Second-Quarter 2024 Supplemental Presentation July 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 Q2 2024 Financial Performance ($mil) $108.5$41.7 2423 $131.0 ＋13.3% ＋87.9% 2423 $571.9$504.7 2423 $69.7 $120.8 2423 ($5.8) Operating Income Free Cash Flow** Revenue Adjusted Operating Income* * 3 3 Adjusted operating income is a non-GAAP measure and excludes intangible amortization expense, all M&A-related expenses (related to merger, acquisition, and divestiture activity, including severance and earn-outs), and items related to the significant reduction and shift of the Company's operations in China in 2023. **Free cash flow is a non-GAAP measure and is defined as cash provided by or used for operating activities less capital expenditures. See reconciliation tables in the appendix of this presentation. NMF＋160.2% YTD 2024 Organic Revenue Walk* ($mil) 4 4 * YTD Q2 2023 Reported Revenue Foreign Currency Adjustments PitchBook Morningstar Data and Analytics Morningstar Credit Morningstar Wealth Corporate and All Other** Morningstar Retirement YTD Q2 2024 Reported Revenue $504.7 –1.4 23.8 14.9 11.6 5.9 5.5 $571.9 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. 6.9

Quarterly Revenue Trend: Revenue Type ($mil) Bars represent reported revenue. Percentages represent YOY organic revenue growth (decline), which is a non-GAAP measure. *In 2023 and 2024, the Company updated its revenue-type classifications for product areas with more than one revenue type. Prior periods have not been restated to reflect the updated classifications. The calculation of organic revenue growth by revenue type compares quarterly revenue in 2024 and 2023 to respective quarterly revenue in 2023 and 2022, based on the updated classifications; these adjustments are reflected in the Currency and Other line of the reconciliation tables in the appendix of this presentation. 5 Q2 2024 Operating Margins 6 6 Adjusted operating margin is a non-GAAP measure. See reconciliation table in the appendix of this presentation. Adjusted Operating Margin Operating Margin 2423 19.0% 22.9% 2423 8.3% 13.8% Operating Margin Drivers: Revenue grew and reported operating expense was relatively flat in the quarter, supporting increased operating and adjusted operating margins. Compensation and benefits and certain infrastructure- related costs increased during the quarter. This growth was mostly offset by decreases in facilities-related expenses and professional fees. QTD Adjusted Operating Income(1) Walk Q2 2023 to Q2 2024 ($mil) (1) Adjusted operating income is a non-GAAP measure and excludes intangible amortization expense, all M&A-related expenses (related to merger, acquisition, and divestiture activity, including severance and earn-outs), and items related to the significant reduction and shift of the Company's operations in China in 2023. 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 salaries, bonus, company-sponsored benefits, and severance not related to the Company's China operations. In Q2 23, severance included $4.0 million related to targeted reorganizations. (3) Includes infrastructure costs (including 3rd party contracts with data providers, cloud costs, and Saas-based software subscriptions), facilities, depreciation/amortization, and capitalized labor. 7 7 Q2 2023 Change in Revenue Sales Commissions Travel and Related Activities Professional Fees Advertising and Marketing Stock-based Compensation Q2 2024 $69.7 2.267.2 0.2 $131.0 Infrastructure Costs & Other (3) –3.2–1.5 Compensation and Benefits (2) –2.5 C–0.2 –0.9C C YTD Adjusted Operating Income(1) Walk Q2 2023 to Q2 2024 ($mil) (1) Adjusted operating income is a non-GAAP measure and excludes intangible amortization expense, all M&A-related expenses (related to merger, acquisition, and divestiture activity, including severance and earn-outs), and items related to the significant reduction and shift of the Company's operations in China in 2023. 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 Saas-based software subscriptions), facilities, depreciation/amortization, and capitalized labor. (3) Includes salaries, bonus, company-sponsored benefits, and severance not related to the Company's China operations. In Q2 23, severance included $4.0 million related to targeted reorganizations. 8 8 YTD 2023 Change in Revenue Sales Commissions Travel and Related Activities Professional Fees Advertising and Marketing Stock-based Compensation YTD 2024 $121.5 2.0130.3 2.0 $241.8 Infrastructure Costs & Other (2) –9.5–0.9 Compensation and Benefits (3) –3.8 C 0.5 –0.3C CC

Quarterly Operating Margin Trends Adjusted operating margin is a non-GAAP measure. See reconciliation table in the appendix of this presentation. 9 9 Revenue vs. Adjusted Operating Expense Growth 10 10 Adjusted operating expense growth is a non-GAAP measure. See reconciliation table in the appendix of this presentation. Headcount Trends 11 11 Headcount represents permanent, full-time employees. As of June 30, 2024, headcount was 11,146. Q2 2024 Cash Flow and Capital Allocation ($mil) 2 $152.7 $120.8 Operating Cash Flow Free Cash Flow* Capital Allocation 12 12 * ($mil) Debt Repayments, Net 50.0 Capital Expenditures 31.9 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 13 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 platforms; practice and portfolio management software for registered investment advisers (RIAs); data aggregation and enrichment capabilities; and our individual investor platform. PitchBook Morningstar Data & Analytics Morningstar Direct Morningstar Advisor Workstation Licensed Data 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 Managed Portfolios Morningstar Office Morningstar DBRS Morningstar Credit (Credit data and analytics) Managed Accounts Corporate and All Other* The operating segments of Morningstar Sustainalytics and Morningstar Indexes have been combined and presented as part of Corporate and All Other, which is not a reportable segment. Morningstar Sustainalytics Morningstar Indexes * Morningstar Data and Analytics Q2 24Q2 23 Q2 24 Performance Drivers: Morningstar Direct (+11.6%) and Morningstar Data (+4.7%) were the primary revenue contributors. Morningstar Direct benefited from growth across geographies. Increases in managed investment (fund) data helped drive Morningstar Data growth, partially offset by lower contributions from Morningstar Essentials and equity and exchange market data.   Organic revenue and adjusted operating income are non-GAAP measures. See reconciliation tables in the appendix of this presentation. $186.0 $196.9 14 14 Revenue ($mil) Q2 24Q2 23 $80.1 $87.3 Adjusted Operating Income ($mil) +9.0% 43.1% 44.3% Adj. Operating Margin +5.9% Reported +6.2% Organic Quarterly Segment Product Trends: Morningstar Data and Analytics Morningstar Direct* ($mil) 15 15 Morningstar Data ($mil) Organic revenue is a non-GAAP measure. See reconciliation tables in the appendix of this presentation. *Morningstar Direct licenses totaled 18,706 as of the end of the second quarter of 2024, compared to 18,570 at the end of the prior-year quarter. Quarterly Segment Product Trends: Morningstar Data and Analytics Morningstar Advisor Workstation ($mil) 16 16 Organic revenue is a non-GAAP measure. See reconciliation tables in the appendix of this presentation.

PitchBook Q2 24Q2 23 Q2 24 Performance Drivers: PitchBook revenue increased 10.9% on a reported and organic basis. PitchBook platform licensed users grew 16.6%, including the impact of legacy LCD clients who have moved to PitchBook licenses. Revenue increases were primarily due to strength in PitchBook’s core investor and advisor client segments, partially offset by continued softness with corporates, especially smaller firms with more limited use cases. The increase in margin was partially driven by the forfeiture of stock in the now-terminated PitchBook management bonus plan.   Organic revenue and adjusted operating income are non-GAAP measures. See reconciliation tables in the appendix of this presentation. $136.8 $151.7 17 17 Revenue ($mil) Q2 24Q2 23 $37.2 $47.3 Adjusted Operating Income ($mil) +27.2% 27.2% 31.2% Adj. Operating Margin +10.9% Reported +10.9% Organic Quarterly Segment Product Trends: PitchBook PitchBook Platform and LCD* ($mil) 18 18 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 quarterly supplemental presentations prior to Q1 2024, the PitchBook product area did not include LCD. PitchBook platform licensed users totaled 119,571 as of the end of the second quarter of 2024, compared to 102,522 at the end of 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 Q2 24Q2 23 Q2 24 Performance Drivers: Morningstar Wealth revenue increased 12.2%, or 12.4% on an organic basis, compared to the prior- year period, primarily driven by growth in Investment Management (+22.0%). The adjusted operating loss narrowed compared to the prior-year period and excludes the impact of $3.3 million in severance expense related to the expected sale of assets from the Morningstar Wealth Turnkey Asset Management Program to AssetMark. Organic revenue and adjusted operating income (loss) are non-GAAP measures. See reconciliation tables in the appendix of this presentation. $55.8 $62.6 19 19 Revenue ($mil) Q2 24Q2 23 ($12.3) ($2.2) Adjusted Operating Income (Loss) ($mil) (22.0%) (3.5%) Adj. Operating Margin +12.2% Reported +12.4% Organic (82.1%) Quarterly Segment Product Trends: Investment Management ($bil) Investment Management Q2 24 AUM/A: Investment Management’s assets under management and advisement (AUM/A) increased 11.3% 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. over the trailing 12 months. 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. 20 20

Morningstar Credit Q2 24Q2 23 Q2 24 Performance Drivers: Morningstar Credit revenue increased 43.2%, or 44.2% on an organic basis, compared to the prior-year period, as ratings-related revenue increased significantly across asset classes and geographies with particular strength in commercial mortgage-backed securities, asset-backed securities, and corporate ratings. Increases in residential mortgage-backed securities and financial institution ratings also contributed to growth.   Organic revenue and adjusted operating income are non-GAAP measures. See reconciliation tables in the appendix of this presentation. $54.2 $77.6 21 21 Revenue ($mil) Q2 24Q2 23 $5.0 $27.9 Adjusted Operating Income ($mil)  9.2% 36.0% Adj. Operating Margin +43.2% Reported +44.2% Organic 458.0% Quarterly Segment Product Trends: Morningstar Credit Revenue by Asset Class ($mil) Morningstar Credit Q2 24 Organic Revenue Drivers: In Q2 24, structured finance ratings accounted for 60.6% of revenue, fundamental ratings accounted for 34.6% of revenue, and data licensing revenue totaled 4.8%. Recurring revenue, which is derived primarily from surveillance, research, and other transaction-related services, represented 37.6% of total Morningstar Credit revenue. Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. (1) Structured Finance: Asset-Backed Securities, Commercial Mortgage-Backed Securities, Residential Mortgage-Backed Securities. (2) Fundamental Ratings include Corporate, Financial Institutions, Sovereign, and Other. (3) In quarterly supplemental presentations prior to Q4 2023, data licensing revenue was included in “Other” under Fundamental Ratings. 22 22 Quarterly Segment Product Trends: Morningstar Credit Revenue by Geography ($mil) Morningstar Credit Q2 24 Organic Revenue Drivers: Organic revenue increased 59.9% in the U.S. primarily due to higher asset-backed and commercial mortgage- backed securities ratings revenue compared to the prior-year period. Organic revenue increased 30.3% in Canada primarily due to higher corporate and financial institution ratings revenue.  Organic revenue increased 27.6% in EMEA, primarily due to higher commercial mortgage-backed securities and corporate ratings revenue. 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. 23 23 27.6% 59.9% Morningstar Retirement Q2 24Q2 23 Q2 24 Performance Drivers: Morningstar Retirement revenue increased 21.5% on a reported and organic basis compared to the prior-year period as AUMA increased 22.2%. $27.4 $33.3 24 24 Revenue ($mil) Q2 24Q2 23 $13.4 $17.3 Adjusted Operating Income ($mil) +29.1% 48.9% 52.0% Adj. Operating Margin +21.5% Reported +21.5% Organic Organic revenue and adjusted operating income are non-GAAP measures. See reconciliation tables in the appendix of this presentation.

Morningstar Retirement Q2 24 AUM/A: The 22.2% increase in AUMA reflected market gains and significant positive net flows over the trailing 12 months, supported by rapid growth in Advisor Managed Accounts. Quarterly Segment Product Trends: Morningstar Retirement ($bil) Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. (1) Managed Accounts include Retirement Manager and Advisor Managed Accounts. (2) Fiduciary Services helps retirement plan sponsors build appropriate investment lineups for their participants. (3) Custom Models/CITs offer customized investment lineups for clients based on plan participant demographics or other specific factors. 25 25 Quarterly Product Trends: Corporate and All Other Morningstar Sustainalytics* ($mil) 26 26 Morningstar Indexes ($mil) Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. *Revenue for Morningstar Sustainalytics’ license-based products increased 0.6% on an organic basis in the second quarter of 2024, while revenue for Morningstar Sustainalytics’ transaction-based products (second-party opinions) increased 1.6% on an organic basis. 20 Quarterly Product Trends: Morningstar Indexes ($bil) 27 27 Organic revenue is a non-GAAP measure. See reconciliation table in the appendix of this presentation. Morningstar Indexes Q2 24 Assets: Asset value linked to Morningstar Indexes increased 22.1%, compared to the prior-year period, driven by market performance and positive net flows. Appendix

Q2 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. Q2 2024 Q2 2023 % Change Cash provided by operating activities $152.7 $24.5 NMF Capital expenditures (31.9) (30.3) 5.3% Free cash flow $120.8 ($5.8) NMF Items included in cash provided by operating activities Payments related to the Termination Agreement* — $59.9 Severance and related costs paid for reduction and shift of China operations S — $3.2 Contingent consideration related to acquisitions** — — Cash provided by operating activities, excluding certain items $152.7 $87.6 74.3% Free cash flow, excluding certain items $120.8 $57.3 110.8% 29 29 YTD 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. YTD 2024 YTD 2023 % Change Cash provided by operating activities $246.3 $47.9 414.0% Capital expenditures (66.0) (59.8) 10.4% Free cash flow $180.3 ($11.9) NMF Items included in cash provided by operating activities Payments related to the Termination Agreement* — $59.9 Severance and related costs paid for reduction and shift of China operations S — $10.1 Contingent consideration related to acquisitions** — $4.5 Cash provided by operating activities, excluding certain items $246.3 $122.4 101.2% Free cash flow, excluding certain items $180.3 $62.6 188.0% 30 30 Key Product Area Revenue ($mil) 31 31 Q2 2024 Q2 2023 % Change % Organic Change Morningstar Data and Analytics $196.9 $186.0 5.9% 6.2% Morningstar Data $72.5 $69.4 4.5% 4.7% Morningstar Direct $55.4 $49.9 11.0% 11.6% Morningstar Advisor Workstation $25.7 $25.2 2.0% 2.0% PitchBook $151.7 $136.8 10.9% 10.9% PitchBook Platform and LCD* $148.8 $134.0 11.0% 11.0% Morningstar Wealth $62.6 $55.8 12.2% 12.4% Investment Management $35.8 $29.4 21.8% 22.0% Morningstar Credit $77.6 $54.2 43.2% 44.2% Morningstar Retirement $33.3 $27.4 21.5% 21.5% Corporate and All Other Morningstar Sustainalytics $29.2 $29.2 0.0% 0.7% Morningstar Indexes $20.6 $15.0 37.3% 37.8% Organic revenue is a non-GAAP measure. See reconciliation tables in the appendix of this presentation. *Also includes PitchBook direct data. In quarterly supplemental presentations prior to Q1 2024, the PitchBook product area included the PitchBook Platform and direct data, but not LCD. 32 32 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 33 33 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 34 34 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 35 35 Organic revenue is a non-GAAP measure. *Also includes PitchBook direct data. In quarterly supplemental presentations prior to Q1 2024, the PitchBook product area included the PitchBook Platform and direct data, but not LCD. Reconciliation from Reported to Organic Revenue Change by Product Area 36 36 Organic revenue is a non-GAAP measure.

Reconciliation from Reported to Organic Revenue Change by Product Area 37 37 Organic revenue is a non-GAAP measure. 38 38 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) 39 39 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 merger, acquisition, and divestiture activity including pre-deal due diligence, transaction costs, severance, and post-close integration costs. (4) 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 40 40 Adjusted operating margin is a non-GAAP measure.

Reconciliation from Total Operating Expenses to Adjusted Operating Expense 41 41 Adjusted operating expense is a non-GAAP measure.

© July 24, 2024. Morningstar. All Rights Reserved. Letter from CEO Kunal Kapoor Second-Quarter Earnings 2024 Dear Morningstar shareholders, In the second quarter of 2024, revenue increased 13.3%, or 13.6% on an organic basis. Operating margins and cash flow grew significantly compared to the prior-year period. A Rebound in Credit Issuance We saw growth across our business segments in the quarter, led by Morningstar Credit. Ratings revenue increased across geographies and asset classes as issuance surged in an environment of relatively stable spreads. Morningstar Credit also continues to benefit from investments we made in 2023 to expand our analytical capabilities, including in certain parts of the asset-backed securities market, private corporate ratings, and data products. PitchBook and Morningstar Data and Analytics also fueled growth. For PitchBook, the headlines were strength in core client segments and weaker performance in smaller corporates with more limited use cases. PitchBook’s overall growth tends to align with trends in private capital, and we’ve seen headwinds there with private capital raised falling 7.2% in the 12 months ended March 2024. (Read more about these trends in PitchBook’s Global Private Market Fundraising Report.) At a time when others are waking up to the convergence of public and private markets, we are confident in our ability to keep leading in the space. We’ve got a great core product in the PitchBook Platform with ever-increasing data and content across public and private markets, including expanded private credit news, data, and analytics from our Leveraged Commentary & Data capability. In the past quarter, we added collateralized loan obligation data, business development company data, and credit amendments to the platform. As of June, we’re seeing some of our highest renewal rates with credit investors and participants. That’s a still small segment for us, but one in which we expect to keep growing. With continued strength in equity markets, both Morningstar Wealth and Morningstar Retirement grew nicely. In the case of Morningstar Wealth, we’re seeing growth driven by strategist models offered on third-party platforms and our International Wealth Platform. We’ve sharpened our focus on these areas as we embark on our strategic alliance with AssetMark, which I’ll describe in more detail below. Morningstar Sustainalytics was relatively flat compared to the prior-year quarter for both its license- and transaction-based products, although year-to- date results for second-party opinions remain strong. Regulatory use cases and demand from institutional clients in Europe were positives, offset by cancellations due to vendor consolidation and softness in parts of the asset management and wealth client segments. The teams continue to do the hard work of evolving our products to meet the client need, with second quarter updates to our flagship ESG Risk Ratings and our Low Carbon Transition Rating. We’re also focused on streamlining our corporate solutions product portfolio, specifically the licensed ratings product, contributing to softness in the quarter. Rounding out the revenue picture, Morningstar Indexes had another strong quarter, benefiting from both market gains and positive net flows. Turning to expenses, we’re sticking to our discipline in managing costs, which supported increased profitability in the quarter. Operating income increased 160.2% to $108.5 million and adjusted operating income increased 87.9% to $131.0 million, compared to the prior-year period. Operating margin increased from 8.3% to 19.0%, and adjusted operating margin increased 13.8% to 22.9%. We remain focused on driving durable growth in adjusted operating income. Our increased profitability supported higher operating and free cash flows during the quarter. We reduced outstanding debt by $50.0 million and paid a dividend of 40.5 cents per share, or $17.3 million, in the quarter. Strategic Alliance with AssetMark In June, we announced that we will enter a strategic alliance with AssetMark and sunset our U.S. TAMP, also known as a turnkey asset management program. To help frame the rationale for this transaction, I’ll start with a quick summary of our current Managed Portfolios offering, which is our flagship Investment Management product within the Morningstar Wealth segment. We serve fee-based independent advisors who hire us to manage their

Letter from CEO Kunal Kapoor Second-Quarter Earnings 2024 © July 24, 2024. Morningstar. All Rights Reserved. clients’ assets in professionally managed portfolios using mutual funds, ETFs, and individual securities. Today, advisors in the U.S. can access Morningstar Managed Portfolios via our TAMP’s web-based advisor portal as well as on third-party platforms. In addition to investment strategies, our TAMP offers advisors a variety of tools, information, and workflows such as risk questionnaires, proposal generation, digital investment account opening, and it handles back-office work such as trading, billing, and reconciliation on behalf of the advisor. In turn, advisors free up time to deepen relationships with their clients and grow their business. We receive an asset-management fee for assets in Morningstar Managed Portfolios and an additional platform fee for investors who access Managed Portfolios via our TAMP. In the transaction, AssetMark will acquire approximately $12 billion in assets on our TAMP. Once the transition is complete, advisors and clients on Morningstar’s TAMP will have access to AssetMark’s platform, which is viewed as one of the industry’s best, and Morningstar Managed Portfolios will be newly offered on the AssetMark platform. We will be working closely with our clients to make the transition and expect that the vast majority of our current clients will continue to use Morningstar Managed Portfolios. At closing, we expect to receive $65 million, subject to the value of assets being assigned. We also have the potential to receive an additional post-closing payment tied to the successful transition of clients and assets to the AssetMark platform through the first anniversary of closing, which would total roughly $35 million assuming current asset values. We’re entering this transaction for a couple of reasons. Frankly, we weren’t getting to scale quickly enough with the TAMP, which operates in a highly competitive space. A key part of our investment process is to assess whether our plans are generating the results we expected. As investment timelines stretched out and we incurred significant costs to maintain and improve the TAMP, we decided that it didn’t make sense to continue to commit resources here. Although there will be an initial revenue and margin hit in Morningstar Wealth from the lost platform fees and maintaining costs to support a successful transition, we currently expect that once completed, the transaction will have a positive run-rate impact on adjusted operating income, an important step in our plan to get Morningstar Wealth to profitable growth. We’re also excited about the expanded distribution of Morningstar Managed Portfolios to AssetMark’s advisors, most of whom don’t use our TAMP today. We believe that the best way to scale the business in the U.S. is to reach more clients with our products, leaning into the parts of the advisor workflow where we believe that Morningstar’s data and research add the most value. We’re excited about the potential for our alliance with AssetMark, and I want to thank CEO Michael Kim and his team for the spirit in which they have approached our work together. We have high hopes for a successful long-term relationship. As we sunset the TAMP, our Managed Portfolios and our International Wealth Platform will continue to represent important parts of our broader offering. We see a strong secular growth opportunity for these products as household wealth continues to grow with expanded usage of managed accounts. And, in contrast to what we were seeing in the U.S., in the U.K, our International Wealth Platform is gaining market share and is an important growth driver for Managed Portfolios. The bottom line is that we remain committed to empowering advisor workflows through these solutions, our branded software, data, research and ratings, and Morningstar Retirement’s advisor managed accounts. For more on the AssetMark transaction, please review our updated Investor FAQs, which include responses to questions we’ve received since the announcement. Leadership Transition There’s no denying that we will miss PitchBook founder John Gabbert. He was especially talented at establishing a vision and making it happen. Part of that involved building a terrific team, and he leaves behind a top-notch group who are working hard to make sure we don’t skip a beat. Rod Diefendorf, PitchBook’s Chief Operating Officer since 2016, is now at the helm after a very natural transition. Among Rod’s many skills is his ability to think about all stakeholders—internal and external—and he brings a level of vigor to the organization that is palpable. Rod is also a disciple of the “Rule of 40” if you want a sense for how he thinks about measuring financial success. Congrats to Rod on joining the Morningstar leadership team, and a big thanks to John for all he contributed. I know he is cheering the team on from the sidelines.

Letter from CEO Kunal Kapoor Second-Quarter Earnings 2024 © July 24, 2024. Morningstar. All Rights Reserved. What I'm Reading Here’s recent commentary by our researchers that I especially enjoyed: • Global Sustainable Fund Flows: Q2 2024 in Review, Hortense Bioy, July 22, 2024 • Fund Fees Are Still Declining—but at a Slower Pace, Zachary Evens, July 9, 2024 • Q2 In Review and Q3 2024 Market Outlook, Tom Lauricella, July 1, 2024 • Active ETFs: What Investors Need to Know, Bryan Armour, Daniel Sotiroff, Ryan Jackson, and Sarah Hansen, June 28, 2024 • Launch Report: Pharmatech, Kazi Helal, June 27, 2024 • Interval Funds: Are They Worth What You Give Up?, Brian Moriarty, June 24, 2024 • Launch Report: Pharma Services, Rebecca Springer, June 18, 2024 • A Closer Look at Private Credit Covenant Relief, Morningstar DBRS, June 17, 2024 • Is Vanguard Changing Course?, Daniel Sotiroff and Susan Dziubinski, June 12, 2024 • Voice of the Asset Owner Survey 2024: Qualitative Insights, Thomas Kuh, June 4, 2024 • Navigating the Client Lifecycle in Financial Advice, Danielle Labotka, Samantha Lamas, and Ryan Murphy, June 2024 • Technology Observer: Connecting Generative AI to Rapid Networking Growth: Patient Investors Should See Long-Term Opportunities, William Kerwin and Brian Colello, June 2024 • Never Mind Market Efficiency: Are the Markets Sensible?, John Rekenthaler, May 13, 2024 • Home Equity Investments—A Primer, Morningstar DBRS, April 26, 2024 You may also appreciate these recent pieces that share more about our strategy and product innovations: • Morningstar CEO Kunal Kapoor on AI, Investing, and Company Culture, Barron’s Advisor, July 16, 2024 • Conference Sponsorships Ain't Cheap, but Connections? 'Invaluable', Ignites, July 1, 2024 • Morningstar CEO Kunal Kapoor: ‘Evolve Ahead’, Morningstar, June 27, 2024 • AssetMark to Snap Up Multibillion-Dollar TAMP Business from Morningstar, InvestmentNews, June 20, 2024 • Morningstar Throws Down Gauntlet to Chant West, SuperRatings, Investment Magazine, May 29, 2024 • Futurizing Financial Data: Morningstar CTO James Rhodes Talks Architecture Modernization, Client Personalization, and the Company’s AI Chatbot ‘Mo’, “Technovation” Podcast, May 2, 2024 • 'Increased Regulation Barrier to Entrants in Advice Space', FT Adviser, May 1, 2024 Best regards, Kunal

Letter from CEO Kunal Kapoor Second-Quarter Earnings 2024 © July 24, 2024. Morningstar. All Rights Reserved. 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,” “will,” “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 second 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 June 30, 2024, which has been furnished to the SEC and is available on our website.

© 2024 Morningstar. All Rights Reserved. Morningstar Wealth and AssetMark Strategic Alliance Frequently Asked Questions Updated July 24, 2024 What is happening? AssetMark and Morningstar have entered into an agreement in which AssetMark will acquire approximately $12 billion in assets administered on the Morningstar Wealth Turnkey Asset Management Platform (TAMP). Financial advisors and clients on Morningstar Wealth’s TAMP will be able to have their accounts transitioned to AssetMark’s platform, which provides industry-leading service, advisor technology, business consulting, and a carefully curated set of investment strategists. Morningstar Wealth will continue to manage the investment strategies of the transitioned assets on AssetMark’s platform. Financial advisors currently working with AssetMark will gain access to a wide range of model portfolios and SMAs managed by the Morningstar Investment Management team, which has over $290 billion of assets under management and advisement globally. Morningstar Wealth will join the AssetMark platform as a third-party strategist and continue to expand its lineup of investment services that meet the needs of advisors and their clients. Why is Morningstar doing this deal? This alliance allows each party to lean into its relative strengths: Morningstar Wealth in leveraging our data and research to deliver a full spectrum of investment products, and AssetMark in providing clients with a best-in-class advisor experience. The Morningstar Wealth TAMP was launched in 2001. The cost of maintaining and improving it is significant, and scale is important for success. In the U.S., we believe the best way to scale our business is to reach more clients with our investment products, and to allow others like AssetMark to own the technology platform. The alliance is expected to bring our professionally managed investments to more advisors across the U.S. in a way that supports profitable, long-term growth. How is the transaction structured? Under the terms of the agreement, AssetMark will make an upfront payment to Morningstar at closing. Morningstar has the potential to receive an additional payment tied to the transition of clients and assets to the AssetMark platform during the 12-month period post- closing, plus upside opportunities for attracting new assets to the AssetMark platform after that time. What are the Morningstar Wealth product implications? After the transaction closes later this year, we will begin to sunset our U.S. TAMP. We remain committed to Morningstar Wealth as a growth driver for the company over the long term, and our goal is to continue to build assets in investment strategies distributed on third-party platforms as well as on our International Wealth Platform to support the segment’s revenue growth and improved profitability. Other offerings under Morningstar Wealth, including Office, ByAllAccounts, Investor, and international products, will also continue operating as usual. With the transaction, we will have a focused investment management business in the U.S. without the complexity of a legacy platform, which has faced secular headwinds. We’ll also focus on our International Wealth platform, which came out of our 2022 acquisition of Praemium's international operations. In the UK, in particular, we are gaining share as a challenger with growth in line with our expectations. We've also had success cross-selling Morningstar Investment Management products to existing clients on the International Wealth platform, creating a significant opportunity for growth. Why is AssetMark the right fit? We share a common culture and ambition to empower advisor growth and investor success. What is the expected financial impact for the Morningstar Wealth segment? We expect to see a reduction in revenue post-closing from fees related to our TAMP. We also expect to maintain certain operating costs (and incur other one-time costs) through the transition period which will wind down as clients and assets transfer to AssetMark. Once the 12- month transition period has concluded, we expect to see a positive run-rate impact on adjusted operating income for Morningstar Wealth, as planned cost reductions will more than offset lower revenue. How does this change your proposition for advisors and wealth managers? Advisors are central to our mission of empowering investor success. Morningstar has a long history of supporting advisors and wealth managers directly and indirectly to deliver personalized advice through our content, technology, and investment products. Today we serve approximately 300,000* advisors directly through our proprietary data, APIs, investment strategies, or workflow software such as Advisor Workstation, and we serve another estimated 125,000 unique advisors indirectly by integrating our data, strategies, managed accounts, and capabilities with third parties. As we look ahead in North America, we are leaning into the parts of the advisor workflow where we believe the clarity of Morningstar’s data and research intelligence adds the most value. That’s primarily in proposal creation, investment research, investment management, and

Morningstar Wealth and AssetMark Strategic Alliance Frequently Asked Questions © 2024 Morningstar. All Rights Reserved. retirement services. We see good growth opportunities with independent advisors as well as broker dealers in these areas. For other parts of the advisor workflow, we’ve been making it easier to team with third parties, both on our own platform and on others’. Advisor Workstation, for example, recently integrated with iCapital to enable side-by-side reviews of traditional and alternative investments and with Luma Financial Technologies to bring users structured product data and analytics. In the U.S., our newly announced alliance with AssetMark is the latest example of how we’re teaming up to support other parts of the advice journey. In our international markets, we will do all this but also continue to operate and invest in the fast-growing International Wealth Platform to support advisors’ end-to-end workflow. What is the purchase price and total consideration for the transaction? Under the terms of the agreement, AssetMark will make an upfront payment to Morningstar at closing. That payment will be determined by the value of TAMP assets being assigned at closing. If assets are above a minimum threshold, Morningstar will receive $65 million. That amount is subject to a downward revision, with a floor, if closing asset value is below the threshold. As of June 30, the expected value of the assets being transferred exceeds this minimum threshold. Morningstar has the potential to receive an additional post-closing payment tied to the successful transition of clients and assets to the AssetMark platform through the 12-month period following closing. Assuming current asset values, this payment would total approximately $35 million, which is subject to both upward and downward revision. Why is Morningstar not transferring its assets outside the US to a third-party platform? Is there something structurally different in markets outside the US (particularly in the UK) which makes it financially more attractive for Morningstar to continue to run its own wealth platform? We remain committed to our International Wealth Platform. It is a challenger platform that’s gaining market share from larger incumbents in the U.K. and helping to drive flows to Morningstar Managed Portfolios, supporting Morningstar Wealth revenue growth. What is the financial impact of the transaction in 2025 and 2026? We expect to see a reduction in revenue post-closing from fees related to our TAMP. Assuming the transaction closes at the end of 2024 and based on today’s run-rate revenue and assumptions about the transition, we expect a net revenue decline of approximately $13 million in 2025 related to the loss of TAMP revenue offset by interim service fees from AssetMark. As we expect to maintain certain operating costs through the account transition period, we do not expect to fully offset the net revenue loss in 2025. Once the transition period has concluded, we expect to see a positive run-rate impact on adjusted operating income in 2026 for Morningstar Wealth, as planned cost reductions will more than offset lower TAMP revenue after the transition. What fee does Morningstar expect to charge to those clients on the TAMP platform for using its model portfolios via the AssetMark platform going forward? Is this lower than the current average basis point fee in the investment management business? For accounts on the TAMP, we currently charge a platform fee (which covers the services offered on the TAMP) and an investment management fee for investing in Morningstar Managed Portfolios. Following the transition to AssetMark, we’ll receive a negotiated strategist fee associated with assets invested in Morningstar Managed Portfolios but will no longer receive a platform fee. The fee will vary based on the investment strategy and is comparable to strategist fees we collect from other third-party platforms. What is the anticipated impact on Morningstar Wealth’s assets under management and advisement (AUMA)? As of June 30, 2024, TAMP assets totaled slightly more than $12 billion. The total assets transferred to AssetMark at closing and through the end of the transition period will vary depending on net flows and market performance. We include assets invested in our investment strategies offered on third-party platforms in AUMA and assets that are transferred to AssetMark but stay invested in Morningstar Managed Portfolios will continue to be included in the AUMA we report. We will receive a negotiated fee on these assets. *Previously disclosed numbers of advisor clients have not included Direct Compass users or advisors who directly access data or APIs outside of our software products. This document 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 Wealth and AssetMark Strategic Alliance Frequently Asked Questions © 2024 Morningstar. All Rights Reserved. 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.