1) Financial Performance Highlights - Organic revenue growth exceeded 13% YoY. - Adjusted EPS grew nearly 14% and adjusted EBITDA increased by almost 19%. - Total run rate growth was nearly 13%, with a record asset-based fee run rate of $872 million, up 25%. - Recurring subscription run rate grew by 9%, driven by net new recurring subscription sales of $39.6 million, a 52% increase YoY. - Retention rate across all product lines was 95.4%.

2) Strategic Initiatives and Acquisitions - Completed three strategic acquisitions: Compass Financial Technologies, VantageR, and PM Insight to enhance capabilities in index calculation, AI-driven due diligence, and private market analytics. - New Chief Data Officer, Dinesh Gupta, appointed to lead technology and AI transformation. - Focus on AI integration across product development, enhancing data processing and client engagement.

3) Segment Performance and Growth Drivers - Index Segment: Subscription run rate growth returned to double digits at 10.7%, with record recurring sales of nearly $33 million. - Analytics Segment: Recurring net new subscription sales of $8.2 million, up nearly 55%, driven by strong demand in equity offerings and enterprise risk tools. - Private Capital Solutions: Recurring net new sales growth of nearly 44%. - Strong performance in Asia Pacific, with Q1 recurring sales reaching $15 million, up 46% YoY.

4) Challenges and Market Dynamics - Facing headwinds in the Sustainability and Climate segment, with modest growth offset by higher cancellations. - Some market volatility noted, particularly in the Gulf region, but overall client engagement remains strong. - Continued focus on enhancing product offerings to meet evolving client needs, particularly in private credit and climate risk analytics.

5) Outlook and Guidance - For Q2 2026, Analytics revenue growth expected to be around 5%. - Anticipating strong demand for AI-driven products and services, with a focus on expanding market share in international equity ETFs. - The company remains optimistic about sustaining growth momentum across all segments, with a strategic emphasis on AI and technology integration.

Bottom line: MSCI Inc. is positioned for continued growth with strong financial performance, strategic acquisitions, and a focus on AI-driven innovations, despite facing some challenges in specific segments. The company’s diversified offerings and robust client retention suggest a solid outlook for shareholders.