Good day, and welcome to the MSCI second quarter 2026 earnings conference call. This press release, along with an earnings presentation, are available on our website, msci.com, under the Investor Relations tab. You'll find a reconciliation of our non-GAAP measures to the equivalent GAAP measures in the appendix of the earnings presentation. Important information regarding our use of operating metrics such as run rate and retention rate are available in the earnings presentation.
In the second quarter, MSCI delivered very strong financial results along with an acceleration in run rate growth in both index and private assets, our two key engines of growth in the company. We also showed strength in recurring net new sales across client segments and geographies despite continued challenges in sustainability. Meanwhile, record ETF and non-ETF AUM balances in products linked to MSCI indices help us achieve our best ever asset-based fee run rate. MSCI is building momentum in the second half of 2026 with a strong pipeline of opportunities and exciting AI-fueled innovation.
MSCI's Q2 financial metrics included organic revenue growth of over 12%, adjusted EPS growth of nearly 19%, and adjusted EBITDA growth of 14%. Our Q2 operating metrics included total run rate growth of 12%, fueled by ABF run rate of $948 million, growing 25%. This reflected record AUM levels in both ETF and non-ETF products linked to MSCI indices, supported by another quarter of solid inflows of nearly $40 billion in ETF linked to MSCI indices. Turning back to our Q2 performance, MSCI achieved organic subscription run rate growth of over 8% with a retention rate of over 95%.