Moody's (MCO) official guidance

| Acquired and Divested Companies | Approximately (1.5)% |

| Acquired and Divested Companies | Approximately (1.5)% |

| Acquisition-related intangible amortization | Approximately $0.90 |

| Acquisition-related intangible amortization | Approximately $0.90 |

| Acquisition-Related Intangible Amortization | Approximately $0.90 |

As previously communicated, we're maintaining both MIS revenue and MA ARR guidance in the high single-digit range.

| ARR (4) | Increase in the high-single-digit percent range | NC |

Importantly, this does not change our expectations for ARR or organic constant currency recurring revenue growth, which both remain anchored in the high single-digit percent growth range.

| ARR (4) | Increase in the high-single-digit percent range | NC |

We expect both of those to grow high single digit in 2026.

| ARR (4) | Increase in the high-single-digit percent range |

| Less: Capital expenditures (6) | Approximately $450 million |

| Less: Capital expenditures (5) | Approximately $450 million |

| Less: Capital expenditures (5) | Approximately $450 million |

| Depreciation and Amortization | Approximately 1% |

| Depreciation and Amortization | Approximately 1% |

| Depreciation and amortization | Approximately 6% |

| Depreciation and amortization | Approximately 6% |

| Depreciation and amortization | Approximately 6% |

| Duplicate rent - NY HQ (5) | Negligible |

| Duplicate rent - NY HQ (5) | Approximately $0.10 |

| Duplicative rent - NY HQ (6) | Approximately $0.10 |

| Duplicative Rent - NY HQ (6) | Approximately $0.10 |

For modeling purposes, we expect our tax rate for the full year to be towards the high end of the guidance range of 23%-25%.

| Effective Tax Rate | 23% to 25% | NC |

There is no change to our tax rate guidance for the full year, and we expect Q2 to be in the high end of the full year range of 23%-25%.

| Effective Tax Rate | 23% to 25% | NC |

We expect the effective tax rate to be in the range of 23%-25% in 2026, a more normalized overall rate after we realized a sizable M&A-related one-time benefit in 2025.

| Effective Tax Rate | 23% to 25% |

On adjusted diluted EPS, we are raising the low end of the range by $0.10, bringing full-year guidance to $16.50-$17, or 12% growth at the midpoint.

| Adjusted Diluted EPS (1) | $16.40 to $17.00 | $16.50 to $17.00 |

| Adjusted Diluted EPS (1) | $16.40 to $17.00 | NC |

Our 2026 adjusted diluted EPS guidance is $16.40-$17.00, implying approximately 12% growth at the midpoint.

| Adjusted Diluted EPS (1) | $16.40 to $17.00 |

| Diluted EPS | $16.00 to $16.60 | $16.00 to $16.50 |

| Diluted EPS | $15.00 to $15.60 | $16.00 to $16.60 |

| Diluted EPS | $15.00 to $15.60 |

| Free Cash Flow (1) | $2.8 to $3.0 billion | $2.7 to $2.9 billion |

| Free Cash Flow (1) | $2.8 to $3.0 billion | NC |

| Free Cash Flow (1) | $2.8 to $3.0 billion |

| Gain on business divestitures | Approximately ($1.25) |

| Gain on divestiture of business | Approximately ($1.25) |

| Incentive and Stock-Based Compensation | Approximately 1% |

| Incentive and Stock-Based Compensation | Approximately 1% |

| Interest Expense, Net | $220 to $240 million | NC |

| Interest Expense, Net | $210 to $230 million | $220 to $240 million |

| Interest Expense, Net | $210 to $230 million |

| Non-operating (Expense)/Income (2) | $70 to $90 million | NC |

| Non-operating (Expense)/Income (2) | ($180 to $200 million) | $70 to $90 million |

| Non-operating Expense (2) | $180 to $200 million |

| Operating Cash Flow | $3.25 to $3.45 billion | $3.15 to $3.35 billion |

| Operating Cash Flow | $3.25 to $3.45 billion | NC |

| Operating Cash Flow | $3.25 to $3.45 billion |

| Operating Growth | 2.5 to 3.5% |

| Operating Growth | 2.5 to 3.5% |

| Operating Expenses | Increase in the mid-single-digit percent range | NC |

| Operating Expenses | Increase in the mid-single-digit percent range | NC |

| Operating Expenses | Increase in the mid-single-digit percent range |

Turning to profitability, MA continued to deliver adjusted operating margin expansion and remains on track for full-year margin guidance of 34%-35%.

| MA Adjusted Operating Margin | 34% to 35% | NC |

We are well on track for full year margin of 34%-35%, and our mid to high 30s target by the end of 2027.

| MA Adjusted Operating Margin | 34% to 35% | NC |

From a margin perspective, our 34%-35% adjusted operating margin outlooks reflect approximately 150 basis points of improvement at the midpoint.

| MA Adjusted Operating Margin | 34% to 35% |