Morningstar Q&A: no comment on transformative M&A; board refreshment continues with Bramman addition

Morningstar, Inc.

Questions cite Semafor report that Bloomberg may pursue an IPO or other transaction and a report S&P may spin out Capital IQ Pro.
Morningstar declined to comment on potential transactions; says it evaluates building, partnering, or acquiring to add capabilities and create synergies.
Capital allocation unchanged: preserve strong balance sheet, invest in organic growth, pursue acquisitions, grow dividend over time, repurchase opportunistically.
Board: four of eight independent directors have served 10+ years; five new directors added since 2017; Anne Bramman joined early 2026, ex-CFO at Circana, Nordstrom, Avery Dennison, Carnival.
Mandatory retirement age 73 applies after 10 years of service; Gail Landis, after 13 years, did not stand for re-election at the 2026 annual meeting.

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