Moody`s Corp.

Strong quarter vs. mixed issuance; guidance reaffirmed - Revenue topped $2B for the 3rd straight quarter; rated issuance down ~2% YoY, but Moody’s delivered adjusted operating margin of 52.6% and adjusted diluted EPS up 6%. - Despite uneven market conditions (some strength offset by softness), management emphasized resilience and disciplined execution. - Full-year guidance metrics reaffirmed (no raise in July earlier due to tougher comps + macro uncertainty).

Ratings: durable multi-year funding “deep currents” + refinancing support - MIS (ratings) saw issuance ~$1.7T, down ~2% YoY (2nd-highest third quarter level on record), with variation by asset class: - Investment-grade issuance up ~16% (supported by AI infrastructure/hyperscaler financing). - High yield revenue down ~40% and bank loan revenue down ~27% (leveraged finance pullback). - Management highlighted structural drivers: U.S./EMEA refinancing needs >$5T over next 4 years (modest decline vs last year, but reflects FX + maturity extensions); U.S. 5-year view shows peak pushed further (2028 → 2031).

Moody’s Analytics (MA): recurring growth strong; transaction headwind mainly divestiture - MA delivered +3% reported revenue growth (+8% organic constant currency). Recurring organic CC revenue +9% and represents ~99% of MA revenue. - ARR ~ $3.7B, up ~8% YoY, with retention ~95% (trailing 12 months). - Transactional revenue fell 76% YoY, primarily due to the Learning Solutions divestiture. - Profitability: MA adjusted operating margin 35.3%, +100 bps YoY (benefits from simplifying portfolio/tech + efficiencies). - Insurance ARR grew ~10% (notably CAT risk + casualty solutions); Banking ARR ~8% (lending up ~12%); KYC ARR +12%.