Slides
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Barclays Credit Bureau Day September 3, 2025
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2 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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3 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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4 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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5 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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6 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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7 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 ~ ~ ~~ ~ ~ 12%
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8 PROPRIETARY | TWN Well Positioned for Government Growth Big $5B Government TAM TWN well positioned to support reduction in Federal improper payments of ~$160B $5B Other ~$55B SSA ~$11B Improper Payments Source: GAO analysis of Office of Management and Budget PaymentAccuracy.gov data | GAO-25-107753 Approaching ~$800M New Opportunities OBBBA Tightens Work Requirements ✓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 New Federal Opportunities: Earned Income Tax Credit (EITC), Do Not Pay, Unemployment Insurance, Department of Education Growth Drivers ✓ Leverage TWN’s compelling value proposition ○ Improves program integrity, accuracy and timing of benefit delivery ○ 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
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9 CONFIDENTIAL & PROPRIETARY | SNAP Error Rates >6% will Increase State Share of Benefit Costs ● Majority of States Impacted: 44 of 53 States/Territories are currently over the 6% error rate threshold ● Benefit cost share takes effect in FY2028 but will be based on error rates from 2025 or 2026 ● Impact is Significant: Error Rate Impact (based on error rates released June 2025): – $12B in benefit payments will shift to states – 21 States will pay 15% of benefit payments (73% of the $12B) ● Value Equifax Can Bring to States: – If Equifax can help states shift down 1 error rate category tier (e.g., 10% to 5%), the estimated savings to States is ~$4B (1) State SNAP error rates available on USDA.gov 2024 SNAP State Error Rates(1) <6% Count: 9 6-8% Count: 6 8-10% Count: 17 10%+ Count: 21 At current levels, nearly $12B in costs will transfer from the Federal government to States
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10 CONFIDENTIAL & PROPRIETARY | OB3 - Key Medicaid Policy Changes, Impact in 2027 Increase Frequency of Redeterminations, and Implement Address Verifications ● Redeterminations every 6 months for Medicaid expansion population (~20M people), for redeterminations after the Q1’27 ● Requires states to obtain and verify address information for Medicaid enrollees using reliable data sources - 1/1/2027 ● Requires states to submit enrollee data to a federal system to prevent enrollment in multiple states - 1/1/2029 Implement Work Requirements ● Establishes community engagement requirements as a condition of eligibility for non-disabled, working-age adults; go into effect January 2027 – Work, education, community service, or a combo = 80/hours per month, or meets minimum income amounts – Supports verifications using “reliable information available to the State (such as payroll data or payments …)” – $400M provided to support implementation Frequency of Redeterminations Work Requirements
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11 PROPRIETARY |PROPRIETARY New Government Solution: Complete Income™ Integrated Workflow for Non-traditional Income from Bank Transaction Data
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12 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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13 PROPRIETARY |PROPRIETARY Mortgage PreQual Solution - TWN Indicator Pre-Approval Full Application Shopping Firm Application Underwriting Closing ✓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 Delivered alongside the Equifax Soft Pull credit report at no additional fee Full VOI Report Differentiated EFX Credit Solutions Differentiating the Equifax mortgage credit file The Work Number Report Indicator Other Solutions ✓NCTUE - cell phone, utility, pay tv data … deliver 50+ attributes along with EFX credit file ✓VantageScore ✓Undisclosed debt monitoring ✓Ignite… analytics platform ✓Identity & Fraud Solutions
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14 CONFIDENTIAL & PROPRIETARY | Auto TWN Indicator Improves lender efficiency in collecting verified income information Creates a more complete consumer view to support better credit decisions Set competitive terms based on a more complete consumer view beyond stated data. Driving Faster, Smarter Lending Decisions with Verified Data Loan Funding Shopping / PreQual Vehicle Selection F&I / Deal Closure TWN Employment Insights F&I Deliver alongside the Equifax Soft or Hard Pull credit report for no additional fee. TWN Employment Insights PreQual Line Assignment PreScreen / PreQual Credit Decisioning TWN Card Solution Deliver alongside the Equifax Hard Pull credit report for no additional fee. KYC & Fraud Check Loan Funding Improves dealer efficiency with validated identity and verified income upfront Helps dealers expedite the process for qualified customers using income insights Creates a more complete consumer view to support better credit decisions Card TWN Indicator
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15 PROPRIETARY | Long Runway for TWN Record Growth Big opportunity to grow TWN records from 100M current to 250M earners Total Earners Active 250M 100M People Current 113M Records 140M People 198M Records TWN Records ✓ 4 new partners added YTD on top of 10 added in 2H 2024 ✓ 198M Active records reflect how employers report employees… up 10% YTY ✓ 113M Current records, up 9%, with 100M Current SSNs, up 8%... Current records have been paid in the last 35 days… aligns with demand and revenue ✓ 4.6M contributing companies ✓ 767M Total Records +10% YTY Record Opportunity Traditional Income Non-traditional Income Pension Non-working Income
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16 PROPRIETARY |PROPRIETARY June Investor Day Outlook… $700M+ Mtg Mkt Recovery Will Flow Through to EBITDA, EPS, and Cash to Shareholders Strong NewEFX growth outlook… Mortgage recovery flows to shareholders 2025 Guide 2030 Scenario1 (No Mtg Recovery) 2030 Mortgage Market Recovery to Avg* EBITDA ~$1.9B ~$3.3B ~$4.0B+ EBITDA Margin ~32.3% ~35% ~37%+ Earnings per Share ~$7.48 ~$15.00 ~$19.00+ Cash to Shareholders + Acq ~$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) Note: This slide contains forward-looking information, including 2025 guidance, 2030 scenarios, 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. LT Financial Framework New EFX 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%+ Dividend (+28% in Q2) +5-15% Buyback $3B, 4-Yr Program
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17 PROPRIETARY |PROPRIETARY Leverage on Revenue Growth 2024 2025 Guide 2030 No Mtg Mkt Recovery1 32.3% ~32.3% ~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%+ 2030 Mtg Mkt Recovery to Avg EBITDA Margin (%) ~200+ bps
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18 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 7/22/2025 ~$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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19 PROPRIETARY | Capital Allocation… Repurchased 480k Shares for ~$127M in 2Q… Dividend Increased to $0.50 Returned ~$190M to shareholders in 2Q 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. Long Term Capital Allocation Framework New EFX 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 - ‘29 - 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 Shareholder Returns Share Repurchases Shareholder Dividends 2.5x2.5x2.6x Debt Leverage ~$190M
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20 CONFIDENTIAL & PROPRIETARY |- The spend above represents capital deployed. - Run rate revenue = revenue earned in 1st full year of EFX ownership 14 acquisitions since the beginning of 2021 2023 2019 2018 2022 2020 2021 Revenue Run-rate $38M $49M $7M $345M $106M $160M Capital deployed on M&A $300 - $500M / year $177M $304M $89M $2.9B $449M $581M $500- $750M Invested ~$4.5B since 2018… added ~$700M in run-rate revenue focused on EWS, ID&F, differentiated data New LTFF $0M
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21 PROPRIETARY |
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22 PROPRIETARY | Appendix
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23 PROPRIETARY | Expect EFX growth in recession from resilient verticals and mortgage market recovery Mortgage upside drives EFX growth in recession EFX Mortgage OpportunityRecession Resilient ~67% Recession Growth Drivers ✓ $1.2B Mortgage market recovery ✓ Government penetration and volume ✓ Records growth ✓ Unemployment claims mgmt ✓ Debt management ✓ Cloud benefits… share gains, stability, speed ✓ NPI / VI growth… leverage EFX Cloud, EFX.AI to innovate faster… Only EFX… 10% VI goal in LTF Recession Scenario assumes: GDP decline of approx. (3%) / Negative GDP and Interest Rate decline of in excess of 150 basis pointsDefinitions:Recession-impacted: Financial (Intl Markets), Telco, Commercial/Consumer, Auto and Pre-employment.Recession-resistant: Financial (US Market), Mortgage (assumes normalized market), Gov't, Healthcare, Recovery Mgmt and ID&F.Counter-cyclical: Debt Mgmt, UCNote: $1.2B EFX Mortgage Opportunity in 2026+ based on current pricing, penetration, product / current contracted TWN records. ~$1.2B ~$700M+ EBITDA~$4.00+ / share ~$1.2B $1.8B +5% $5.1B +4% ~+5-10%* ~ (3%) - (5%)* ~ +3-5%* Recession resistant Recession impacted Counter- cyclical Mortgage ~ +20%+* ~ +8-10%*
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Trevor Burns • Investor Relations • trevor.burns@equifax.com Copyright © 2025, Equifax Inc. All Rights Reserved. Equifax is a registered trademark of Equifax Inc.