In H1 25, Morningstar Sustainalytics revenue declined 6.5% from the prior-year period to $56.1 million. Absent the loss of revenue associated with the transition in our licensed ratings product, which is described in more detail in a related response from July 2025, Morningstar Sustainalytics would have reported a low single-digit revenue decline. In our most recent 10-Q we also noted that ESG Risk Ratings were another source of the decline in revenue during the period; this was partially offset by growth in areas including our portfolio construction, reporting, and climate solutions as well as data that supports investor personalization (compliance solutions).