First-Quarter 2024 Supplemental Presentation April 24, 2024 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 Forms 8-K, 10-K, and 10-Q. 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 Q1 2024 Financial Performance ($mil) $92.6$24.5 2423 $110.8 ＋13.2% ＋113.9% 2423 $542.8$479.7 2423 $51.8 $59.5 2423 ($6.1) Operating Income Free Cash Flow** Revenue Adjusted Operating Income* * 3 3 Adjusted operating income is a non-GAAP measure and excludes intangible amortization expense, other merger and acquisition (M&A) related expenses and earn-outs, and items related to the significant reduction and shift of the Company’s operations in China in 2023. **Free cash flow is a non-GAAP measure and is defined as cash provided by or used for operating activities less capital expenditures. See reconciliation tables in the appendix of this presentation. NMF＋278.0% YTD 2024 Organic Revenue Walk* ($mil) 4 4 * YTD Q1 2023 Reported Revenue Foreign Currency Adjustments PitchBook Morningstar Data and Analytics Morningstar Credit Morningstar Wealth Corporate and All Other Morningstar Retirement YTD Q1 2024 Reported Revenue $479.7 1.2 16.5 16.0 13.2 3.2 8.8 $542.8 Organic revenue is a non-GAAP measure. The Company's five reportable segment bars represent organic growth and may not match changes in reported revenue. See reconciliation tables in the appendix of this presentation. Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. 4.2

Quarterly Revenue Trend: Revenue Type ($mil) Bars represent reported revenue. Percentages represent YOY organic revenue growth (decline), which is a non-GAAP measure. *In 2023 and 2024, the Company updated its revenue-type classifications for product areas with more than one revenue type. Prior periods have not been restated to reflect the updated classifications. The calculation of organic revenue growth by revenue type compares quarterly revenue in 2024 and 2023 to respective quarterly revenue in 2023 and 2022, based on the updated classifications; these adjustments are reflected in the Currency and Other line of the reconciliation tables in the appendix of this presentation. 5 Q1 2024 Operating Margins 6 6 Adjusted operating margin is a non-GAAP measure. See reconciliation table in the appendix of this presentation. Adjusted Operating Margin Operating Margin 2423 17.1% 20.4% 2423 5.1% 10.8% Operating Margin Drivers: Revenue grew and reported operating expenses declined in the quarter, supporting increased operating and adjusted operating margins. The largest contributor to the decline in reported operating expense was professional fees, primarily due to lower expenses for third-party resources supporting M&A integration-related activity. This decrease was partially offset by increases in compensation and benefits. QTD Adjusted Operating Income(1) Walk Q1 2023 to Q1 2024 ($mil) (1) Adjusted operating income, a non-GAAP measure, excludes intangible amortization expenses, all M&A-related expenses (including M&A earn-outs), and items related to the significant reduction and shift of the Company’s operations in China. See reconciliation table in the appendix of this presentation. Changes in this chart reflect these adjustments and may not match changes in reported expenses. (2) Includes infrastructure costs (including 3rd party contracts with data providers, cloud costs, and software subscriptions), facilities, depreciation/amortization, and capitalized labor. (3) Includes salaries, bonus, company-sponsored benefits, and severance not related to targeted reorganizations or the Company’s China activities. 7 7 Q1 2023 Change in Revenue Sales Commissions Travel and Related Activities Professional Fees Advertising and Marketing Stock-based Compensation Q1 2024 $51.8 2.263.1 0.6 $110.8 Infrastructure Costs & Other (2) –6.9 –0.3 Compensation and Benefits (3) –0.7C 0.6 0.4 C C Quarterly Operating Margin Trends Adjusted operating margin is a non-GAAP measure. See reconciliation table in the appendix of this presentation. 8 8

Revenue vs. Adjusted Operating Expense Growth 9 9 Adjusted operating expense is a non-GAAP measure. See reconciliation table in the appendix of this presentation. Headcount Trends 10 10 Headcount represents permanent, full-time employees. As of March 31, 2024, headcount was 11,271. Q1 2024 Cash Flow and Capital Allocation ($mil) 2 $93.6 $59.5 Operating Cash Flow Free Cash Flow* Capital Allocation 11 11 * ($mil) Capital Expenditures 34.1 Debt Repayments, Net 23.1 Dividends Paid 17.3 Free cash flow, a non-GAAP measure, is defined as cash provided by or used for operating activities less capital expenditures. See reconciliation table in the appendix of this presentation. Morningstar Reportable Segments and Representative Products 12 12 Morningstar Data and Analytics Provides investors comprehensive data, research and insights, and investment analysis to empower investment decision-making. Morningstar Retirement Offers products to help individuals reach their retirement goals with highly personalized savings and investment advice at the employee level and scalable investment advisory and risk mitigation services at the employer and advisor level. Morningstar Credit Provides investors with credit ratings, research, data, and credit analytics solutions that contribute to the transparency of international and domestic credit markets. Morningstar Wealth Brings together our model portfolios and wealth platform, practice and portfolio management software for registered investment advisers (RIAs); data aggregation and enrichment capabilities; and our individual investor platform. PitchBook Morningstar Data Morningstar Direct Morningstar Advisor Workstation Morningstar Research Distribution Provides investors with access to a broad collection of data and research covering the private capital markets, including venture capital, private equity, private credit and bank loans, and merger and acquisition (M&A) activities. Investors can also access Morningstar’s data and research on public equities. PitchBook Platform LCD Investment Management/Managed Portfolios Morningstar.com Morningstar Office Morningstar DBRS Morningstar Credit (Credit data and analytics) Managed Accounts

Morningstar Data and Analytics Q1 24Q1 23 Q1 24 Performance Drivers: Morningstar Data (+10.0%) and Morningstar Direct (+11.5%) were the primary revenue contributors. Morningstar Advisor Workstation also made a positive contribution to revenue growth in the quarter. Morningstar Data and Morningstar Direct both benefited from growth in North America and Europe, while managed investment data, including mutual fund data, continued to be a key driver of higher revenue for Morningstar Data. Morningstar Direct licenses increased 0.7% compared to the prior-year period. Organic revenue and adjusted operating income are non-GAAP measures. See reconciliation tables in the appendix of this presentation. $179.8 $196.7 13 13 Revenue ($mil) Q1 24Q1 23 $80.9 $91.2 Adjusted Operating Income ($mil) +12.7% 45.0% 46.4% Adj. Operating Margin +9.4% Reported +8.9% Organic Quarterly Segment Product Trends: Morningstar Data and Analytics Morningstar Direct* ($mil) 14 14 Morningstar Data ($mil) Organic revenue is a non-GAAP measure. See reconciliation tables in the appendix of this presentation. Morningstar Direct licenses totaled 18,680 as of the end of the first quarter of 2024, compared to 18,558 in the prior-year quarter. Quarterly Segment Product Trends: Morningstar Data and Analytics Morningstar Advisor Workstation ($mil) 15 15 Organic revenue is a non-GAAP measure. See reconciliation tables in the appendix of this presentation. PitchBook Q1 24Q1 23 Q1 24 Performance Drivers: PitchBook revenue increased 12.6% on a reported and organic basis. Revenue for the PitchBook platform, direct data, and Leveraged Commentary & Data (LCD) increased 13.0% on an organic basis compared to the prior-year period, as PitchBook platform licensed users grew 10.5%. Revenue increases were primarily due to strength in PitchBook’s core investor and advisor client groups which offset some softness in corporates. Organic revenue and adjusted operating income are non-GAAP measures. See reconciliation tables in the appendix of this presentation. $131.1 $147.6 16 16 Revenue ($mil) Q1 24Q1 23 $30.4 $40.0 Adjusted Operating Income ($mil) +31.6% 23.2% 27.1% Adj. Operating Margin +12.6% Reported +12.6% Organic

Quarterly Segment Product Trends: PitchBook PitchBook Platform and LCD* ($mil) 17 17 Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. *Includes revenue from the PitchBook platform, direct data, and LCD. In prior presentations, the PitchBook product area did not include LCD. PitchBook platform licensed users totaled 111,199 as of the end of the first quarter of 2024, compared to 100,671 in the prior-year quarter. License counts reflect active users, including Morningstar active users, as well as legacy LCD clients who have migrated to PitchBook licenses. The timing of activities, such as user maintenance, user audits, provisioning access shutting off of users, and updates to the user lists when enterprise clients renew, result in fluctuations in license counts over time. As a result, license growth trends are best assessed on a rolling 12-month basis. Morningstar Wealth Q1 24Q1 23 Q1 24 Performance Drivers: Morningstar Wealth revenue increased 7.5%, or 7.7% on an organic basis, compared to the prior-year period, primarily driven by growth in Investment Management (+13.9%). The adjusted operating loss narrowed compared to the prior-year period due in part to cost containment efforts, including targeted reorganizations in 2023, and a focus on discretionary expenses.   Organic revenue and adjusted operating income (loss) are non-GAAP measures. See reconciliation tables in the appendix of this presentation. $54.9 $59.0 18 18 Revenue ($mil) Q1 24Q1 23 ($14.6) ($5.6) Adjusted Operating Income (Loss) ($mil) (26.6%) (9.5%) Adj. Operating Margin +7.5% Reported +7.7% Organic Quarterly Segment Product Trends: Investment Management ($bil) Investment Management Q1 2024 AUM/A: Investment Management’s assets under management and advisement (AUM/A) increased 12.3% compared with the prior-year period, supported by strong market performance which drove higher asset values. Positive net flows to Morningstar Managed Portfolios reflected strong net inflows outside the U.S. Those offset lower AUM for Institutional Asset Management which experienced significant expected outflows from a large institutional client. Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. *Managed Portfolios – Wholesale: Through our distribution sales team, the Company offers investment strategies and services directly to financial advisors in banks, broker dealers with a corporate RIA, who have a corporate RIA insurance, and RIA channels that offer the Company’s investment strategies and services to their clients (the end investor). This remains the Company’s strategic focus. **Managed Portfolios – Non-Wholesale: The Company sells services directly to financial institutions, such as broker dealers, discount brokers, and warehouses. Our distribution sales team is not involved with the advisors of these firms. 19 19 Morningstar Credit Q1 24Q1 23 Q1 24 Performance Drivers: Morningstar Credit revenue increased 28.8%, or 27.9% on an organic basis, compared to the prior-year period, as ratings-related revenue increased across asset classes with particular strength in U.S. commercial and residential mortgage-backed securities. Increased revenue from financial institution ratings and higher corporate ratings revenue, especially in Europe, also contributed.   Organic revenue and adjusted operating income are non-GAAP measures. See reconciliation tables in the appendix of this presentation. $46.8 $60.3 20 20 Revenue ($mil) Q1 24Q1 23 ($4.0) $12.3 Adjusted Operating Income (Loss) ($mil)  (8.5%) 20.4% Adj. Operating Margin +28.8% Reported +27.9% Organic

Quarterly Segment Product Trends: Morningstar DBRS Revenue by Asset Class ($mil) Morningstar DBRS Q1 2024 Organic Revenue Drivers: In Q1 2024, structured finance ratings accounted for 56% of revenue, fundamental ratings accounted for 37% of revenue, and data licensing revenue totaled 7%. Recurring revenue, which is derived primarily from surveillance, research, and other transaction-related services, represented 46.6% of total Morningstar DBRS revenue. Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. (1) Structured Finance: Asset-Backed Securities, Commercial Mortgage-Backed Securities, Residential Mortgage-Backed Securities. (2) Fundamental Ratings include Corporate, Financial Institutions, Sovereign, and Other. (3) In quarterly supplemental presentations prior to Q4 2023, data licensing revenue was included in “Other” under Fundamental Ratings. 21 21 Quarterly Segment Product Trends: Morningstar DBRS Revenue by Geography ($mil) Morningstar DBRS Q1 2024 Organic Revenue Drivers: Organic revenue increased 43.0% in the U.S. primarily due to higher commercial and residential mortgage- backed securities ratings revenue compared to the prior-year period. Organic revenue increased 14.6% in Canada primarily due to higher financial institutions ratings revenue compared to the prior-year period. Organic revenue increased 13.5% in EMEA, primarily due to higher corporate ratings revenue compared to the prior-year period. Bars represent reported revenue. Percentages represent organic revenue growth (decline). Organic revenue is a non-GAAP measure. See reconciliation tables in the appendix of this presentation. 22 22 Morningstar Retirement Q1 24Q1 23 Q1 24 Performance Drivers: Morningstar Retirement revenue increased 12.7% on an organic basis compared to the prior-year period as AUMA increased 19.6%. $25.2 $28.4 23 23 Revenue ($mil) Q1 24Q1 23 $11.2 $14.2 Adjusted Operating Income ($mil) +26.8% 44.4% 50.0% Adj. Operating Margin +12.7% Reported +12.7% Organic Organic revenue and adjusted operating income are non-GAAP measures. See reconciliation tables in the appendix of this presentation. Morningstar Retirement Q1 2024 AUM/A: The 19.6% increase in AUMA was supported by strong market performance. Net inflows to Managed Accounts over the trailing 12 months also contributed to higher AUMA, supported by participant growth and flows to Advisor Managed Accounts. Quarterly Segment Product Trends: Morningstar Retirement ($bil) Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. (1) Managed Accounts include Retirement Manager and Advisor Managed Accounts. (2) Fiduciary Services helps retirement plan sponsors build appropriate investment lineups for their participants. (3) Custom Models/CITs offer customized investment lineups for clients based on plan participant demographics or other specific factors. 24 24

Quarterly Product Trends: Corporate and All Other Morningstar Sustainalytics* ($mil) 25 25 Morningstar Indexes ($mil) Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. *Revenue for Morningstar Sustainalytics’ license-based products increased 8.2% on an organic basis in the first quarter of 2024, while revenue for Morningstar Sustainalytics’ transaction-based products (second-party opinions) increased 84.8% on an organic basis. Quarterly Product Trends: Morningstar Indexes ($bil) 26 26 Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. Morningstar Indexes Q1 2024 Assets: Asset value linked to Morningstar Indexes increased 13.3%, compared to the prior-year period, driven by market performance and positive net flows. Appendix Q1 2024 Operating and Free Cash Flow Excluding Certain Items Free cash flow is a non-GAAP measure and is defined as cash provided by or used for operating activities less capital expenditures. *Relates to the 2023 termination of the Company’s license agreement with Morningstar Japan K.K. (renamed SBI Global Asset Management). **Includes the operating cash flow impact of contingent consideration payments related to the LCD earn-out payment in 2023. Q1 2024 Q1 2023 % Change Cash provided by operating activities $93.6 $23.4 300.0% Capital expenditures (34.1) (29.5) 15.6% Free cash flow $59.5 ($6.1) NMF Items included in cash provided by operating activities Payments related to the Termination Agreement* — — Severance and related costs paid for reduction and shift of China operations S — $6.9 Contingent consideration related to acquisitions** — $4.5 Cash provided by operating activities, excluding certain items $93.6 $34.8 169.0% Free cash flow, excluding certain items $59.5 $5.3 NMF 28 28

Key Product Area Revenue ($mil) 29 29 Q1 2024 Q1 2023 % Change % Organic Change Morningstar Data and Analytics $196.7 $179.8 9.4% 8.9% Morningstar Data $74.6 $67.3 10.8% 10.0% Morningstar Direct $54.6 $48.8 11.9% 11.5% Morningstar Advisor Workstation $25.6 $24.5 4.5% 4.5% PitchBook $147.6 $131.1 12.6% 12.6% PitchBook Platform and LCD* $144.9 $128.2 13.0% 13.0% Morningstar Wealth $59.0 $54.9 7.5% 7.7% Investment Management $33.6 $29.6 13.5% 13.9% Morningstar Credit $60.3 $46.8 28.8% 27.9% Morningstar Retirement $28.4 $25.2 12.7% 12.7% Corporate and All Other Morningstar Sustainalytics $30.8 $27.3 12.8% 12.2% Morningstar Indexes $20.0 $14.6 37.0% 37.1% Organic revenue is a non-GAAP measure. See reconciliation tables in the appendix of this presentation. *Also includes PitchBook direct data. In prior presentations, the PitchBook product area included the PitchBook Platform and direct data, but not LCD. 30 30 Historical Segment Performance (1) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. (2) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income/loss from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include certain management-related costs that are not considered when segment performance is evaluated. Reconciliation from Reported to Organic Revenue Change by Revenue Type 31 31 Organic revenue is a non-GAAP number. In 2023 and 2024, the Company updated its revenue-type classifications for product areas with more than one revenue type. Prior periods have not been restated to reflect the updated classifications. The calculation of organic revenue growth by revenue type compares quarterly revenue in 2024 and 2023 to respective quarterly revenue in 2023 and 2022 based on the updated classifications; these adjustments are reflected in the Currency and Other line. Reconciliation from Reported to Organic Revenue Change by Revenue Type 32 32 Organic revenue is a non-GAAP number. In 2023 and 2024, the Company updated its revenue-type classifications for product areas with more than one revenue type. Prior periods have not been restated to reflect the updated classifications. The calculation of organic revenue growth by revenue type compares quarterly revenue in 2024 and 2023 to respective quarterly revenue in 2023 and 2022 based on the updated classifications; these adjustments are reflected in the Currency and Other line.

Reconciliation from Reported to Organic Revenue Change by Product Area 33 33 Organic revenue is a non-GAAP measure. *Also includes PitchBook direct data. In prior presentations, the PitchBook product area included the PitchBook Platform and direct data, but not LCD. Reconciliation from Reported to Organic Revenue Change by Product Area 34 34 Organic revenue is a non-GAAP measure. Reconciliation from Reported to Organic Revenue Change by Product Area 35 35 Organic revenue is a non-GAAP measure. 36 36 Reconciliation from Reported to Organic Revenue Change by Segment Organic revenue is a non-GAAP measure.

Reconciliation from Consolidated Adjusted Operating Income to Consolidated Operating Income ($mil) 37 37 Adjusted operating income is a non-GAAP measure. (1) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income/loss from Morningstar Sustainalytics and Morningstar Indexes. Unallocated corporate expenses include certain management-related costs that are not considered when segment performance is evaluated. (2) Excludes finance lease amortization expense. (3) Reflects non-recurring expenses related to M&A activity including pre-deal due diligence, transaction costs, and post-close integration costs. (4) Reflects the impact of M&A-related earn-outs included in operating expense. (5) 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. Reconciliation from Operating Margin to Adjusted Operating Margin 38 38 Adjusted operating margin is a non-GAAP measure. Reconciliation from Total Operating Expenses to Adjusted Operating Expense 39 39 Adjusted operating expense is a non-GAAP measure.

© April 24, 2024. Morningstar. All Rights Reserved. Letter from CEO Kunal Kapoor First-Quarter Earnings 2024 Dear Morningstar shareholders, We began 2024 with broad-based growth, increasing revenue 13.2% or 12.9% on an organic basis. Margins and cash flow also grew significantly compared to the prior-year period. In this quarter’s letter, I’ll provide an update on our business, followed by a focus on the opportunity for Morningstar Retirement. But first, a quick note on our first-quarter reporting package. We’ve made some changes to the format of our earnings release which is now focused on the reportable segments we introduced in our 10-K. You can find additional details, including product area growth trends, in the supplemental deck which is available at shareholders.morningstar.com. A strong start to 2024 We experienced strength across the business in the quarter, a shift from last year when market headwinds posed challenges for our asset-based and credit areas. PitchBook and Morningstar Data and Analytics were the largest contributors to revenue growth in 2023 and continued to perform well in the first quarter of 2024. Now that the LCD integration is largely complete and LCD’s core news, research, and data are available on the PitchBook platform, we are licensing legacy LCD clients to become users of the PitchBook platform as their contracts come up for renewal. PitchBook is on track to have fully migrated LCD users by the end of the year. After a difficult 2023, Morningstar Credit (comprised of Morningstar DBRS’ ratings business and related data licensing products) contributed meaningfully to growth in the first quarter. Increased revenue was driven by a rebound in debt issuance activity across asset classes. Higher revenue from U.S. commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS), which have historically represented a significant portion of Morningstar DBRS revenue, contributed to the results. Both sectors benefited from the stabilization of the rates market and more attractive credit spreads, which represent the difference between the yield of two different debt instruments with the same maturity but different credit risk profiles. We were also pleased with continued growth in corporate credit ratings revenue (especially in Europe), and U.S. asset-backed securities ratings revenue. Finally, across the business, we were well-positioned to benefit from increased ratings activity thanks to our ongoing expansion of ratings methodologies to cover more types of securitizations, such as those backed by data centers and home improvement loans. Morningstar Retirement and Morningstar Wealth (which includes the Investment Management product area) benefited primarily from strong market performance over the trailing 12 months, supported by net inflows across key products. We narrowed the adjusted operating loss for Morningstar Wealth and are managing the business with a focus on improving profitability. Morningstar Indexes had a particularly strong quarter, boosted by both market gains and net inflows, with products including VanEck Morningstar Wide Moat ETF (MOAT) and Invesco Senior Loan ETF (BLKN) contributing to growth. Morningstar Sustainalytics license-based products grew at a solid clip, supported by regulatory use cases in Europe, while second-party opinion revenue benefited from increased issuance of sustainable bonds. Turning to expenses, we are managing them at a level that allows for margin expansion, contributing to increased profitability with operating income increasing $68.1 million to $92.6 million and adjusted operating income up 113.9% to $110.8 million, compared to the prior-year period. Operating margin increased from 5.1% to 17.1% and adjusted operating margin increased from 10.8% to 20.4%. While we experience fluctuations in adjusted operating margins quarter-to-quarter due to factors such as bonus accruals, we are driving year-over-year improvements.

Letter from CEO Kunal Kapoor First-Quarter Earnings 2024 © April 24, 2024. Morningstar. All Rights Reserved. Our increased profitability supported increases in operating and free cash flows during the quarter. We reduced outstanding debt by $23.1 million, and we paid a dividend of 40.5 cents per share in the quarter. Morningstar Retirement Morningstar Retirement serves the U.S. retirement market with three key services that we like to say internally are designed to “save retirement.” The first is fiduciary services, which helps smaller employers with limited investment expertise to offer the most appropriate investment lineup for their employees. The second is a custom models service where we build an investment model using an employer’s existing fund lineup with a glide path designed around the employer’s unique employee profile. This is geared toward retirement plans that are seeking an all-in-one portfolio solution that better addresses the needs of their employee base than what could be achieved by a generic, off-the-shelf target-date fund. And the third, our Managed Accounts flagship robo-advice service, is offered through several different distribution channels and takes an individual’s unique profile and data and builds an investment portfolio and savings strategy that is designed to help them achieve the best possible retirement outcome. Although some in the industry have criticized managed accounts as providing limited value beyond a standard target date fund to less engaged users, we get enough information from recordkeepers to build a highly personalized investment portfolio and to nudge users toward higher savings rates. Managed accounts users often have higher projected retirement income as the result of our service and tend to remain invested during periods of market volatility (don't try to time the market). Apart from our investment methodologies and engines, which we believe are second to none, a key differentiator of our managed accounts service is our distribution model. We offer our service three different ways: through recordkeepers, through registered investment advisors (RIAs) and broker dealers who help employers select retirement plans (via our advisor managed accounts service), and by selling directly to employers. This distribution model, and, in particular our far-reaching integrated recordkeeper network, enables us to help far more plan participants—more than two million as of year-end 2023—than any of our competitors. It’s taken us decades to build out our network, the breadth of which represents a key competitive advantage. By contrast, our main competitor in this space, Edelman Financial Engines (EFE), has predominately sold its product directly to plans and has focused on the larger/mega plan market. We’ve made great strides chipping away at their hold on that end of the market, winning three of the largest 401(k) plans in the country in recent years. We did this by offering what I believe is a far superior advisory service as well as enhancing our sales, marketing, and operations infrastructure to better reach and serve this market. One of the drawbacks of our distribution model is that we have fewer levers to pull to drive adoption within our service as the relationship with investors and employers tends to be “owned” by the recordkeeper or RIA firm. We are countering this challenge in three ways. The first is by bolstering our engagement team and looking at opportunities to use artificial intelligence and machine learning to drive better engagement campaigns. Second, we are working more closely with the RIAs in our Advisor Managed Account solution to help support their engagement practices and in some cases oversee them on their behalf. We are also building out a new solution called Personal Finance Builder, which we soft-launched in Q1 2024 with the goal of adding clients by year’s end. Personal Finance Builder helps employees address financial challenges outside of retirement planning, such as saving for an emergency, paying off debt, and investing in a health savings account. Designed to help users lay the foundation for future wealth building, this product, when paired with our managed accounts solution, provides us new ways to engage with a participant population and help them find more money to save for retirement. More importantly, it will give us more data about each individual in a plan, which we can then feed back into our managed accounts service to further personalize our advice. That advice, combined with our Personal Finance Builder service, can begin to not only help individuals achieve better retirement outcomes but also potentially addresses some of the shortcomings of retirement plan design and investing behavior, especially as it relates to gender and race. We recently collaborated with the Defined Contribution Institutional Investment Association and Aspen Institute Financial Security Program to study race and gender disparities in 401(k) plans. That groundbreaking study showed, among other things, that Black and Hispanic females contribute lower percentages of their salaries than their counterparts and often withdraw a larger portion of their account balances before retirement. That is a worrying finding that needs to be solved, and I believe personalization through services like managed accounts are part of the answer.

Letter from CEO Kunal Kapoor First-Quarter Earnings 2024 © April 24, 2024. Morningstar. All Rights Reserved. We are bullish on Morningstar Retirement, which is well-positioned to take advantage of the growing push by employers for more personalized retirement and wealth-building services. We also see an opportunity to grow our assets by driving up adoption rates within our existing network of plans – currently in the high single digits – and by adding new plans. Finally, we expect the retirement industry to grow meaningfully over the next few years as more and more employers begin offering retirement plans due to tax incentives, regulatory changes, and state mandates. Cerulli Associates anticipates a surge in 401(k) plans, projecting more than 900,000 by 2028, or roughly 230,000 more than there were in 2022, and believes we could be looking at more than 1 million 401(k) plans by the end of the decade. Shareholder Meeting Finally, I’d like to extend an invitation to attend our annual shareholder meeting on May 10 in Chicago, with a virtual option for anyone who can’t attend in person. (You can register here.) We’re excited to celebrate our 40th anniversary in May, and we’ll take the opportunity to reflect on where we’ve been and how we’re thinking about the business as we look to further our mission of empowering investor success in the years to come. I’ll be joined on stage by Jason Dubinsky, our Chief Financial Officer, Marie Trzupek Lynch, our Chief People Officer, James Rhodes, President of Morningstar Data, Research, and Enterprise Solutions and Chief Technology Officer, and Lee Davidson, our Chief Data and Analytics Officer. We look forward each year to seeing many of you at this event and the agenda provides a good opportunity to ask questions. We hope you can join us. What I'm reading Here’s recent commentary by our researchers that I especially enjoyed: • Morningstar's Guide to US Active ETFs, Bryan Armour, April 23, 2024 • Investing in Times of Climate Change, Hortense Bioy, April 19, 2024 • US Financial Health Report 2024, Preston Caldwell, April 15, 2024 • Industry Landscape: Biopharmaceuticals, Karen Andersen and Damien Conover, April 3, 2024 • Top 15 Wealth-Creating Stocks of the Past Decade, Amy Arnott, April 2, 2024 • US Credit Markets Quarterly Wrap, PitchBook LCD, First Quarter 2024 • Baltimore Bridge’s Losses Within Absorption Capacity of the Insurance Industry but Will Add Pressure to the Marine Market, Marcos Alvarez and Elisabeth Rudman, March 27, 2024 • 2024 Target-Date Strategy Landscape, Megan Pacholok and Adam Millson, March 26, 2024 • The C-Suite Gender Pay Gap Persists. It’s Not About Pay Discrimination, Jackie Cook, March 6, 2024 • PitchBook Analyst Note: Surfing Turbulent Cash Flow Waves, Juliet Clemens and Zane Carmean, March 11, 2024 • Proxy Voting: Expect More Divergence on ESG Among Investors, Lindsey Stewart, March 5, 2024 • Low Carbon Transition Rating Industry Report, Daniel Teodoro, February 2024 • Quantitative Research: VC Emerging Opportunities, Andrew Akers, February 28, 2024 • Industry Pulse: US Asset Managers - Q1 2024, Gregg Warren, Feb. 23, 2024 • Electrification 2035: Auto Insurance Rates to Increase as the Transition to Electric Vehicles Becomes Law in Canada, Victor Adesanya and Robert Streda, February 12, 2024 • Why Didn't Sustainable Investments Thrive Amid 2023's Tech Rebound?, Robert Edwards, Jan. 23, 2024

Letter from CEO Kunal Kapoor First-Quarter Earnings 2024 © April 24, 2024. Morningstar. All Rights Reserved. You may also appreciate these recent pieces that share more about our strategy and recent product innovations: • Nationwide and Morningstar forge retirement plan partnership, InvestmentNews, March 15, 2024 • Morningstar to expand to superannuation ratings, Money Management, March 14, 2024 • Morningstar Rethinks Its Conference Experience, ThinkAdvisor, March 14, 2024 • Morningstar CEO urges greater engagement in shifting wealth landscape, Money Management, March 6, 2024 • Morningstar Wealth Adds SMAs to U.S. Wealth Platform, WealthManagement, February 12, 2024 • How CTOs can make the case that AI investments create value, Fortune, January 12, 2024 Best regards, Kunal This letter 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 reports on Forms 8-K, 10-K and 10-Q. 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 letter references non-GAAP financial measures including, but not limited to, organic revenue, adjusted operating income and adjusted operating margin. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. A discussion of our first quarter results, including a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures described in this letter, is provided in our earnings release for the three months ended March 31, 2024, which has been furnished to the SEC and is available on our website.