標普全球 (SPGI) 2026 Q2 法說會逐字稿

Good morning, and welcome to S&P Global's second-quarter 2026 earnings conference call. I'd like to inform you that this call is being recorded for broadcast. (Operator Instructions)

早安，歡迎參加 S&P Global 2026 年第二季財報電話會議。我想提醒各位，本次通話將被錄音以供播出。(接線員指示)

I would now like to introduce Mr. Mark Grant, Senior Vice President of Investor Relations and Treasurer for S&P Global. Sir, you may begin.

現在我想介紹 S&P Global 投資人關係資深副總裁兼財務主管 Mark Grant 先生。先生，您可以開始了。

Good morning, and thank you for joining today's S&P Global second-quarter 2026 earnings call. Presenting on today's call are Martina Cheung, President and Chief Executive Officer; and Eric Aboaf, Chief Financial Officer.

早安，感謝各位參加今天的 S&P Global 2026 年第二季財報電話會議。今天出席並發言的有總裁兼執行長 Martina Cheung，以及財務長 Eric Aboaf。

We issued a press release with our results earlier today. In addition, we have posted a supplemental slide deck with additional information on our results and guidance. If you need a copy of the release and financial schedules or the supplemental deck, they can be downloaded at investor.spglobal.com.

我們已於今日稍早發布新聞稿公布本次業績。此外，我們也上傳了補充簡報投影片，提供更多關於業績與財測指引的資訊。若您需要新聞稿與財務附表或補充簡報，可至 investor.spglobal.com 下載。

The matters discussed in today's conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including projections, estimates and descriptions of future events. Any such statements are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from results anticipated in these forward-looking statements. Additional information concerning these risks and uncertainties can be found in our Forms 10-K and 10-Q filed with the US Securities and Exchange Commission.

今日電話會議所討論事項可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述，包括預測、估計及對未來事件的描述。任何此類陳述均基於目前預期與當前經濟狀況，並受風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所預期者出現重大差異。關於上述風險與不確定性的更多資訊，請參閱我們向美國證券交易委員會提交的 10-K 與 10-Q 表格。

In today's earnings release and during the conference call, we're providing non-GAAP adjusted financial information. This information is provided to enable investors to make meaningful comparisons of the company's operating performance between periods and to view the company's business from the same perspective as management. The earnings release contains financial measures calculated in accordance with GAAP that corresponds to the non-GAAP measures we are providing and the press release and the supplemental deck contain reconciliations of such GAAP and non-GAAP measures.

在今日的財報新聞稿以及本次電話會議中，我們將提供非 GAAP 的調整後財務資訊。提供此資訊旨在使投資人能在不同期間之間對公司營運表現進行有意義的比較，並以與管理層相同的視角檢視公司業務。財報新聞稿包含依 GAAP 計算、且與我們所提供之非 GAAP 指標相對應的財務衡量；新聞稿與補充簡報亦包含 GAAP 與非 GAAP 指標之調節表。

For today's discussion, references to revenue are to GAAP pro forma revenue on a consolidated basis, GAAP revenue for our Ratings and Indices segments and adjusted as recast revenue for our Energy and Market Intelligence segments. Other financial metrics discussed on today's call are presented on an adjusted basis and refer to pro forma non-GAAP adjusted measures.

就今日討論而言，營收之引用係指合併基礎下的 GAAP 備考（pro forma）營收；Ratings 與 Indices 事業部為 GAAP 營收；Energy 與 Market Intelligence 事業部則為調整後之重編（recast）營收。本次電話會議中討論的其他財務指標均以調整後基礎呈現，並指備考的非 GAAP 調整後衡量。

In a press release dated July 6, 2026, the company provided recast financial information, excluding contributions from Mobility for the four quarters of 2025, full year 2025 and the first quarter of 2026. That release can also be found at investor.spglobal.com.

公司於 2026 年 7 月 6 日發布的新聞稿中，提供了重編財務資訊，排除 Mobility 對 2025 年四個季度、2025 全年以及 2026 年第一季的貢獻。該新聞稿亦可於 investor.spglobal.com 查閱。

At this time, I would like to turn the call over to Martina Cheung.

現在，我想把電話會議交給 Martina Cheung。

Thank you, Mark, and thank you to everyone joining the call this morning. I'm excited to host our first earnings call since completing the Mobility spin, and I'm excited to be able to discuss the progress and the vision of our 4 divisions.

謝謝你，Mark，也謝謝今天早上加入電話會議的各位。我很高興在完成 Mobility 分拆後主持我們的第一場財報電話會議，也很高興能與各位討論我們四大事業部的進展與願景。

We had very strong performance in the second quarter with 11% total revenue growth, outperforming our expectations on both the reported and an organic constant currency basis. Recurring revenue was up 8% year-over-year as well. The strength of our benchmark business has really shone through in the second quarter as well, with revenue increasing 15% year-over-year.

我們第二季表現非常強勁，總營收成長 11%，無論以公告口徑或以有機、固定匯率基礎衡量，皆優於我們的預期。經常性營收亦年增 8%。我們基準（benchmark）業務的強勁動能在第二季也充分展現，營收年增 15%。

With high incremental margins in our benchmark products and disciplined expense management across the business, we were able to deliver 200 basis points of margin expansion, leading to EPS growth of 23%. On capital return, we have decided to increase our target share repurchase for 2026 by nearly $3 billion to more than $7 billion for the full year. As Eric will walk through shortly, our strong cash flow and healthy balance sheet will allow us to repurchase equivalent of more than 5% of our current market capitalization.

憑藉我們基準產品的高增量利潤率，以及全公司嚴謹的費用管理，我們實現了 200 個基點的利潤率擴張，帶動 EPS 成長 23%。在資本回饋方面，我們決定將 2026 年目標庫藏股回購金額提高近 30 億美元，全年目標提升至超過 70 億美元。如 Eric 稍後將說明，我們強勁的現金流與健全的資產負債表，將使我們得以回購相當於目前市值超過 5% 的股份。

In the last few months, we've seen the end result of a great deal of exceptional work from teams across the entire organization. On July 1, we finalized the spin of our former Mobility division into an independent publicly traded company, which immediately creates meaningful shareholder value. We announced the consolidation of our supply chain efforts into our Energy division as well as new leadership and a new operating model for Market Intelligence. We'll provide some additional insights on those points in a moment.

過去幾個月，我們看到了整個組織各團隊大量卓越工作的成果。7 月 1 日，我們完成將原 Mobility 事業部分拆為一家獨立上市公司，立即創造了具意義的股東價值。我們也宣布將供應鏈相關工作整合至 Energy 事業部，並為 Market Intelligence 推出新的領導團隊與新的營運模式。我們稍後將就上述事項提供更多洞見。

We've also seen continued rapid adoption of our AI solutions, including our Kensho LLM ready APIs, and we've continued to explore different monetization methods with our large, sophisticated customers. We also announced an agreement to purchase datacenterHawk and the majority stake in Agusto & Company. datacenterHawk will combine with our 451 Research and Energy forecasting assets to extend our leadership in the data center space. Agusto & Company is a leading credit rating agency with operations in Nigeria, Kenya, Rwanda and Ghana.

我們也看到 AI 解決方案持續快速被採用，包括我們的 Kensho LLM ready API，並持續與大型且成熟的客戶探索不同的變現方式。我們也宣布達成協議，收購 datacenterHawk 以及 Agusto & Company 的控股權。datacenterHawk 將與我們的 451 Research 與 Energy 預測資產結合，延伸我們在資料中心領域的領導地位。Agusto & Company 是一家領先的信用評等機構，業務遍及奈及利亞、肯亞、盧安達與迦納。

All of these milestones are evidence of the progress we are making in executing the strategy we announced at our Investor Day last year. With the completion of the Mobility spin and the division realignment, we are well positioned to deliver on the strategic objectives we have laid out. We will continue to invest to advance our market leadership and benchmarks across the debt, equity and commodity markets.

上述里程碑皆證明我們正持續推進並落實去年投資人日所公布的策略。隨著 Mobility 分拆完成以及事業部重新調整，我們已具備良好條件以達成既定的策略目標。我們將持續投資，以強化我們在債券、股票與大宗商品市場的市場領導地位與基準能力。

In Market Intelligence, we will make focused investments in the fastest growth areas while improving the profitability of more mature platforms. That will help us optimize the Market Intelligence business to meet the evolving data and AI needs of our customers. We are also integrating our data to create new opportunities and expand our addressable markets through Kensho data. Now that we have simplified the business down to 4 core divisions, it's more clear than ever how these divisions can create a powerful platform to help our customers navigate volatile markets and turbulent macroeconomic conditions.

在 Market Intelligence 方面，我們將聚焦投資於成長最快的領域，同時提升較成熟平台的獲利能力。這將協助我們優化 Market Intelligence 業務，以滿足客戶不斷演進的數據與 AI 需求。我們也正整合我們的數據，透過 Kensho 數據創造新機會並擴大可服務市場。如今我們已將業務簡化為四大核心事業部，這些事業部如何共同打造強大平台、協助客戶在波動市場與動盪的總體經濟環境中前行，比以往任何時候都更清晰。

As I've shared with you before, we are primarily a benchmark business. Benchmarks include our Ratings division, our Indices division, the Platts business within our Energy division and the distribution of our Ratings content through Market Intelligence. These benchmark businesses account for nearly 2/3 of our revenue and now comprise more than 80% of our operating profits.

如我先前與各位分享，我們主要是一家基準（benchmark）業務公司。基準業務包括我們的 Ratings 事業部、Indices 事業部、Energy 事業部中的 Platts 業務，以及透過 Market Intelligence 分發我們的 Ratings 內容。這些基準業務約占我們營收的近三分之二，且目前已貢獻超過 80% 的營業利潤。

Given this is the first earnings call since we completed the Mobility spin and realigned 2 of our 4 divisions, I wanted to discuss each division's growth drivers and strategic priorities before handing off to Eric to discuss financials and guidance. Beginning with Ratings, which is now our largest division by revenue.

鑑於這是我們完成 Mobility 分拆並重新調整四大事業部中的兩個事業部後的第一場財報電話會議，我想在交棒給 Eric 討論財務與財測指引之前，先說明各事業部的成長動能與策略重點。首先從 Ratings 開始，該事業部目前以營收計已成為我們最大的事業部。

The market appears to be pricing in slightly higher rates than we expected at this point last year, though credit spreads remain very tight. Billed issuance increased 25% year-over-year in the second quarter, with strength across the risk spectrum. Investment-grade issuance was again bolstered by large issuance associated with AI infrastructure and data center CapEx as well as M&A.

市場似乎已反映出利率略高於我們去年此時的預期，儘管信用利差仍維持在非常緊縮的水準。第二季計費發行量（billed issuance）年增 25%，各風險層級皆呈現強勁表現。投資級發行量再次受到大型發行的帶動，這些發行與 AI 基礎設施與資料中心資本支出（CapEx）以及併購（M&A）相關。

We also continue to drive innovation in fast-growing areas of with DeFI. Issuance from the hyperscaler infrastructure companies slowed in the second quarter as we expected but remains quite strong and is pacing well ahead of our initial expectations for the year. In the first half, we saw approximately $169 billion in billed issuance from the hyperscalers while our initial outlook for the year assumed approximately $200 billion for the full year.

我們也持續在 DeFi 等快速成長領域推動創新。如我們所預期，超大規模雲端服務商（hyperscaler）基礎設施公司的發行在第二季放緩，但仍相當強勁，且進度明顯優於我們年初對全年所做的初始預期。上半年，我們看到來自 hyperscaler 的計費發行量約 1,690 億美元，而我們對全年最初的展望是假設全年約 2,000 億美元。

Our updated financial guidance assumes billed issuance growth in the mid- to high single-digit range. We are now assuming $250 billion to $300 billion in hyperscaler issuance for the full year and double-digit growth in M&A related issuance.

我們更新後的財務指引假設計費發行量成長落在中高個位數區間。我們目前假設全年超大規模雲端服務商（hyperscaler）發行量為2,500億至3,000億美元，且與併購（M&A）相關的發行量將呈現雙位數成長。

As we look at our midyear refinancing study, we continue to see robust maturity walls for several years, reinforcing our expectation for strong average annual growth. Over the last 12 months, we have seen billed issuance grow at an average of roughly 20%. And despite that very strong issuance and our outperformance in the first half of 2026, the near term and multiyear maturity walls remain quite strong. This is a powerful indicator that the strength we are seeing this year in Ratings is not coming at the expense of future refinancing activity. In the next 4.5 years, we expect to see approximately $11 trillion in rated debt come up for refinancing, which bodes well for the multiyear growth opportunities in Ratings.

從我們年中再融資研究來看，我們持續看到未來數年存在強勁的到期高峰（maturity walls），進一步強化我們對平均年度強勁成長的預期。過去12個月，我們看到計費發行量平均約成長20%。即便在如此強勁的發行環境下，且我們在2026年上半年表現優於預期，短期與多年期的到期高峰仍然相當強勁。這是一項有力指標，顯示我們今年在評級（Ratings）所見的強勢並非以犧牲未來再融資活動為代價。未來4.5年內，我們預期約有11兆美元的已評級債務將到期並需要再融資，這對評級業務多年期成長機會而言是利多。

Now turning to Indices. We continue to extend our leadership as the world's largest provider of Indices by AUM. ETF AUM for S&P Dow Jones Indices ended the quarter at $6.35 trillion. We continue to see an even greater amount of AUM tied to our Indices when we include mutual funds, OTC derivatives and insurance products.

接著談指數（Indices）。我們持續鞏固作為全球以資產管理規模（AUM）計算最大指數供應商的領導地位。標普道瓊指數（S&P Dow Jones Indices）旗下ETF的AUM於本季末達6.35兆美元。若將共同基金、場外（OTC）衍生品與保險產品納入，我們看到與本公司指數連結的AUM規模更為可觀。

We have built an incredible Index franchise founded on trust, transparency and disciplined methodology, while being responsive to an ever-evolving market environment. Our results demonstrate the strength of that franchise as S&P Dow Jones Indices was the number 1 index provider yet again in terms of flow capture.

我們打造了一個卓越的指數事業版圖，其基礎建立在信任、透明度與嚴謹的方法論之上，同時也能回應不斷演變的市場環境。我們的成果展現了該事業的實力：標普道瓊指數在資金流入捕捉（flow capture）方面再次成為排名第一的指數供應商。

Year-over-year, we have seen more than $600 billion in net inflows. June marked a significant milestone for the global markets as well as we saw the first ever ETF surpassed $1 trillion in AUM. We're incredibly proud to be part of that story as that ETF was based on the storied S&P 500.

以年增率來看，我們看到超過6,000億美元的淨流入。6月對全球市場而言也是一個重要里程碑，因為我們見證史上首檔ETF的AUM突破1兆美元。我們非常自豪能成為這段歷史的一部分，因為該ETF是以享譽盛名的標普500（S&P 500）為基礎。

We also continue to invest to drive new, innovative solutions in DeFi. Just last week, we launched the S&P Pantera Digital Asset Index, which uses a rules-based approach that focuses heavily on fundamentals versus focusing strictly on price momentum or market cap. That innovation is driving real economic value and competitive wins as well. In the second quarter, we saw multiple asset managers switch to S&P, bringing tens of billions of dollars in additional AUM, now benchmarked against S&P Dow Jones in Indices.

我們也持續投資以推動去中心化金融（DeFi）的新型創新解決方案。就在上週，我們推出S&P Pantera數位資產指數（S&P Pantera Digital Asset Index），採用規則式方法，更著重基本面，而非僅聚焦價格動能或市值。這項創新也帶來實質經濟價值與競爭勝利。在第二季，我們看到多家資產管理公司轉用S&P，帶來數百億美元的新增AUM，並已改以標普道瓊指數作為其指數基準。

Now turning to our Energy franchise. As we outlined back at Investor Day, we will be reporting Energy in 2 business lines going forward. The Platts benchmark business includes our price assessments, global trading services and other offers associated with our energy and commodity benchmarks. The CERA business line includes the proprietary data, content, research and events, including the holistic supply chain suite that previously was spread across Energy and Market Intelligence.

接著談我們的能源（Energy）事業。如同我們在投資人日所說明，未來我們將以兩條業務線來揭露能源業務。Platts基準業務包含我們的價格評估、全球交易服務，以及其他與能源與大宗商品基準相關的產品與服務。CERA業務線則包含專有數據、內容、研究與活動，以及先前分散於能源與市場情報（Market Intelligence）之間的整體供應鏈套件。

When we think about the performance of the Energy business, not just in the quarter but longer term, there are a number of factors impacting growth with long-term positive factors offset somewhat by near-term headwinds. We are confident that the secular tailwinds in this business remain intact. Energy expansion continues to be one of those tailwinds and informs much of our strategic focus. Our price benchmarks remain the gold standard across energy and commodities markets, and we will continue to invest to launch and scale new benchmarks.

在評估能源業務的表現時，不僅是本季，亦包括更長期的觀察，我們看到多項因素影響成長：長期正向因素在一定程度上被短期逆風所抵銷。我們有信心，該業務的結構性順風（secular tailwinds）依然完好。能源擴張仍是其中一項順風，並形塑我們許多策略重點。我們的價格基準在能源與大宗商品市場仍是黃金標準，我們也將持續投資以推出並擴大新的基準。

As supply chains diversify and evolve, we continue to make investments in regions of the world like North Africa that are poised to play a more important role in global energy and commodity markets. We expect to see strong economic growth in these regions and look to work together with local partners to help deliver that growth.

隨著供應鏈多元化並持續演進，我們持續在北非等有望在全球能源與大宗商品市場扮演更重要角色的地區加碼投資。我們預期這些地區將出現強勁的經濟成長，並希望與當地夥伴合作，共同促成這些成長。

Global supply chains aren't just raw materials and manufacturing; they include technology supply chains involving data centers and power and represent a meaningful opportunity for our Energy business. That opportunity is exactly why you saw us acquire datacenterHawk.

全球供應鏈不僅涵蓋原物料與製造，也包含涉及資料中心與電力的科技供應鏈，這為我們的能源業務帶來具規模的機會。這項機會正是你們看到我們收購datacenterHawk的原因。

We're confident that as the demand for AI increases, the need for our data and insights will increase as well. We've also made great progress with CERA Titan and remain on track to officially launch our new AI native platform for upstream data later this year.

我們有信心，隨著AI需求增加，對我們數據與洞察的需求也將同步提升。我們在CERA Titan方面也取得重大進展，並仍按計畫於今年稍晚正式推出我們新的AI原生（AI native）上游數據平台。

Despite the many long-term tailwinds in Energy, there are some factors that pressured results in the quarter, though not unexpectedly. Importantly, the Iran conflict has complicated contract renewals among some very large customers, and we have intentionally chosen to be flexible on price increases and other terms for affected customers during such a challenging time. Eric will walk through what that means for 2026 in a moment, but we remain confident that headwinds are cyclical while the tailwinds are secular.

儘管能源業務存在許多長期順風，本季仍有一些因素對業績造成壓力，但這並不令人意外。重要的是，伊朗衝突使部分大型客戶的合約續約變得更為複雜；在如此艱難的時期，我們也刻意選擇在受影響客戶的漲價與其他條款上保持彈性。Eric稍後將說明這對2026年的意涵，但我們仍有信心：逆風屬於景氣循環性（cyclical），而順風則屬於結構性（secular）。

Now turning to Market Intelligence. As we announced on July 6, we have created a new business structure for Market Intelligence with new leadership already on the ground running. We continue to see rapid changes in the technology landscape and in the ways our customers want to interact with our data. So we are refining our strategy and go-to-market motion to make sure we're best positioned for the future.

接著談市場情報（Market Intelligence）。如同我們在7月6日宣布的，我們已為市場情報建立新的業務架構，新的領導團隊也已就位並迅速展開工作。我們持續看到科技版圖與客戶希望與我們數據互動的方式都在快速變化。因此，我們正在精煉策略與市場進入（go-to-market）模式，以確保我們能以最佳姿態迎接未來。

Within Market Intelligence, we'll be reporting 2 business lines: Kensho Data and Platforms and Enterprise Solutions. Kensho Data consists of our data feeds, Kensho LLM APIs, RatingsXpress and our vast estate of proprietary data.

在市場情報內部，我們將揭露兩條業務線：Kensho Data and Platforms，以及Enterprise Solutions。Kensho Data包含我們的數據饋送（data feeds）、Kensho LLM API、RatingsXpress，以及我們龐大的專有數據資產。

The Kensho data component is roughly half the size of platforms by revenue but is growing in the high single-digit to low double-digit range on an organic basis. The platform's component includes Cap IQ, Consulting, Issuer Solutions, RatingsDirect, Visible Alpha and With Intelligence. Platforms is the larger component of the business line and in aggregate is growing low single digits on an organic basis.

以營收計，Kensho的數據組成約為平台的一半規模，但在有機成長（organic basis）下，成長率落在高個位數至低雙位數區間。平台組成包含Cap IQ、Consulting、Issuer Solutions、RatingsDirect、Visible Alpha與With Intelligence。Platforms是該業務線中較大的組成，整體在有機基礎下呈現低個位數成長。

Our strategic focus in Kensho data will be to deliver our differentiated and proprietary data in a channel agnostic way, accelerating revenue growth at strong incremental margins. Our focus in Platforms will be to consolidate redundant platforms, leverage a more unified technology infrastructure across products and simplify operations while still growing revenue. We will maintain a high standard for innovation and customer value to increase our efforts to leverage AI and traditional productivity measures to improve profitability.

我們在Kensho數據的策略重點，是以通路無關（channel agnostic）的方式提供我們具差異化且專有的數據，在強勁的增量利潤率（incremental margins）下加速營收成長。我們在Platforms的重點，是整併重複的平台、在各產品間運用更一致的技術基礎架構，並簡化營運，同時仍推動營收成長。我們將維持對創新與客戶價值的高標準，並加大運用AI與傳統生產力措施以提升獲利能力。

The other business line in With Intelligence is enterprise solutions. Enterprise Solutions includes our entire lending solution suite, ClearPar, Debtdomain, Pricing and Reference Data, Notice Manager and WFO. The Lending Solutions suite benefits from deeply connected data flows as well as strong network effects.

With Intelligence中的另一條業務線是企業解決方案（enterprise solutions）。Enterprise Solutions包含我們完整的放款解決方案套件、ClearPar、Debtdomain、Pricing and Reference Data、Notice Manager以及WFO。放款解決方案套件受惠於高度連結的數據流，以及強勁的網路效應。

Enterprise solutions also includes iLEVEL, bookbuilding software for fixed income and equity origination and valuation services. These are important market-leading franchises that the markets depend on in order to function. In Market Intelligence, we have an incredible library of proprietary data and powerful workflow tools. We will emphasize those areas where S&P Global has a clear right to win.

Enterprise solutions也包含iLEVEL、用於固定收益與股票承銷發行（origination）的建簿（bookbuilding）軟體，以及估值服務。這些都是重要且市場領先的事業版圖，市場運作仰賴它們才能順利進行。在市場情報方面，我們擁有極為豐富的專有數據資料庫與強大的工作流程工具。我們將聚焦並強化那些S&P Global具備明確勝出優勢的領域。

We are seeing customer buying behavior mature and evolve. Vendor consolidation continues to be a tailwind for our business, and we are beginning to see customers more rigorously evaluating AI budgets to prioritize those solutions that truly create positive ROI.

我們看到客戶的購買行為日趨成熟並持續演變。供應商整併持續成為我們業務的順風因素，而我們也開始看到客戶更嚴謹地評估 AI 預算，以優先投入那些真正能創造正向投資報酬率（ROI）的解決方案。

Across the board, we want to align our priorities with those of our customers. We will be focused on the highest quality assets in MI and on the highest growth opportunities. We will make more and more of our global data estate AI ready by scaling our enterprise data fabric. We will look to fund these investments primarily out of productivity and AI-driven cost savings to ensure meaningful margin expansion.

整體而言，我們希望讓自身的優先事項與客戶的優先事項一致。我們將聚焦於 MI 中最高品質的資產以及最高成長機會。我們將透過擴展企業資料織網（enterprise data fabric），讓更多全球資料資產具備 AI 就緒能力。我們將主要以生產力提升與 AI 驅動的成本節省來支應這些投資，以確保實現具意義的利潤率擴張。

From a capital standpoint, small carve-outs are possible in the near term, but there remains no real appetite for transformational M&A. The simplified structure and clear objectives we've discussed today will better position Market Intelligence to serve customers in the future and drive long-term profitable growth.

從資本配置角度來看，短期內可能會有小型資產切割（carve-out），但對於變革性併購（transformational M&A）仍然沒有真正的意願。我們今天討論的簡化架構與明確目標，將使 Market Intelligence 更能在未來服務客戶，並推動長期的獲利性成長。

Now let me turn to the exciting progress we're making in artificial intelligence. As we shared with you last quarter, our customers leveraging our AI solutions are growing much faster than average. That gap widens in the second quarter for both Market Intelligence and Energy. ACV growth in MI is now 60% faster in MI for AI customers and is approximately 3x in Energy.

接下來我想談談我們在人工智慧方面令人振奮的進展。如同我們上季與各位分享的，採用我們 AI 解決方案的客戶成長速度遠高於平均。在第二季，這個差距在 Market Intelligence 與 Energy 兩個部門都進一步擴大。MI 的 ACV 成長在 AI 客戶中目前快了 60%，而在 Energy 約為 3 倍。

The demand signal from customers is incredibly strong. We continue to rapidly add customers to our LLM ready APIs at MCP connected solutions, with that number now sitting above 500 and increasing more than 70% quarter-over-quarter. API call volume continues to grow rapidly as well, showing that our customers are finding real value in these powerful solutions.

客戶端的需求訊號非常強勁。我們持續快速為 MCP 連接解決方案中的 LLM 就緒 API 新增客戶，目前數量已超過 500，且季對季成長超過 70%。API 呼叫量也持續快速成長，顯示客戶正從這些強大的解決方案中獲得實質價值。

Call volume for our LLM ready API in the second quarter was more than 5x the volume we saw in the first quarter. Internally, the EDO has achieved nearly 60% of its targeted $100 million in annualized cost savings through a combination of AI-driven efficiencies and traditional productivity initiatives.

第二季我們的 LLM 就緒 API 呼叫量，較第一季高出 5 倍以上。在內部方面，EDO 透過 AI 驅動的效率提升與傳統生產力計畫的結合，已實現其目標年度化 1 億美元成本節省中的近 60%。

We are on track to deliver the full $100 million or roughly 20% of the EDO cost base before the end of 2027, even as our AI solutions are seeing great demand. We are hearing more and more from customers that they are paying more attention to token costs and the overall expense of their own AI investments.

我們有望在 2027 年底前達成完整的 1 億美元，約相當於 EDO 成本基礎的 20%，即使我們的 AI 解決方案需求依然強勁。我們也越來越常聽到客戶表示，他們更關注 token 成本以及其自身 AI 投資的整體費用。

Customers are looking for ways to minimize or manage token expenses, including building solutions in-house. Those customers want to build with S&P Global and with Kensho Labs. Over time, we believe that our AI offerings will create meaningful value to our customers without creating exorbitant costs.

客戶正在尋找降低或管理 token 支出的方式，包括自行內部建置解決方案。這些客戶希望與 S&P Global 以及 Kensho Labs 一起建置。長期而言，我們相信我們的 AI 產品將在不造成過高成本的情況下，為客戶創造具意義的價值。

Overall, we are pleased with the performance of the business in the second quarter. We once again demonstrated the power and resilience of our benchmarks businesses while making meaningful progress on strategic growth initiatives across the board. We are energized by the opportunities and new leadership in Market Intelligence and look forward to delivering a strong second half.

整體而言，我們對第二季的業務表現感到滿意。我們再次展現了基準業務的實力與韌性，同時在各項策略性成長計畫上取得實質進展。我們對 Market Intelligence 的機會與新領導團隊感到振奮，並期待在下半年交出強勁表現。

With that, I'll hand it over to Eric to walk through the quarter's financial results and the guidance.

接下來我把時間交給 Eric，請他說明本季的財務結果與展望指引。

Thank you, Martina, and good morning, everyone. Starting with slide 15, we delivered another quarter of strong financial results, including 11% revenue growth and 23% growth in adjusted diluted EPS. Our second quarter performance underscores the power of our benchmark businesses, which grew revenues 15% year-over-year on back of excellent performance in Ratings and Indices. Revenue grew 11% in both in organic constant currency and all-in basis as M&A and FX had only modest net impacts.

謝謝你，Martina，各位早安。從第 15 頁投影片開始，我們再度交出強勁的季度財務成果，包括營收成長 11%，以及調整後稀釋每股盈餘（EPS）成長 23%。第二季表現凸顯我們基準業務的實力，該業務在 Ratings 與 Indices 的優異表現帶動下，營收年增 15%。在併購（M&A）與匯率（FX）僅帶來溫和淨影響的情況下，營收在有機固定匯率與整體口徑下皆成長 11%。

Adjusted expenses increased 6%. We tightened our spending with the start of the Iran conflict amid heightened volatility and macroeconomic risk. This discipline, along with our ongoing productivity savings carried through into the second quarter enabled us to deliver 200 basis points of year-on-year margin expansion to 54.3% and a 15% growth in adjusted operating profit.

調整後費用增加 6%。在伊朗衝突爆發、波動加劇與總體經濟風險升高之際，我們收緊支出。這項紀律，加上我們持續的生產力節省延續至第二季，使我們實現年對年 200 個基點的利潤率擴張至 54.3%，並帶動調整後營業利益成長 15%。

Excluding OSTTRA from the prior year period, our second quarter 2026 margin expansion would have been 270 basis points. Finally, adjusted operating profit was up 15%, and our robust return of capital to shareholders through buybacks helped drive EPS further up 23%.

若排除前一年同期的 OSTTRA，我們 2026 年第二季的利潤率擴張將為 270 個基點。最後，調整後營業利益成長 15%，而我們透過庫藏股回購向股東強勁回饋資本，也推動 EPS 進一步上升 23%。

Turning to our divisions with slide 16. This quarter, Ratings reported a record quarter by revenue, which increased 17% year-over-year. We exceeded our internal expectations for both the quarter and for the first half of the year. Issuance in the quarter benefited from tighter spreads and favorable market conditions, though growth was also elevated due to a fairly soft compare in the year ago period, driven by last year's tariff uncertainty.

接著看第 16 頁投影片，說明各事業部表現。本季 Ratings 以營收計創下歷史新高，年增 17%。我們在本季以及上半年整體表現均超出內部預期。本季發行量受益於利差收斂與有利的市場環境；同時，由於去年同期比較基期偏弱（受去年關稅不確定性影響），也使成長率顯得更高。

Transaction revenue increased 25%, partly driven by high 20% growth in investment grade supported by tech infrastructure and hyperscale issuance and M&A transactions in the second quarter. We also benefited from double-digit revenue growth in bank loans, high-yield and structured finance. Private Markets Ratings revenue increased 60% year-over-year. Non-transaction revenue grew 8% driven primarily by higher annual fee revenue, very strong growth in Ratings Evaluation Services or RES and CRISIL revenue.

交易型營收增加 25%，部分由投資等級業務 20% 以上的成長所帶動，該成長受科技基礎設施與超大規模（hyperscale）發行，以及第二季的併購交易支撐。我們也受益於銀行貸款、高收益與結構性金融的雙位數營收成長。私募市場（Private Markets）評級營收年增 60%。非交易型營收成長 8%，主要由較高的年度費用收入、Ratings Evaluation Services（RES）的強勁成長以及 CRISIL 營收所帶動。

Adjusted expenses increased by 6% reflecting higher compensation costs and continued strategic investments in our people, technology and product development, partially offset by productivity. With a high fixed cost, low variable cost model that we have in Ratings top line outperformance continues to benefit margins, evidenced by the division's 310 basis points of expansion to 68.5%.

調整後費用增加 6%，反映較高的薪酬成本，以及我們持續在人才、科技與產品開發上的策略性投資，部分由生產力提升所抵銷。在 Ratings 具備高固定成本、低變動成本的模式下，營收端的超預期表現持續有利於利潤率，體現在該事業部利潤率擴張 310 個基點至 68.5%。

Now turning to S&P Dow Jones Indices on slide 17. The Indices reported its 13th consecutive record quarter for revenue, and the division surpassed $2 billion of revenue on a trailing 12-month basis. Revenue in the quarter grew 20% with excellent growth in both asset-linked fees and exchange traded derivatives. Revenues associated with asset-linked fees had their fourth consecutive record quarter.

接著看第 17 頁投影片的 S&P Dow Jones Indices。Indices 事業部連續第 13 季創下營收新高，且以過去 12 個月（TTM）計算，該事業部營收已突破 20 億美元。本季營收成長 20%，資產連結費用與交易所交易衍生品兩者皆有優異成長。與資產連結費用相關的營收連續第 4 季創下新高。

We delivered 22% growth year-over-year driven by equity market appreciation and net inflows into products based on S&P Dow Jones Indices. Notably, we have our best quarter of net inflows on record. S&P Dow Jones Indices operates the world's largest index business by AUM. And as Martina mentioned, we have built a franchise on trust and discipline. That reputation was recognized again this quarter, and we're pleased to see that 4 of the 5 ETFs selected by the US Treasury for inclusion in Trump accounts were linked to S&P Dow Jones Indices.

我們年對年成長 22%，主要由股市上漲以及流入以 S&P Dow Jones Indices 為基礎之產品的淨資金流入所帶動。值得注意的是，我們創下史上最佳單季淨流入。S&P Dow Jones Indices 以資產管理規模（AUM）計為全球最大的指數業務。如 Martina 所提到，我們以信任與紀律建立起一個特許經營（franchise）。本季這項聲譽再次獲得肯定，我們也很高興看到，美國財政部為納入 Trump 帳戶所選定的 5 檔 ETF 中，有 4 檔與 S&P Dow Jones Indices 連結。

Exchange-traded derivatives revenue grew 22%, driven by strong volumes, particularly in SPX. Data & custom subscriptions increased 9%, primarily driven by new business growth in end-of-day contracts. Adjusted expenses were up 16% year-over-year, driven by investments in growth initiatives and higher compensation costs. Indices operating profit grew 21% and operating margin expanded 90 basis points to 71.5%.

交易所交易衍生品營收成長 22%，由強勁成交量帶動，尤其是 SPX。資料與客製化訂閱成長 9%，主要由日終（end-of-day）合約的新業務成長所帶動。調整後費用年增 16%，主要因成長計畫投資與較高的薪酬成本。Indices 營業利益成長 21%，營業利潤率擴張 90 個基點至 71.5%。

Now turning to S&P Global Energy on slide 18. Energy revenue grew 3% amid pressure from the challenging environment as well as the sanctions we have called out in recent quarters. The conflict in the Middle East led to continued volatility and uncertainty in the quarter.

現在轉到第18頁的 S&P Global Energy。在充滿挑戰的環境壓力以及我們在近幾季提到的制裁影響下，能源營收仍成長3%。中東衝突使本季持續出現波動與不確定性。

While the business remains resilient, the Iran conflict, tariffs and extreme volatility have put some strain on energy subscription renewals, onetime sales and Global Trading Services or GTS, as Martina mentioned. We believe these headwinds are transitory, however, and we expect growth to normalize after this year, back to the 6% to 8% average range we outlined at our Investor Day.

儘管業務仍具韌性，但如 Martina 所提到的，伊朗衝突、關稅與極端波動，已對能源訂閱續約、一次性銷售以及 Global Trading Services（GTS）造成一些壓力。不過，我們認為這些逆風屬於暫時性影響，並預期在今年之後成長將回歸常態，回到我們在投資人日所提出的6%至8%平均區間。

As we discussed last quarter, we continue to see our customers turn to S&P Global for the data and insights that only we can provide, with our best-in-class data and the recent consolidation of our supply chain assets into energy, we are in an excellent position to equip our customers with the data and intelligence they need to adjust and remap their supply chains.

如同我們上季所討論的，我們持續看到客戶轉向 S&P Global，取得只有我們能提供的數據與洞察；憑藉我們同級最佳的數據，以及近期將供應鏈資產整併至能源業務，我們具備極佳的條件，為客戶提供其調整並重新規劃供應鏈所需的數據與情報。

CERA grew 1% due to strong growth in Market Insights and Analytics, largely offset by declines in upstream and conference and training revenue. Conference revenue was pressured by headwinds from the lower event attendance due to the Middle East conflict.

CERA 成長1%，主要來自 Market Insights 與 Analytics 的強勁成長，但上游以及會議、培訓營收下滑大致抵銷了這些增長。由於中東衝突導致活動出席人數下降，會議營收受到逆風影響。

We are pleased by continued progress in the various aspects of our upstream data transformation. Platts revenue grew 4% in the quarter, driven by strong growth in price assessments as demand for our benchmarks remain resilient. This was partially offset by declines in GTS.

我們對上游數據轉型各面向持續取得進展感到欣慰。Platts 本季營收成長4%，主要由價格評估的強勁成長帶動，因市場對我們基準價格的需求仍具韌性。但這部分被 GTS 的下滑所部分抵銷。

While higher volatility is usually a positive for GTS revenue growth, extreme energy volatility like we saw in the second quarter, can actually have a dampening effect on the market. We saw this dynamic in the second quarter. The sanctions we discussed last year had 120 basis points negative impact to Platts and a 30 basis point negative impact to CERA growth in the second quarter. Adjusted expenses grew by only 1%.

雖然較高的波動通常有利於 GTS 營收成長，但如同我們在第二季所見，像第二季那樣的極端能源波動，實際上可能對市場產生抑制效果。我們在第二季觀察到這種動態。我們去年討論過的制裁，在第二季對 Platts 成長造成120個基點的負面影響，並對 CERA 成長造成30個基點的負面影響。調整後費用僅成長1%。

Our teams remain disciplined through the quarter to support profitable growth during a volatile time period. The 1% expense growth we realized was driven by higher compensation costs and ongoing investments in growth initiatives, almost fully offset by productivity programs and careful expense management. Second quarter margins still expanded by 70 basis points to 47.5% even in this environment.

在波動的期間，我們的團隊在本季仍保持紀律，以支持獲利性成長。我們實現的1%費用成長，主要由較高的薪酬成本與持續投入成長計畫所驅動，但幾乎完全被生產力計畫與審慎的費用管理所抵銷。即使在此環境下，第二季利潤率仍擴張70個基點至47.5%。

Turning to Market Intelligence on slide 19. On both the reported and organic constant currency basis, revenue grew 6% in the second quarter. We continue to deliver solid growth in Market Intelligence, supported by the ongoing vendor consolidation trend, momentum in key strategic areas, particularly our AI solutions and Kensho LLM APIs and improving capital markets activity. As Martina noted, this has been partially offset by some softness in pockets of Market Intelligence as well as longer renewal cycles with some of our larger, more sophisticated clients.

接著看第19頁的 Market Intelligence。無論以報告基礎或有機固定匯率基礎計算，第二季營收皆成長6%。在供應商整併趨勢持續、關鍵策略領域（特別是我們的 AI 解決方案與 Kensho LLM API）動能強勁，以及資本市場活動改善的支持下，我們持續在 Market Intelligence 交出穩健成長。如 Martina 所指出，這部分被 Market Intelligence 某些領域的些許疲弱，以及部分大型且更成熟的客戶續約週期拉長所部分抵銷。

In Market Intelligence, we have some mature platforms that have a strong customer base with stable growth and potential for meaningful margin expansion. We also have high-growth products like Visible Alpha and our Data Feeds business, that continue to benefit from favorable market positions and their proprietary nature.

在 Market Intelligence 中，我們有一些成熟平台，擁有強大的客戶基礎，成長穩定，且具備顯著的利潤率擴張潛力。我們也有如 Visible Alpha 與 Data Feeds 業務等高成長產品，持續受惠於有利的市場地位與其專有性。

We've also identified a few smaller products that are facing headwinds and negatively impacting the growth of the division. As Martina mentioned, we will be prioritizing our investments going forward in favor of our highest growth opportunities, ultimately striving to maximize long-term shareholder value.

我們也辨識出少數較小的產品正面臨逆風，並對事業部成長造成負面影響。如 Martina 所提到的，未來我們將優先把投資配置在最高成長機會上，最終致力於最大化長期股東價值。

In the second quarter, subscription revenue increased a solid 6% on both a reported and organic basis, benefiting from growth across the subscription franchises and benefiting from some upfront revenue from a 10-year renewal in the quarter.

第二季訂閱營收在報告基礎與有機基礎下皆穩健成長6%，受惠於各訂閱產品線的成長，並受惠於本季一筆10年期續約帶來的部分預收（提前認列）營收。

Volume-driven revenue increased by 9% with growth in market linked revenue and corporate actions and the primary markets group as well as usage-based revenue in ClearPar. Onetime revenue declined 2% in the quarter, primarily due to declines in the consulting and Sustainable1 revenue. Kensho Data and Platform revenue increased by 8%, driven by Kensho Data and the With Intelligence acquisition as well as 4% organic growth driven by data management solutions, RatingsExpress, Capital IQ Pro and Visible Alpha.

以交易量驅動的營收成長9%，來自市場連動營收、公司行動（corporate actions）與初級市場團隊的成長，以及 ClearPar 的使用量計費營收。一次性營收本季下滑2%，主要因顧問服務與 Sustainable1 營收下降。Kensho Data 與 Platform 營收成長8%，由 Kensho Data 與 With Intelligence 併購帶動；此外，有機成長4%，主要由數據管理解決方案、RatingsExpress、Capital IQ Pro 與 Visible Alpha 所驅動。

Enterprise Solutions revenue grew 3%, reflecting the divestiture of EDM and thinkFolio. The business grew 10% organically, driven by data valuations and risk analytics, including financial risk analytics, lending solutions and the primary markets group.

Enterprise Solutions 營收成長3%，反映了 EDM 與 thinkFolio 的剝離。該業務有機成長10%，由數據估值與風險分析（包含金融風險分析、放貸解決方案與初級市場團隊）所帶動。

Market Intelligence's adjusted expenses increased 4% year-over-year, driven by expenses from the With Intelligence acquisition as well as compensation expense and long-term strategic investments, partially offset by the impact from recent divestures and productivity programs. Market Intelligence delivered 120 basis points of operating margin expansion to 36% in the quarter.

Market Intelligence 的調整後費用年增4%，主要由 With Intelligence 併購帶來的費用、薪酬費用與長期策略性投資所驅動，但部分被近期剝離的影響與生產力計畫所抵銷。Market Intelligence 本季營運利潤率擴張120個基點至36%。

Now shifting to our outlook starting with slide 20. With our spin of Mobility Global completed on July 1st, we are introducing our guidance for GAAP results. As a reminder, when we report third quarter as well as the fourth quarter and full year, mobility will have moved to discontinued operations. As such, our full year guidance on both GAAP and adjusted basis now excludes the contributions from Mobility for the whole year. Slide 20 outlines our GAAP guidance.

現在轉到我們的展望，先從第20頁開始。隨著我們於7月1日完成 Mobility Global 的分拆，我們將開始提供 GAAP 結果的指引。提醒一下，當我們公布第三季、第四季以及全年時，Mobility 將已轉列為停業單位。因此，我們在 GAAP 與調整後基礎下的全年指引，現在都已排除 Mobility 全年的貢獻。第20頁概述我們的 GAAP 指引。

Slide 21 shows our adjusted guidance. For the reasons I just mentioned, the consolidated guidance we are giving today is not directly comparable to the adjusted guidance we had issued previously, which assumed a full year contribution from Mobility. For all material purposes, however, our division guidance is comparable to prior guidance.

第21頁顯示我們的調整後指引。基於我剛才提到的原因，我們今天提供的合併指引，無法與先前發布、假設 Mobility 全年貢獻的調整後指引直接相比。不過，就所有重大層面而言，我們各事業部的指引仍可與先前指引相互比較。

On a consolidated basis, we expect organic constant currency revenue growth in the range of 6% to 8%. And our prior guidance, including Mobility, also called for 6% to 8% growth, but we have offsetting items.

在合併基礎下，我們預期有機固定匯率營收成長介於6%至8%。而我們先前包含 Mobility 的指引同樣為6%至8%的成長，但其中存在相互抵銷的項目。

As you will recall, our Mobility business has historically had a higher revenue growth than the business overall, but with modestly lower margins. As such, excluding that revenue causes the overall revenue growth of the business to come down slightly, all else equal, but margins to improve.

如各位所知，我們的 Mobility 業務歷來營收成長高於整體業務，但利潤率略低。因此，在其他條件不變下，排除該營收會使整體營收成長略為下降，但利潤率會改善。

The outperformance of Ratings and Indices this year is enough to offset that impact, so we expect our overall growth to be in the same range. Ratings and Indices also have the highest incremental margin across our 4 divisions. We are reinvesting some of that upside in the second half, but we do expect margins to expand more than we had originally anticipated this year. We now expect consolidated margin ex-OSTTRA to expand 75 to 100 basis points this year.

今年 Ratings 與 Indices 的優於預期表現足以抵銷該影響，因此我們預期整體成長仍落在相同區間。Ratings 與 Indices 也在我們四個事業部中擁有最高的增量利潤率。我們在下半年會將部分上行空間再投資，但我們確實預期今年利潤率擴張幅度將高於原先預期。我們目前預期今年合併利潤率（不含 OSTTRA）將擴張75至100個基點。

Strong revenue growth, additional margin expansion and the additional buybacks I'll discuss in a moment, allow us to deliver faster EPS growth as well. We expect adjusted EPS in the range of $17.50 to $17.75 representing double-digit growth across the entire guidance range.

強勁的營收成長、額外的利潤率擴張，以及我稍後將談到的額外庫藏股回購，也使我們能夠實現更快的 EPS 成長。我們預期調整後 EPS 介於17.50美元至17.75美元，於整個指引區間皆代表雙位數成長。

For adjusted free cash flow, the Mobility Spin creates some nuance. In the first half of the year, including Mobility, the company generated $2.4 billion in adjusted free cash flow. In the second half of the year, excluding Mobility, we expect to generate adjusted free cash flow in the range of $2.9 billion to $3.1 billion. Seasonality typically drives higher free cash flow in the second half of the year.

就調整後自由現金流而言，Mobility 分拆帶來一些細微差異。今年上半年（包含 Mobility），公司產生24億美元的調整後自由現金流。今年下半年（不含 Mobility），我們預期將產生介於29億至31億美元的調整後自由現金流。季節性因素通常會推動下半年自由現金流較高。

Now turning to our division guidance on slide 22. Guidance is based on recast financials, which reflect a movement of 451 Research in Maritime and Trade from Market Intelligence to Energy in all periods. These products are fairly small in aggregate, so our division revenue growth guidance is comparable to prior guidance for all material purposes.

現在轉到投影片22上我們各事業部的指引。指引係以重編後的財務數據為基礎，該數據反映在所有期間將海事與貿易中的451 Research自市場情報（Market Intelligence）移轉至能源（Energy）。這些產品合計規模相當小，因此就所有重大目的而言，我們的事業部營收成長指引與先前指引相當一致。

For Ratings, we now expect revenue growth in the range of 5% to 8%, up 1 percentage point from the prior guide. Indices is expected to grow revenue in the range of 12% to 14%, up 2 percentage points from the prior guide. Our guidance for Market Intelligence and Energy is unchanged from the prior guidance with Market Intelligence expected to grow in the range of 5.5% to 7% and Energy in the range of 4.5% to 6%.

就評級（Ratings）而言，我們目前預期營收成長區間為5%至8%，較先前指引上調1個百分點。指數（Indices）預期營收成長區間為12%至14%，較先前指引上調2個百分點。我們對市場情報與能源的指引與先前一致：市場情報預期成長5.5%至7%，能源預期成長4.5%至6%。

Lastly, as Martina mentioned, we are once again increasing the expected share repurchase for the year. As you may have seen, we received approximately $2 billion in a dividend from Mobility Global upon the completion of the spin. These proceeds will be used primarily for the purchase of shares with about $500 million for some debt retirement.

最後，如Martina所提到，我們再次提高今年預期的股票回購規模。如各位可能已看到，在分拆完成後，我們自Mobility Global收到約20億美元的股利。這些款項將主要用於回購股票，並撥出約5億美元用於部分償還債務。

In the second half, we expect to issue approximately $2 billion in additional debt to fund further buybacks with timing dependent on market conditions. We expect to end 2026 with gross leverage of approximately 2.7x to 2.8x EBITDA modestly above our target leverage range of 2.0x to 2.5x. We expect natural deleveraging over the course of 2027 as our EBITDA continues to grow and would expect to be back in the target leverage range by the end of next year. In aggregate, this means we expect to repurchase over $7 billion in shares this year, representing more than 5% of our total market capitalization at the current share price.

在下半年，我們預期將再發行約20億美元的新增債務以資助進一步回購，時點將視市場狀況而定。我們預期於2026年底的總槓桿約為EBITDA的2.7倍至2.8倍，將略高於我們2.0倍至2.5倍的目標槓桿區間。我們預期在2027年期間，隨著EBITDA持續成長，將出現自然去槓桿，並預期在明年年底回到目標槓桿區間。整體而言，這表示我們預期今年將回購超過70億美元的股票，按目前股價計算，約相當於我們總市值的5%以上。

With that, let me turn the call back over to Mark for the questions.

接下來，我把電話交回給Mark進行問答。

Thank you, Eric. (Event Instructions) Operator, we will now take the first question.

謝謝你，Eric。(活動指示) 接線員，我們現在開始第一個問題。

Faiza Alwy, Deutsche Bank.

德意志銀行（Deutsche Bank）的Faiza Alwy。

I wanted to ask about the Kensho data and Platforms business. I guess, as you focus more on the Kensho data side of the business, and maybe lose the distribution and interface layer in some cases, give us some context on how your thoughts have evolved around future pricing and AI monetization, especially if your clients are able to approach data acquisition in a more modular way and kind of limit some of the data source of.

我想問關於Kensho資料與平台（Platforms）業務。我想，當你們更聚焦在Kensho資料這一端的業務，並且在某些情況下可能不再保有分發與介面層時，能否請你們提供一些背景，說明你們對未來定價與AI變現的想法如何演進？尤其是當你們的客戶能以更模組化的方式進行資料取得，並在某種程度上限制部分資料來源時。

Faiza, it's Martina here. Thanks much for the question. Maybe I would start with just one thing that didn't change about our organization announcement and that is that we maintain the direct relationships with the customers. So our contracts are directly with customers. And then consistent with our flexible delivery strategy, we will continue to distribute our content, whether it is through our own platforms through third parties and through our traditional feeds distribution channels.

Faiza，我是Martina。非常感謝你的提問。也許我先從一點開始：在我們的組織公告中，有一件事沒有改變，那就是我們仍維持與客戶的直接關係。因此，我們的合約是直接與客戶簽訂。此外，依循我們彈性的交付策略，我們將持續分發我們的內容，不論是透過自有平台、第三方，或透過我們傳統的資料饋送（feeds）分發管道。

Maybe one point I would make about the role of Kensho coming into Market Intelligence is that it is an acceleration and an amplification of what Kensho has been doing so brilliantly when it wasn't aligned with Mark Intelligence. So for example, the team will continue to work with the MI team even more closely on development of very innovative capabilities.

我想補充一點：Kensho納入市場情報的角色，是對Kensho在未與市場情報對齊時就已非常出色所做工作的加速與放大。例如，團隊將持續與MI團隊更緊密合作，開發非常創新的能力。

We have great building blocks here. We started with the LLM ready APIs. We moved on to the adaptive retrieval that you saw us announce this week, and we are making great progress with MCP applications. And so, we'll continue that. The team will work closely as well with the platform team to continue to implement those great capabilities on the desktop as well.

我們在這裡有很好的基礎模組。我們從可供LLM使用的API（LLM ready APIs）開始。接著推進到你們本週看到我們宣布的自適應檢索（adaptive retrieval），並且在MCP應用方面也取得很大進展。因此，我們會持續推進。團隊也會與平台團隊密切合作，持續在桌面端落實這些優秀能力。

And I would say that the other thing that's really great about having the teams together is that Kensho Labs, which we launched last year has really gotten tremendous momentum and traction and has been a true differentiator for us as we've been having these AI use case conversations and bringing that really close together with the business being very close to the MI commercial team, these are ways in which we think we can really scale the impact of Kensho Labs. Eric, do you want to talk about monetization?

我也想說，把團隊整合在一起的另一個很棒之處在於：我們去年推出的Kensho Labs已獲得非常大的動能與採用度，並且在我們進行這些AI使用案例的對話時，成為真正的差異化優勢；同時，當它與業務端更緊密結合、並且非常貼近MI商務團隊時，這些都是我們認為能夠真正擴大Kensho Labs影響力的方式。Eric，你要談談變現嗎？

The monetization approach is multifaceted. First, what you what we'll continue to see is just a dramatic uptick in data usage by our clients through their AI calls. The MCP connectors are up to 500 clients. Data usage is up 5x relative to the prior quarter and the prior quarter was up 5x prior to that. And so there's a series of ongoing discussions that we have with clients to how do we economically share in that.

變現方式是多面向的。首先，我們將持續看到客戶透過其AI呼叫對我們資料使用量的大幅提升。MCP連接器已擴展到500家客戶。資料使用量相較上一季成長5倍，而上一季相較再前一季也成長了5倍。因此，我們與客戶之間持續有一系列討論：我們要如何在經濟上分享其中的價值。

They get enormous benefits. And really, it's a mix of some consumption pricing, some additional data set pricing. And we feel quite comfortable that the revenues are beginning to come through and with -- along with higher retention, higher sales and so forth, bode well for our businesses.

他們獲得了巨大的效益。而實際上，這是一些用量計價（consumption pricing）與一些額外資料集定價的組合。我們相當有信心，營收已開始逐步反映出來，並且在更高的留存率、更高的銷售等因素帶動下，對我們的業務前景是正面的。

Manav Patnaik, Barclays.

巴克萊（Barclays）的Manav Patnaik。

Martina, thank you for rehashing kind of the strategy upfront in the call. Clearly, it sounds like, especially in MI and Energy, you're still refining the strategy in kind of how you want the segments to look. So I'm just curious, usually, in that situation, we get more disclosure by segment as opposed to kind of consolidating some of the stuff that you did, so does that imply that you're still trying to reevaluate exactly how those businesses might look with all the different components or just give you some of your thoughts there.

Martina，謝謝你在電話會議一開始重新梳理策略。很明顯聽起來，特別是在MI與能源方面，你們仍在進一步精煉策略，包含你們希望各細分業務呈現的樣貌。所以我有點好奇，通常在這種情況下，我們會看到更多按部門的揭露，而不是像你們這次把一些內容做了整合；這是否意味著你們仍在重新評估這些業務在各種不同組成之下最終會是什麼樣子？也請分享一下你們的想法。

Manav, thanks for the question. I would say that what we're aiming for here is simplification in MI and in Energy, the strategies for both divisions have not changed. This is really about how I think about it as basically wrapping ourselves more closely around our customers as well as getting the teams who are operating very similar platforms, for example, in MI, an opportunity to move more quickly and grow more profitably by being able to sort of develop the capability once and use it many times. And so, this is really about stronger and more efficient execution against the strategy.

Manav，謝謝你的問題。我會說，我們在MI與能源這裡的目標是簡化；兩個事業部的策略都沒有改變。這主要是我如何看待：基本上是讓我們更緊密地圍繞客戶，同時也讓那些在非常相似平台上運作的團隊（例如MI）有機會更快行動、以更高獲利成長，因為我們可以某種程度上把能力開發一次，然後多次重複使用。因此，這其實是為了更強、更有效率地執行既定策略。

In Energy, for example, look, we just see such a tremendous opportunity in Energy in the trillions of dollars that are being spent in AI infrastructure, in the power grids that are required to support that AI infrastructure. And we are executing the changes that we have to enable our clients to get more clarity on the supply chains, they need to develop that infrastructure as well as the forecasting models whether it's supply chains or even with data centers that we'll be able to offer. And so, no change in strategy, but I would say more closely wrapping ourselves around the clients as we move forward. Thanks for the question.

以能源為例，你看，我們在能源領域看到非常巨大的機會：在AI基礎設施上的支出達到數兆美元，以及為支撐該AI基礎設施所需的電網建設。我們正在推動必要的變革，使客戶能更清楚掌握他們建置該基礎設施所需的供應鏈，以及我們能提供的預測模型，不論是供應鏈或甚至是資料中心相關。因此，策略沒有改變，但我會說，隨著我們向前推進，我們會更緊密地圍繞客戶。謝謝你的提問。

Surinder Thind, Jefferies.

Jefferies的Surinder Thind。

Eric, I guess when we think about the margin expansion that we're seeing at this point, how are you thinking about balancing that against the opportunity to maybe accelerate investment and the trade-off? Like can you do a lot more? Or are you kind of at the level that you see reasonable for what you can kind of, I guess, absorb what clients can obsorb in the current environment.

Eric，我想當我們思考目前看到的利潤率擴張時，你如何看待在這與可能加速投資的機會及其取捨之間取得平衡？例如，你們是否可以做得更多？或者你們大致已在一個你認為合理的水準，也就是在目前環境下，你們能夠消化、客戶也能夠吸收的水準。

Surinder, it's Eric. We see quite a bit of opportunity with our clients. We have our core clients in the financial institutions area. We continue to expand to across corporate clients, part of the alignment of our supply chain businesses are for that effect to kind of widen the base of clients that we serve and continue to develop new and refreshed and updated in some cases, leading-edge products for them.

Surinder，我是Eric。我們在客戶端看到相當多的機會。我們在金融機構領域有核心客戶。我們也持續擴展到企業客戶；供應鏈業務的部分整合正是為了擴大我們服務的客戶基礎，並持續為他們開發新的、重新整理與更新的（在某些情況下為領先業界的）產品。

All that is consistently and relatively easily funded by productivity. You've seen us describe productivity in the EDO. We've got productivity programs that I referenced in MI, in Energy and Ratings and Indices. And every one of those frees up resources, whether they're people or technology or other or otherwise to reinvest and build those new products and services. And so, it's quite a virtuous circle and cycle and allows us to continue to grow as we'd like to do.

所有這些都能夠持續且相對容易地透過生產力提升來提供資金支持。你們已看到我們在EDO中描述生產力。我們在MI、在能源以及在評級與指數方面都有我提到的生產力計畫。而每一項都能釋放資源，不論是人力、技術或其他資源，用以再投資並打造那些新產品與服務。因此，這是一個相當良性的循環，讓我們能如我們所希望的持續成長。

Toni Kaplan, Morgan Stanley.

Toni Kaplan，摩根士丹利。

I wanted to go back to MI to talk about a little more about the reorganization. Should we expect any disruption from the realignment? And you talked about some parts of the portfolio facing headwinds, are you able to cumulatively size them? And would we expect that you look to sell those or divest those? Or are you going to try to fix those areas?

我想回到MI，多談一些重組的部分。我們是否應預期這次重新調整會帶來任何干擾？另外你提到投資組合中的某些部分面臨逆風，你們能否累計量化其規模？以及我們是否應預期你們會考慮出售或剝離那些業務？或者你們會嘗試把那些領域修復起來？

Toni, it's Martina. Thanks for the question. From an MI perspective, I don't expect disruption, if anything, I expect greater simplicity and continuity in how we're doing things. So I'll give you a couple of examples.

Toni，我是Martina。謝謝你的問題。就MI而言，我不預期會有干擾；如果有的話，我預期的是更高的簡化程度，以及我們做事方式上的延續性。我舉幾個例子。

We moved the Pricing and Reference Data into Enterprise Solutions, and that really simplifies our go-to-market around private markets. The Pricing and Reference Data is very closely aligned with the lending suite that we have there as is the valuation service that we offer.

我們把定價與參考資料（Pricing and Reference Data）移到企業解決方案（Enterprise Solutions）中，這確實簡化了我們在私募市場的市場進入策略（go-to-market）。定價與參考資料與我們在那裡的放貸產品套件高度一致，並且也與我們提供的估值服務緊密對齊。

Another example would be the great progress that we've made with Kensho Labs that was really in partnership with the CCO, and we see such an opportunity here to extend that to more of the clients. And so, that's one major part of the rationale for bringing the Kensho team that we've selected into the Martin division and having the Kensho data vertical stood up essentially. And that really brings that innovation from the Kensho team very, very close, in fact, much closer to customers also. So I think I would look at this as coming from a position of strength and allowing ourselves to really unlock the full value of our products and our data.

另一個例子是我們與Kensho Labs取得的重大進展，那主要是與CCO合作完成的，而我們看到很大的機會把它延伸到更多客戶。因此，這也是把我們所選定的Kensho團隊納入MI部門、並基本上建立Kensho資料垂直領域（data vertical）的主要理由之一。這也讓Kensho團隊的創新非常、非常貼近客戶，事實上更貼近客戶。所以我認為，這是建立在我們的優勢之上，並讓我們真正釋放產品與資料的全部價值。

The other point to make here is with respect to the software products. These are smaller products, subscale, some consulting services, for example, some of the sustainability products. We're not talking about our strategic products like WSO or ClearPar for example and where there are cases where we may see cyclical impacts and growth could come back in those products, we're going to watch that very closely, and there may be opportunities otherwise if we don't see growth coming back, and we may think that we have to invest a little bit more, we may make some strategic choices there. But overall, this is coming from a position of strength and in a way that allows us to operate much more effectively around the customer.

另外一點是關於軟體產品。這些是較小的產品、規模偏小，例如一些顧問服務、部分永續相關產品。我們談的不是像WSO或ClearPar這類策略性產品；而在某些情況下，如果我們看到景氣循環影響、且這些產品的成長可能回來，我們會非常密切地觀察；若我們沒有看到成長回來，或我們認為需要多投入一些資源，我們可能會在那裡做出一些策略性選擇。但整體而言，這是從優勢出發，並以能讓我們更有效率地圍繞客戶運作的方式來進行。

Curt Nagle, Bank of America.

Curt Nagle，美國銀行。

Just one quick one for me. I think, Martina, you mentioned that you're seeing some long-dated sales cycles, some of your largest -- for your clients. Maybe just unpack that, what's driving it? Maybe what changed? Is it environment? Or just what's behind that comment?

我這邊只有一個很快的問題。Martina，我想你提到你看到一些較長的銷售週期，尤其是你們一些最大——針對你們客戶的案子。能否稍微拆解一下，是什麼在驅動？有什麼改變了嗎？是環境因素？或是這個評論背後的原因是什麼？

Thanks much for the question. Look, we view it actually as a positive because it means that our clients want to do more with us. And as we've been going through these renewal cycles, we're having quite substantial conversations around use of AI and use of our IP and data for AI.

非常感謝你的問題。我們其實把它視為正面訊號，因為這代表客戶希望與我們做更多事情。而在我們經歷這些續約週期時，我們正在就AI的使用，以及使用我們的智慧財產（IP）與資料來支援AI，進行相當深入的討論。

And the conversations are getting a little bit complex in some cases, and that's because we are absolutely intent and focused on protecting our IP over the long term. And so we've seen some elongation as a result of that. I look at it as more of a sort of a baselining with our customers around the terms and conditions that we're putting forward. And this is something that's more of a sort of a near-term impact, not something that's going to impact us over the medium or long term. Thanks for the question.

而在某些情況下，這些對話變得有點複雜，原因是我們絕對堅持並專注於長期保護我們的IP。因此我們看到因此而出現一些拉長的情況。我把它視為我們與客戶就我們提出的條款與條件進行某種「基準化」對齊。這比較像是短期影響，而不是會在中期或長期對我們造成影響的事情。謝謝你的問題。

Alex Kramm, UBS.

Alex Kramm，瑞銀。

I actually want to ask about the Index business and just maybe a little bit in the weeds in detail, so bear with me. But you have that licensing relationship with CBOE. And by my numbers, this is definitely more than $200 million a year. And there's been more investor concerns around, more from their side about that renewal that's coming up in a few years.

我其實想問指數（Index）業務，可能會比較深入一些細節，請見諒。你們與CBOE有那個授權合作關係。按我的估算，這肯定每年超過2億美元。而投資人對於幾年後即將到期的續約，從對方的角度來看，擔憂似乎增加了。

Now just wondering what your latest thoughts are on this because, again, if you look at the relationship, some people would suggest that you can probably double those fees. So that could be nicely material and accretive to your business. So just wondering, how do you think about that relationship other exchanges have actually wondered about getting that license from you. So maybe talk about it, if you could give it to multiple exchanges or maybe shop it around because again, it could actually be nicely accretive to your bottom line.

所以想請問你們對此最新的看法是什麼；因為再看這段關係，有些人會認為你們大概可以把費用提高一倍。那對你們的業務會是相當重要、且具增益（accretive）的。因此想請問，你們如何看待這段關係？其他交易所其實也曾想過要向你們取得該授權。所以如果可以的話，能否談談你們是否可能授權給多家交易所，或是把它拿去市場上比價，因為同樣地，這可能會對你們的獲利（bottom line）帶來相當不錯的增益。

Alex, it's Martina. Thanks for the question. Look, we don't comment on our partners or the conversations that we would have with any of our partners but thank you for the question.

Alex，我是Martina。謝謝你的問題。我們不評論我們的合作夥伴，或我們與任何合作夥伴之間可能進行的對話，但仍謝謝你的提問。

Scott Wurtzel, Wolfe Research.

Scott Wurtzel，Wolfe Research。

Just wondering if you can talk about just the overall ACV bookings growth within Market Intelligence during the quarter? And then building off of that, how you feel about the trajectory of those (inaudible) heading into the back half of the year.

想請你談談本季Market Intelligence內整體ACV簽約（bookings）成長的情況？以及在此基礎上，你如何看待這些（聽不清）在今年下半年走勢的軌跡。

Scott, it's Eric. We feel like we delivered solid revenue growth in MI this quarter, 6% OCC revenue growth, 6% subscription revenue growth. ACV was also in that 6% range. And so, we continue to do well. We had a good first quarter, a good second quarter, we have every intention delivering on our guide for the full year and continue to build from there.

Scott，我是Eric。我們覺得本季MI交出穩健的營收成長：OCC營收成長6%，訂閱營收成長6%。ACV也大約在6%的區間。因此我們持續表現良好。我們第一季表現不錯、第二季也不錯；我們完全有意圖達成我們對全年給出的指引，並在此基礎上持續向上。

George Tong, Goldman Sachs.

George Tong，高盛。

Can you elaborate on trends that you're seeing in private markets across the company? And how much private markets contributed to revenue growth in both Ratings and Market Intelligence?

您能否詳細說明您在公司各業務中於私募市場所觀察到的趨勢？另外，私募市場對評級（Ratings）與市場情報（Market Intelligence）的營收成長各貢獻了多少？

George, it's Eric. We've had quite a bit of success in private markets as you've seen in the underlying numbers in our prepared remarks. In Ratings, we described it as 60% up, which is quite strong and continues an area of strength and something that we expect to continue in the coming quarters and coming years.

George，我是 Eric。如同您在我們事先準備的發言中從基礎數據所看到的，我們在私募市場方面取得了相當多的成功。在評級業務中，我們描述為成長 60%，這相當強勁，且仍是我們的優勢領域之一；我們預期在接下來幾季以及未來幾年都會持續。

And then in MI, we're particularly well positioned as we integrate With Intelligence. We've seen very strong growth across the board, both in the acquisition and in our core business and expect that to continue. And so, this is really an area that we've built around, and we expect to continue to grow organically and really lead the industry in.

接著在 MI 方面，隨著我們整合 With Intelligence，我們的布局特別有利。我們看到各面向都呈現非常強勁的成長，無論是併購帶來的成長或我們核心業務的成長，並預期將持續。因此，這確實是我們重點打造的領域，我們預期將持續以有機方式成長，並真正引領產業。

And George, I would just add two points to that. The first is that we still see really good momentum in AUM inflows into private market funds. And that demonstrates a continued appetite from investors for closure to the asset class. And then maybe the second point that I would make is that notwithstanding all of the noise that we've heard in the media and otherwise around private markets, our view and in fact, our experience and what we're seeing is that this actually increases the demand for transparency, whether it's through benchmarks or data and analytics.

George，我再補充兩點。第一，我們仍看到私募市場基金的資產管理規模（AUM）淨流入動能非常好。這顯示投資人對於增加對該資產類別的配置仍有持續的需求。第二點可能是，儘管媒體及其他管道對私募市場有各種雜音，我們的觀點，以及事實上我們的經驗與所見所聞是：這反而提升了對透明度的需求，不論是透過基準（benchmarks）或數據與分析。

Ashish Sabadra, RBC Capital Markets.

Ashish Sabadra，加拿大皇家銀行資本市場（RBC Capital Markets）。

I was just wondering if you could talk about the puts and takes on issuances in the back half of the year? Any thoughts around how you think about issuance in 3Q versus 4Q and the same thing on your Rating revenues?

我想請教您能否談談今年下半年發行量的利多與利空因素？您如何看待第三季相較第四季的發行情況？以及同樣的問題，對您們的評級營收有何看法？

Ashish, it's Eric. It's really a continuation of what we've seen in the first half of the year. We've seen M&A activity pick up, and that's been tailwind. We've seen hyperscaler issuance. You've seen us book a very significant billed issuance in the first half.

Ashish，我是 Eric。基本上就是延續我們在上半年看到的情況。我們看到併購（M&A）活動回升，這帶來順風。我們也看到超大規模業者（hyperscaler）的發行。您也看到我們在上半年入帳了非常可觀的已開立帳單的發行量（billed issuance）。

We expect a good amount in the second half. We've seen some refinancings come through, notwithstanding the change in the rate environment, and we expect that to continue. All that said, we just see very strong refinancing walls in the coming years. And we see a strong trajectory in the business.

我們預期下半年也會有相當的量。儘管利率環境有所變化，我們仍看到一些再融資交易出現，並預期將持續。總體而言，我們看到未來幾年有非常強勁的再融資到期壓力（refinancing walls）。我們也看到業務呈現強勁的成長軌跡。

The one thing I will note is that the year-on-year compares in the individual quarters in the second half of this year will be lower just because last year started low and ended high. So you'll just have a patterning there, but the sheer volume of issuances and revenues on a per quarter basis continue to move along strongly during the year.

我想補充的一點是，今年下半年各個季度的年對年比較會較低，主要是因為去年是前低後高。因此在季度節奏上會呈現那樣的型態，但就每季的發行量與營收的絕對水準而言，今年仍持續強勁推進。

Jeffrey Silber, BMO Capital Markets.

Jeffrey Silber，BMO 資本市場（BMO Capital Markets）。

Just to continue the thought from the last question, let me just play devil's advocate here. The market seems to be pushing back on some of the hyperscalers in terms of the amount of cap spending that they might be doing, are you expecting any potential slowdown from debt issuance because of that? And also, if we do see interest rates going up, would you be expecting the same thing?

延續上一題的思路，我在這裡扮演一下唱反調的角色。市場似乎對部分超大規模業者的資本支出（cap spending）規模有所反彈，您是否預期因此導致債務發行可能放緩？另外，如果我們看到利率上升，您是否也會預期出現同樣的情況？

Jeff, it's Martina. Let me take that question. So maybe a couple of things. The first is when we came to you earlier this year with the full year assessment, we said, look, we look at the announced CapEx, and we discount that for what we think will get debt financed and then we make assumptions around that as well. And so we're already tracking well ahead of where we thought we would be for the full year through the first half. But we've also said to you that our range is about $250 million to $300 million for the full year, which basically says not too much more hyperscale issuance relative to the first half and the back half of the year.

Jeff，我是 Martina。我來回答這個問題。大概有幾點。第一，當我們今年稍早向各位提出全年評估時，我們說過：我們會看已公告的資本支出（CapEx），並就我們認為會以債務融資的部分進行折扣，然後也會在此基礎上做一些假設。因此，就上半年而言，我們的進度已明顯領先於我們原先對全年的預期。但我們也跟各位說過，我們對全年的區間大約是 2.5 億到 3 億美元，這基本上意味著：相較於上半年，今年下半年不會有太多額外的超大規模發行。

Now that being said, we are always prudent and thoughtful about how we think about the issuance in areas like this. And from our perspective, we've seen that the market continues to absorb these types of deals, and we've also seen the hyperscalers do many different types of structures, including issuing outside of the US as well where there may be additional appetite. So all in all, I would say we have taken a very prudent look at the rest of the year for hyperscale issuance.

話雖如此，我們在思考這類領域的發行時，一向保持審慎與周全。從我們的角度來看，我們看到市場仍持續吸收這類交易；我們也看到超大規模業者採用多種不同的結構，包括在美國以外發行，在那裡可能有額外的需求。總之，我會說我們對今年剩餘期間的超大規模發行已做了非常審慎的評估。

Jeff, it's Eric. I'd just add that we obviously have a guidance range for the full year, and it's got some width to it, and that's because of some of the factors you mentioned, the global economy, the conflicts in the Middle East, interest rate levels may move credit spreads may widen or stay where they are. And so there's a range there, and I just want to absolutely be conscious of that. Notwithstanding that, we continue to focus on execution and managing and working on what we can control.

Jeff，我是 Eric。我再補充一點：我們顯然對全年有一個指引區間，而且區間有一定寬度，這是因為您提到的一些因素——全球經濟、中東衝突、利率水準可能變動、信用利差可能擴大或維持現狀。因此才會有那樣的區間，我只是想特別提醒大家注意這點。儘管如此，我們仍持續專注於執行，並管理與推進我們能掌控的事項。

Craig Huber, Huber Research Partners.

Craig Huber，Huber Research Partners。

I just wanted to focus, if you could, please, on how AI is benefiting you on the efficiency side of the cost side of your business within Market Intelligence. Can you quantify a little bit further within that division, how much it might be helping on an annualized basis and how that may help you long term to increase margins in that division.

我想請您聚焦談談：在市場情報（Market Intelligence）部門中，AI 如何在效率面、成本面為你們帶來效益。您能否在該部門內進一步量化一下，按年化基礎它可能帶來多少幫助，以及長期而言它將如何協助該部門提升利潤率？

Craig, it's Eric. There's actually a wide range of positive productivity effects and programs that we've had in MI. But we've also had them in -- across the various divisions. I think the earliest one was around our EDO, our enterprise data office, which is primary provider of data through MI in there. We're on track to deliver 20% productivity gains on a base of $0.5 billion. So you can just see the kind of scale at which we operate.

Craig，我是 Eric。在 MI 方面，我們其實有相當廣泛的正向生產力效應與相關計畫。不過這些也不只在 MI——而是在各個事業部門都有。我認為最早的一個是在我們的 EDO，也就是企業資料辦公室（enterprise data office），它是 MI 內部資料的主要提供者。我們正按計畫在 5 億美元的成本基礎上實現 20% 的生產力提升。因此您可以看到我們運作的規模。

More recently, we've begun to roll out programs around software development life cycles, moving into product development life cycles that we see as quite an opportunity in Energy, we've focused on researchers and the researching process. And we've actually found that, that actually has parallel benefits in MI and then actually in Ratings with the analytical groups.

近期，我們開始推動與軟體開發生命週期相關的計畫，並轉向產品開發生命週期；我們認為這在能源業務上是相當大的機會，我們也聚焦在研究人員以及研究流程。而我們實際上發現，這也能在 MI 產生相似的效益，並且也能延伸到評級業務的分析團隊。

And so there's quite a bit of areas and tooling that we've been able to put in place. And that's why we see the margin guidance being as it is why we expanded it, to be honest, this year because we've accelerated some of those efforts, and we expect that productivity gain from AI and more broadly from our other programs. We'll continue to build in the coming years, lead to more reinvestment and thus deliver on the growth that we'd like to deliver on.

因此，我們能夠導入的領域與工具相當多。這也是為什麼我們的利潤率指引會是目前這樣——坦白說，我們今年之所以擴大（上調）它，是因為我們加速了其中一些努力，而且我們預期來自 AI 以及更廣泛的其他計畫的生產力提升，將在未來幾年持續累積，帶來更多再投資，進而實現我們希望達成的成長。

Andrew Steinerman, JPMorgan.

Andrew Steinerman，摩根大通（JPMorgan）。

On GTS and Energy, I feel like we don't hear that much about it. You obviously mentioned it today because of end market volatility. So just tell us a little bit more about how GTS revenues are impacted by volatility. And then this is a very small technical point. I thought I heard you say that again, within Energy, the upstream software business, the divestiture is now in your guide. Is that the case? And is that new?

關於 GTS 與能源，我覺得我們聽到的資訊不算多。你今天顯然提到了它，因為終端市場的波動。所以請再多跟我們說一點，GTS 的營收如何受到波動影響。另外這是一個很小的技術性問題。我想我聽到你說，再次確認，在能源業務裡，上游軟體業務的剝離現在已經納入你們的指引。是這樣嗎？這是新的嗎？

Andrew, it's Eric. Thanks for the questions. On GTS, GTS, Global Transaction Services business is really one that monetizes revenues as energy prices and trading activity accelerates or decelerates as we find what you typically see as volatility increases, you get more trading. And then at some point, if there's heightened volatility, folks pull back and still on the sidelines and tend to not trade as much. And that's what -- how that plays out.

Andrew，我是 Eric。謝謝你的提問。關於 GTS，GTS（全球交易服務）業務基本上會在能源價格與交易活動加速或放緩時，將其變現為營收；通常你會看到，波動上升時交易會增加。但到某個程度，如果波動性過高，大家會縮手、觀望，交易量反而會下降。大致就是這樣的運作方式。

In terms of upstream, we now have we can see the likely close of the Upstream software division in the -- during the third quarter. And so at this point, we've tried to give you the -- we've updated the guide on an OCC basis with that in mind, just that you could track our performance and allow us at the same time to focus on organic constant currency growth, which really is what -- which really is our focus.

至於上游業務，我們現在可以看到上游軟體事業部很可能在第三季完成交割。因此在這個時間點，我們已在 OCC（有機、固定匯率）基礎上更新了指引並將其納入考量，讓你們可以追蹤我們的表現，同時也讓我們能專注於有機固定匯率成長——這確實是我們的重點。

David Motemaden, Evercore ISI.

David Motemaden，Evercore ISI。

Just had a question on the Market Intelligence subscription revenue growth. Eric, I believe you called out some upfront revenue from a 10-year renewal that benefited this quarter. I was wondering if you could size how much that helped the MI subscription revenue growth and then just how you're feeling on that building from that level throughout the rest of the year?

我有一個關於 Market Intelligence 訂閱營收成長的問題。Eric，我記得你提到有一筆來自 10 年期續約的預收收入，對本季有所助益。我想請問這對 MI 訂閱營收成長的貢獻大概有多少？以及你對於在今年剩餘期間從這個水準往上推進的感受如何？

Subscription revenue growth. And saw a good performance in the 6% range, the first two quarters in a row in MI, and obviously, we track that in our other divisions as well, with growth would have been slightly lower had not been for that software renewal. But if you remember, there's always going to be lumpiness in software renewals.

訂閱營收成長。MI 連續兩個季度都有約 6% 的良好表現；當然我們也在其他事業部追蹤這項指標。若不是那筆軟體續約，成長率會略低一些。但如你所知，軟體續約一向會有一定的波動性（lumpiness）。

And what's particularly striking in this case, we have a client who wanted to have a 10-year contract, right, not a 3-year, not a 5-year, but a 10-year contract. And it gives you a sense of how valuable and institutionally important our software products are for our clients and bodes well for our progress.

而這次特別顯著的是，有一位客戶希望簽 10 年合約，對，既不是 3 年，也不是 5 年，而是 10 年合約。這也讓你看到，我們的軟體產品對客戶而言有多麼有價值、在機構層面有多重要，並且對我們的進展是個正面訊號。

And then in terms of the full year, I think our guide is in a good place. We feel comfortable with it. We felt comfortable with it at the beginning of the year. We're now midyear we feel comfortable with it, and we continue to plan on executing against that.

至於全年，我認為我們的指引處在一個不錯的位置。我們對此感到有信心。年初我們就有信心。現在到了年中，我們仍然有信心，並會持續按此執行。

Jeff Meuler, Baird.

Jeff Meuler，Baird。

I'd be curious on your views on how MCP adoption will impact the trend toward vendor consolidation, you're describing it as an ongoing trend. I think you're well positioned with proprietary content either way. But I would think clients having an AI interface on their end may make it easier to leverage data feeds for multiple vendors. So just if you could help me with that.

我想了解你們對 MCP 採用將如何影響供應商整合趨勢的看法；你們把它描述為一個持續中的趨勢。我認為不論如何，你們在專有內容方面都具備良好定位。但我會想，客戶端若有 AI 介面，可能更容易同時運用多家供應商的資料饋送。所以想請你們協助說明一下。

Jeff, it's Martina. Maybe just to start on this one. Look, I would say this is very much for us, one of the reasons why we laid out our strategy as being one of flexible distribution. Firstly, we benefit tremendously from the demand for our proprietary content and our data, which, in aggregate, is quite unique relative to any other player in the market. And for that reason, we are in a great position to take advantage of better consolidation opportunities.

Jeff，我是 Martina。我先從這題開始。我想說，這對我們而言正是我們把策略定義為「彈性分發」的原因之一。首先，我們從市場對我們專有內容與資料的需求中獲益良多；整體而言，這些內容相較於市場上任何其他參與者都相當獨特。因此，我們處在一個非常有利的位置，可以把握更好的整合機會。

Maybe a couple of deals that I would highlight in the quarter. One was a very large strategic deal where we did a renewal for desktop feeds, Visible Alpha and AI-ready data and that actually resulted in an over 20% uptick over several years. And so we were incredibly pleased with that because the positioning of our products was really alongside that large firms own internal AI systems that they had developed as well as third parties that they are using. So that's one example.

本季我想特別提兩筆交易。其中一筆是非常大型的策略性交易：我們針對桌面端資料饋送、Visible Alpha 以及 AI-ready 資料做了續約，結果在數年期間帶來超過 20% 的增幅。我們對此非常滿意，因為我們產品的定位是與大型機構自建的內部 AI 系統，以及他們正在使用的第三方系統並列。這是一個例子。

I would say also, look, the MCP applications, the MCP servers, these are all building blocks that help us with additional opportunities for increasing revenues in our data area. So think about the building block starting with LLM ready AI that allows our customers to do more structured Q&A or prompting against our data, one data set at a time.

另外我也想說，MCP 應用、MCP 伺服器，這些都是建構模組，能幫助我們在資料領域創造更多提升營收的機會。可以把這些建構模組想成從 LLM-ready AI 開始，讓客戶能針對我們的資料進行更結構化的問答或提示（prompting），一次處理一個資料集。

The latest adaptive retrieval product that we launched was previously known as Kensho Grounding, and that allows our customers to really ask very complex questions and set multistep tasks with the grounding agent and allows our customers to do a whole lot more across a multitude of our data sets. And then with our MCP applications, we decompose parts of our desktop and allow our clients to basically render those capabilities within their own systems or third-party systems. And we're getting incredible feedback on all of these.

我們最新推出的 adaptive retrieval 產品，先前稱為 Kensho Grounding，讓客戶能提出非常複雜的問題，並透過 grounding agent 設定多步驟任務，使客戶能在我們眾多資料集之間完成更多工作。接著透過我們的 MCP 應用，我們把桌面端的部分功能拆解出來，讓客戶基本上能在他們自己的系統或第三方系統中呈現這些能力。我們從這些方面都收到非常好的回饋。

I think what's really encouraging with us is that we're seeing net new licensing opportunities with our existing clients. But we're also seeing new clients come to us. So about 15% of the clients that are licensed for our LLM ready APIs, for example, are actually net new clients or clients that are returning to S&P that had previously been clients with us. So we see this as an incredible opportunity across the board, whether it's clients who want us to invest further in our traditional areas or want to do more business with us and buy more data sets with us through NCPs and other new distribution channels.

我認為最令人鼓舞的是，我們在既有客戶中看到了淨新增的授權機會。同時也看到新客戶找上門。例如，在取得我們 LLM-ready API 授權的客戶中，大約有 15% 其實是淨新增客戶，或是先前曾是我們客戶、如今回到 S&P 的客戶。因此我們認為這是全方位的重大機會：不論是希望我們在傳統領域加大投資的客戶，或是希望透過 NCPs 與其他新分發通路與我們做更多生意、購買更多資料集的客戶。

Christian Bolu, Autonomous Research.

Christian Bolu，Autonomous Research。

I had a question really on AI infrastructure. It's clearly a major theme across capital markets. So can you talk through long-term strategy for compute and data center infrastructure as an asset class? And as you think about commercializing compute benchmarks, how are you thinking through building that through the S&P Dow Jones JV, where you already have CME as a partner in compute futures?

我有一個關於 AI 基礎設施的問題。這顯然是資本市場的一個重大主題。所以你能談談把算力與資料中心基礎設施作為一個資產類別的長期策略嗎？另外，當你們思考將算力基準商品化時，你們如何考量透過 S&P Dow Jones 的合資企業來建構——你們在算力期貨方面已經有 CME 作為合作夥伴？

Christian, it's Martina. Thanks much for the question. I think part of this, we addressed a little earlier in the call with the questions around hyperscale issuance, for example, with data centers and AI infrastructure as an asset class in Ratings. And there, as we've said, we don't have heroic assumptions for the balance of the year around that.

Christian，我是 Martina。非常感謝你的提問。其中一部分我們在電話會議稍早已稍作回應，例如針對超大型（hyperscale）發行的問題，以及在評級（Ratings）中把資料中心與 AI 基礎設施視為一個資產類別。在那方面，如同我們所說的，我們對今年剩餘期間並沒有做出過於激進的假設。

And you're right, there probably are some really interesting opportunities, for us in aggregate with compute and data center from an index or a benchmark perspective. This indeed is one of the reasons why we announced the acquisition of datacenterHawk today, for example, that combines on the datacenterHawk side, a very specific proprietary data center intelligence, including pricing, supply chain, site selection and details like that with the world-leading forecasting models that we have in 451 Research. And so look, we will be paying attention to how demand is evolving for benchmarks in this area, it's very nascent, and it's something that we feel we can add some value to for investors.

你說得對，從指數或基準的角度來看，算力與資料中心整體上確實可能帶來一些非常有趣的機會。這也正是我們今天宣布收購 datacenterHawk 的原因之一；該公司提供非常具體的專有資料中心情報，包括定價、供應鏈、選址以及這類細節，並可與我們 451 Research 的世界領先預測模型結合。因此，我們會密切關注這個領域對基準的需求如何演進；目前仍非常早期，但我們認為能為投資人提供一些價值。

Jason Haas, Wells Fargo.

Jason Haas，富國銀行。

On the 1Q call, you said that you were expecting an acceleration in MI subscription growth. And it doesn't like it showed up this quarter. So I'm just curious, what was the reason why? And are you expecting that MI subscription growth to accelerate in future quarters?

在第一季的電話會議上，你提到你預期 MI 訂閱成長會加速。但看起來這一季並沒有反映出來。所以我想請教，原因是什麼？以及你是否仍預期 MI 訂閱成長在未來幾季會加速？

Jason, it's Eric. As we covered in some of our prepared remarks, we've had solid performance in MI. We did have a couple of small products that are lagging consulting, sustainability that we called out. And so those tend to have some impact on results.

Jason，我是 Eric。如同我們在部分事先準備的發言中提到的，我們在 MI 的表現相當穩健。確實有幾個較小的產品落後於顧問服務、永續相關產品，我們也特別點出。因此，這些因素往往會對結果造成一些影響。

I think in general, we're pleased with what we've seen in terms of execution, whether it's OCC. Revenue growth in MI was at 6%. Subscription was at 6%, net retention rates are -- continue to tick up. And then with all that, we've seen very good expense discipline and productivity programs, which has helped us deliver double-digit earnings growth through the first half of the year, and so we just see the strong execution performance delivering.

我認為整體而言，我們對執行面所看到的成果感到滿意，不論是 OCC。MI 的營收成長為 6%。訂閱成長為 6%，淨留存率——持續上升。此外，在這些表現之下，我們也看到非常好的費用紀律與生產力計畫，這幫助我們在上半年實現兩位數的獲利成長，因此我們看到強勁的執行表現正在帶來成果。

And then as we continue to refine with Kensho data and platforms and so forth, that over time will help support and deliver on the growth. But for now, we're comfortable with our guide for the year that we started with and are on track to deliver on that.

另外，隨著我們持續精進 Kensho 的資料與平台等，長期而言將有助於支撐並推動成長。但就目前而言，我們對年初提出的全年指引感到安心，並且正按計畫達成。

And Jason, maybe just a final point for me on that. Look, you've seen us be very disciplined stewards of the portfolio in the past in MI, and we're going to continue to do that going forward as well. This is going to be something that we'll consider if we see opportunities where subscale products will create greater value outside of our portfolio. Thanks for the question.

Jason，最後我再補充一點。你也看到我們過去在 MI 一直以來都非常有紀律地管理投資組合，我們未來也會持續如此。如果我們看到某些機會，讓規模不足的產品在我們投資組合之外能創造更大價值，這也會是我們會考量的方向。謝謝你的提問。

Sean Kennedy, Mizuho.

Sean Kennedy，瑞穗。

So in Ratings, for your M&A related issuance outlook, I believe you said up double digits for the year. I was wondering how M&A-related issuance have progressed so far this year and how you're thinking about growth in the second half and any visibility there?

在評級業務方面，針對與併購相關的發行量展望，我記得你提到全年將有兩位數成長。我想請問，今年迄今併購相關的發行進展如何？以及你如何看待下半年成長、以及目前的能見度？

Sean, thanks for the question. We've seen quite a healthy pipeline from an M&A perspective. And obviously, there have been some very large deals announced in the market. But the M&A we've seen actually really spans across multiple sectors. It's not necessarily focused in one sector, and we think thematically that continues through the year which is why we have mentioned double-digit growth expectation for the full year.

Sean，謝謝你的提問。從併購角度來看，我們看到相當健康的案源管線。而且很明顯，市場上已宣布了一些非常大型的交易。但我們看到的併購其實橫跨多個產業。不一定集中在單一產業；我們認為這個主題性趨勢會延續到今年，因此我們才會提到全年預期兩位數成長。

Owen Lau, Clear Street.

Owen Lau，Clear Street。

I want to go back to private market. Could you please add more color on like new products and potential capitalists in this area? I mean, if you look at company valuation, it's not low. And you also mentioned AUM flowing into private markets also go up. It doesn't look like the activity actually slowed down there, but it just appears that it's hard to find a good way to monetize it or expand the revenue contribution more. What does it take to change that trajectory?

我想回到私募市場。你能否就這個領域的新產品以及潛在的資本提供者多補充一些細節？我的意思是，如果看公司估值，其實並不低。你也提到流入私募市場的 AUM 也在上升。看起來那邊的活動並沒有真的放緩，但似乎很難找到好的方式去變現，或進一步擴大營收貢獻。要如何才能改變這個走勢？

Owen, it's Martina. Thanks for the question. We mentioned that last year, we saw a base of about $600 million in private markets revenues across the organization. So for us, it's a quite healthy base. And we've seen very strong growth across the organization in private markets driven by Ratings. And so, maybe a couple of points I would make.

Owen，我是 Martina。謝謝你的提問。我們提到去年在全公司範圍內，私募市場營收的基礎約為 6 億美元。對我們而言，這是一個相當健康的基礎。而且我們看到在評級業務帶動下，全公司私募市場都有非常強勁的成長。所以，我可能會提出幾點說明。

First, in addition to the influence, what that essentially does is create a greater appetite for transparency for information, for benchmarks. So we've seen lots of product launches within Index, for example, the team has launched with Lincoln, some private credit Indices as well as broader private markets Indices covering the S&P top 50 private stocks, for example.

第一，除了影響力之外，這本質上會帶來對透明度的更高需求——對資訊、對基準的需求。因此我們在指數業務看到許多產品推出；例如團隊與 Lincoln 合作推出了一些私募信貸指數，以及更廣泛的私募市場指數，涵蓋例如 S&P 前 50 大私募股票等。

We've also seen incredible innovation across the Market Intelligence team, including the partnership that we have with Cambridge Associates and Mercer, where the teams have launched several data sets into the market map to the new taxonomy as well as map to our market-leading LoanX IDs. And so, these are just some examples of how we're monetizing and growing in this space, and we continue to be very constructive about private markets opportunities going forward.

我們也看到市場情報團隊有令人驚豔的創新，包括我們與 Cambridge Associates 以及 Mercer 的合作；團隊已將多個資料集推向市場，對應到新的分類法，同時也對應到我們市場領先的 LoanX IDs。因此，這些只是我們如何在這個領域變現並推動成長的一些例子；我們對未來的私募市場機會仍持非常正向的看法。

Well, in closing, we've had a strong second quarter with record level performance in 2 of our benchmark businesses, the launch of Mobility Global and really growing traction in our AI-enabled client solutions. None of this will be possible, of course, without the talent and dedication of our people. Our mission of advancing Essential Intelligence continues to be highly relevant for our clients, and I'm confident we remain well positioned to deliver long-term value. Thank you for joining the call today.

最後總結，我們第二季表現強勁，在我們兩項基準業務中創下歷史新高的績效，推出 Mobility Global，並且在 AI 驅動的客戶解決方案上獲得真正持續增長的動能。當然，若沒有我們員工的才華與投入，這一切都不可能實現。我們「推進 Essential Intelligence」的使命對客戶仍高度相關，我也有信心我們仍具備良好定位，能夠創造長期價值。感謝各位今天參與本次電話會議。

That concludes this morning's call. A PDF version of the presenter slides is available for downloading from investor.spglobal.com. The replays of the entire call will be available in about two hours. The webcast with audio and slides will be maintained on S&P Global's website for one year. The audio-only telephone replay will be maintained for one month. On behalf of S&P Global, we thank you for participating and wish you a good day.

今天上午的電話會議到此結束。簡報投影片的 PDF 版本可至 investor.spglobal.com 下載；完整電話會議的重播約在兩小時後提供。包含音訊與投影片的網路直播將在 S&P Global 網站保留一年。僅音訊的電話重播將保留一個月。我謹代表 S&P Global，感謝各位的參與，並祝各位有美好的一天。