Third Quarter 2023 Supplemental Presentation Update November 9, 2023

This presentation dated November 9, 2023 includes an update (the “Update”) to the Morningstar Third Quarter 2023 Supplemental Presentation dated October 25, 2023 (the “Original Supplemental Materials”) to provide detail on the reporting segments reflected in Morningstar’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. Except for the Update, the Original Supplemental Materials remain unchanged. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on our current expectations about future events or future financial performance. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “prospects,” or “continue.” These statements involve known and unknown risks and uncertainties that may cause the events we discuss not to occur or to differ significantly from what we expect. More information about factors that could affect Morningstar’s business and financial results are in our filings with the SEC, including our most recent 8-K, 10-K, and 10-Q forms. Morningstar undertakes no obligation to publicly update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. In addition, this presentation references non-GAAP financial measures including, but not limited to, organic revenue, adjusted operating income, adjusted operating margin, adjusted operating expense, and free cash flow. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the appendix to this presentation and in our filings with the SEC, including our most recent Forms 8-K, 10-K and 10-Q. 2 2

Morningstar Segments* The Company also reports a Corporate and Other category that reflects unallocated corporate expenses, such as finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated. 3 3 Data and Analytics Provides investors comprehensive data, research and insights, and investment analysis to empower investment decision-making. PitchBook PitchBook platform LCD Morningstar Sustainalytics Asset and Index Solutions Empowers investors by creating investable solutions and strategies to build portfolios based on unique Morningstar IP. Offerings include managed portfolios, advisor tools and platforms, managed retirement accounts, fiduciary services, retirement platforms, and indexes. Morningstar Wealth Investment Management/ Managed Portfolios Credit Ratings and Solutions Provides investors with credit ratings, research, data, and credit analytics solutions that contribute to the transparency of international and domestic credit markets. DBRS Morningstar Credit ratings Morningstar Credit data and credit analytics * Morningstar Retirement Managed Accounts Morningstar Indexes Investable product Licensed data Product Areas and Representative Products: Morningstar.com Morningstar Office Product Areas and Representative Products: Product Areas and Representative Products: Direct & Data Morningstar Data Morningstar Direct Morningstar Advisor Workstation ESG data ESG Risk Ratings Second Party Opinions Morningstar Research

Data and Analytics Q3 22 Q3 23 Data and Analytics Q3 23 Organic Revenue Drivers PitchBook (+19.8%), Morningstar Data (+10.2%), Morningstar Direct (+9.8%) and Morningstar Sustainalytics (+13.7%) were the primary contributors. Strength in PitchBook’s core investor and advisor clients offset some continued softness with company (corporate) clients. Morningstar Data and Morningstar Direct benefited from higher revenue across all geographies. Morningstar Sustainalytics growth was driven in part by solid demand for regulatory and compliance products in EMEA, while growth in North America was weaker, reflecting softness in parts of the U.S. asset management and wealth segments. Organic revenue is a non-GAAP measure. See reconciliation table in the appendix to this Update. $322.5 $359.4 4 4 Revenue ($mil) YTD 22 YTD 23 $920.9 $1,049.8 +11.4% Reported +10.3% Organic +14.0% Reported +12.0% Organic

Data and Analytics Data and Analytics Q3 23 Adjusted Operating Income Drivers Revenue growth outpaced expense growth, driving increases in adjusted operating income and adjusted operating margin. Expense growth was primarily driven by higher compensation and technology costs, partially offset by a decrease in stock-based compensation. Expenses included $2.5 million in severance related to targeted reorganizations in Morningstar Sustainalytics, which had a negative 0.7 percentage point impact on adjusted operating margin in the third quarter. Segment adjusted operating income reflects the impact of direct segment expenses as well as certain allocated centralized costs such as information technology, sales and marketing, and research and data. See reconciliation from Consolidated Operating Income to Consolidated Adjusted Operating Income in the appendix to this Update. 5 5 Q3 22 Q3 23 $93.2 $113.5 Adjusted Operating Income ($mil) YTD 22 YTD 23 $246.8 $304.7 +21.8% +23.5% 28.9% 31.6% 26.8% 29.0% Adj. Operating Margin

Asset and Index Solutions Q3 22 Q3 23 Asset and Index Solutions Q3 23 Organic Revenue Drivers Morningstar Indexes (+27.3%), Morningstar Retirement (+10.8%) and Morningstar Wealth, including Investment Management (+6.9%), all contributed, supported by higher AUM due to market gains and net inflows across multiple products. Morningstar Indexes licensed data also contributed to organic revenue increases. Organic revenue is a non-GAAP measure. See reconciliation table in the appendix to this Update. $93.9 $103.2 6 6 Revenue ($mil) YTD 22 YTD 23 $288.5 $296.2 +9.9% Reported +9.8% Organic +2.7% Reported +0.2% Organic

Asset and Index Solutions Q3 22 Q3 23 Asset and Index Solutions Q3 23 Adjusted Operating Income Drivers Revenue growth outpaced expense growth, driving increases in adjusted operating income and adjusted operating margins. Expense growth was primarily driven by higher compensation costs which included the impact of the Company’s investments, especially in Morningstar Wealth. Expenses included $1.4 million in severance related to targeted reorganizations in Morningstar Wealth, which had a negative 1.4 percentage point impact on adjusted operating margin in the quarter. Segment adjusted operating income reflects the impact of direct segment expenses as well as certain allocated centralized costs such as information technology, sales and marketing, and research and data. See reconciliation from Consolidated Operating Income to Consolidated Adjusted Operating Income in the appendix to this Update. $6.1 $8.6 7 7 Adjusted Operating Income ($mil) YTD 22 YTD 23 $32.1 $6.2 +41.0% –80.7% 6.5% 8.3% 11.1% 2.1% Adj. Operating Margin

Credit Ratings and Solutions Q3 22 Q3 23 Credit Ratings and Solutions Q3 23 Organic Revenue Drivers DBRS Morningstar revenue increased 1.4% on an organic basis, driven by higher asset-backed securities ratings revenue and modest gains in corporate ratings revenues. These increases were largely offset by declines in residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) ratings revenue. Revenue related to data products also increased. Organic revenue is a non-GAAP measure. See reconciliation table in the appendix to this Update. $51.8 $52.9 8 8 Revenue ($mil) YTD 22 YTD 23 $186.2 $153.9 +2.1% Reported +1.4% Organic –17.3% Reported –16.4% Organic

Credit Ratings and Solutions Q3 22 Q3 23 Credit Ratings and Solutions Q3 23 Adjusted Operating Income Drivers Expense growth outpaced revenue growth, reflecting continued softness in credit ratings activity. Expenses included $6 million related to the DBRS SEC settlements and $1.1 million in severance related to targeted reorganizations, which together had a negative 13.4 percentage impact on adjusted operating margin in the third quarter. Expense growth was also driven by higher compensation and technology costs. Segment adjusted operating income reflects the impact of direct segment expenses as well as certain allocated centralized costs such as information technology, sales and marketing, and research and data. See reconciliation from Consolidated Operating Income to Consolidated Adjusted Operating Income in the appendix to this Update. $8.6 $1.1 9 9 Adjusted Operating Income ($mil) YTD 22 YTD 23 $42.5 ($1.3) –87.2% NMF Adj. Operating Margin 16.6% 2.1% 22.8% (0.8%)

Appendix

Reconciliation from Reported to Organic Revenue Change by Segment Organic revenue is a non-GAAP measure. 11 11

Reconciliation from Reported to Organic Revenue Change by Segment Organic revenue is a non-GAAP measure. 12 12

Reconciliation from Consolidated Operating Income to Consolidated Adjusted Operating Income ($mil) Consolidated adjusted operating income is a non-GAAP measure. Segment adjusted operating income reflects the impact of direct segment expenses as well as certain allocated centralized costs such as information technology, sales and marketing, and research and data. (1) Reflects the impact of M&A-related earn-outs included in operating expense (compensation expense), primarily due to the earn-out for Morningstar Sustainalytics. (2) Reflects costs associated with the significant reduction of the Company's operations in Shenzhen, China and the shift of work related to its global business functions to other Morningstar locations. (3) Reflects unallocated corporate expenses, such as finance, human resources, legal, and other management-related costs that are not considered when segment performance is evaluated. 13 13