UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Form 8-K)

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

On July 1, 2026 (the "Separation Date"), S&P Global Inc. (the "Registrant", the "Company" or "S&P Global") completed the previously announced separation of its S&P Global Mobility segment ("Mobility"), into a separate, independent public company, Mobility Global Inc. ("Mobility Global"). The separation was structured as a spin-off (the "Spin-off"), which occurred by way of a pro rata distribution of 100% of the outstanding shares of Mobility Global common stock to the holders of S&P Global common stock. S&P Global shareholders received one share of Mobility Global stock for every one share of S&P Global stock held of record as of the close of business on June 15, 2026 (the "Record Date"). Mobility Global is now an independent public company under the symbol "MBGL" on the New York Stock Exchange. After the distribution, S&P Global will no longer consolidate Mobility Global into its financial results (the entire transaction is being referred to as the "Separation").

The unaudited pro forma condensed consolidated financial statements have been derived from the Company's historical consolidated financial statements and give effect to the Separation. The following unaudited pro forma condensed consolidated statements of income for the six months ended June 30, 2026 and each of the years ended December 31, 2025, 2024 and 2023 reflect the Company's results as if the Separation had occurred as of January 1, 2023 in that they reflect the reclassification of Mobility as discontinued operations for all periods presented. The adjustments in the "Transaction Accounting Adjustments" column in the unaudited pro forma condensed consolidated statements of income for the six months ended June 30, 2026 and the year ended December 31, 2025 give effect to the Separation and related transactions as if they had occurred as of January 1, 2025. The following unaudited pro forma condensed consolidated balance sheet as of June 30, 2026 reflects the Company's financial position as if the Separation had occurred on June 30, 2026. After the date of the Separation, the historical financial results of Mobility through June 30, 2026 will be reflected in our consolidated financial statements as discontinued operations in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for all periods.

The unaudited pro forma condensed consolidated financial statements have been prepared based on the best available information and management estimates and are subject to the assumptions and adjustments described below and in the accompanying notes to those financial statements. They are not intended to be a complete presentation of the Company's financial position or results of operations had the Separation occurred as of and for the periods indicated. In addition, the unaudited pro forma condensed consolidated financial statements are provided for illustrative and information purposes only and are not necessarily indicative of the Company's future results of operations or financial condition had the Separation and related transactions been completed on the dates assumed. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors. Management believes these assumptions and adjustments are reasonable, given the information available at the filing date. The unaudited pro forma condensed consolidated financial statements should be read in conjunction with the Company's historical consolidated financial statements and accompanying notes.

The unaudited pro forma condensed consolidated financial statements have been prepared in accordance with Regulation S-X Article 11.

Unaudited Pro Forma Condensed Consolidated Statement of Income

For the Six Months Ended June 30, 2026

(in millions, except per share amounts)			Historical						Mobility Discontinued Operations (Note a)						S&P Global Continuing Operations (Subtotal)						Transaction Accounting Adjustments						Pro Forma
Revenue			$	8,318					$	921					$	7,397											$	7,397
Expenses:
Operating-related expenses			2,394						268						2,126												2,126
Selling and general expenses			1,681						351						1,330						(13)			(c)			1,317
Depreciation			64						7						57												57
Amortization of intangibles			551						152						399												399
Total expenses			4,690						778						3,912						(13)						3,899
Gain on dispositions			(186)						-						(186)												(186)
Operating profit			3,814						143						3,671						13						3,684
Other income, net			(6)						-						(6)												(6)
Interest expense, net			182						3						179												179
Income from continuing operations before taxes on income			3,638						140						3,498						13						3,511
Provision for taxes on income			810						56						754						3			(d)			757
Net income from continuing operations			2,828						84						2,744						10						2,754
Less: net income attributable to noncontrolling interests			(215)						-						(215)												(215)
Net income from continuing operations attributable to S&P Global Inc.			$	2,613					$	84					$	2,529					$	10					$	2,539
Earnings per share from continuing operations attributable to S&P Global Inc. common shareholders:
Net income:
Basic			$	8.82																							$	8.57
Diluted			$	8.81																							$	8.56
Weighted-average number of common shares outstanding:
Basic			296.4																								296.4
Diluted			296.6																								296.6

See accompanying notes to the unaudited pro forma condensed consolidated financial statements.

Unaudited Pro Forma Condensed Consolidated Statement of Income

For the Year Ended December 31, 2025

(in millions, except per share amounts)			Historical						Mobility Discontinued Operations (Note a)						S&P Global Continuing Operations (Subtotal)						Transaction Accounting Adjustments						Pro Forma
Revenue			$	15,336					$	1,747					$	13,589											$	13,589
Expenses:
Operating-related expenses			4,563						513						4,050												4,050
Selling and general expenses			3,417						544						2,873						(35)			(c)			2,838
Depreciation			110						14						96												96
Amortization of intangibles			1,069						303						766												766
Total expenses			9,159						1,374						7,785						(35)						7,750
Gain on dispositions			(273)						-						(273)												(273)
Equity in income on unconsolidated subsidiaries			(28)						-						(28)												(28)
Operating profit			6,478						373						6,105						35						6,140
Other income, net			(36)						-						(36)												(36)
Interest expense, net			287						(1)						288												288
Income from continuing operations before taxes on income			6,227						374						5,853						35						5,888
Provision for taxes on income			1,407						69						1,338						9			(d)			1,347
Net income from continuing operations			4,820						305						4,515						26						4,541
Less: net income attributable to noncontrolling interests			(349)						-						(349)												(349)
Net income from continuing operations attributable to S&P Global Inc.			$	4,471					$	305					$	4,166					$	26					$	4,192
Earnings per share from continuing operations attributable to S&P Global Inc. common shareholders:
Net income:
Basic			$	14.67																							$	13.75
Diluted			$	14.66																							$	13.74
Weighted-average number of common shares outstanding:
Basic			304.8																								304.8
Diluted			305.1																								305.1

See accompanying notes to the unaudited pro forma condensed consolidated financial statements.

Unaudited Pro Forma Condensed Consolidated Statement of Income

For the Year Ended December 31, 2024

(in millions, except per share amounts)			Historical						Mobility Discontinued Operations (Note a)						Pro Forma
Revenue			$	14,208					$	1,609					$	12,599
Expenses:
Operating-related expenses			4,361						487						3,874
Selling and general expenses			3,196						433						2,763
Depreciation			96						13						83
Amortization of intangibles			1,077						302						775
Total expenses			8,730						1,235						7,495
Gain on dispositions			(59)						-						(59)
Equity in income on unconsolidated subsidiaries			(43)						-						(43)
Operating profit			5,580						374						5,206
Other income, net			(25)						-						(25)
Interest expense, net			297						(1)						298
Income from continuing operations before taxes on income			5,308						375						4,933
Provision for taxes on income			1,141						92						1,049
Net income from continuing operations			4,167						283						3,884
Less: net income attributable to noncontrolling interests			(315)						-						(315)
Net income from continuing operations attributable to S&P Global Inc.			$	3,852					$	283					$	3,569
Earnings per share from continuing operations attributable to S&P Global Inc. common shareholders:
Net income:
Basic			$	12.36											$	11.46
Diluted			$	12.35											$	11.44
Weighted-average number of common shares outstanding:
Basic			311.6												311.6
Diluted			311.9												311.9

See accompanying notes to the unaudited pro forma condensed consolidated financial statements.

Unaudited Pro Forma Condensed Consolidated Statement of Income

For the Year Ended December 31, 2023

(in millions, except per share amounts)			Historical						Mobility Discontinued Operations (Note a)						Pro Forma
Revenue			$	12,497					$	1,484					$	11,013
Expenses:
Operating-related expenses			4,141						408						3,733
Selling and general expenses			3,159						448						2,711
Depreciation			101						9						92
Amortization of intangibles			1,042						302						740
Total expenses			8,443						1,167						7,276
Loss on dispositions			70						-						70
Equity in income on unconsolidated subsidiaries			(36)						-						(36)
Operating profit			4,020						317						3,703
Other expense, net			15						-						15
Interest expense, net			334						(1)						335
Income from continuing operations before taxes on income			3,671						318						3,353
Provision for taxes on income			778						63						715
Net income from continuing operations			2,893						255						2,638
Less: net income attributable to noncontrolling interests			(267)						-						(267)
Net income from continuing operations attributable to S&P Global Inc.			$	2,626					$	255					$	2,371
Earnings per share from continuing operations attributable to S&P Global Inc. common shareholders:
Net income:
Basic			$	8.25											$	7.45
Diluted			$	8.23											$	7.43
Weighted-average number of common shares outstanding:
Basic			318.4												318.4
Diluted			318.9												318.9

See accompanying notes to the unaudited pro forma condensed consolidated financial statements.

Unaudited Pro Forma Condensed Consolidated Balance Sheet at June 30, 2026

(in millions)			Historical						Mobility Discontinued Operations (Note a)						S&P Global Continuing Operations (Subtotal)						Transaction Accounting Adjustments						Pro Forma
ASSETS
Current assets:
Cash and cash equivalents			$	4,134					$	185					$	3,949					$	-					$	3,949
Restricted cash			7						7						-												-
Accounts receivable, net			3,438						232						3,206												3,206
Prepaid and other current assets			1,010						37						973												973
Assets held for sale			120						-						120												120
Total current assets			8,709						461						8,248						-						8,248
Property and equipment, net			254						18						236												236
Right of use assets			392						33						359												359
Goodwill			36,348						8,859						27,489												27,489
Other intangible assets, net			15,695						3,598						12,097												12,097
Equity investments in unconsolidated subsidiaries			613						-						613												613
Other non-current assets			895						56						839												839
Total assets			$	62,906					$	13,025					$	49,881					$	-					$	49,881
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable			$	611					$	63					$	548					$	-					$	548
Accrued compensation and contributions to retirement plans			581						41						540												540
Short-term debt			2,572						-						2,572												2,572
Income taxes currently payable			238						8						230												230
Unearned revenue			3,929						102						3,827												3,827
Other current liabilities			1,166						37						1,129						53			(b)			1,182
Liabilities held for sale			28						-						28												28
Total current liabilities			9,125						251						8,874						53						8,927
Long-term debt			12,598						1,980						10,618												10,618
Lease liabilities - non-current			452						27						425												425
Pension and other postretirement benefits			177						1						176												176
Deferred tax liability - non-current			3,150						938						2,212												2,212
Other non-current liabilities			764						1						763												763
Total liabilities			26,266						3,198						23,068						53						23,121
Equity:
Redeemable noncontrolling interests			5,024						-						5,024												5,024
Commitments and contingencies
Common stock			415						-						415												415
Additional paid-in capital			44,547						45						44,502												44,502
Retained income			25,618						9,747						15,871						(53)			(b)			15,818
Accumulated other comprehensive loss			(772)						35						(807)												(807)
Less: common stock in treasury			(38,307)						-						(38,307)												(38,307)
Total equity - controlling interests			31,501						9,827						21,674						(53)						21,621
Total equity - noncontrolling interests			115						-						115												115
Total equity			31,616						9,827						21,789						(53)						21,736
Total liabilities and equity			$	62,906					$	13,025					$	49,881					$	-					$	49,881

See accompanying notes to the unaudited pro forma condensed consolidated financial statements.

Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

Mobility Discontinued Operations

(a) Reflects the operations of Mobility that will qualify as discontinued operations in accordance with the

guidance set forth in ASC 205, Presentation of Financial Statements. This includes the assets, liabilities,

equity and results of operations and the non-recurring costs, primarily consisting of professional fees, that

are directly related to the Separation. Certain liabilities and general corporate overhead expenses that were

not specifically related to Mobility were excluded, as they did not meet the discontinued operations criteria

including:

i.General corporate overhead costs which were historically allocated to Mobility that included labor and non-labor expenses related to the Company's corporate support functions (e.g. finance, accounting, treasury, information technology, legal, among others) that historically provided support to Mobility.

ii.The impact of intercompany purchases and sales between the Company and Mobility that were eliminated in consolidation.

Transaction Accounting Adjustments

(b) Reflects $53 million of additional non-recurring costs to complete the Separation. These costs primarily

relate to investment banker fees, legal fees, third-party consulting fees and other costs directly related to the

Separation. There is no pro forma adjustment to reflect these expenses in the pro forma condensed

consolidated statements of income because they will be classified within discontinued operations.

(c) Reflects the impact of a Transition Services Agreement whereby S&P Global will provide certain post

separation services to Mobility Global on a transitional basis. A pro forma adjustment reducing selling and

general expenses by $13 million and $35 million for the six months ended June 30, 2026 and

the year ended December 31, 2025, respectively, is reflected for this contractual arrangement.

(d) Represents $3 million and $9 million for the six months ended June 30, 2026 and for

the year ended December 31, 2025, respectively, of the income tax pro forma adjustments. This

adjustment was determined by applying the relevant statutory tax rates to the jurisdictional mix of

income including the pre-tax pro forma adjustment described in note (c) above.