, as well as reconciliations between all OC$ measures mentioned throughout this presentation and U.S. GAAP. 2. MIS Other revenue was approximately $10 million and $10 million in the quarters ended June 30, 2024, and June 30, 2025, respectively. 3. MIS rated issuance, excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Billions $1,708 $1,511 2Q24 2Q25 100 bps Millions $1,015 $1,010 $525 $512 $131 $135 $195 $191 $154 $162 CFG SFG FIG PPIF MIS Other 2Q24 2Q25 2 ((2)% OC$1) ~ Flat (2)% 3% (2)% YoY Change 5% (12)%

• 7. Second Quarter 2025 - Earnings Call 7 MA: generating high-quality sustainable growth 1. Year-over-year growth for the three months ended June 30, 2025. 2. Recurring revenue as a percentage of total revenue for the three months ended June 30, 2025. 3. Retention on a trailing-twelve-month basis for the period ended June 30, 2025. 4. Adjusted Operating Margin for the three months ended June 30, 2025. 5. ARR: Annualized Recurring Revenue. ARR growth as of June 30, 2025. Refer to the Appendix for the definition of and further information on ARR. ARR is presented on an organic constant currency basis. 8% ARR5 GROWTH 11% REVENUE GROWTH1 32.1% ADJUSTED OPERATING MARGIN4 93% RETENTION RATE3 96% RECURRING REVENUE2 Decision Solutions 6% Data & Information 10% 7% Delivering strong recurring revenue growth combined with significant margin expansion Research & Insights

• 8. Second Quarter 2025 - Earnings Call 8 Capitalizing on our deep currents Dynamic capital markets continuing to evolve Heightened awareness of risks and need for resilience Ongoing digital transformation Increasing need to understand financial impact of extreme weather events Productivity from Gen AI Revenue Growth1 Mid-single-digit % Adjusted Operating Margin1,2 49% to 50% Adjusted Diluted EPS1,2 $13.50 to $14.00 1. Guidance as of July 23, 2025. Refer to Table 12 – “2025 Outlook” in the press release titled “Moody's Corporation Reports Results for Second Quarter 2025” from July 23, 2025, for a complete list of guidance, and refer to page 10 – "Assumptions and Outlook" for a list of the assumptions used by the Company with respect to its guidance. 2. Refer to the Appendix for reconciliations between non-GAAP or adjusted measures mentioned throughout this presentation and U.S. GAAP.

• 9. Second Quarter 2025 - Earnings Call 9 Noémie Heuland CHIEF FINANCIAL OFFICER

• 10. Total MIS Rated Issuance Investment Grade Leveraged Loans High Yield Bonds Structured Finance Financial Institutions Public, Project, and Infrastructure Finance Second Quarter 2025 - Earnings Call 10 Issuance: updating total MIS-rated issuance guidance → 2Q rated issuance modestly above expectations; ongoing uncertainty and risks remain for 2H → M&A activity expected to remain subdued as macroeconomic and geopolitical volatility weighs on deal execution → Spreads expected to remain tight despite some widening over the next 12 months → ~400 First Time Mandates (FTMs) during 1H 2025; unchanged 700 – 800 FTMs for full year → Continued growth in Private Credit AUM supporting growth in Structured Finance and Financial Institutions FY 2025 ISSUANCE GUIDANCE1,2 KEY ASSUMPTIONS NOTE: LSD = Low-single-digit. MSD = Mid-single-digit. HSD = High-single-digit. 1. Guidance as of July 23, 2025. Refer to Table 12 – “2025 Outlook” in the press release titled “Moody's Corporation Reports Results for Second Quarter 2025” from July 23, 2025, for a complete list of guidance, and refer to page 10 – "Assumptions and Outlook" for a list of the assumptions used by the Company with respect to its guidance. Prior disclosure for Total MIS Rated Issuance from April 22, 2025. Prior disclosure for Leveraged Loans from February 13, 2025. 2. Total issuance includes CFG, SFG, FIG and PPIF. MIS-rated issuance excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Unchanged from prior disclosure Decrease of LSD to MSD % Approx. Flat Decrease of HSD % Increase of approx. 10% Decrease of LSD % Increase of MSD % Decrease of mid-teens % Updated from prior disclosure

• 11. 7% Banking 9% Insurance 15% KYC 5% Banking 14% Insurance 22% KYC $3.3B 8% 7% 6% TOTAL MA RESEARCH & INSIGHTS DECISION SOLUTIONS DATA & INFORMATION 11% 10% 8% 13% 10% MA: quarterly performance 1. Percentages represent year-over-year growth. 2. Refer to Slide 47 - ''Organic constant currency revenue growth" for a reconciliation between reported and organic constant currency (OC$) revenue growth. 3. ARR: Annualized Recurring Revenue. ARR growth as of June 30, 2025. Refer to the Appendix for the definition of and further information on ARR. ARR is presented on an organic constant currency basis. 11 ARR1,3 $888M REVENUE1,2 Second Quarter 2025 - Earnings Call

• 12. 1. Guidance as of July 23, 2025. Refer to Table 12 – “2025 Outlook” in the press release titled “Moody's Corporation Reports Results for Second Quarter 2025” from July 23, 2025, for a complete list of guidance, and refer to page 10 – "Assumptions and Outlook" for a list of the assumptions used by the Company with respect to its guidance. 2. MIS rated issuance, excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Refer to the Slide 10 for a breakdown by asset class. 3. ARR: Annualized Recurring Revenue. Refer to the Appendix for the definition of and further information on ARR. ARR is presented on an organic constant currency basis. MIS & MA: select updates to full year 2025 guidance1 AS OF APRIL 22, 2025 AS OF JULY 23, 2025 MOODY’S INVESTORS SERVICE Issuance2 Decrease in the low-single-digit to high-single-digit percent range Decrease in the low-single-digit to mid-single-digit percent range Revenue Flat to increase in the mid-single-digit percent range Increase in the low-single-digit to mid-single-digit percent range Adjusted Operating Margin 61% to 62% No change MOODY’S ANALYTICS Revenue Increase in the high-single-digit percent range No change ARR3 Increase in the high-single-digit percent range No change Adjusted Operating Margin 32% to 33% No change Second Quarter 2025 - Earnings Call 12

• 13. MCO: select updates to full year 2025 guidance1 1. Guidance as of July 23, 2025. Refer to Table 12 – “2025 Outlook” in the press release titled “Moody's Corporation Reports Results for Second Quarter 2025” from July 23, 2025, for a complete list of guidance, and refer to page 10 – "Assumptions and Outlook" for a list of the assumptions used by the Company with respect to its guidance. 2. Refer to the Appendix for reconciliations between non-GAAP or adjusted measures mentioned throughout this presentation and U.S. GAAP. 3. Subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. AS OF APRIL 22, 2025 AS OF JULY 23, 20251 MOODY’S CORPORATION Revenue Increase in the mid-single-digit percent range No change Operating Expenses Increase in the low-to-mid-single-digit percent range No change Adjusted Operating Margin2 49% to 50% No change Diluted EPS $12.00 to $12.75 $12.25 to $12.75 Adjusted Diluted EPS2 $13.25 to $14.00 $13.50 to $14.00 Share Repurchases3 At least $1.3 billion No change Free Cash Flow2 $2.30 to $2.50 billion No change Second Quarter 2025 - Earnings Call 13

• 14. Questions and Answers Second Quarter 2025 - Earnings Call 14 Rob Fauber PRESIDENT AND CHIEF EXECUTIVE OFFICER Noémie Heuland CHIEF FINANCIAL OFFICER

• 15. 15 Supplemental Information Second Quarter 2025 - Earnings Call

• 16. Other Proprietary Data Private & Public Company Data Research Models & Analytics Economic Forecasts & Models Investment Analysis Underwriting Portfolio Mgmt. Lending & Origination ESG & Climate Assessment Regulatory Compliance KYC Research & Insights Data & Information Decision Solutions Streamlining our customers’ critical workflows MIS Ratings Feeds 16 Best in Class Data, Analytics and Software Solutions Note: API = Application Programming Interface; SaaS = Software as a Service; KYC = Know Your Customer. Second Quarter 2025 - Earnings Call

• 17. MA: building on a foundation of strong customer retention Year-end 20242 Year-end 2023 MA ARR1 GROWTH ATTRIBUTION MA ARR1 GROWTH BY QUARTER 17 Note: Upgrades and price include increases (or decreases) in value of products sold to legacy customers within the retained base. New sales includes sales of incremental products to both existing and new customers. 1. ARR: Annualized Recurring Revenue. Refer to the Appendix for the definition of and further information on ARR. ARR is presented on an organic constant currency basis. 2. Total may not sum due to rounding. As of June 30, 20252 Second Quarter 2025 - Earnings Call 9% 9% 9% 10% 10% 10% 10% 10% 10% 10% 9% 9% 9% 8% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 93% 7% 9% 108% Retained Base Upgrades and Price New Sales Business Base 94% 7% 9% 109% Retained Base Upgrades and Price New Sales Business Base 94% 7% 9% 110% Retained Base Upgrades and Price New Sales Business Base

• 18. 18 MA: financial overview Note: Percentages have been rounded and may not total to 100%. Decision Solutions Research & Insights Data & Information Second Quarter 2025 - Earnings Call Millions $334 $354 $361 $365 $366 $383 $402 $405 $413 $217 $222 $230 $222 $226 $235 $243 $236 $249 $196 $200 $205 $212 $210 $213 $218 $218 $226 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Revenue: Mix by Quarter Revenue: Distribution by Line of Business Revenue: Mix by Year Revenue: Distribution by Geography Revenue: Distribution by Recurring vs. Transaction 45% 46% 45% 46% 46% 46% 47% 47% 47% 29% 29% 29% 28% 28% 28% 28% 27% 28% 26% 26% 26% 27% 26% 26% 25% 25% 25% 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Millions $768 $936 $1,245 $1,383 $1,516 $717 $772 $812 $884 $926 $594 $698 $712 $789 $853 2020 2021 2022 2023 2024 57% 57% 56% 57% 58% 58% 58% 57% 58% 56% 57% 43% 43% 44% 43% 42% 42% 42% 43% 42% 44% 43% 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Non-U.S. U.S. Transaction Recurring 6% 8% 6% 7% 6% 5% 5% 5% 5% 4% 4% 94% 92% 94% 93% 94% 95% 95% 95% 95% 96% 96% 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25

• 19. GDP Contraction Expansion CYCLICAL CONSIDERATIONS Geopolitical environment Adverse Cooperative Default rate High Low Inflation High Within Central Bank range Interest rates Volatile Stabilized 19 MIS: the Agency of Choice today and tomorrow ECONOMIC EXPANSION1 2% - 3% VALUE PROPOSITION 3% - 4% DEVELOPING CAPITAL MARKETS → GDP growth drives demand for debt capital to fund business investments → Refinancing needs support future supply → Proven rating accuracy and deeply experienced analysts → Mix of issuers and opportunistic issuance → Bank system capacity remains constrained → Deepening participation in developing markets → Meeting customers’ evolving risk assessment demands, including across Private Credit, Cyber, and Sustainable & Transition Finance 1% - 2% Note: Long-term algorithm figures presented on this slide are on average, over time. 1. Economic expansion represents rate of change in global real GDP. Long-term Revenue Growth Algorithm Second Quarter 2025 - Earnings Call

• 20. ~$4.9T of refinancing needs between 2025 and 2028 Tight spreads and strong investor demand Global GDP growth, albeit slowing Inflationary concerns as well as uncertainty regarding tariff, international trade and economic policies Geopolitical uncertainty, including the prolonged Russia-Ukraine military conflict, and the military conflict in the Middle East Elevated funding costs and subdued M&A 20 MIS: macroeconomic assumptions underpinning our full year 2025 outlook1 MACROECONOMIC ASSUMPTIONS → Real GDP2: U.S.: 0.5% - 1.5%; Euro area: 0.5% - 1.5%; Global: 1.5% - 2.5% → Global policy rates: Expecting two cuts from the U.S. Fed in 2H25. Other Central Banks to maintain easing bias → U.S. high yield spreads: To widen to around 430 bps over the next 12 months, below long-term average of around 500 bps → U.S inflation rate: To average around 2.5% - 3.5%; Euro area economies’ inflation rate: To average around 2.0% - 2.5% → U.S. unemployment rate: To average around 4.0% - 5.0% during 2025 → Global high yield default rate: To decline to around 3.6% by year-end → FX rates: $1.37 and $1.17 for GBP/USD and EUR/USD, respectively, for the remainder of the year TAILWINDS HEADWINDS Sources: GDP, policy rates and inflation assumptions as of July 23, 2025, from Moody’s Investors Service. High yield spreads, unemployment and default rate assumptions sourced from Moody’s Investors Service “June 2025 Default Report,” published July 15, 2025. 1. Guidance as of July 23, 2025. Refer to Table 12 – “2025 Outlook” in the press release titled “Moody's Corporation Reports Results for Second Quarter 2025” from July 23, 2025, for a complete list of guidance, and refer to page 10 – "Assumptions and Outlook" for a list of the assumptions used by the Company with respect to its guidance. 2. GDP represents rate of change in real GDP. Second Quarter 2025 - Earnings Call

• 21. 21 → Refinancing needs up from ~$4.4T to ~$4.9T over the next four years → U.S. refinancing needs grew ~17% and remain weighted towards leveraged finance issuers, with a ~27% increase in U.S. Speculative Grade refinancing needs → Investment grade and leveraged finance both contributing to growth in EMEA Strong refinancing needs support future issuance DEBT MATURITIES: Moody’s-rated U.S. Non-Financial Corporate Bonds and Loans ($B)1,2 DEBT MATURITIES: Total EMEA Non-Financial Corporate and Infrastructure Bonds and Loans ($B)1,3 1. Totals may not sum due to rounding. 2. Amounts reflect Moody’s-rated U.S. non-financial corporate bond and loan maturities as defined in Moody’s refunding needs reports (2024), excludes unrated debt, REITs and public utilities. 3. Amounts reflect Moody’s-rated and unrated EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody’s refunding needs reports (2024). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. Second Quarter 2025 - Earnings Call $372 $548 $681 $980 $278 $280 $272 $245 $94 $131 $181 $173 $278 $554 Investment Grade Speculative Grade Bonds Speculative Grade Bank Loans 2025 2026 2027 2028 $61 $33 $528 $560 $538 $656 $453 $409 $372 $375 $81 $82 $89 $70 $84 $192 Investment Grade Speculative Grade Bonds Speculative Grade Bank Loans 2025 2026 2027 2028 $37 $38

• 22. 22 Overview of recent refunding wall studies1,2 COMBINED REFUNDING WALLS BY YEAR INVESTMENT GRADE 4-YEAR REFUNDING WALL STUDIES SPECULATIVE GRADE 4-YEAR REFUNDING WALL STUDIES 1. Totals may not sum to total due to rounding. 2. Amounts reflect Moody’s-rated U.S. non-financial corporate bond and loan maturities as defined in Moody’s refunding needs reports (2022-2024), excludes unrated debt, REITs and public utilities. Amounts also reflect Moody’s-rated and unrated EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody’s refunding needs reports (2022-2024). Second Quarter 2025 - Earnings Call Billions $2,372 $2,549 $2,684 Sep '22 Sep '23 Sep '24 $— $1,000 $2,000 $3,000 ~5% ~7% Billions $1,664 $1,825 $2,180 Sep '22 Sep '23 Sep '24 $— $1,000 $2,000 $3,000 ~19% ~10% U.S. Investment Grade EMEA Investment Grade U.S. Spec Grade EMEA Spec Grade Billions Year 1 Year 2 Year 3 Year 4 $— $250 $500 $750 $1,000 $1,250 $1,500 $1,750 Sep '22 Sep '23 Sep '24 ~15% 2023 2024 2025 2024 2025 2026 2025 2026 2027 2026 2027 2028

• 23. Note: Debt issuance categories do not directly correspond to Moody’s revenue categorization. 1. Total estimated market issuance, unless otherwise noted. 2. Historical issuance data has been adjusted as of November 16, 2023, to conform with current information using a singlethird party source (Dealogic). Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITs to Corporate Finance from Structured Finance is reflected starting from 2018. 4. Other includes monitoring, commercial paper, medium term notes and ICRA. Corporate Finance: issuance1 and revenue Second Quarter 2025 - Earnings Call 23 Millions $554 $547 $582 $631 $592 $627 $650 $271 $379 $636 $439 $294 $335 $175 $488 $258 $352 $411 $108 $150 $285 $379 $313 $287 $606 $275 $292 $527 Other Investment Grade Speculative Grade Bank Loans 2018 2019 2020 2021 2022 2023 2024 Revenue3: Mix by Quarter Revenue3: Mix by Year Millions $157 $163 $157 $160 $173 $166 $151 $172 $187 $94 $63 $63 $147 $120 $149 $72 $165 $142 $46 $38 $34 $67 $85 $80 $53 $67 $85 $68 $82 $83 $155 $147 $120 $105 $160 $98 Other Investment Grade Speculative Grade Bank Loans 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 4 4 Global Issuance2: Mix by Quarter Billions $241 $165 $130 $344 $245 $298 $132 $342 $303 $69 $54 $44 $100 $108 $94 $82 $87 $106 Global Non-Financial Investment-Grade Bonds Global Non-Financial Speculative-Grade Bonds 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25

• 24. Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 2. Other includes monitoring, commercial paper, medium term notes and ICRA. Corporate Finance: revenue Second Quarter 2025 - Earnings Call 24 Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction Revenue1: Distribution by Product 43% 47% 47% 45% 30% 33% 32% 40% 33% 30% 37% 26% 18% 19% 24% 28% 23% 29% 19% 25% 29% 28% 13% 11% 10% 11% 13% 16% 16% 14% 15% 12% 17% 19% 24% 25% 21% 29% 28% 23% 28% 27% 28% 19% Other Investment Grade Speculative Grade Bank Loans 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 35% 30% 33% 32% 30% 35% 29% 33% 32% 31% 39% 65% 70% 67% 68% 70% 65% 71% 67% 68% 69% 61% Non-U.S. U.S. 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 65% 62% 61% 63% 75% 74% 74% 65% 73% 76% 71% 35% 38% 39% 37% 25% 26% 26% 35% 27% 24% 29% Transaction Recurring 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 2

• 25. 1. Total estimated market issuance, unless otherwise noted. 2. Historical issuance data has been adjusted as of November 16, 2023, to conform with current information using a single-third party source (Dealogic). Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Debt issuance categories do not directly correspond to Moody’s revenue categorization. 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 4. Other includes monitoring, commercial paper, medium term notes and ICRA. Financial Institutions: issuance1 and revenue Second Quarter 2025 - Earnings Call 25 Millions $290 $320 $355 $411 $337 $378 $450 $114 $119 $137 $145 $113 $123 $214 $25 $25 $28 $36 $28 $32 $49 $13 $12 $10 $10 $13 $12 $14 Banking Insurance Managed Investments Other 2018 2019 2020 2021 2022 2023 2024 Revenue3: Mix by Quarter Revenue3: Mix by Year Millions $97 $92 $89 $121 $115 $108 $106 $130 $120 $35 $24 $31 $59 $61 $46 $48 $45 $54 $10 $7 $9 $12 $15 $13 $9 $13 $13 $3 $3 $3 $3 $4 $3 $4 $3 $4 Banking Insurance Managed Investments Other 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 4 4 Global Issuance2: Mix by Quarter Billions $361 $318 $242 $549 $346 $360 $257 $546 $417 $17 $19 $23 $51 $40 $31 $26 $41 $34 Global Investment Grade Financial Corporate Bonds Global Speculative Grade Financial Corporate Bonds 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25

• 26. Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 2. Other includes monitoring, commercial paper, medium term notes and ICRA. Financial Institutions: revenue Second Quarter 2025 - Earnings Call 26 Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction 50% 59% 51% 54% 50% 47% 47% 44% 47% 50% 48% 50% 41% 49% 46% 50% 53% 53% 56% 53% 50% 52% Non-U.S. U.S. 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 50% 41% 45% 47% 63% 59% 54% 53% 57% 57% 57% 50% 59% 55% 53% 37% 41% 46% 47% 43% 43% 43% Transaction Recurring 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Revenue1: Distribution by Product 67% 73% 67% 69% 62% 59% 64% 63% 62% 68% 63% 24% 19% 23% 23% 30% 31% 27% 29% 29% 24% 28% 7% 6% 7% 6% 6% 8% 8% 5% 7% 7% 7% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% Banking Insurance Managed Investments Other 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 2

• 27. Note: Debt issuance categories do not directly correspond to Moody’s revenue categorization. 1. Total estimated market issuance, unless otherwise noted. 2. Historical issuance data has been adjusted as of November 16, 2023, to conform with current information using a singlethird party source (Dealogic). Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Infrastructure issuance1; Public, Project & Infrastructure revenue Second Quarter 2025 - Earnings Call 27 Millions $185 $222 $250 $244 $197 $205 $240 $206 $224 $246 $277 $234 $271 $324 Public Finance and Sovereign Project & Infrastructure Finance 2018 2019 2020 2021 2022 2023 2024 Revenue3: Mix by Quarter Revenue3: Mix by Year Millions $54 $49 $50 $59 $67 $61 $53 $72 $75 $73 $66 $55 $82 $87 $93 $62 $91 $87 Public Finance and Sovereign Project & Infrastructure Finance 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Global Issuance2: Mix by Quarter Billions $61 $45 $32 $91 $77 $55 $29 $93 $65 $3 $3 $4 $5 $8 $12 $10 $7 $5 Global Infrastructure Finance Investment-Grade Bonds Global Infrastructure Finance Speculative-Grade Bonds 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25

• 28. Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Public, Project & Infrastructure: revenue Second Quarter 2025 - Earnings Call 28 Revenue1: Distribution by Geography 35% 40% 39% 39% 39% 36% 35% 35% 36% 36% 34% 65% 60% 61% 61% 61% 64% 65% 65% 64% 64% 66% Non-U.S. U.S. 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Revenue1: Distribution by Recurring vs. Transaction 66% 61% 58% 63% 68% 71% 71% 60% 68% 71% 70% 34% 39% 42% 37% 32% 29% 29% 40% 32% 29% 30% Transaction Recurring 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Revenue1: Distribution by Product 43% 43% 48% 43% 42% 44% 40% 46% 43% 44% 46% 57% 57% 52% 57% 58% 56% 60% 54% 57% 56% 54% Public Finance and Sovereign Project & Infrastructure Finance 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25

• 29. Notes: ABS (asset-backed securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (residential mortgage-backed securitization) includes covered bonds. CMBS (commercial mortgage-backed securities) includes commercial real estate CDOs. Structured Credit includes CLOs and CDOs. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITs to Corporate Finance from Structured Finance is reflected starting from 2018. 29 Structured Finance: revenue Second Quarter 2025 - Earnings Call Revenue1 Revenue : Mix by Quarter 1: Mix by Year Millions $107 $99 $98 $118 $116 $121 $130 $98 $95 $96 $123 $106 $92 $98 $78 $81 $61 $102 $98 $60 $94 $196 $148 $105 $215 $140 $129 $193 $2 $4 $2 $2 $2 $3 $3 ABS RMBS CMBS Structured Credit Other 2018 2019 2020 2021 2022 2023 2024 Millions $32 $30 $32 $33 $34 $34 $29 $35 $35 $25 $22 $20 $24 $25 $24 $25 $26 $29 $14 $17 $15 $17 $22 $27 $28 $28 $25 $31 $32 $34 $39 $50 $49 $55 $48 $46 $— $1 $1 $1 $— $1 $1 $1 $— ABS RMBS CMBS Structured Credit Other 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25

• 30. Notes: ABS (asset-backed securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (residential mortgage-backed securitization) includes covered bonds. CMBS (commercial mortgage-backed securities) includes commercial real estate CDOs. Structured Credit includes CLOs and CDOs. Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Structured Finance: revenue Second Quarter 2025 - Earnings Call 30 Revenue1: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction 41% 36% 35% 38% 33% 30% 27% 26% 29% 28% 33% 59% 64% 65% 62% 67% 70% 73% 74% 71% 72% 67% Non-U.S. U.S. 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 47% 48% 47% 47% 52% 58% 58% 57% 56% 57% 55% 53% 52% 53% 53% 48% 42% 42% 43% 44% 43% 45% Transaction Recurring 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 Revenue1: Distribution by Product 31% 29% 31% 30% 29% 26% 25% 21% 25% 25% 26% 25% 22% 20% 23% 21% 19% 18% 18% 19% 19% 21% 14% 17% 15% 15% 15% 17% 20% 20% 18% 20% 19% 30% 31% 33% 32% 34% 38% 36% 40% 37% 35% 34% —% 1% 1% 1% 1% —% 1% 1% 1% 1% —% ABS RMBS CMBS Structured Credit Other 2Q23 3Q23 4Q23 FY23 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25

• 31. 31 1. Moody’s rated corporate global speculative grade default historical average of 4.2% from 1983 through December 31, 2024. 2025 forecast for year ended December 31, 2025. Moody’s Investors Service; Default Trends – Global: June 2025 Default Report, July 15, 2025. 2. Source: Bloomberg Finance L.P. and Moody’s Corporation. 2025 YTD data as of June 30, 2025 from data retrieved on July 9, 2025. Default Rates Expected to Decline by Year-end DEFAULT RATES FOR GLOBAL SPECULATIVEGRADE CORPORATE RATED ISSUANCE1,2 M&A2 ($T) Second Quarter 2025 - Earnings Call ~$4.5 ~$4.3 ~$2.4 ~$5.0 2015 2017 2019 2021 2023 2025 YTD M&A Volume 10-year Avg. 3.6% 3.4% 4.7% 5.3% 2009 2011 2013 2015 2017 2019 2021 2023 2025F —% 2.5% 5.0% 7.5% 10.0% 12.5% Baseline Optimistic Moderately Pessimistic Severely Pessimistic 4.2% global historical average

• 32. 32 Strategic expense management supports investments in high-growth areas FY 2024 vs. FY 2025F1,2 Note: LSD = Low-single-digit. MSD = Mid-single-digit. 1. Guidance as of July 23, 2025. Refer to Table 12 – “2025 Outlook” in the press release titled “Moody's Corporation Reports Results for Second Quarter 2025” from July 23, 2025, for a complete list of guidance, and refer to page 10 – "Assumptions and Outlook" for a list of the assumptions used by the Company with respect to its guidance. 2. Incentive Compensation primarily consists of annual bonuses and commissions. 3. Refer to Table 5 - “Financial Information by Segment (Unaudited)” in the press release titled “Moody's Corporation Reports Results for Second Quarter 2025” from July 23, 2025, for more information regarding the “Charges Related to Asset Abandonment” category. Second Quarter 2025 - Earnings Call FY 2024 Operating Expenses Incentive & Stock-Based Compensation² Operating Growth, Including Investments net of Cost Efficiencies Acquired Companies Depreciation and Amortization Restructuring Charges Charges Related to Asset Abandonment³ FX FY 2025F Operating Expenses $4.2B (1.5% to 2.5%) 2.5% to 3.5% 1.5% to 2.0% ~1.0% ~(1.0%) Increase in the LSD to MSD % ~1.0% ~1.0% range

• 33. 33 Investing for growth while returning capital to shareholders 1. Refer to the Appendix for reconciliations between non-GAAP or adjusted measures mentioned throughout this presentation and U.S. GAAP. 2. Based on midpoint of Free Cash Flow and Adjusted Diluted EPS guidance as of July 23, 2025. Guidance as of July 23, 2025. Refer to Table 12 – “2025 Outlook” in the press release titled “Moody's Corporation Reports Results for Second Quarter 2025” from July 23, 2025, for a complete list of guidance, and refer to page 10 – "Assumptions and Outlook" for a list of the assumptions used by the Company with respect to its guidance. 3. Subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. Second Quarter 2025 - Earnings Call $1.9B $2.5B $2.3-2.5B $0.5B $1.3B ~$1.3B $0.6B $0.6B ~$0.7B 2023 Global Free Cash Flow (FCF)1 Share Repurchases Dividends FCF to Adjusted Net Income Conversion1 Shareholder Return % of FCF1 2024 2025F2,3 103% 111% 95% to 100% 56% 76% 80% to 85%

• 34. 34 Disciplined approach to capital allocation 1. Assumes quarterly dividend of $0.94 in 2025 based on the first, second, and third quarter dividends declared on February 12, 2025, April 21, 2025, and July 22, 2025, respectively, and historical practice. 2. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of June 30, 2025. Reinvestment Accelerating organic growth 1 2 3 4 INVESTING FOR GROWTH RETURNING CAPITAL Acquisitions Advance global integrated risk assessment strategy Dividends Positioning as a “growth” stock Share Repurchases Mechanism to return excess cash to stockholders CAPITAL ALLOCATION PRIORITIES INCREASING DIVIDENDS THROUGH MARKET CYCLES BALANCED MATURITY SCHEDULE2 Second Quarter 2025 - Earnings Call 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025F1 2001 RECESSION GREAT RECESSION COVID-19 RECESSION CAGR 17% 1 Millions $100 $250 $500 $600 $100 $300 $300 $500 $500 $587 $880 $500 $300 $400 $250 $300 $300 $500 USD Fixed USD Floating EUR Fixed EUR Floating 2027 2028 2029 2030 2031 2032 2034 2041 2044 2048 2050 2052 2060 2061 $— $500 $1,000

• 35. 35 Investment criteria and post-acquisition review CLEAR INDUSTRIAL LOGIC Strategic fit, the most important factor, is the first screen DISCIPLINED FINANCIAL TARGETS Long held, clear financial framework for external (and internal) investments POST-ACQUISITION REVIEW Disciplined and rigorous monitoring post-close → Complementary ratings, content, data, analytics, risk management, etc., in existing and / or high growth markets → Financial services and adjacent client base that can leverage Moody’s brand, distribution, core credit expertise, and analytic capabilities → Preference for recurring revenue and low capital intensity → IRR at / above Moody’s cost of capital → >10% annual cash return yield within 3-5 years → Cash payback within 7-9 years → Adjusted EPS accretive by year 2 → Transactions evaluated on an unlevered basis → Clear accountability with regular reporting to senior management and Board → Integrate within acquiring business unit while maintaining unique and / or entrepreneurial characteristics → Acquisition tracking for minimum of 3 years after close for substantive transactions Second Quarter 2025 - Earnings Call

• 36. Teleconference details → Go to ir.moodys.com → Click on “Events & Presentations” → Click on the link for “2Q 2025 Earnings Conference Call” 36 Webcast → U.S. & Canada: +1-888-596-4144 → Non-U.S. & Canada: +1-646-968-2525 → Passcode: 515 6491 Dial In → U.S. & Canada: +1-800-770-2030 → Non-U.S. & Canada: +1-609-800-9909 → Passcode: 515 6491 Dial In Replay 36 DIAL IN REPLAY AVAILABLE FROM July 23, 2025, through July 30, 2025. Second Quarter 2025 - Earnings Call

• 37. 37 Moody’s attendance at upcoming conferences August 11 Oppenheimer Technology, Internet and Communications Conference September 9 Goldman Sachs Communacopia & Tech Conference Second Quarter 2025 - Earnings Call

• 38. 38 Appendix Second Quarter 2025 - Earnings Call

• 39. 39 Glossary of terms and abbreviations Term Definition CFG Corporate finance group; an LOB within MIS D&I The Data & Information LOB within MA, which provides vast data sets on companies and securities via data feeds and data applications products DS The Decision Solutions LOB within MA that provides subscription-based solutions supporting banking, insurance, and KYC workflows. This LOB utilizes components from the Data & Information and Research & Insights LOBs to provide risk assessment solutions FIG Financial institutions group; an LOB within MIS FTM First Time Mandates FX Foreign exchange Gen AI Generative Artificial Intelligence LOB Line of business M&A Mergers & Acquisitions MA Moody’s Analytics - a reportable segment of MCO; consists of three LOBs - Decision Solutions; Research and Insights; and Data and Information MIS Moody’s Investors Service - a reportable segment of MCO; consists of five LOBs - CFG; SFG; FIG; PPIF; and MIS Other MIS Other Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue and revenue from professional services. These businesses are components of MIS; MIS Other is an LOB of MIS PPIF Public, project and infrastructure finance; an LOB within MIS R&I The Research & Insights LOB within MA, which provides models, scores, expert insights and commentary. This LOB includes credit research; credit models and analytics; economics data and models; and structured finance solutions SFG Structured finance group; an LOB within MIS YoY Year-over-year Second Quarter 2025 - Earnings Call

• 40. 40 Annualized Recurring Revenue (ARR) Amounts in millions June 30, 2025 June 30, 2024 Change Growth MA ARR Decision Solutions Banking $ 456 $ 427 $ 29 7% Insurance 616 563 53 9% KYC 395 342 53 15% Total Decision Solutions $ 1,467 $ 1,332 $ 135 10% Research and Insights 956 892 64 7% Data and Information 874 827 47 6% Total MA ARR $ 3,297 $ 3,051 $ 246 8% Second Quarter 2025 - Earnings Call The Company presents Annualized Recurring Revenue (“ARR”) on an organic constant currency basis for its MA business as a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time. The Company uses ARR to manage and monitor performance of its MA operating segment and believes that this metric is a key indicator of the trajectory of MA's recurring revenue base. The Company calculates ARR by taking the total recurring contract value for each active renewable contract as of the reporting date, divided by the number of days in the contract and multiplied by 365 days to create an annualized value. The Company defines renewable contracts as subscriptions, term licenses, maintenance and renewable services. ARR excludes transaction sales including one-time training, services and perpetual licenses. In order to compare period-over-period ARR excluding the effects of foreign currency translation, the Company bases the calculation on currency rates utilized in its current year operating budget and holds these FX rates constant for the duration of all current and prior periods being reported. Additionally, ARR excludes contracts related to acquisitions to provide additional perspective in assessing growth excluding the impacts from certain acquisition activity. The Company’s definition of ARR may differ from definitions utilized by other companies reporting similarly named measures, and this metric should be viewed in addition to, and not as a substitute for, financial measures presented in accordance with U.S. GAAP.

• 41. 41 Financial information by segment The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Three Months Ended June 30, 2025 2024 Amounts in millions MA MIS Eliminations Consolidated MA MIS Eliminations Consolidated Total external revenue $ 888 $ 1,010 $ — $ 1,898 $ 802 $ 1,015 $ — $ 1,817 Intersegment revenue 3 50 (53) — 4 49 (53) — Total revenue 891 1,060 (53) 1,898 806 1,064 (53) 1,817 Compensation expense 355 280 — 635 336 277 — 613 Non-compensation expense 200 97 — 297 191 111 — 302 Intersegment expense 50 3 (53) — 49 4 (53) — Operating, SG&A 605 380 (53) 932 576 392 (53) 915 Adjusted Operating Income $ 286 $ 680 $ — $ 966 $ 230 $ 672 $ — $ 902 Adjusted Operating Margin 32.1 % 64.2 % 50.9 % 28.5 % 63.2 % 49.6 % Depreciation and amortization 97 23 — 120 90 20 — 110 Restructuring 18 9 — 27 1 1 — 2 Charges related to asset abandonment (1) 1 — — 1 15 — — 15 Operating income $ 818 $ 775 Operating margin 43.1 % 42.7 % Non-operating (expense) income, net (46) (56) Income before provision for income taxes $ 772 $ 719 Second Quarter 2025 - Earnings Call 1. The charges related to asset abandonment for the three and six months ended June 30, 2025 relate to severance incurred pursuant to a reduction in staff due to the Company's decision in 2024 to outsource the production of certain sustainability content utilized in our product offerings.

• 42. 42 Financial information by segment (Cont'd) Six Months Ended June 30, 2025 2024 Amounts in millions MA MIS Eliminations Consolidated MA MIS Eliminations Consolidated Total external revenue $ 1,747 $ 2,075 $ — $ 3,822 $ 1,601 $ 2,002 $ — $ 3,603 Intersegment revenue 6 99 (105) — 7 96 (103) — Total revenue 1,753 2,174 (105) 3,822 1,608 2,098 (103) 3,603 Compensation expense 717 560 — 1,277 673 549 — 1,222 Non-compensation expense 392 193 — 585 371 202 — 573 Intersegment expense 99 6 (105) — 96 7 (103) — Operating, SG&A 1,208 759 (105) 1,862 1,140 758 (103) 1,795 Adjusted Operating Income $ 545 $ 1,415 $ — $ 1,960 $ 468 $ 1,340 $ — $ 1,808 Adjusted Operating Margin 31.1 % 65.1 % 51.3 % 29.1 % 63.9 % 50.2 % Depreciation and amortization 191 42 — 233 172 38 — 210 Restructuring 44 16 — 60 3 4 — 7 Charges related to asset abandonment (1) 3 — — 3 15 — — 15 Operating income $ 1,664 $ 1,576 Operating margin 43.5 % 43.7 % Non-operating (expense) income, net (88) (105) Income before provision for income taxes $ 1,576 $ 1,471 Second Quarter 2025 - Earnings Call The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. 1. The charges related to asset abandonment for the three and six months ended June 30, 2025 relate to severance incurred pursuant to a reduction in staff due to the Company's decision in 2024 to outsource the production of certain sustainability content utilized in our product offerings.

• 43. 43 Adjusted Operating Income and Adjusted Operating Margin Three Months Ended June 30, Six Months Ended June 30, Amounts in millions 2025 2024 2025 2024 Operating income $ 818 $ 775 $ 1,664 $ 1,576 Depreciation and amortization 120 110 233 210 Restructuring 27 2 60 7 Charges related to asset abandonment 1 15 3 15 Adjusted Operating Income $ 966 $ 902 $ 1,960 $ 1,808 Operating margin 43.1 % 42.7 % 43.5 % 43.7 % Adjusted Operating Margin 50.9 % 49.6 % 51.3 % 50.2 % Second Quarter 2025 - Earnings Call The Company presents Adjusted Operating Income and Adjusted Operating Margin because management deems these metrics to be useful measures to provide additional perspective on Moody's operating performance. Adjusted Operating Income excludes the impact of: i) depreciation and amortization; ii) restructuring charges/adjustments; and iii) charges related to asset abandonment. Depreciation and amortization are excluded because companies utilize productive assets of different estimated useful lives and use different methods of acquiring and depreciating productive assets. Restructuring charges/adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these charges may vary widely across periods and companies. Management believes that the exclusion of the aforementioned items, as detailed in the reconciliation below, allows for an additional perspective on the Company’s operating results from period to period and across companies. The Company defines Adjusted Operating Margin as Adjusted Operating Income divided by revenue. Below is a reconciliation of these measures to their most directly comparable U.S. GAAP measures:

• 44. 44 Free Cash Flow Six Months Ended June 30, Amounts in millions 2025 2024 Net cash provided by operating activities $ 1,300 $ 1,461 Capital additions (160) (171) Free Cash Flow $ 1,140 $ 1,290 Net cash provided by (used in) investing activities $ 98 $ (191) Net cash used in financing activities $ (1,780) $ (731) Second Quarter 2025 - Earnings Call The Company defines Free Cash Flow as net cash provided by operating activities minus cash paid for capital additions. Management believes that Free Cash Flow is a useful metric in assessing the Company’s cash flows to service debt, pay dividends and to fund acquisitions and share repurchases. Management deems capital expenditures essential to the Company’s product and service innovations and maintenance of Moody’s operational capabilities. Accordingly, capital expenditures are deemed to be a recurring use of Moody’s cash flow. Below is a reconciliation of the Company’s net cash flows from operating activities to Free Cash Flow:

• 45. Note: The tax impacts in the tables above were calculated using tax rates in effect in the jurisdiction for which the item relates. 45 Adjusted Net Income and Adjusted Diluted EPS attributable to Moody's common shareholders The Company presents Adjusted Net Income and Adjusted Diluted EPS because management deems these metrics to be useful measures to provide additional perspective on Moody’s operating performance. Adjusted Net Income and Adjusted Diluted EPS exclude the impact of: i) amortization of acquired intangible assets; ii) restructuring charges/adjustments; and iii) charges related to asset abandonment. The Company excludes the impact of amortization of acquired intangible assets as companies utilize intangible assets with different estimated useful lives and have different methods of acquiring and amortizing intangible assets. These intangible assets were recorded as part of acquisition accounting and contribute to revenue generation. The amortization of intangible assets related to acquisitions will recur in future periods until such intangible assets have been fully amortized. Furthermore, the timing and magnitude of business combination transactions are not predictable and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition and can vary significantly from period to period and across companies. Restructuring charges/adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these items may vary widely across periods and companies. The Company excludes the aforementioned items to provide additional perspective when comparing net income and diluted EPS from period to period and across companies as the frequency and magnitude of similar transactions may vary widely across periods. At right is a reconciliation of these measures to their most directly comparable U.S. GAAP measures: Three Months Ended June 30, Amounts in millions 2025 2024 Net Income attributable to Moody's common shareholders $ 578 $ 552 Pre-tax Acquisition-Related Intangible Amortization Expenses $ 55 $ 48 Tax on Acquisition-Related Intangible Amortization Expenses (13) (12) Net Acquisition-Related Intangible Amortization Expenses 42 36 Pre-tax restructuring $ 27 $ 2 Tax on restructuring (7) (1) Net restructuring 20 1 Pre-tax charges related to asset abandonment $ 1 $ 15 Tax on charges related to asset abandonment (1) (4) Net charges related to asset abandonment — 11 Adjusted Net Income $ 640 $ 600 Three Months Ended June 30, 2025 2024 Diluted earnings per share attributable to Moody's common shareholders $ 3.21 $ 3.02 Pre-tax Acquisition-Related Intangible Amortization Expenses $ 0.31 $ 0.26 Tax on Acquisition-Related Intangible Amortization Expenses (0.07) (0.07) Net Acquisition-Related Intangible Amortization Expenses 0.24 0.19 Pre-tax restructuring $ 0.15 $ 0.01 Tax on restructuring (0.04) — Net restructuring 0.11 0.01 Pre-tax charges related to asset abandonment $ 0.01 $ 0.08 Tax on charges related to asset abandonment (0.01) (0.02) Net charges related to asset abandonment — 0.06 Adjusted Diluted EPS $ 3.56 $ 3.28 Second Quarter 2025 - Earnings Call

• 46. Note: The tax impacts in the tables above were calculated using tax rates in effect in the jurisdiction for which the item relates. 46 Adjusted Net Income and Adjusted Diluted EPS attributable to Moody's common shareholders (Cont'd) The Company presents Adjusted Net Income and Adjusted Diluted EPS because management deems these metrics to be useful measures to provide additional perspective on Moody’s operating performance. Adjusted Net Income and Adjusted Diluted EPS exclude the impact of: i) amortization of acquired intangible assets; ii) restructuring charges/adjustments; and iii) charges related to asset abandonment. The Company excludes the impact of amortization of acquired intangible assets as companies utilize intangible assets with different estimated useful lives and have different methods of acquiring and amortizing intangible assets. These intangible assets were recorded as part of acquisition accounting and contribute to revenue generation. The amortization of intangible assets related to acquisitions will recur in future periods until such intangible assets have been fully amortized. Furthermore, the timing and magnitude of business combination transactions are not predictable and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition and can vary significantly from period to period and across companies. Restructuring charges/adjustments and charges related to asset abandonment, which the Company believes are not reflective of its ongoing operating cost structure, are excluded as the frequency and magnitude of these items may vary widely across periods and companies. The Company excludes the aforementioned items to provide additional perspective when comparing net income and diluted EPS from period to period and across companies as the frequency and magnitude of similar transactions may vary widely across periods. At right is a reconciliation of these measures to their most directly comparable U.S. GAAP measures: Six Months Ended June 30, Amounts in millions 2025 2024 Net Income attributable to Moody's common shareholders $ 1,203 $ 1,129 Pre-tax Acquisition-Related Intangible Amortization Expenses $ 108 $ 97 Tax on Acquisition-Related Intangible Amortization Expenses (26) (24) Net Acquisition-Related Intangible Amortization Expenses 82 73 Pre-tax restructuring $ 60 $ 7 Tax on restructuring (15) (2) Net restructuring 45 5 Pre-tax charges related to asset abandonment $ 3 $ 15 Tax on charges related to asset abandonment (1) (4) Net charges related to asset abandonment 2 11 Adjusted Net Income $ 1,332 $ 1,218 Six Months Ended June 30, 2025 2024 Diluted earnings per share attributable to Moody's common shareholders $ 6.66 $ 6.16 Pre-tax Acquisition-Related Intangible Amortization Expenses $ 0.60 $ 0.53 Tax on Acquisition-Related Intangible Amortization Expenses (0.14) (0.13) Net Acquisition-Related Intangible Amortization Expenses 0.46 0.40 Pre-tax restructuring $ 0.33 $ 0.04 Tax on restructuring (0.08) (0.01) Net restructuring 0.25 0.03 Pre-tax charges related to asset abandonment $ 0.02 $ 0.08 Tax on charges related to asset abandonment (0.01) (0.02) Net charges related to asset abandonment 0.01 0.06 Adjusted Diluted EPS $ 7.38 $ 6.65 Second Quarter 2025 - Earnings Call

• 47. The Company presents organic constant currency revenue growth (decline) as its non-GAAP measure of revenue growth (decline). Management deems this measure to be useful in providing additional perspective in assessing the Company's revenue growth (decline) excluding both the inorganic revenue impacts from certain acquisition activity and the impacts of changes in foreign exchange rates. The Company calculates the dollar impact of foreign exchange as the difference between the translation of its current period non-USD functional currency results using comparative prior period weighted average foreign exchange translation rates and current year reported results. At right is a reconciliation of the Company's reported revenue and growth (decline) rates to its organic constant currency revenue growth (decline) measures: 47 Organic constant currency revenue growth Second Quarter 2025 - Earnings Call Three Months Ended June 30, Six Months Ended June 30, Amounts in millions 2025 2024 Change Growth 2025 2024 Change Growth MCO revenue $ 1,898 $ 1,817 $ 81 4% $ 3,822 $ 3,603 $ 219 6% FX impact (27) — (27) (13) — (13) Inorganic revenue from acquisitions (17) — (17) (32) — (32) Organic constant currency MCO revenue $ 1,854 $ 1,817 $ 37 2% $ 3,777 $ 3,603 $ 174 5% MA revenue $ 888 $ 802 $ 86 11% $ 1,747 $ 1,601 $ 146 9% FX impact (15) — (15) (7) — (7) Inorganic revenue from acquisitions (14) — (14) (25) — (25) Organic constant currency MA revenue $ 859 $ 802 $ 57 7% $ 1,715 $ 1,601 $ 114 7% Decision Solutions revenue $ 413 $ 366 $ 47 13% $ 818 $ 731 $ 87 12% FX impact (5) — (5) (2) — (2) Inorganic revenue from acquisitions (14) — (14) (25) — (25) Organic constant currency Decision Solutions revenue $ 394 $ 366 $ 28 8% $ 791 $ 731 $ 60 8% Research and Insights revenue $ 249 $ 226 $ 23 10% $ 485 $ 448 $ 37 8% FX impact (4) — (4) (3) — (3) Constant currency Research and Insights revenue $ 245 $ 226 $ 19 8% $ 482 $ 448 $ 34 8% Data and Information revenue $ 226 $ 210 $ 16 8% $ 444 $ 422 $ 22 5% FX impact (6) — (6) (2) — (2) Constant currency Data and Information revenue $ 220 $ 210 $ 10 5% $ 442 $ 422 $ 20 5% MA recurring revenue $ 852 $ 764 $ 88 12% $ 1,674 $ 1,516 $ 158 10% FX impact (15) — (15) (8) — (8) Inorganic recurring revenue from acquisitions (13) — (13) (24) — (24) Organic constant currency MA recurring revenue $ 824 $ 764 $ 60 8% $ 1,642 $ 1,516 $ 126 8% MIS revenue $ 1,010 $ 1,015 $ (5) —% $ 2,075 $ 2,002 $ 73 4% FX impact (12) — (12) (6) — (6) Inorganic revenue from acquisitions (3) — (3) (7) — (7) Organic constant currency MIS revenue $ 995 $ 1,015 $ (20) (2)% $ 2,062 $ 2,002 $ 60 3% CFG revenue $ 512 $ 525 $ (13) (2)% $ 1,076 $ 1,054 $ 22 2% FX impact (7) — (7) (4) — (4) Inorganic revenue from acquisitions (1) — (1) (2) — (2) Organic constant currency CFG revenue $ 504 $ 525 $ (21) (4)% $ 1,070 $ 1,054 $ 16 2% FIG revenue $ 191 $ 195 $ (4) (2)% $ 382 $ 390 $ (8) (2)% FX impact (2) — (2) — — — Inorganic revenue from acquisitions (2) — (2) (5) — (5) Organic constant currency FIG revenue $ 187 $ 195 $ (8) (4)% $ 377 $ 390 $ (13) (3)%

• 48. The following are reconciliations of the Company's adjusted forward looking measures to their comparable U.S. GAAP measure: 48 2025 outlook reconciliations Projected for the Year Ended December 31, 2025 Operating margin guidance 42% to 43% Depreciation and amortization Approximately 6% Restructuring Approximately 1% Charges Related to Asset Abandonment Negligible Adjusted Operating Margin guidance 49% to 50% Projected for the Year Ended December 31, 2025 Operating cash flow guidance $2.65 to $2.85 billion Less: Capital expenditures Approximately $350 million Free Cash Flow guidance $2.30 to $2.50 billion Projected for the Year Ended December 31, 2025 Diluted EPS guidance $12.25 to $12.75 Acquisition-Related Intangible Amortization Approximately $0.90 Restructuring Approximately $0.35 Charges Related to Asset Abandonment Negligible Adjusted Diluted EPS guidance $13.50 to $14.00 Second Quarter 2025 - Earnings Call

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