Investor Presentation | S&P Global to Present at Bernstein's 42nd Annual Strategic Decisions Conference on May 27, 2026

All right, we'll get started here. So thanks, everyone, for the session. I'm pleased to have a welcome back, Martina Chung, president and CEO of S&P Global, for a second time. So thanks for making it back. We didn't scare you after the first time last year. As always, on this, if you have a question, you can send it through Pigeonhole, or you can do it through scanning the QR code, I believe, on your screen somewhere. So with that, I'll get started with questions for Martina. So Martina, let's just start on growth at the company. At Investor Day, you laid out three strategic pillars for the company, advancing market leadership, expanding to high growth adjacencies, and amplifying enterprise capabilities through AI. You are guiding to 6% to 8%-ish type top line growth, some amount of margin expansion over time. At a high level, which of those three pillars is most likely to surprise you think over the next 12 months, 12 to 18 months? And is there a scenario where you think growth could be better than what you laid out at Investor Day?

Yeah, thanks, Christian, and it's great to be here again with you. I would say, if you think about the combination of our businesses, businesses we are really predominantly a benchmarks business so that's two-thirds of our revenues three-fourths of our profit and our benchmark span as you know ratings index and our price assessments in the energy division and ratings and index in particular will be highly sensitive to the markets so you know over time particularly if we think about the next 12 to 18 month time horizon it will probably be those market driven businesses that you know to the extent there's an opportunity to surprise to the upside. For example, if issuance were much higher than we imagined or if the US equity markets were much stronger than we imagined as well. I think maybe the only other point I would raise across the three pillars is that third pillar really is around amplifying our enterprise capabilities and AI. And so there we have a lot of work happening to transform parts of the business in S&P Global. We talked a little bit about this at the IR Day as well with some of the big efforts we have going on within our engineering teams, our enterprise data office, and otherwise. And so, you know, as we look to accelerate some of that transformational work, there may be potential opportunities there on the productivity front or the speed-to-market front as well over the next 12 to 18 months. But I would highlight really more the, you know, the market-sensitive businesses on that time frame.

Okay, let's start with one of those businesses' ratings. the backdrop seems incredibly strong for ratings. When I think about things like hyperscaler issuance, obviously strong economic growth, we have some of the COVID era, low bonds coming up for refinancing. Even your results were very strong in the first quarter, double digits bill issuance. Yet the guidance seems somewhat conservative when I think through the guidance for the year. So can you just help us understand structurally, the framework you think about in terms of a longer term sustainable growth in the ratings business?

Yeah so the ratings business you know we came into the year and certainly when we talked about our medium-term plan we highlighted what we view as strong tailwinds for the ratings business over the next three to five years including a very strong maturity wall for example through 2028 of about eight trillion dollars and that is historically high and so we have I think a good position and starting point around the ratings business as we think about the the outlook I think for this year in particular you know we came in thinking obviously 12-month maturities we did not make very strong assumptions around pull forward from 27 onwards as part of what we were looking at and I think importantly we also made some assumptions around hyperscaler issues which has obviously been a key factor this year we were assuming around half of the announced capex would be financed through debt and when we look at Q1 we assume that there was pull forward in Q1 of what we were anticipating throughout the year and so you know you think about that we've seen obviously we've seen very strong overall IG issuance even without the hyperscale activity and some strong M&A as well that came through in Q1 the balance is really between that the the assumptions around the pull forward and then also you know that little bit of additional uncertainty that we're seeing whether it is the the rate environment such as it is with inflation as well as the geopolitical environment you know if we didn't see a major deterioration in the in the rate environment the geopolitical environment there is a possibility that we could see some out performance on on the the outlook for this year in

ratings let's switch over to private credit that has obviously had a lot of noise in recent months I guess a couple questions what are you hearing from LPs GPs and regulators right now about the state of private credit rating and more importantly how do we think about demand for what you offer in private credits given all the turbulence we've seen so far in that markets yeah I think the way

to think about this is that additional scrutiny is really increasing the demand for high quality independent opinions, whether it be ratings, assessments, valuations, or otherwise. And so within the ratings business in particular, as you know, we've invested over many years in private credit. We have been very engaged across the market. The asset class in and of itself has become more of a sort of a catch-all for credit that is private as opposed to direct lending. And And so we've seen infrastructure, data centers, we've seen asset-backed finance, corporate investment grade across the full spectrum really within the set of issuances that we see coming driven by the GPs and otherwise. And so the demand for an S&P opinion is high and we see that in the growth that we've seen over the course of the last four years or so, it's growing off a base now that is in the hundreds of millions of dollars. And we will continue to provide our very strong independent assessments. And we think that that is appreciated and really needed by the investors who use those ratings, whether they be insurance companies, sovereign wealth funds, and others.

How do you think about the competitive landscape in private credit, obviously it's a newer asset class. Deal structures are newer, my sense is issuers are willing to try some non-traditional rating agencies. So maybe just talk through how you view the competitive landscape, what's S&P's differentiation, either product-wise or expertise-wise?

Yeah, well, I think maybe four plus years ago, was actually us being asked to come into a market that had previously perhaps relied on on smaller niche providers and that request from LPs and from GPs was to have a very high quality S&P global independent rating and I think they're you know the ways in which we think about the value that we provide is you You know, first of all, we have invested in making sure we have the capacity and the expertise, which is incredibly important, particularly given the expansion into so many sub-asset classes within sort of this overall private umbrella. And the second thing I would say is a consistent methodology. It's credit that is public or private. And we have a methodology that spans as consistent between both. It's not a different methodology for private. I think that is increasingly important, not just because we've seen issuers take advantage of opportunities to refinance into public markets or otherwise, but also because LPs need to be able to actually track their exposures using a consistent methodology. And that has been, I think, appreciated even more in the past 12 months or so. And so we're going to continue to provide that consistent view with the investments that we've already made in the capacity and the expertise and continue to engage very heavily, including not just within the US, but also in the eu and in asia where we've seen increased interest over the past 12 to 18 months

from lps in the asset class also okay good uh let's switch over to market intelligence um actually i think yesterday you just announced that there's some leadership changes within within marketing marketing intelligence um maybe just talk through what investors should think about

that or understand about that yeah well you know it's a it's a large company s p and you can expect from time to time that we can have these types of things i've worked with sagata for a very long time and we have a wonderful relationship and i'm i'm very pleased for his next opportunity he left uh fantastic in fact he's not left yet he's he's uh he's given us a transition through the end of july but i think the work that he's done in the past year and a half plus has been phenomenal in really setting up market intelligence for success as you know the first thing that we we announced yesterday is actually the transition of the Enterprise Data Office over to Ferdas Bettina, who has just joined us as the Chief Technology and Transformation Officer. And maybe just to highlight that for one second, this is really a great opportunity for us to marry the data organization with the technology organization in the sense that it's the technology that is going to help us unlock the additional value that we see across our very vast data estate across the enterprise. And so that was a very easy decision to make as we examined the implications of Sagada leaving. I would say if you look at market intelligence now compared to where we were a year and a half ago, we have done with Sagada's team and support from across the broader enterprise, we've been able to do a tremendous amount of productivity work, whether it is delayering, whether it is, you know, consolidation of, you know, of incentive compensation programs within the sales organization and the real transformation of the overall sales and revenue organization. We've also been able to see productivity flowing through from some of the initiatives that we have in technology and in data as well. And so the organization now is set up with, you know, durable, overarching strategy around developing continued flexibility in our distribution channels and taking advantage of the AI opportunity. And I think, you know, overall, I think a good starting point for what comes next. Now, look, you know, in the past six months, I don't think any of us could sit here and say that the technology landscape hasn't evolved, you know, massively again in that time horizon. And, you know, it's a good opportunity for us to really examine and make sure that we have prioritization of the investments that we're making in MI, that that is something that we still feel good about, and that if there are opportunities there to advance the integration of AI, for example, in certain areas, to really think about how we can accelerate the value we provide for customers, how we can think about accelerating the productivity opportunities that we have, now's the time to do that. And we're going to take that opportunity to do that as we examine the leadership and structure for the business. It's something that we will do thoughtfully and very quickly. It's not something that we're going to, you know, kind of trail out over a long period of time. I think we can, you know, with the shift of EDO under Ferdas, that's a first very quick step that we made, and we'll move quickly with the rest of this as well. But overall, I think the business is performing well. We affirmed, obviously, our guidance as part of the announcement that we made yesterday, and I'm excited about the next steps there.

Okay, well, let's drill a little bit more into that business and the guidance, and you know, you're right, the business has picked up in terms of growth over the last year or so, but when I just step back and think about the backdrop for, I'd say, financial intelligence, data intelligence, seems pretty robust. There's AI tailwinds. People are spending more on AI. There's a big capital market cycle, so you'd imagine there's a lot more demand for the data and the people that use your data. But growth still roughly is in that 6% type range, which is somewhat at the lower end of kind of a longer term guidance range. So just help us understand the disconnect between what it seems like a very strong macro backdrop for the business versus what we're actually seeing.

Yeah, so maybe just to start with contextualizing the medium term guidance for marketing intelligence, as with the rest of the divisions as we issued at IR Day is really an average over a three to five year time horizon. And so we may see over that or kind of under that over that time period. And so that's a bit of context for where we see today, 2026 and the guidance that we provided uh we we've got a couple of factors in here the first is the the end market in and of itself you know we said this at ir day is is actually growing a little bit more slowly and so we we have to make sure that we are positioned to grow faster than that whether it's taking share or expanding the opportunities and and getting into tapping into additional wallets whether it is in the cio's wallet or the ai chief ai officer's wallet and And that's where we're seeing quite a bit of opportunity as we go forward. I would say the other things to think about here are, look, there's not a single customer that I talk to who doesn't look to us and say, we need you even more now. In a time when we have to be able to make sure that we can trust what is coming out of these models. And we've had conversations recently with a very large bank that had used one of the frontier models in a sandbox environment and thought that it was working great. And then they put it into deployment and had to shut it down very, very quickly because they couldn't trust what was coming out of it. And they came to us and said, you must keep investing in your products. We need you guys. Let's talk about an extension of what we're doing with you. And so I think it's important to understand that the vendor consolidation opportunity is very, very strong. The opportunity for us to partner with our clients as a way to make sure that they're simplifying their vendor stack and getting the most out of our content is really important as well. And as we do that, we take more share and we increase the addressable market within those clients for ourselves as well. I think some of the other sort of puts and takes on MI in general, I mean, obviously we had and we disclosed we had a revenue recognition impact in Q1 was about 50 basis points. and we expect that to reverse throughout the course of the year. And so that gives us good confidence in the guide for the year, including the fact that we're seeing the pipeline building as we continue to go on. So, you know, ongoing strength and execution, continued engagement both with the chief client office as well as through the, you know, the strengthened and transformed revenue team and just a real focus on delivery for the year.

Okay. Let's unpack that near-term growth. I think you've talked about growth accelerating through the year. Any more specifics as to what drives that?

Yeah, I think maybe, well, I suppose at the risk of repeating myself, I apologize. We've had the revenue recognition piece that I talked about. The pipeline build is incredibly important. I would say in addition to the pipeline build, we've seen a very strong results around retention, and we track that very, very closely. So we look at retention, we look at cancels, we look at the sales pipeline build, the conversion of that. We've seen a compression of the sales timelines or the sales cycles, which we're tracking very closely as well with the MI commercial organization and with chief client office. And so, you know, these are the things that we continue to examine and that inform our view in the full year. Okay.

Can we just talk through, in an AI world, how you monetize the MI business? I think in the world of MCPs, people think about, people imagine your business being more the back end to an LLM front end. How do you think about pricing the business and monetization in a world where maybe the desktop and things like CapIQ Pro? not as relevant anymore or not the primary interface into tapping into your data.

Yeah, look, I would maybe lay out a couple of starting principles around how we think about this. And I'll answer this specifically in the context of MI, but I think it's fair to say that we use the same principles across the organization where we're selling data. So the first thing is that we will retain and we do retain the relationship with the customers, the end customer. The second is that the end customer is looking for S&P Global's answer. They're not necessarily looking for, you know, provider X's answer. And, you know, it's real key, particularly with that investment bank client that I mentioned. It was like, we do not trust the answers that we were getting. We need you. You must keep investing in your products. We want to make sure that we're getting, like, we have, you know, we need to continue our day-to-day and we can't be distracted by answers that we don't trust, right? So that's incredibly important. I think the other thing that we would talk about or that I would sort of set the stage on here is it is not a new thing that we are distributing through a third party. We've distributed through third parties for a long time. Most recently we saw this big shift about five or so years ago with Databricks and Snowflake with, you know, and I remember at the time, I guess it was a little bit longer than five years ago, being nervous when I was part of MI that Databricks and Snowflake would disintermediate us in some way, and actually, if anything, they actually gave us a pretty big uplift in terms of growth around the data. And so, you know, I think that these are all things to take into consideration as part of this. And then I suppose the other point that I would make is for us, as we work with our customers, there are a lot of customers who are going to continue using the desktop and expect us to build an AI native experience in the desktop, which we're doing. And then there were very sophisticated clients, particularly those who we work with through the CCO, who will have their own internal AI interfaces. And they still want to see the S&P Global Answer. And more now, I think, as we're seeing how they're developing, they're also interested in actually the skills that will teach their agents to get the S&P Global answer that is grounded in S&P Global standards, S&P Global metadata, the linkages between data sets. They don't want to get into the data management business themselves. And so, you know, I consider it as a different way of experiencing the desktop interaction. And honestly, in that environment, trust is paramount. I think the value of our IP is even higher. And so, you know, these are the ways that we're working with our customers. And And I think we're getting very, very good, very solid results out of those conversations.

Okay, let's talk through enterprise pricing. You guys are famous for doing enterprise pricing. You're not very seed based. The competitors have copied that model. But how do you think about an agentic world, agents running around doing tasks? How does that impact the way you price? Are you beginning to think about that just here?

Yeah, I'll answer this question more broadly also. Again, sort of a philosophical response, whether it's MI or otherwise. For us, whether it's an agent or a human being, the value that we provide is in the use case. It's been used for the access channels, right? So number of channels, the types of functions that are being used, whether it's agentic or otherwise. And there are many more inputs that go into determining the price, right? So, you know, we can tell with the increase in API calls, for example, which clients have already started deploying agents against our data. But for us, it's very much a case of, look, it doesn't matter if it's an agent or a person. The value that we deliver is continuous, if you like, regardless of how many people are actually using it, right? And in many ways, I think it's even higher for the reasons that I mentioned around needing to have that grounded trust in the response that you're getting out of it. And so that's how we think about the value proposition for customers and with all the other pieces that I mentioned around the philosophy of ensuring that we retain the ownership with the customer, the direct customer as well.

I think you've talked about, you are seeing some good AI usage, I think in the last call you talked about 5X increase in API calls. How do we think about that flowing through, if you're in this enterprise model, enterprise pricing, is that a 2026, 2027 renewal discussion? Or are you thinking about more usage based type pricing that should allow some of your value pass through to the P&L?

Yeah, so that's gonna be with the enterprise model, that's gonna basically come through the renewal cycle, right? There are opportunities that we're seeing right now to actually have an upcharge through the renewal cycle already with turning on AI-ready data for clients very early days. We did give some examples in our Q1 earnings call with clients willing to pay anywhere from 35% to 45% more to get the AI-ready version of a data set at the renewal. I would say that we've got some really interesting conversations going. One very fascinating example is a large global bank that we worked with in Q1, and this is a very sophisticated institution that did two things with us which we think are emblematic of the direction that we'll see the vast majority of our larger clients going. The first is that they actually renewed CapIQ, but also expanded the use cases for CapIQ. And that is because they very much like the native AI capabilities that have been built in there. But they also subscribed to AI-ready data and made our AI-ready data their data standard for their internal AI platform. And so, you know, these are the types of things that we're seeing with even the most sophisticated of our clients, which I think is a very important signal around the value that they get from S&P Global, whether it is through the AI data or the actual web-based solutions as well.

We've got a couple more AI questions, but I think I'll – let me move on to something else. Let's move on to energy and your commodities business. Obviously, a lot going on generally in energy markets here and also in your business, some near-term headwinds from the Iran conflict, et cetera. maybe just step back and help us think through what sort of normalized growth for that business looks like are there any drivers that could you know or excite that excite you over the next

couple years yeah so I look at that business and it's an incredibly I would say strategic and resilient business in the sense that we have we are the sole provider of Brent crude essentially across the markets. And I actually, a couple of weeks back, visited with our Market Unclosed team in London who've been, as you can imagine, working very, very hard to take in all of the volatility in the markets and manage that price. We do 15,000 price assessments a day. The uptick that we have seen in Q1 on the consumption of our data, our research, et cetera, has been quite significant because we are the only provider of these insights in many cases. We have also seen some challenges in the end market, particularly in areas where there was a huge dependency on oil and gas through the Strait of Hormuz, whether it's in Asia and other regions. And so that's reflected a little bit in some of the comments that we provided in the first quarter earnings call. I think over time, the business itself is just very, very strong, particularly on benchmarks research and the unique IP that we have and as we also talked about we've divested the upstream software portfolio which was a portfolio very niche and specialized software applications to Schlumberger and with that the upstream turnaround is is now connected to our new product Titan which has gotten really I would say very positive reception from our client base in energy and we'll expect the benefits of having launched Titan to show up over the next several quarters as we as we continue the transformation of upstream so you know overall I think the energy business is very very well positioned going forward notwithstanding some of the near-term

headwinds okay perfect move over to index that's been a very fast growing business for you very high margin business and really centered around your flagship sort of S&P products over time how do you think about sort of long-term product roadmap to help you diversify ways maybe other asset classes like fixed income and private markets and just you know be less reliant on the the

core equities equities business yeah I the team has been very successful at innovation particularly over the last several years and I'm very excited about Cathy Clay and what she's doing with the team as well going forward I've seen incredible opportunities and and growth in in fixed income with the Ibox franchise multi asset class as well as in the liquid derivative ecosystem as well and so the team is really going to continue to execute you've seen them do that with strong growth as well as you know very strong margins and you know I think just a couple of things that got me quite excited in in the first quarter there you know one was the first digital native US treasuries index that we launched and we also launched in partnership with Lincoln a first of its kind private loan series index series as well covering the US and and Europe and so lots of incredible innovation there and I think the team is going to continue to go from strength to strength on that those areas that can be areas that grow very fast you know obviously off a smaller base and so you know we continue to see really good signals in the business mobility and the spin so I

think that's that goes live July 1 you know beyond the financial cleanup how do you how do you think about the the remain co going forward the identity and competitive position of remain call so for an investor who's seen the company or talking about looking company for the first time how would you describe the difference in the company post Remainco with you know with Remainco versus what

it is today yeah well obviously with mobility I mean we're we're excited I'm excited for that team and you know they had their investor day recently so I don't need to mention anything else about the mobility business Remainco is the strategy that we presented at our IR day and so you know think about advancing essential intelligence our you know advance our market leadership in our core markets like index and ratings and energy and in the vast amount of work that we do across the entire credit ecosystem in our enterprise solutions business, for example. Then we've also talked about high growth adjacencies like private markets and the work that we're doing there, whether it's in ratings and index with the example that I just provided and also in being able to really harness the full power of AI. Perhaps, you know, maybe some of the comments I would make here are, you know, that guidance that we provided for the medium term includes, you know, ways in which we continue to prioritize shareholder value, whether it's, you know, distributing 85% or more of our adjusted free cash flow through, you know, dividends or buybacks, an ongoing focus really on margin growth and margin acceleration, as well as the revenue side. And, you know, maybe one thing I would say is that when we provided that medium term guidance, it was provided not assuming that we would do heavy transformation with AI. And, you know, with our new chief technology and transformation officer, heavy transformation is on the agenda. And so, you know, I think there are opportunities for us over that three to five year time horizon to do more around growth and productivity as we unlock the full potential of AI as well.

Okay, and when you say transformation, you mean revenue benefits or more margin?

It can be both. So if you look on the one hand, we have our enterprise data organization, by the end of this year, we'll have really added quite a lot of our data to our data fabric. Maybe just to give you some context, the AI-ready data that we have out in the market right now is what I would characterize as a handful of data sets in the context of the broader data estate that we have. We chose those data sets because they have the highest sort of use case application, if you like. As we get to our higher value and even more unique data sets in our data fabric, linked, connected, AI ready, the possibility of unleashing AI on that is interesting. And so we'll work through those opportunities. And then on the productivity side, we have the ability now to take some of the work that we talked about at our IR day, whether it's across our research teams, whether it's taking a deeper look at the enterprise data office and the productivity initiatives we have there. At Gentic SDLC, for example, in our engineering teams, there are opportunities really to go further with our workforce transformation there as well.

And just a quick follow-up on the what does it mean practically for you as CEO? Is it more time, do you have more capacity? How does spinning off the big division impact your ability to manage the business?

I would say that I have been very focused in ensuring that we've got the right strategy for RemainCo and very focused on engaging clients, partners, stakeholders, and otherwise around S&P Global and the four core divisions. We had a very senior and very competent SPINCO management team that included folks from our finance team as well as obviously Bill and his team. They had that well in hand, and I've been very focused on S&P Global and the growth trajectory for S&P Global.

You touched on this a little bit, but let's go back to your expenses and of expenses and your margin framework how you think about that going forward the company moved from sort of setting margins at a segment level to an overall 50 to 75 basis points annual expansion and obviously the folks talk about that could be market driven etc maybe talk through why you've changed the framework to to to go to the overall margin framework professors versus segment and any some advantages that gives you going forward yeah look it's it's intended to

allow us to actually report the business the way we manage the business and we have moved i think as is pretty clear at this point to a more enterprise model and that enterprise model has edo running across all of the divisions technology now under fur does running across all of the divisions, CCO running across all of the divisions, you know, etc. And so this gives us the opportunity to really put on an accelerated path those enterprise capabilities, you know, as part of that third pillar of our strategy around amplifying enterprise capabilities, including AI, and to deploy those in ways that benefit all of the divisions. And that allows us than to make the proper targeted investments where they have the best return for the business, for shareholders, and for our customers. And so we're gonna do what makes sense there. I would say that that flexibility at the enterprise level makes it actually a little bit more simplified in terms of how we're gonna operate the business going forward. So instead of having four versions of a technology strategy, There's one technology strategy, one set of capabilities, et cetera, the same thing with the enterprise data office. And so those are good ways to be able to actually affect and manage the businesses because in some ways we have more than half our employees, for example, in those two functions alone and being able to actually make decisions there that can flow through and benefit the divisions like market intelligence where we can actually really bend the curve on margins, I think that's very important.

Switch over to M&A. How do you think about using M&A to grow the business? You've done a couple of talk-ins as CEO right here. But where do you see the most opportunities and which businesses would benefit most from organic growth?

Yeah, I mean, look, to put a fine point on it, at this point, with the valuation the way it is, Any deal, even a tuck-in size deal, quite frankly, would have to hit a really high bar for it to be a better outcome for shareholders than returning to shareholders. And so that's where we sit right now. We've also said no transformational M&A, and generally speaking, tuck-ins that are aligned either with the core areas where we have market leadership or in the high growth adjacencies. But I come back to where we are right now, and we're always gonna be very thoughtful about uses of capital and what is best for shareholders and the business. And so, right now, it's with a very fine assessment of where we are in evaluation. Okay, good stuff.

Got a few audience questions, so I'll just try and summarize them. A couple of them seem to just talk through, again, AI and risk of AI. So something along the lines of, as LLMs get more sophisticated, they can maybe do a lot of the data cleaning, a lot of the data work, data management work that you've talked about has been somewhat of a competitive advantage for you. So over the long term as that happens, how do you think about sort of pricing power for your business in a world as LLMs get better and better?

Yeah. Look, the vast majority of our IP, whether it is data, research, et cetera, is actually not available publicly. And so, you know, for there to be a thesis that the value that we provide through the IP is lowered because an LLM can, you know, can sift through data more quickly, you'd have to assume that the LLM has open and free access to all of that data and that's just simply not the case right so I think for us it is to continue to make sure that the unique content and IP that we have is you know is front and center that we are protecting and continuing to grow that IP so that we can actually realize the value of that whether it is through our own channels or through some of these LLN channels as well and look I go back to the example of the investment bank who said like listen we can't its trust is paramount right and you know and it may be one thing to say you know give me an answer on a financial etc but if you can't put that into the context of your entire book of business or your portfolio and you can't link it etc it's you know it's it's not gonna be useful for you in you know in your day-to-day

okay another one more the ratings business just around the rates environment as we see rates take higher here how do you think that impacts your

ratings business look I think this is one of the reasons why we're being thoughtful about ratings and the outlook for the full year it includes how we think about the rate environment as well as how we think about the geopolitical

environment okay and the last one gonna focus on M&A but thinking through to the to the extent you want to get bigger in things like risk intelligence, reg tech, maybe more of a focus on data network businesses versus workflow. But yeah, I don't know if there's any thoughts.

Yeah, look, I would say that the bar is very, very high. And I would be, again, I won't go back to the sort of the valuation piece of it, right? if you set that aside, I would say the bar is extremely high. It has got to be something that is very unique, not available elsewhere. It's got to fit the profile of our own unique IP, and we will be very, very thoughtful about where we add. I will certainly say that we're going to be extremely thoughtful about not adding in areas where, you know, where we have, let's say, higher concentrations of, you know, undifferentiated content, like MI, for example. And so, you know, again, we'll be very, very thoughtful, but it's going to be things that reinforce the network and the moats that we have today.

Maybe just lastly for me to wrap it up, I mean, you've mentioned stock value here, and obviously we can see the prices. It certainly sounds like there's a lot of momentum in the business on the rating side. Even MI was seeing nice momentum. There's a lot of scope for margin improvement, as you've talked about. What do you think investors are missing?

Look, it's a benchmarks business predominantly. It's two-thirds of our revenue, three-fourths of our profit. And as much as we get so many questions on CapIQ Pro, it's less than 6% of our revenue and even less than that of our operating margin. And I think that's a really important point. It's also important that in this moment that we have an opportunity to think a little bit about our investment priorities within market intelligence and make sure that those priorities are aligned with direction of travel of our customers and that we can accelerate the integration of AI. You know, people will often say to me, oh, you know, it's hard to disprove a negative. I want to focus on the positive, which is that we have an incredible business we are the only providers of the s&p global rating the only providers of the s&p 500 the only providers of the platts brent crude benchmark and that is something that is unique to s&p global and will continue is deeply moded deeply entrenched in the global macro environment and will continue to be so and so you know that is the the last

message if i could that i would leave you with fantastic and that uh upbeat notes we'll end it Thank you very much Martina great. Thank you