Slides
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Mark Begor Chief Executive Officer
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3 PROPRIETARY |PROPRIETARY This presentation contains certain forward-looking information, including 2025 guidance and our long-term financial framework, to help you understand Equifax and its business environment. All statements that address operating performance and events or developments that we expect or anticipate will occur in the future, including statements relating to our future operating results, improvements in our IT and data security infrastructure, the expected financial and operational benefits, synergies and growth from our acquisitions, our strategy, our long-term financial framework, changes in the U.S. mortgage market environment, as well as changes more generally in U.S. and worldwide economic conditions, such as changes in interest rates and inflation levels, and similar statements about our financial outlook and business plans, are forward-looking statements. We believe these forward-looking statements are reasonable as and when made. However, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in our 2024 Form 10-K and subsequent SEC filings. As a result of such risks and uncertainties, we urge you not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking Statements
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4 PROPRIETARY |PROPRIETARY This presentation contains certain non-GAAP financial measures, including Adjusted EPS, Adjusted EBITDA, and Cash Conversion, which reflect adjustments for certain items that affect the comparability of our underlying operational performance. Adjusted EPS is defined as net income adjusted for acquisition-related amortization expense, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment and realignment of resources and other costs. All adjustments are net of tax, with a reconciling item with the aggregated tax impact of the adjustments. Adjusted EBITDA is defined as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items. Adjusted Net Income is defined as net income adjusted for certain one-time items. Free Cash Flow is defined as the cash provided by operating activities less capital expenditures. Cash Conversion is defined as the ratio of Free Cash Flow to adjusted net income. Local currency is calculated by conforming the current period results to the comparable prior period exchange rates. Local currency can be presented for numerous GAAP measures, but is most commonly used by management to analyze operating revenue without the impact of changes in foreign currency exchange rates. Organic revenue growth is defined as revenue growth, adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period. This adjustment is made for 12 months following the acquisition. Organic Non-Mortgage revenue growth is defined as revenue growth within our Non-Mortgage verticals adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period. This adjustment is made for 12 months following the acquisition. These non-GAAP measures are detailed in reconciliation tables which are included with our earnings release and are also posted at www.equifax.com under "Investor Relations/Financial Results/Non-GAAP Financial Measures.” Non-GAAP Disclosure Statement
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5 PROPRIETARY |PROPRIETARY ✓7-10% Organic Growth ✓1-2 pts Revenue Growth from Bolt-on M&A ✓8-12% Total Revenue Growth ✓50 BPs Margin Expansion / Year ✓Investing ~$1B / Year in Growth CapEx and Bolt-on M&A ✓~$1B+ / Year Returned to Shareholders in Dividend Growth and Buyback STRATEGIC PRIORITIES The NewEFX Strategic Priorities
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6 PROPRIETARY |PROPRIETARY Total The NewEFX… Faster Growing, Higher Margins EFX Growth Engines ✓ Post-Cloud Leverage ✓ More Data… EFX and Partners ✓ Innovation and NPIs ✓ AI-powered Solutions ✓ Multi-Data Solutions… The Work Number® Report Indicator ✓ Growth Verticals… Government, Talent, ID&F ✓ Bolt-on M&A ✓ Mortgage Market Recovery Non-Mortgage YOY C$ % Revenue Growth 8-12% 8-12% 6% 4% 10% ~6% 20% 10% 9% ~6% Higher Growth, Higher Margins, Free Cash Flow Accelerating YOY C$ % Revenue Growth Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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7 PROPRIETARY |PROPRIETARY VI 10% The NewEFX LT Financial Framework LT Financial Framework NewEFX Organic revenue growth 7-10% M&A contribution 1-2% Total growth 8-12% EBITDA% margin improvement +50 bps Cash EPS growth 12-16% Dividend yield ~1% Annual shareholder return 13-18% Cash conversion 95%+ EWS 13-15% INTL 7-9% LTFF Rev Growth Higher Growth / Margins… Free Cash Flow Accelerating… Return Cash to Shareholders USIS 6-8% Note: This slide contains forward-looking information. Actual results may differ materially from our historical experience and our present expectations or projections. Cash Conversion defined as Free Cash Flow as a percentage of Adjusted Net Income and Annual Shareholder Return defined as Cash EPS + Dividend Yield.
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8 PROPRIETARY |PROPRIETARY NewEFX Focused on a ~3x Larger Market Penetration in Big TAMs and EFX Growth Levers Driving Top Line Traditional Credit Bureau NewEFX $17B $50B+ TAM Government $5B Talent $5B ID & Fraud $19B USIS Credit w/ TWN Indicator ++ NPI and Innovation ++ EFX.AI™ ++ Big EFX Penetration / Share Plays
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9 PROPRIETARY |PROPRIETARY Big Market Trends Favor EFX Key Macro Trends Trend Cloud Native Scale Data Market Growth Share / Penetration Customer Engagement Digital… Always On ++ ✓ More Data ++ ✓ ✓ Innovation, NPI ++ ✓ ✓ ✓ ✓ AI Driving Performance ++ ✓ ✓ ✓ ✓ Government Growth ++ ✓ ✓ ✓ Talent Growth ++ ✓ ✓ ✓ ✓ Global Scale + ✓ Mortgage Market Recovery ++ ✓ EFX Positioned to Take Advantage of Market Trends EFX Growth Levers
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10 PROPRIETARY |PROPRIETARY ✓Always-on stability ✓Speed and performance ✓Real-time insights and data fabric ✓Technology cost savings ✓Faster NPI innovation ✓Global products Invested $3B Over Past 7 Years in EFX Cloud ✓ New Cloud-native Tech ✓ Single Data Fabric ✓ Global Platforms ✓ Products in Cloud Pivoting from Building to Leveraging the Equifax Cloud $3B The Equifax CloudTM ✓EFX.AI powering solutions ✓Multi-data solutions ✓More data – partners ✓Faster onboarding ✓Faster M&A integration ✓Industry-leading security
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11 PROPRIETARY |PROPRIETARY Individuals in EFX Data Assets Scale, Differentiated EFX Data Assets 245M+ 138M1 200M+ 120M+ U.S. Credit File Specialty Finance Telco / Utility The Work Number Commercial U.S. business identities Commercial tradelines Leasing tradelines 67M+ 180M+ 15M+ Merchant Data Network Merchants Annual transactions 2.5M+ $1.6T+ Incarceration Records ~200M Consumer Spend Payment transactions Payments ~18B ~$1.5T Wealth Anonymized assets + investments $30T+ ID & Fraud Emails Phone Numbers Addresses Devices 950M+ 650M+ 790M+ 2.3B+ Partners… Education Consumer Consent Industry Leading Portfolio of Proprietary Data Assets at Scale Note: Data as of Q1 2025. Specialty Finance includes DataX and Teletrack. All counts are U.S. except ID&F counts which are global. 1. Reflects individuals with Active Employment Records on The Work Number.
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12 PROPRIETARY |PROPRIETARY NPI in EFX DNA ✓ More differentiated data... EFX and Partners ✓ Multi-data... TWN Indicator ✓EFX.AI driving performance lifts ✓Trended, historical data ✓Orchestrated solutions ✓Multi-market products... expand across geographies Innovation Accelerating Post-Cloud Note: Vitality Index is percentage of revenue in a given year derived from new product releases over the prior three years and the current year. Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Post-Cloud NPIs Driving Customer Engagement and Growth 10% LT Goal Vitality Up 2X Post-Cloud
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13 PROPRIETARY |PROPRIETARY EFX.AI Delivering Higher Performance and Growth EFX.AI Delivering Higher Performance Big Performance Lifts1: Better at predicting risk and reducing fraudAI Algorithms ✓ EFX.AI ✓ Unique explainable solutions ✓ 300+ AI patents granted and pending + AI Infrastructure ✓ Advanced Model Engine + Google Vertex integration ✓ Generative AI agents + process automation agents (U.S.) OneScore Commercial (Global) Omniscore (U.S.) Synthetic ID 3.0(AUS) OneScore (CAN) Mortgage Attrition Score (U.S.) OneScore Consumer 35% Improvement in fraud capture 40% Improvement in chargeback capture 35% Uplift in fraudulent applications detected 50% Reduction in bad balances lift with AIlift with AI lift with AIlift with AI for thin files 1. Improvement in model performance, based on KS.
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14 PROPRIETARY |PROPRIETARY Bolt-on M&A to Strengthen EFX Core Clear Bolt-on M&A strategy and criteria 1. Differentiated, proprietary data assets 2. Strengthen and broaden EWS 3. Grow in ID & Fraud 4. International Platforms Strategic Priorities 1. Accretive revenue and margins 2. EPS accretive 3. Leverage the EFX Cloud Accretive Financial Criteria 2018 2019 2020 2021 2022 2023 1-2% of Revenue Growth from Bolt-on M&A… Over $4B in the Past 7 Years
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15 PROPRIETARY |PROPRIETARY CapEx Declining with Cloud Completion… NPI Investments Expanding NPI Leveraging EFX Cloud a Key Driver to Future Growth CapEx Investment CapEx 6% 11% 8% 6-7% NewEFX9% $185M $585M $496M ~$480M Pre-Cloud 2023 2024 2025G Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Product / Platform Transformation / Infrastructure Other CapEx Investments % of Revenue
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16 PROPRIETARY |PROPRIETARY Strong Post-Cloud FCF Drives Investment in EFX and Cash to Shareholders Long Term Capital Allocation Framework NewEFX Maintain strong balance sheet 2.5 - 3x leverage Invest in EFX growth $1-$1.2B/year Investment in EFX Growth - CapEx for growth 6-7% of revenue (~$500M+/yr) - Bolt-on M&A 1-2% of revenue (~$500-$700M/yr) Strong return of cash to shareholders ~$1B+/year (Avg) ‘26 - ‘30 - Dividend - +28% increase to $0.50 / share - Grow annually approx. in line w/ growth in Adj EPS - 20-30% payout ratio of Adjusted Net Income - Share Repurchase - $3B Multi-year Share Repurchase Program / expect to execute over ~4 years - Consistently in market / at least offset employee plan dilution - Flex up/down based on M&A / market conditions Free Cash Flow $516M $813M ~$900M 62% 89% ~95% Cash Conversion $1.6B+ ~95%+ 2023 2024 2025G 2030 Scenario NewEFX… Dividend Growth in line with Earnings, $3B Buyback Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Note: 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. Equifax organic revenue growth of 8.5% and growth from acquisitions of 1.5% per year, on average. Equifax EBITDA margins expand 50 bps per year, on average. 95% Cash Conversion rate, on average.
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17 PROPRIETARY |PROPRIETARY ~$1.2B Incremental Growth from Mortgage Market Recovery EFX Mortgage Hard Credit Inquiries Down ~50% vs. 2015-19 ~$1.2B Opportunity When Mortgage Market Recovers2 ~$1.2B ~$2.4B ~$1.2B opportunity Investing on Right Levers for EFX Growth... Mortgage Recovery Will Drop Through to Investors 1. Hard Pulls do not include soft pulls (including PreApproval or PreQualification) 2. Opportunity based on 2025 price, product, penetration, records Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Mortgage Market Credit Inquiries – Hard Pulls1
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18 PROPRIETARY |PROPRIETARY Subscription Revenue Growth Led by EWS ✓Government, Talent, Employer Services ✓Consumer subscription growth in USIS and International Subscription (% of total revenue) Subscription Revenue Growing Changing Mix and EFX Focus Driving More Subscription Revenue Non-subscription (% of total revenue) Total EFX Revenue ~$6.0B $5.1B 25%+ ~20% <75%~80% Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. ~65% EWS ~20% INTL~15% USIS 2022 2025G Subscription Revenue CAGR ~14%
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19 PROPRIETARY |PROPRIETARY Consumer Friendly at Every Touch Point Solve Consumer Problems, Drive Engagement Premier Dashboard Regulated Dashboard Reimagined Credit Report Optimal Path™New myEquifax™ App
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20 PROPRIETARY |PROPRIETARY Strong NewEFX Growth 8-12% Growth + Mortgage Market Recovery… Expanding Cash to Shareholders EFX Growth Engines ✓ Post-Cloud Leverage ✓ More Data… EFX and Partners ✓ Innovation and NPIs ✓ AI-powered Solutions ✓ Multi-Data Solutions… TWN Indicator ✓ Growth Verticals… Government, Talent, ID&F ✓ Bolt-on M&A ✓ Mortgage Market Recovery Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 1. 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. Equifax organic revenue growth of 8.5% and growth from acquisitions of 1.5% per year, on average. Equifax EBITDA margins expand 50 bps per year, on average. 95% Cash Conversion rate, on average. 2025G2020 2030 Scenario1 2030 Scenario with Mortgage Market Recovery The NewEFX MTG Recovery Revenue, % Revenue Growth $4.1B +17% ~$6B+ ~5% vs. 2024 ~$9.6B+ ~10% CAGR vs. 2025G ~$10.8B+ ~12.5% CAGR vs. 2025G
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21 PROPRIETARY |PROPRIETARY Mark Begor Chief Executive Officer Jamil Farshchi Chief Technology Officer John Gamble Chief Financial & Operations Officer Kate Walker Chief Marketing & Communications Officer Julia Houston Chief Legal Officer Helping people live their financial best Trevor Burns Senior Vice President Corporate Investor Relations Patricio Remon President International Chad Borton President Workforce Solutions Sunil Bindal Chief Corporate Development & Strategy Officer Carla Chaney Chief Human Resources Officer Cecilia Mao Chief Product Officer Harald Schneider Chief Data & Analytics Officer Jeremy Koppen Chief Information Security Officer NewEFX Leadership
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22 PROPRIETARY |PROPRIETARY NewEFX Strong Post-Cloud Momentum on Growth, Customers, and New Products Confident in 8-12% LT Financial Framework and 50 BPs annual margin expansion New OnlyEquifax™ solutions combining The Work Number and Credit Strong EWS Growth and Margins in big Government and Talent TAMs Investing in CapEx for Growth and Bolt-on M&A to strengthen core Returning cash to shareholders via Dividend / Buyback $1.2B revenue upside from Mortgage market recovery 1 Cloud delivering competitive advantage and New Products powered by EFX Differentiated Data and EFX.AI Strong Team fully focused on growth, customers, and New Products 3 5 7 8 6 4 2
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23 PROPRIETARY |PROPRIETARY John Gamble Chief Financial & Operations Officer Jamil Farshchi Chief Technology Officer Harald Schneider Chief Data & Analytics Officer Chad Borton President Workforce Solutions Patricio Remon President International Joel Rickman GM U.S. Mortgage and Verifier Cecilia Mao Chief Product Officer NewEFX Investor Day Speakers
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Jamil Farshchi Chief Technology Officer
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25 PROPRIETARY |PROPRIETARY ✓100+ siloed data repositories to a single data fabric ✓Decommissioned 8 mainframes, 39 data centers, and 3,500+ applications – decades of legacy code and assets are now retired ✓Migrated thousands of products and tens of thousands of customers ✓EFX Cloud in 20 markets Cloud-native D&A Company Pivoting from Building to Leveraging Cloud Cloud Revenue ~90% 2021 2022 2023 20242025 EWS Canada USIS Peru, Spain, UK (Consumer) UK (Commercial)
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26 PROPRIETARY |PROPRIETARY ✓ 360-degree view of consumers and businesses ✓ Build once, deploy anywhere – 150 NPI/yr ✓ Common global schemas with permissions and localization for less complexity and latency ✓ Structured data gains value with each new AI model, agent, and API Single Data Fabric – One Global, High-Quality Data Platform, Structured to Accelerate AI Value Data fabric unifies the enterprise’s data (from 100+ data silos) in a single, virtual structure. While preserving data segregation for compliance with regulatory requirements, the structured pipelines smooth the path to AI value Ignite InterConnect® DECISIONS & OUTCOMES ATTRIBUTES, MODELS, & STRATEGIES Data Products DATA & INSIGHTS EFX Data Fabric Data Ingestion Keying and Linking Data Purposing Data Prep Journaling 100+ Data Sources Raw Credit Data Alternative Data Partner Data Data Intel and Catalog Services Cloud-native Foundation for EFX Innovation and NPIs EFX Differentiated Data Income and Employment Data EFX Platforms & Products
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27 PROPRIETARY |PROPRIETARY EFX.AI Connects Data and Platforms ✓ Built on EFX Cloud to enable more reliable, secure, and faster solutions ✓ Leveraging data fabric to create deeper, multi-data insights with unique data ✓ Integrating Ignite and InterConnect platforms to provide the most complete and user friendly experience ✓ Infusing EFX.AI for insights development and agentic AI for policy optimization Automated Deployment Feedback Loop Analytics Activation Intelligence and Policy Strategy Implement and Activate Strategy Deployment Monitoring Actions InterConnectIgnite Data Fabric 100+ Data Exchanges Data Ingestion AI-based Keying & Linking Data Purposing Analytics Sandbox AI-powered Insights Peer & Industry Benchmarking Agentic AI & Recs AI Decision Optimization API + 3rd Party Integrations EFX Cloud
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28 PROPRIETARY |PROPRIETARY Recently, UK reached ~30x better availability after EFX Cloud transformation Always-on Stability for Customer Digital Delivery Cloud Delivering Digital Advantage for Share Gains Globally, accelerated 25% faster response for incidents in last 12 months May ‘24 May ‘25 Improved Stability Better Availability 99.99% 99.70% Multi-Region, Multi-Zone Active-Active Architecture Peak Loads Handled Seamlessly for Customers > 15B Observations per Day EFX Cloud
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29 PROPRIETARY |PROPRIETARY Improved Speed and Performance Faster to Market… Leading in Digital Macro ✓Cloud-native tool chain to build faster on the EFX Cloud: Continuous (blue/green) deployments, Infrastructure as Code, MLOps, secure golden paths ✓Push-button (automated build/test/deploy) pipelines ✓Self-service onboarding and consumption 68% faster mortgage processing 50% more changes shipped ~5x faster data transmission
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30 PROPRIETARY |PROPRIETARY MEAN TIME TO DETECT <1 minute Built-in Security ✓ Security built into technology and products (e.g., security infra-as-code; hardened images) ✓ Open-sourcing, transparent (e.g., CloudControl, controls framework) ✓ Security goals for every employee ✓ Passwordless implementation ✓ End-to-end data encryption ✓ AI-fueled defense EFX Industry Leader in Security Industry Leadership Equifax Financial Services Insurance Professional Services Retail Software Services Healthcare Government Maturity score outpaced all industry benchmarks for the 5th straight year World-class Cyber Operations for top-tier threat detection and response MEAN TIME TO RESPOND 21 minutes
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31 PROPRIETARY |PROPRIETARY Building the EFX Cloud for the Future What’s Next for EFX Cloud ✓ Share gains from always-on and speed ✓ NPI and Vitality ✓ EFX.AI powered solutions ✓ Multi-data and multi-market solutions ✓ More data and faster ingestion ✓ Industry leading security ✓ Built for the future EFX Cloud Driving EFX Top and Bottom Line EFX Cloud
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Harald Schneider Chief Data & Analytics Officer
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33 PROPRIETARY |PROPRIETARY EFX D&A Team: High-Impact Talent Advantage Our Strong D&A Teams are Customer-Focused and Driving Innovation Commercial Team Technology Team Product Team D&A Team EFX Customer ● Delivering NPIs and scores leveraging AI and differentiated data ● Collaborating and co-innovating solutions with customers ● Developing actionable insights for better customer decisions ● Growing differentiated data assets ● Driving AI leadership and literacy ● Driving global strategic innovation ● Delivering best-in-class data management practices ● Developing robust AI governance and data trust frameworks ● Delivering global capabilities like MLOps Enterprise Team BU / Country Teams 1,000+ Global resources, all using cloud-native tools 400+ With advanced degrees 1,800+ Employees with AI training 10+ Years experience of developing proprietary AI 300+ AI patents granted or pending Data and Analytics Talent in EFX
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34 PROPRIETARY |PROPRIETARY Differentiated Data and EFX.AI Drive Scaleable Competitive Advantages AI Capabilities ● Custom built Ignite analytics platform ● Equifax Advanced Model Engine with patented algorithms and compliance guardrails ● AutoML capabilities for fast experimentation ● MLOps pipelines for fast deployment in proprietary scoring platforms ● Algorithms are explainable by design ● Innovation Lab and multiple academic partnerships driving continuous innovation + Consumer & Commercial (Individuals in EFX Data Assets, Wealth) U.S. Credit 245M+ U.S. The Work Number 138M1 U.S. Telco/Utility 200M+ U.S. Specialty Finance 120M+ U.S. Business IDs 67M+ U.S. Wealth Assets $30T+ Leveraging the EFX Cloud and our differentiated data assets, we are applying an AI-first approach across the enterprise Differentiated Data ID & Fraud Annual Payment Transactions ~18B Email Identities 950M+ Our D&A Team Leverages Differentiated Data and EFX.AI to Drive Competitive Advantages Note: Data as of Q1 2025. Specialty Finance includes DataX and Teletrack. All counts are U.S. except ID&F counts, which are global. 1. Reflects individuals with Active Employment Records on The Work Number.
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35 PROPRIETARY |PROPRIETARY Cloud-native K&L Improves Hit Rates and Accuracy Continued Big Investments in Cloud K&L Capabilities to Expand EFX Data Advantage ✓ NewEFX Cloud K&L capabilities provide meaningful uplift compared to legacy solutions ✓Higher hit rates and accuracy allow customers to receive more records for their inquiries ✓More depth of data allows us to move consumers from thin to thick files ✓Further differentiation through advanced and patented EFX.AI approaches U.S.1 TWN2 ANZ3 CAN4 +7 BPs +92 BPs 1. Core Consumer Credit Volume 2. Based on non-SSN inquiries using representative simulation +100 BPs +290 BPs Keying & Linking: accurately linking diverse data to unique entities, such as consumers or businesses, through proprietary AI-powered algorithms operating on Equifax extensive data assets Hit Rate Improvement Case Studies in Cloud (Cloud-native data fabric K&L vs Legacy K&L) 3. Based on comparison to legacy consumer credit environment 4. Includes both direct to consumer and customer inquiries
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36 PROPRIETARY |PROPRIETARY Data + AI = Performance and ROI Differentiated Data + EFX.AI = Better Predictiveness Applying our AI capabilities to our unique data has already resulted in significant performance improvements lift with AI lift with AI lift with AI lift with AI for thin files lift with AI lift with AI (U.S.) OneScore Consumer (U.S.) OneScore for AltFi (U.S.) OneScore Commercial (U.S.) Telco NeverPay Model (AUS) OneScore Consumer (BR) OneScore Consumer
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37 PROPRIETARY |PROPRIETARY EFX Delivering Performance Through Expanded EFX.AI Innovation, Leveraging EFX Cloud and Differentiated Data Assets AI is the Next Chapter of EFX – Helping Our Customers Win Providing better predictiveness by using AI algorithms in all models 2023 2025 Models Using AI %1 ~75% ~100% Leveraging AI in products for better customer insights and optimized end-to-end decisions 2023 2025 AI NPI %2 26% ~58% Continuously expanding model portfolio for new use cases (e.g., First Party Fraud, Affordability) 2023 2025 AI Vitality Index %3 26% ~86% 1. Based on new models 2. Based on 2023 vs. 2025 YTD product class year 3. Based on revenue from product categories where AI is applicable for class year 2023 vs. 2025 YTD Highly predictive fraud and credit risk models✓ Customized AI-driven insights for each customer✓ Faster NPI at global scale✓ GenAI agents for data mgmt. and operations✓ AI agents for software development✓
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Cecilia Mao Chief Product Officer
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39 PROPRIETARY |PROPRIETARY NPIs Driving Growth and Customer Position ✓ Vitality measured with rigorous criteria of NPI qualification ✓ Monthly reporting by Business, Vertical, Country ✓ Culture of Innovation reinforced by MBOs and compensation ✓ Reviewed quarterly with Board and Investors ✓ Global Product Leadership team to drive cross-business best practices and processes ✓ Local teams in each Business, Vertical, Country, close to customers ✓ Experts in Verticals… Card, Auto, Mortgage, Talent, Government, ID & Fraud Innovation is a Critical EFX Competency and Process Vitality Index Increased Product Resources 10% ~250 ~600
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40 PROPRIETARY |PROPRIETARY Innovation and NPIs Owned by Entire EFX Team Product is a Team Effort with the Customer in Center Customer Looking for innovation to drive better performance, higher approval rates, lower losses, improved ROI Commercial Team Product Team Technology Team D&A Team Links customer problems to only EFX innovation~1,400 Leads product development with voice of customer~600 Builds cloud-native products leveraging global platforms~4,500 Creates EFX.AI models, scores, and decisions on unique EFX data~1,000 Resources D&A Team Technology Team Product Team EFX Customer Commercial Team
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41 PROPRIETARY |PROPRIETARY EFX Cloud, Single Data Fabric and Global Platforms Unleash Product Opportunities EFX Differentiated Data, Platforms, and AI Drive Unique Solutions EFX Data Fabric EFX Tech Platforms / Products InterConnect Ignite EFX.AI Data Products Models Scores EFX Solutions Originations Identity Fraud and Compliance Marketing Account Management Collections and Recovery Credit Telco & Utility Incarceration Wealth Specialty Finance Transactions & Payments Income & Employment Fraud EFX Product Verticals
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42 PROPRIETARY |PROPRIETARY Ignite / InterConnect… Core Global Analytics and Decisioning Platforms Driving Product Innovation Full suite of analytic and decisioning global platforms and capabilities with embedded AI capabilities, driving product innovation and speed-to-market ANALYTICS TO PRODUCTION (A2P) FEEDBACK LOOP Equifax Ignite® Analyze InterConnect® ActivateInsights development Attributes Modeling Decisioning Rules editor Keying and Linking Equifax Ignite link Data access Insight gateway Attributes Modeling Decisioning Rules editor Data access ✓ Rapid access to multi-source data, insights and benchmarks More predictive insights to business uses and data scientists ✓ Streamlined model deployment Accelerate analytics-to-production ✓ Explainable, adaptive AI techniques Drive better performance with trust ✓ Integrated global Ignite and InterConnect platforms Seamless activation and real-time execution ✓ Pre-integrated data sources and orchestrations Speed to value of most common use cases ✓ Flexible engagement models, powered by InterConnect Out-of-box decisions, configurable decisions, or fully customizable platform Across both these platforms… ✓ Feedback loop enables continuous monitoring, refinement of analytics and strategies ✓ Keying and Linking connects disparate data across multiple environments and sources for a single view of consumers and businesses Equifax Ignite InterConnect
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43 PROPRIETARY |PROPRIETARY EFX Cloud and Product DNA Driving Speed and Scale of Innovation Minimal Speed to Market Improved by ~60% (Days) USIS Multi-Data Products at ~50% (% Total products) Multi-Market Products Up 3x (% Total products) Vitality Index Up 2X (% of Revenue from NPIs) NPIs Launched Up 60% (# NPIs / year) < More NPIs, Multi-Data, Multi-Market, Faster to Market ~ ~ ~~ ~ ~
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44 PROPRIETARY |PROPRIETARY Higher impact for customers ✓Faster time to value ✓Higher approval rates ✓Lower losses ✓Lower fraud ✓Higher identity pass rates EFX Differentiated Data and EFX.AI Drive Product Performance Product Features 1 2 3 4 5 6 More differentiated data Multi-data… Credit + The Work Number EFX.AI Trended, historical data Orchestrated solutions Multi-market products
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45 PROPRIETARY |PROPRIETARY Personalized, AI-driven solution empowering consumers to reach their credit goals while fostering deeper engagement and loyalty for brands providing it Equifax Ignite® Product Showcases An identity, payments, and AML compliance platform that brings together best-in-class solutions for each stage of the user journey Kount® 360 Next-generation risk score pairing industry-leading, traditional consumer credit attributes with differentiated alternative data sources OneScore Optimal Path™ Improved business decisions and user experiences through the use of AI for real-time, data-driven answers, unlocking insights and empowering customers Helping government agencies more efficiently verify income by expanding access to additional income types beyond W-2 based employment verification Complete Income™ ● EFX Cloud ● EFX.AI ● EFX Cloud ● EFX.AI ● Proprietary, differentiated data ● Alternative data ● Data fabric ● Advanced Keying and Linking ● EFX Cloud ● Proprietary, differentiated data ● Alternative data ● Data fabric ● EFX Cloud ● EFX.AI ● Proprietary, differentiated data ● Alternative data ● Data fabric ● Advanced Keying and Linking ● EFX Cloud ● EFX.AI ● Proprietary, differentiated data ● Alternative data Multi- market Multi- market Multi- market Multi- market ● Data fabric ● Advanced Keying and Linking
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Chad Borton President, Workforce Solutions
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47 PROPRIETARY |PROPRIETARY NewEFX Strong 13-15% Growth With 50%+ EBITDA Margins 1 2 3 4 Big Growth Verticals: Government and Talent Penetration: $15B TAM primarily replacing manual verifications Records: Growth via partners, direct records, and consumer consented in W-2, non-traditional, pension Customer Engagement: Close collaboration, voice of customer Product Innovation: Including new features, use cases, integrated power of The Work Number + USIS Price for Value: Incentivized growth structures 5 13-15% Annual Growth $2.0B $2.3B $2.3B $2.4B ~$2.6B Revenue Growth Drivers Workforce Solutions Driving 13-15% Long-term Growth 6 Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. EBITDA 55% 51% 51% 52% ~50.5%
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48 PROPRIETARY |PROPRIETARY Equifax helps people live their financial best. Workforce Solutions delivers people data that powers the moments that matter most. From accessing gov’t benefits to buying a new home or car, securing a new job, or staying safe in their community. TotalVerify™ LINES OF BUSINESS Customer-centric, seamless, innovative solutions across key markets that accelerate quality outcomes. Maximize penetration in existing and expand into new market segments with product innovation Government Talent Employer Services Mortgage Lending Workforce Solutions Strategic Approach
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49 PROPRIETARY |PROPRIETARY Government $5.0B Talent Solutions $5.0B Employer Services $2.0B Mortgage & Housing $1.5B Lending $1.5B Total $15B ~15% 85% ~10% 90% ~20% 80% X% X% ~40% 60% ~20% 80% $15B ~$2.6B ~$12B Equifax Manual / No Verifications / Other Players EFX Growth Verticals in Big TAMs – Government and Talent Big $15B TAM Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Equifax market share is on the basis of transactions we were able to fulfill / for which had the specific record
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50 PROPRIETARY |PROPRIETARY Fast Growth Outside Financial Services and Growing Subscription Revenue Diverse Revenue Portfolio Between Financial and Non-financial Services ~$2.6B Government Mortgage Lending Talent Solutions Employer Services Financial InstitutionsNon- Financial Institutions Subscription1 Transactional Vertical Diversity Revenue Diversity 1. Contracts that are Subscription-based or have contractual minimum spend Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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51 PROPRIETARY |PROPRIETARY Supply Networks Demand Networks and ServicesDigital and Data Capabilities 751M The Work Number Records 4.4M Contributors 770M Incarceration & Court Records Employers Non-traditional Workers Employer Services Government Incarceration Data Talent Solutions Mortgage Lending Alliance Partners Education Data Data Contribution Verifications and Insights Inquiries 500M The Work Number Inquiries 70M New Hires 90M Government Benefit Recipients Unique Dual-sided Business Model Driving Growth EFX Cloud
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52 PROPRIETARY |PROPRIETARY The Work Number Delivers Speed, Accuracy, and Productivity Verifications Powered by The Work Number Consumer- Employee Consumer Application Verifier Inquiry Verifier Decision Verification from The Work Number Count on The Work Number to Deliver ✓ Speed to decision-making ✓ Accuracy harnessing Payroll Data ✓ Productivity for Lenders, Background Screeners and Government Agencies Strong Coverage with 191M Active Records, 751M Total Records, and 4.4M Employers The Work Number provides an FCRA-governed and frictionless process that delivers significant value for all stakeholders Backed by industry-leading Security and Technology
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53 PROPRIETARY |PROPRIETARY Key Growth Drivers ✓ Dedicated Data Acquisition Team ✓ Expanding to over 60+ Data Partnerships ✓ Growing 13K Direct Employer Contributors Total Records 371M 419M 463M 537M 604M 657M 734M 751M Active SSNs 73M 84M 91M 105M 114M 124M 137M 138M Contributors 0.02M 0.6M 1.0M 2.5M 2.6M 3.0M 4.2M 4.4M Compelling Contributor Value Prop: Security, Privacy, Control at No Cost Strong Record Growth for The Work Number The Work Number Active Records (M) CAGR 12%
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54 PROPRIETARY |PROPRIETARY Long Runway for The Work Number Record Growth Traditional Income Non-traditional Income Pension Non-working Income Total Earners Active 250M 138M People 191M Records Overview of Records Opportunity ✓ Strong Position in Traditional Income ✓ Progress on Pension Income ✓ Significant Growth Opportunity: ○ Non-traditional, e.g., 1099/gig ○ Non-working income, e.g., government benefits, investment income Big Opportunity to Grow Records Record Opportunity
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55 PROPRIETARY |PROPRIETARY Long Runway for The Work Number Record Growth Total Earners Active 250M 99M People Current 111M Records 138M People 191M Records Current Records ✓ Active records reflect how employers report employees ✓ Current records have been paid in the last 35 days ✓ Current records more closely aligns to The Work Number verifier demand and revenue Big Opportunity to Grow Records Record Opportunity Traditional Income Non-traditional Income Pension Non-working Income
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56 PROPRIETARY |PROPRIETARY NewEFX 4% 24% Innovation and NPI Fueling Growth Sustained Innovation Powered by the EFX Cloud 23% 15% 1 2 3 14% 10% Elevating our investment in Product Management Expanding Voice of Customer Programs Driving Co-Innovation with customers Leverage Differentiated Data Assets including historical data Workforce Solutions Vitality Index NPI Focus 4 Note: 2022 VI driven by Talent Select All and 2023 VI driven by Mortgage 36
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57 PROPRIETARY |PROPRIETARY Growth Drivers ✓ Leverage The Work Number’s compelling value proposition ○Mitigates $162B in improper payments ○Drives operational cost savings, reduces administrative burden ✓ Penetrate using established footprint across federal, state and local agencies ✓ Expand revenue growth through: ○Increased frequency of usage ○New valuable use cases ○New federal exchanges/programs The Work Number Well Positioned to Improve Program Integrity and Efficiency ~$0.8B $5B State/ Local Federal 2025G TAM Government Growth Potential in Big $5B TAM Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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58 PROPRIETARY |PROPRIETARY Current Administration Focus on Efficiency Medicaid ✓ Community Engagement (i.e., work) requirements ✓ Tighten income verification requirements ✓ Consistent data usage across agencies Supplemental Nutrition Assistance Program (SNAP) ✓ Pushing for reduction in error rates ✓ Enforcement of work requirements Engage with new exchanges/programs: Earned Income Tax Credit (EITC), Do Not Pay, Unemployment Insurance, Department of Education 34% 30% 7% 10% 19% Programs Reporting the Largest Percentage of Government-Wide Improper Payments Estimates for Fiscal Year 2024 Source: GAO analysis of Office of Management and Budget Payment Accuracy gov data | GAO-25-107753 Medicare $54.3B Medicaid $31.1B Earned Income Tax Credit (EITC) $15.9B Supplemental Nutrition Assistance Program (SNAP) $10.5B All Other Programs $49.7B The Work Number Well Positioned to Reduce Improper Payments $162B in Improper Payments Strong DC Focus on $162B in Improper Payments
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59 PROPRIETARY |PROPRIETARY Program # of Recipients Medicaid/CHIP 48M Supplemental Nutrition Assistance Program (SNAP) 24M Temporary Assistance for Needy Families (TANF) 0.5M Earned Income Tax Credit (EITC) 23M Child Support Enforcement 25M Social Security: Disability Insurance, Supplemental Income 15M Focus on State Penetration ✓ Experienced team of local Account Executives nurturing and expanding opportunity across 250+ state programs ✓ Dedicated Government Relations team, supplemented by influential consultants and lobbyists ✓ Strong distribution partnerships ✓ Collaborative relationships with state agencies, including new product development Big Pipeline of The Work Number Opportunities in State Programs 90M Unique Recipients Elevated Focus on Penetration of State Social Service Agencies
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60 PROPRIETARY |PROPRIETARY New Government Solution: Complete Income™ Integrated Workflow for Non-traditional Income from Bank Transaction Data
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61 PROPRIETARY |PROPRIETARY Talent Growth Drivers ✓ Drive verification of employment penetration through increased employer usage ✓ Deploy new pricing constructs to incentivize adoption of additional products ✓ Partner with Background Screeners to bring new products to market, including new segments across the employment lifecycle Big Talent Growth Potential in $5B TAM ~$0.5B $5B Delivering Speed, Accuracy, and Productivity to 400+ Background Screeners Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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62 PROPRIETARY |PROPRIETARY Innovation in Talent: Smart Screen™ Provides a Near-Instant Consumer Report Indicating No Incarceration Records Found Leverages an expansive U.S. incarceration network covering: ~200M incarceration records from over 2,800 county jails and over 2,200 courts With data updated as frequently as every 15 minutes FCRA-governed Consumer Report
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63 PROPRIETARY |PROPRIETARY Employer Growth Drivers ✓ UC, I-9, WOTC, ACA, ... ✓ Amplify and scale PeopleHQ® – an integrated, consumer-inspired platform for Employer solutions ✓ Drive revenue by integrating solutions within Payroll, HCM, and Benefit Admin platforms ✓ Accelerate adoption of employee onboarding solutions including I-9 Anywhere® ✓ Expand records growth through direct relationships with employers Employer Services: Significant Opportunity in $2B TAM Employer Services Customers Contribute More Than 40% of The Work Number Records ~$0.4B $2B Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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64 PROPRIETARY |PROPRIETARY Virtual Completion Complete Section 1 from any device 1 Easily upload verification documents 2 Join video call with virtual completer3 In-Person Completion New hires select from thousands of convenient local locations to meet a trained completer to complete Section 2 or Supplement B (Section 3) ~2K locations across the United States 94% of new hires are within 30 miles of an I-9 Anywhere physical location New hires have a live video call with a trained completer at our U.S.-based call center, during convenient hours, to complete Section 2 Rapid and Growing Adoption of I-9 Virtual Transactions 300K 100K 3X Section 2 Completion with I-9 Anywhere I-9 Virtual Transactions I-9: Simple, Flexible Completion Options Power Growth
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65 PROPRIETARY |PROPRIETARY Big Mortgage & Housing Growth in $1.5B TAM Opportunity for Double-Digit Revenue Growth in Full Mortgage Market Recovery ~$0.6B $1.5B Mortgage Growth Drivers ✓ Expand our existing connector capabilities to support lender workflows ✓ New product offerings to allow lenders greater customization to match their underwriting process ✓ Unique OnlyEquifax™ capabilities driving increased usage through The Work Number Report Indicator Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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66 PROPRIETARY |PROPRIETARY NewEFX Strong 13-15% Growth With 50%+ EBITDA Margins 1 2 3 4 Big Growth Verticals: Government and Talent Penetration: $15B TAM primarily replacing manual verifications Records: Growth via partners, direct records, and consumer consented in W-2, non-traditional, pension Customer Engagement: Close collaboration, voice of customer Product Innovation: Including new features, use cases, integrated power of The Work Number + USIS Price for Value: Incentivized growth structures 5 13-15% Annual Growth $2.0B $2.3B $2.3B $2.4B ~$2.6B Revenue Growth Drivers Workforce Solutions Driving 13-15% Long-term Growth 6 Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. EBITDA 55% 51% 51% 52% ~50.5%
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U.S. Information Solutions
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69 PROPRIETARY |PROPRIETARY ✓ Post-Cloud share gains... Always-on stability, speed, performance ✓ TWN Indicator for Mortgage, Auto, P-Loans, and Card credit files ✓ Accelerate NPI and Vitality to 10% ○ Data combinations ○ AI-powered scores and models ✓ Commercial / SMB growth ✓ Consumer D2C growth ✓ ID & Fraud growth ✓ Ignite penetration USIS Driving 6-8% Growth EBITDA % 37% 34% 35% ~35.5% NewEFX Revenue Growth Drivers Strong Post-Cloud Momentum 40% $1.8B $1.7B $1.9B $1.7B 6-8%~$2.0B Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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70 PROPRIETARY |PROPRIETARY Broad-based Growth Verticals Identity & Fraud Consumer/D2C Commercial/SMB Fintech, FI Risk, Marketing1 Mortgage Applicable Verticals Consumer/ D2C B2B2C, D2C Identity & Fraud FI, Fintech, Mortgage, Retail, Telco, Insurance, Auto, Government Commercial/ SMB FI, Fintech, Telco Mortgage FI, Mortgage, Government Fintech, FI Risk, Marketing1 FI, Fintech, Auto USIS team is on offense with 100% of our post-cloud focus on customers, innovation, new products and growth. 1. Includes Core Credit, Platforms, Credit Marketing (Prescreen, Account Management, Archives) Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. ~$2B ~$19B USIS Revenue 2025G TAM USIS Verticals LT Growth vs. USIS 6-8% + + + = +
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71 PROPRIETARY |PROPRIETARY USIS Pivoting from Building to Leveraging the EFX Cloud Act as One Team, One Equifax Leverage Equifax Cloud Capabilities Drive AI Innovation Expand Differentiated Data Assets Accelerate Innovation & New Products Execute Bolt-on M&A Continue Leadership in Security Put Customers & Consumers First ✓ Legacy technology ✓Siloed data assets ✓Slower time to market ✓Inward focused Strong Team Fully Focused on Growth, Customers, and New Products USIS in the EFX CloudPre-Cloud USIS ✓Always-on stability ✓Speed and performance ✓Real-time insights and data fabric ✓Technology cost savings ✓Faster NPI innovation ✓Global products ✓EFX.AI powering solutions ✓Multi-data solutions ✓More data – partners ✓Faster onboarding ✓Faster M&A integration ✓Industry-leading security
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72 PROPRIETARY |PROPRIETARY Context & Life Events • Firmographics • Demographics • Commercial registrations • Life stages Identity • Personal identifiers and contact info • Device, vehicle, location • Commercial hierarchy • Bank verification USIS Data Competitive Advantage Credit & Capacity • Debt and payment history • Telcom, utility, rent bills • Job status, salary • Collections activity Reputation • Education and licensure • Government watchlists • Criminal activity • Business licenses Deployed $1B+ of capital to drive differentiated assets and growth: EFX Single Data Fabric Assets • Auto • Property • Investments • Deposit accounts Behavior • Credit inquiries • Known fraud • eCommerce transactions • Shopping behavior Core Credit: 245M+ consumers 3.5B+ tradelines Telco/Utility: 200M+ consumers 430M+ accounts Specialty Finance: 120M+ unbanked, underbanked, and credit rebuilding consumers Cash Flow: 95%+ bank account transactions and statement history Wealth: $30T+ anonymized assets and investments E-Commerce Transactions: 5B+ unique transactions Commercial: 67M+ U.S. business identities, 180M+ commercial tradelines 15M+ leasing tradelines The Work Number: 138M U.S. individuals
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73 PROPRIETARY |PROPRIETARY Innovation and NPIs Ramping Post-Cloud Differentiated Data and EFX.AI Driving Innovation 10% LT Goal USIS Vitality Index (%) TWN Indicators, OneScore, Kount 360, Optimal Path, Ignite, OneScore for AltFi, Credit Risk Insights, etc. USIS Product Suite Includes… Comprehensive fraud prevention tool designed for Telcos addressing fraudulent account openings and "device stacking" by leveraging FCRA-compliant fraud prevention, our partnership with NCTUE, and credit-based risk mitigation Telco Velocity Indicator Empowers businesses to deliver personalized offers and achieve faster speed to market by providing real-time insights, flexible delivery options, and dynamic offer capabilities Real-time Alerts ● EFX Cloud ● EFX.AI ● Proprietary, differentiated data ● Alternative data ● Data fabric ● Advanced Keying and Linking ● EFX Cloud ● EFX.AI ● Proprietary, differentiated data ● Alternative data ● Data fabric ● Advanced Keying and Linking
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74 PROPRIETARY |PROPRIETARY 50% improvement in response time always-on capabilities and instant high quality K&L create optimal consumer journeys 10%+ increase in approval rate without additional risk, by migrating to Cloud-native solution 43% response time improvement across their ~100M members after transitioning to the EFX Cloud 21% bank card approvals increase without increasing risk, by leveraging EFX Cloud products and differentiated data Strong Customer Cloud Feedback Leading Personal Finance Company EFX Cloud Driving Growth and Share Gains Moved online to EFX due to Data and Cloud access to new K&L technology, better reliability, and the freshest data Top 3 Regional Bank Major Utility Company Top 3 Financial Institution Top 5 Card Issuer
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Joel Rickman GM U.S. Mortgage and Verifier
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76 PROPRIETARY |PROPRIETARY Achieving unparalleled value by aligning our differentiated data to… Deliver comprehensive customer-centric solutions tailored to lender needs, ultimately increasing customer value by leveraging Equifax differentiated, competitive edge Launch new products that leverage the unique capabilities of USIS + EWS OnlyEquifax... Power of USIS and EWS The Work Number & TotalVerify + Consumer & Commercial Data Workforce Solutions U.S. Information Solutions Credit & Capacity Identity Core Credit Wealth Telco / Utility Specialty Finance Commercial & Small Business Consumer & Commercial Data The Work Number & TotalVerify
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77 PROPRIETARY |PROPRIETARY OnlyEquifax: A Unifying Cross-EFX Strategy Fueling Revenue and Market Expansion Customer-Centric Culture OnlyEquifax Strategy Stronger Alignment Innovative Solutions Sustained Growth Accelerate Revenue GrowthProve Greater Value More than a program, it’s a connected portfolio built on data, powered by the EFX Cloud, and aligned across verticals to drive smarter decisions One Single Team Solution Centric Be an Active Partner Grow our customer relationships by delivering a simple, single experience with our collective teams Deliver comprehensive solutions tailored to customer needs, ultimately increasing customer value by leveraging Equifax differentiated, competitive edge Put our customer at the forefront by first obsessively learning about their business and second how Equifax can help
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78 PROPRIETARY |PROPRIETARY Equifax highly differentiated solutions Meet Thomas - Thomas is a brand new credit card applicant with no history with your bank. That’s ok, Equifax knows Thomas. Consumer Credit 726 Credit Score 13 Total tradelines $22,500 in available credit $180,250 mortgage OnlyEquifax: We Set the Bar for the Most Comprehensive View of Customer Wallets Know your customers better than ever from the first interaction. Asset & Wealth $622,000 estimated net worth Income & Employment ACME $123,200 Annual Income 52 months tenure Commercial Data Small Business Owner Digital Identity Confirmed device belongs to Thomas Specialty Finance No tradelines or applications Telecom/PayTV/Utilities 4 Active Utilities 2 late payments in last 24 months No collections efforts Equifax differentiated solutions
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80 PROPRIETARY |PROPRIETARY Identity Name: Address: Phone: DOB/SSN: Own/Rent: Yrs at address: Digital ID: Natalie Citizen 123 Main St, Town, USA, 12345 555-555-5555 7/3/2001, xxx-xx-1234 ✘ ✘ ✘ Natalie Citizen 123 Main St, Town, USA, 12345 555-555-5555 7/3/2001, xxx-xx-1234 Rent 18 months Confirmed device belongs to Natalie Consumer Credit Credit Score: Total trade Lines: Available credit: Mortgage balance: 797 2 $4,900 n/a 799 2 $4,900 n/a Income & Employment Employer and tenure: Annual Salary Income: ✘ ✘ Super Trader, Investment Company; 18 months $120,000 + $25,000 Bonus Education Institution: Degree: ✘ ✘ Missouri University of Science & Technology Bachelor of Science, Computer Science Degree Specialty Finance Trades Lines: ✘ No Inquiries / No Trades Telecom & Utilities Active Utilities: Late pymnts 24 mo: Collections efforts: ✘ ✘ ✘ 2 0 None Financial Capacity (Household) Est. Assets: Est. Financial Durability: ✘ ✘ $86,500 High Credit Only (1st Lender Sees) The 1st lender saw Natalie’s thin file and denied her application. The 2nd lender leveraged the full Equifax data suite, and confidently approved her for a $10K credit limit. Offered a higher rate to move her savings, and offered additional savings for direct deposit. Equifax Full Data Suite (2nd Lender Sees) EFX Data Advantage What a Lender Sees Changes Everything Natalie applies for credit with 2 different lenders.
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82 PROPRIETARY |PROPRIETARY The Work Number Auto Dealer SolutionMortgage PreQual Solution Pre-Approval Full Application Shopping Firm Application Underwriting Closing Loan Funding Shopping / PreQual Vehicle Selection F&I / Deal Closure The Work Number Dealer F&I ✓Reduces friction early in the process by verifying income at PreQual ✓Streamlines loan processing steps with upfront income data clarity ✓Helps lenders move faster from PreQual to close without manual delays ✓Supports better borrower experience by reducing last-minute surprises ✓Improves dealer efficiency with verified identity and income upfront ✓Helps dealers focus on the right customers using income insights ✓Creates a more complete consumer view to support better credit decisions ✓Streamlines dealer workflows from vehicle selection to loan funding ✓Maximizes value of every credit pull with layered data in a single step Delivered alongside the Equifax Soft Pull credit report at no additional fee Delivered alongside the Equifax Soft or Hard Pull credit report at no additional fee The Work Number Auto Dealer PreQual Full VOI Report Differentiated EFX Credit Solutions Driving Faster, Smarter Lending Decisions with Verified Data Across Mortgage and Auto The Work Number Report Indicator
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84 PROPRIETARY |PROPRIETARY Business Verification Collection Score Consumer Engagement Suite Undisclosed Debt Monitoring Decision Strategy Index Is the person applying for business credit really employed by that company? How likely is it that this consumer will be able to pay this collection account? How can I monitor who accesses my employment and income data? Are there relevant employment events occurring while closing a mortgage loan? What is the best way to combine these products into a single decision flow? The Work Number Indicator Mortgage OnlyEquifax Solutions Reimagine What’s Possible The Work Number Indicator Solutions The Work Number Indicator Auto The Work Number Indicator P-Loan and Card In market Upcoming Early phase internal work
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Patricio Remon President, International
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87 PROPRIETARY |PROPRIETARY 1. Reported revenues Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. ✓ Leading positions in growth markets ✓ Differentiated data ✓ Completing Cloud ✓ Strong NPI DNA ✓ Cross-market product leverage in Cloud ✓ EFX BVS growth in big Brazil market ✓ Bolt-on M&A in new markets and tuck-ins INTL Driving 7-9% Growth NewEFX Growth Drivers 23 Markets... Broad Product and Vertical Diversification EBITDA% 28% 26% 27% 28% ~28.5% $1.1B $1.1B $1.2B $1.4B ~$1.4B Revenue1 7-9%
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88 PROPRIETARY |PROPRIETARY Revenue 2025 Broad Geographic Position in 23 Markets APAC Canada Europe Brazil & LATAM ~$0.3B ~$0.3B ~$0.4B ~$0.4B ~$1.4B EFX International Markets Highlighted Country = EFX Market Dot = EFX office Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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89 PROPRIETARY |PROPRIETARY Revenue 2025 Key Solutions Diversified Lines of Business ✓ Consumer: InterConnect, Equifax Ignite, Lead Gen Insights, Affordability Solutions, Vertical Scores, Portfolio Management, Collections Insights ✓ Commercial: Lending Use Cases, Third Party Risk Management, Cross-Border Solutions, KYB / Compliance ✓ Debt Management: CyberFinancial, TDX ✓ ID & Fraud: ID Verification, KYC / AML, Known Fraud Exchanges, Fraud Insights/Alerts, Transaction Monitoring ✓ D2C: B2C and B2B2C Reports, ID / Fraud Monitoring ~$1.4B Consumer Commercial Debt Mgmt ID & Fraud D2C Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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90 PROPRIETARY |PROPRIETARY Data Advantages Drive Revenue Growth Diversified and differentiated sources of data exist today in all geographies Data fabric for easier ingestion of new data, facilitating diversification and differentiation Keying and Linking to maximize use of the data, create unique insights, and drive revenue AnalyticsID & Fraud CollectionsEmployment & IncomeConsumer Credit Commercial Credit Combining Unique Data Sources to Deliver Differentiated Insights CANADA UK SPAIN LATAM BRAZIL AUSTRALIA / NZ INDIA
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91 PROPRIETARY |PROPRIETARY Uses Data Fabric and InterConnect to serve New-to-Country segment New-to-Country consumers represent almost 10% of credit inquiries in Canada Global Credit Report (CAN, IND, BR) Leverages patented EFX ML techniques including NeuroDecision Technology (NDT) Delivers 8% KS lift resulting in improved credit decisioning NPIs Driving Customer Connections and Top-Line Growth Ignite + GenAI agents enable ~200 apps across 11 countries and used by 100+ customers Main solutions are for Prospecting Needs, Market Benchmarking and Analysis EFX Cloud + AI + differentiated and consented data drives +37% in lift +20M customer connections, +12B transactions that help customers grow and meet responsible lending obligations One Score (AUS) Affordability (UK) Ignite Apps Marketplace (LATAM) Leveraging Cloud to Move NPIs to All Markets Rapidly — Vitality Index 11% Multi-Market NPI Launches Vitality Index Pre-Cloud Today ~45%~30% Pre-Cloud Today ~11%8% LTFF VI Goal 10% +1,500 bps +300 bps
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92 PROPRIETARY |PROPRIETARY EFX BVS Fueled for Growth in Fast-Growing Brazil Market ✔ Large market growing double digits annually ✔ Growth rates accelerating since acquisition ✔ Building data differentiation with ACSP (4M records) and other data partnerships ✔ Winning with models and scores using AI/ML ✔ Revamped, strengthened GTM ✔ Leveraging EFX Platforms ○ InterConnect ○ Equifax Ignite ○ Data Fabric ○ Global Commerce Platform ○ Global Batch ~$160M $2.6B 2025 Revenue and Market EFX BVS Advantages Brazil TAM2025G Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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John Gamble Chief Financial & Operations Officer
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95 PROPRIETARY |PROPRIETARY Stable Lending Mortgage 8%+ Non-Mortgage 4% VI 10%+ Auto / P-Loan TWN indicator launch in 2H Non-Mtg Verifier 9%+ Government DD 2H25 Talent up MSD Mortgage 3% Employer Flat ~7%+ LATAM consistent DD revenue growth Strong Brazil Europe / Canada impacted by weaker macro Asia Pac accelerating ~5%+ ~7% C$ ~6% USIS inquiries -12% Third Party vendor pricing EWS records The Work Number Indicator Strong 6% C$ Revenue Growth in Challenging Mortgage and Hiring Macro… Unchanged from April INTL EWS USIS U.S. Mortgage EFX +6% C$ 2025 Revenue Growth+6% Non-Mortgage Cloud Driving Innovation Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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96 PROPRIETARY |PROPRIETARY FCF ~$900M +11% Cash Conversion 95% Adj EPS $7.45 +2% Adj EBITDA +25 bps Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. NewEFX… Strong 2025 Financial Performance Strong Free Cash Flow of ~$900M Enabling +28% Dividend Increase, Share Repurchases
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97 PROPRIETARY |PROPRIETARY $2.8B ~$4.8B USIS INTL ~$2.0B Non-Mtg Other Non-Mtg1 Government Talent Brazil~$0.2 ~$0.4 ~$0.6 ~$0.6 Strong 9%, $2B Non-Mortgage Growth Since 2019 Non-Mtg Revenue Non-Mtg Growth Since 2019 2019 2025 Guide Note: This slide contains forward-looking information, including 2025 guidance and forward looking financials. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. EWS $0.7B $1.0B $1.1B ~$1.4B ~$1.4B ~$2.0BCAGR ~9% Other INTL~$0.2 1. Other non-mtg revenue growth includes primarily USIS (ID&F, Commercial) and EWS (Employer Services, Consumer Lending.)
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98 PROPRIETARY |PROPRIETARY NewEFX LT Growth Framework LTFF Rev Growth1 EFX Growth Drivers ✓ EFX Cloud ✓ Differentiated data ✓ Single data fabric ✓ EWS growth and margins ✓ NPI acceleration / VI ✓ New verticals: Government, Talent, ID & Fraud ✓ EFX.AI ✓ Bolt-on M&A ✓ Partnerships ✓ Industry-leading Security Deliver LT Growth Framework without Mortgage Market Recovery Note: This slide contains forward-looking information. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. LT Financial Framework NewEFX Organic revenue growth 7-10% M&A contribution 1-2% Total growth 8-12% EBITDA% margin improvement +50 bps Cash EPS growth 12-16% Dividend yield ~1% Annual shareholder return 13-18% Cash conversion 95%+ 1. Mtg market grows on average 2-3% VI 10% EWS 13-15% INTL 7-9% USIS 6-8%
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99 PROPRIETARY |PROPRIETARY ~$1.8B USIS EWS 2025 Guide 2030 Scenario1 @ LTFF Note: This slide contains forward-looking information, including 2025 guidance and forward looking financials. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 2030 Mortgage Scenario Revenue (No Recovery) ✓ Market +2-3% ✓ Pricing ~mid single digit CAGR ✓ Records ✓ NPI - multi-period products ✓ Penetration ✓ Market +2-3% ✓ Pricing ~mid single digit CAGR ✓ NPI - TWN Data, NC+ Data ✓ Penetration - Cloud ~$1.2B 1. 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. CAGR ~9% 2030 Scenario Mtg Mkt Recovery to Avg (~20% CAGR vs 2025) ~$1.2B Revenue ~$700M+ EBITDA ~$4.00+ / share ✓ 13M originations over 5% since beginning of 2022… 8M over 6.5%... refi opportunity as rates come down ✓ $1.2B mortgage market recovery based on 2015-2019 origination levels and 2025 products, pricing, records, and penetration ~$1.8B 2030 Scenario1 @ LTFF 2030 Mortgage Scenario Revenue (Recovery to 2015-2019 Avg Volumes) ~$3.0B 13M over 5% 11M over 6% 8M over 6.5% Mortgage Originations since beginning of 2022 EWS USIS EFX Mortgage Delivers Revenue @ LTFF w/ No Mortgage Market Recovery – Significant Upside with Mortgage Market Recovery
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101 PROPRIETARY |PROPRIETARY 2030 Scenario Revenue Mtg Mkt Recovery to Avg $2.8B $3.5B ~$4.8B ~$6.0B Non-Mtg ~$7.2B Mtg Price / Penetration New Products / Data Growth (i.e., TWN Records) Market EFX Delivers Revenue @LTFF w/ No Mortgage Market Recovery Significant Upside with Full Mortgage Market Recovery 2030 Scenario Revenue w/ No US Mtg Mkt Recovery 85% organic | 15% Acquisition Organic Growth Drivers 2019 2025 Guide 2030 Scenario1 Note: This slide contains forward-looking information, including 2025 guidance and forward looking financials. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. $0.7B ~$1.2B ~$1.8B ✓ EFX Cloud… share gains ✓ Differentiated, proprietary data ✓ TWN record growth ✓ NPI acceleration / VI ✓ 1.5% CAGR from Bolt-on M&A U.S. Mtg Market ~(-12%) CAGR* +2-3% CAGR *As measured by USIS Hard Credit Inquiries ~2-3% ~3-4% ~2-3% ~$0.6B Acquisitions 1. 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. Equifax organic revenue growth of 8.5% and growth from acquisitions of 1.5% per year, on average. 7-10% CAGR ~9% CAGR ~10% ~$9.6B ~8.5% Org ~10% Total CAGR vs ‘25 2030 Scenario Mtg Mkt Recovery to Avg ~$7.2B ~$1.8B ~$0.6B ~$1.2B ~$10.8B~11% Org ~12.5% Total CAGR vs ‘25
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102 PROPRIETARY |PROPRIETARY +25 bps Leverage on Revenue Growth 2024 2025 Guide 2030 No Mtg Mkt Recovery1 32.3% ~32.6% ~35% ~250 bps Note: This slide contains forward-looking information, including 2025 guidance and forward looking financials. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 50 BPs EBITDA Margin Expansion/year to 35% with No Mtg Mkt Recovery in 2030 … ~37%+ with Mtg Mkt Recovery 1. 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. Equifax organic revenue growth of 8.5% and growth from acquisitions of 1.5% per year, on average. Equifax EBITDA margins expand 50 bps per year, on average. 95% Cash Conversion rate, on average. Growth Drivers ✓ High gross margin revenue growth ✓ Fixed cost leverage ✓ Cloud efficiency ✓ NPI / VI ~37%+ ~$1,940M$1,836M ~$3,300M+ ~$4,000M+EBITDA 2030 Mtg Mkt Recovery to Avg EBITDA Margin (%) ~200+ bps
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103 PROPRIETARY |PROPRIETARY ✓50 bps of EBITDA margin expansion per year ✓D&A growth normalizes as EFX completes Cloud transformation… D&A growth rate below Rev growth rate over 2026-2030 period ✓$5B+2 share repurchases over 2025-2030 while executing Bolt-on M&A ○ Program expected to deliver EPS accretion in Year 3 ○ Consistently in market at least offsetting dilution… flex share repurchases with bolt-on M&A ~$15.00 $7.45$7.29 2024 2025 Guide 2030 Scenario No Mtg Mkt Recovery1 EFX Adjusted EPS Growth (Without Mtg Recovery) Strong EPS Growth Driven by Margin Expansion, Normalizing Depreciation, and Share Repurchases w/ No U.S. Mortgage Market Recovery Growth Drivers 1. 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. Equifax organic revenue growth of 8.5% and growth from acquisitions of 1.5% per year, on average. Equifax EBITDA margins expand 50 bps per year, on average. 95% Cash Conversion rate, on average. 2. $3B currently authorized by the BOD. Any repurchases in excess of our existing authorization to repurchase up to $3B (expected to be completed over 4 years – i.e., 2025-2028) will require additional Board approval, which cannot be assured. Note: This slide contains forward-looking information, including 2025 guidance and potential share repurchases in 2029-2030. Any repurchases in excess of our existing authorization to repurchase up to $3B will require additional Board approval, which cannot be assured. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 2030 Scenario Mtg Mkt Recovery to Avg CAGR ~14%+ ~$19.00+
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104 PROPRIETARY |PROPRIETARY Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Capital Capital as a % of Revenue 2024 2025 Guide 2030 Scenario1 8.7% ~8.0% ~6.5% 1. 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. Equifax organic revenue growth of 8.5% and growth from acquisitions of 1.5% per year, on average. Equifax EBITDA margins expand 50 bps per year, on average. 95% Cash Conversion rate, on average. CapEx as a % of Revenue Declining to 6-7% 2030 Full Mtg Mkt Recovery to Average ~6.0%
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105 PROPRIETARY |PROPRIETARY Accelerating FCF with 95% Cash Conversion Free cash flow ($M) Free cash flow as % of adj. net income (Cash conversion) 2024 2025 Guide $813M ~$900M ~$1.6B+ 89% ~95% ~95%+ Note: This slide contains forward-looking information, including 2025 guidance and forward looking financials. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. FCF and Leverage Drives $2.5B Cash Available in 2030 for Bolt-on M&A and Return to Shareholders with No Mortgage Market Recovery Expanding Debt Capacity at 2.5x Leverage Total Cash Available for Acquisitions & Capital Return ~$850M+ *Based on Growth in EBITDA in 2030 vs 2029 ~$900M ~$2.5B $813M 2030 Scenario1 2024 2025 Guide 2030 Scenario1 2024 2025 Guide 2030 Scenario1 2030 Full Mtg Mkt Recovery to Average ~$3.5B+ 1. 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. Equifax organic revenue growth of 8.5% and growth from acquisitions of 1.5% per year, on average. Equifax EBITDA margins expand 50 bps per year, on average. 95% Cash Conversion rate, on average.
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106 PROPRIETARY |PROPRIETARY Executing LT Growth Framework Delivers $3B+ for Investment and Return to Shareholders in 2030 with no Mortgage Market Recovery 2024 2025 Guide2 2030 Scenario1 Buyback Dividend Bolt-on M&A CapEx Total Capital ($B) $0.7B ~$1.35B ~$3.0B+✓Maintain strong Investment Grade Rating with S&P (BBB) and Moody’s (Baa2) ✓Strong 95%+ Cash Conversion 1. 2030 Scenario assumes on avg Overall Economic and US Mtg Mkt growth of ~2-3% / year, mtg product price increases of mid single digit percent / year. Equifax org rev growth of 8.5% and growth from acquisitions of 1.5% per year, on average. Equifax EBITDA margins expand 50 bps per year, on average. 95% Cash Conversion rate, on average. 2. Note: No Bolt-on M&A completed through 6/17/2025 ~$425M+ ~25%+ Payout Ratio ~$1.2B ~70% Adj NI ~$625M 6.5% Revenue ~$850M+ 1.5% Revenue Addition ~50% Adj NI CapEx (35% Adj NI) FCF (95% Adj NI) Debt incr at 2.5x Leverage (50%+ Adj NI) 180%+ Adj NI Note: This slide contains forward-looking information, including 2025 guidance and potential share repurchases in 2029-2030. Any repurchases in excess of our existing authorization to repurchase up to $3B will require additional Board approval, which cannot be assured. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. ~$2.2B ~100% Adj NI ~$4.0B+ ~$425M+ ~25%+ Payout Ratio ~$625M 6.5% Revenue ~$850M+ 1.5% Revenue Addition ~50% Adj NI 2030 Scenario Mtg Mkt Recovery to Avg Balanced Capital Allocation Framework
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107 PROPRIETARY |PROPRIETARY $700M+ from Mortgage Market Recovery Will Flow Through to EBITDA, EPS, and Cash to Shareholders Strong NewEFX Growth Outlook 2025 Guide 2030 Scenario1 (No Mtg Recovery) 2030 Mortgage Market Recovery to Avg* EBITDA ~$1.9B ~$3.3B ~$4.0B+ EBITDA Margin ~32.6% ~35% ~37%+ Earnings per Share ~$7.45 ~$15.00 ~$19.00+ Cash to Shareholders + Acquisitions ~$0.9B ~$2.5B ~$3.5B+ Revenue, Organic Revenue CAGR vs 2025, Total Revenue CAGR vs 2025 ~$6B, ~+5% ~$9.6B ~8.5% Organic ~10% Total CAGR vs 2025 ~$10.8B ~11% Organic, ~12.5% Total CAGR vs 2025 Mtg Recovery ~$1.2B Acq ~$0.6BAcq ~$0.6B Mtg ~$1.8B (2% Mtg Market Growth) Non-Mtg ~$7.2B Non-Mtg ~$7.2B Non-Mtg ~$4.8B Mtg ~$1.2B Mtg ~$1.8B (2% Mtg Market Growth) 1. 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. Equifax organic revenue growth of 8.5% and growth from acquisitions of 1.5% per year, on average. Equifax EBITDA margins expand 50 bps per year, on average. 95% Cash Conversion rate, on average. *Mortgage recovery based on 2025 products, records, penetration, price Note: This slide contains forward-looking information, including 2025 guidance and potential share repurchases in 2029-2030. Any repurchases in excess of our existing authorization to repurchase up to $3B will require additional Board approval, which cannot be assured. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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108 PROPRIETARY |PROPRIETARY ✓ Strong 2025 performance in challenging Mortgage and Hiring markets ✓ Deliver LTFF of 8-12% LT revenue growth, 50 BPs/yr EBITDA Margin expansion and 95%+ Cash Conversion with No Mortgage Market Recovery ✓ Mortgage Market Recovery delivers incremental $1.2B Revenue, $700M+ EBITDA, $4 EPS, and $1B Cash to Shareholders ✓ Strong Post-Cloud Momentum across EFX … share gains and NPIs ✓ NPIs and EFX.AI drives EFX growth ✓ Strong FCF and Leverage on growing EBITDA allow for consistent return of cash to shareholders while continuing significant investment in CapEx and bolt-on acquisitions NewEFX Strong Post-Cloud Momentum on Growth, Customers, and New Products
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Mark Begor Chief Executive Officer
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110 PROPRIETARY |PROPRIETARY ✓7-10% Organic Growth ✓1-2 pts Revenue Growth from Bolt-on M&A ✓8-12% Total Revenue Growth ✓50 BPs Margin Expansion / Year ✓Investing ~$1B / Year in Growth CapEx and Bolt-on M&A ✓~$1B+ / Year returned to shareholders in Dividend Growth and Buyback STRATEGIC PRIORITIES The NewEFX Strategic Priorities
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111 PROPRIETARY |PROPRIETARY NewEFX Focused on a ~3x Larger Market Penetration in Big TAMs and EFX Growth Levers Driving Top Line Traditional Credit Bureau NewEFX $17B $50B+ TAM Government $5B Talent $5B ID & Fraud $19B USIS Credit w/ TWN Indicator ++ NPI and Innovation ++ EFX.AI™ ++ Big EFX Penetration / Share Plays
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112 PROPRIETARY |PROPRIETARY ✓Always-on stability ✓Speed and performance ✓Real-time insights and data fabric ✓Technology cost savings ✓Faster NPI innovation ✓Global products Invested $3B Over Past 7 Years in EFX Cloud ✓ New Cloud-native Tech ✓ Single Data Fabric ✓ Global Platforms ✓ Products in Cloud Pivoting from Building to Leveraging the Equifax Cloud $3B The Equifax Cloud ✓EFX.AI powering solutions ✓Multi-data solutions ✓More data – partners ✓Faster onboarding ✓Faster M&A integration ✓Industry-leading security
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113 PROPRIETARY |PROPRIETARY Individuals in EFX Data Assets Scale, Differentiated EFX Data Assets 245M+ 138M1 200M+ 120M+ U.S. Credit File Specialty Finance Telco / Utility The Work Number Commercial U.S. business identities Commercial tradelines Leasing tradelines 67M+ 180M+ 15M+ Merchant Data Network Merchants Annual transactions 2.5M+ $1.6T+ Incarceration Records ~200M Consumer Spend Payment transactions Payments ~18B ~$1.5T Wealth Anonymized assets + investments $30T+ ID & Fraud Emails Phone Numbers Addresses Devices 950M+ 650M+ 790M+ 2.3B+ Partners… Education Consumer Consent Industry Leading Portfolio of Proprietary Data Assets at Scale Note: Data as of Q1 2025. Specialty Finance includes DataX and Teletrack. All counts are U.S. except ID&F counts which are global. 1. Reflects individuals with Active Employment Records on The Work Number.
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114 PROPRIETARY |PROPRIETARY NPI in EFX DNA ✓ More differentiated data... EFX and Partners ✓ Multi-data... TWN Indicator ✓EFX.AI driving performance lifts ✓Trended, historical data ✓Orchestrated solutions ✓Multi-market products... expand across geographies Innovation Accelerating Post-Cloud Note: Vitality Index is percentage of revenue in a given year derived from new product releases over the prior three years and the current year. Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Vitality Up 2X Post-Cloud Post-Cloud NPIs Driving Customer Engagement and Growth 10% LT Goal
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115 PROPRIETARY |PROPRIETARY Strong Post-Cloud FCF Drives Investment in EFX and Cash to Shareholders Long Term Capital Allocation Framework NewEFX Maintain strong balance sheet 2.5 - 3x leverage Invest in EFX growth $1-$1.2B/year Investment in EFX Growth - CapEx for growth 6-7% of revenue (~$500M+/yr) - Bolt-on M&A 1-2% of revenue (~$500-$700M/yr) Strong return of cash to shareholders ~$1B+/year (Avg) ‘26 - ‘30 - Dividend - +28% increase to $0.50 / share - Grow annually approx. in line w/ growth in Adj EPS - 20-30% payout ratio of Adjusted Net Income - Share Repurchase - $3B Multi-year Share Repurchase Program / expect to execute over ~4 years - Consistently in market / at least offset employee plan dilution - Flex up/down based on M&A / market conditions Free Cash Flow $516M $813M ~$900M 62% 89% ~95% Cash Conversion $1.6B+ ~95%+ 2023 2024 2025G 2030 Scenario NewEFX… Dividend Growth in line with Earnings, $3B Buyback Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Note: 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. Equifax organic revenue growth of 8.5% and growth from acquisitions of 1.5% per year, on average. Equifax EBITDA margins expand 50 bps per year, on average. 95% Cash Conversion rate, on average.
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116 PROPRIETARY |PROPRIETARY Strong NewEFX Growth 8-12% Growth + Mortgage Market Recovery… Expanding Cash to Shareholders EFX Growth Engines ✓ Post-Cloud Leverage ✓ More Data… EFX and Partners ✓ Innovation and NPIs ✓ AI-powered Solutions ✓ Multi-Data Solutions… TWN Indicator ✓ Growth Verticals… Government, Talent, ID&F ✓ Bolt-on M&A ✓ Mortgage Market Recovery Note: This slide contains forward-looking information, including 2025 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 1. 2030 Scenario assumes on average Overall Economic and US Mortgage Market growth of ~2-3% per year, mortgage product price increases of mid single digit percent per year. Equifax organic revenue growth of 8.5% and growth from acquisitions of 1.5% per year, on average. Equifax EBITDA margins expand 50 bps per year, on average. 95% Cash Conversion rate, on average. 2025G2020 2030 Scenario1 2030 Scenario with Mortgage Market Recovery The NewEFX MTG Recovery Revenue, % Revenue Growth $4.1B +17% ~$6B+ ~5% vs. 2024 ~$9.6B+ ~10% CAGR vs. 2025G ~$10.8B+ ~12.5% CAGR vs. 2025G
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117 PROPRIETARY |PROPRIETARY NewEFX Strong Post-Cloud Momentum on Growth, Customers, and New Products Confident in 8-12% LT Financial Framework and 50 BPs annual margin expansion New OnlyEquifax™ solutions combining The Work Number and Credit Strong EWS Growth and Margins in big Government and Talent TAMs Investing in CapEx for Growth and Bolt-on M&A to strengthen core Returning cash to shareholders via Dividend / Buyback $1.2B revenue upside from Mortgage market recovery 1 Cloud delivering competitive advantage and New Products powered by EFX Differentiated Data and EFX.AI Strong Team fully focused on growth, customers, and New Products 3 5 7 8 6 4 2
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118 PROPRIETARY |PROPRIETARY