Transunion · NYSE:TRU
Transunion — Q3 2025 Earnings Presentation
38 slides from Transunion's earnings presentation, Oct 23, 2025
Slide 1: Third Quarter 2025 Earnings
Third Quarter 2025 Earnings Chris Cartwright, President and CEO Todd Cello, CFO October 23, 2025
Slide 2: Forward-Looking Statements Non-GAAP Financial Information
Forward-Looking Statements Non-GAAP Financial Information This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This investor presentation includes certain non-GAAP These statements are based on the current beliefs and expec
Slide 3: Third quarter 2025 highlights
Third quarter 2025 highlights Delivered strong Executing well on Increasing capital Raising FY 2025 and diversified technology return to guidance revenue growth in Q3 modernization shareholders • +11% organic constant • Supported by strong Q3, • Migrating critical mass of • Accelerated repurchases c
Slide 4: Delivered strong and diversified Q3 revenue growth across solutions, verticals and geographies
Delivered strong and diversified Q3 revenue growth across solutions, verticals and geographies U.S. Markets1 International1 Credit U.S. Markets +13% excluding last year’s breach win International +6% • Solution: Non-credit revenue2 (50%+ of mix) grew +8% • Double-digit growth in U.K. (strongest sinc
Slide 5: Raising FY 2025 guidance supported by strong Q3, stable U.S. lending trends and commercial momentum
Raising FY 2025 guidance supported by strong Q3, stable U.S. lending trends and commercial momentum Updated Change to Metric Guidance High-end Comment $4,524M to $4,544M High-single digit growth Revenue 8% organic $72M from stronger U.S. Financial constant-currency Services and Emerging Verticals $1
Slide 6: Strong progress with U.S. credit migrations; on track to deliver additional savings in 2026
Strong progress with U.S. credit migrations; on track to deliver additional savings in 2026 as anticipated Initiatives: Milestones: Next targets: Migrated first customers to OneTru – Customers experiencing faster processing • Year-end: Achieve critical mass of U.S. Migrate U.S. and access to innov
Slide 7: OneTru already accelerating pace of innovation
OneTru already accelerating pace of innovation Credit Fraud Marketing Communications Consumer What’s resonating in the market? Enhanced Synthetic Branded Call Data identity graph Freemium offering New product Fraud Display Enrichment Identity Unified credit innovation Credit Spoof Call supporting Fa
Slide 8: OneTru leverages AI tools for faster, higher quality decision-making
OneTru leverages AI tools for faster, higher quality decision-making AI use cases Advantaged for AI future AI-driven value realization being deployed Differentiated data assets, product Internal productivity tools including Accelerated innovation data exhaust, and customer data OneTru Assist for dev
Slide 9: Increasing capital return to shareholders
Increasing capital return to shareholders Strong financial results Shareholder-centric capital deployment Organic Constant Currency Revenue Growth1 9% ~8% Positioned for another • Increased share repurchases in Q3 and October 3% year of strong and diversified growth – Repurchased $160M in shares in
Slide 10: Consolidated third quarter 2025 highlights
Consolidated third quarter 2025 highlights Reported Y/Y ($M) Change • Organic constant currency Revenue $1,170 8% revenue growth of +7%, or +11% excluding last year’s Organic Constant Currency Revenue 7% breach win comparison Adjusted EBITDA $425 8% • Margins modestly ahead of expectations due to re
Slide 11: U.S. Markets third quarter 2025 highlights
U.S. Markets third quarter 2025 highlights Organic • U.S. Financial Services +19%, Reported Reported Inorganic ($M) Y/Y FX Impact Impact Constant or +12% excluding mortgage Currency − Card & Banking +5% − Consumer Lending +17% Revenue $913 8% – – 7% − Auto +16% − Mortgage +35% compared to Financial
Slide 12: International third quarter 2025 highlights
International third quarter 2025 highlights Organic Reported Reported Inorganic FX Impact Constant ($M) Y/Y Impact Currency • U.K. +11% healthy volumes Revenue $260 8% – 2% 6% and ramping new wins Canada 43 10% (1)% – 11% • Canada +11% share gains across verticals Latin America 34 1% 1% – Flat • Afr
Slide 13: Natural de-levering and improving free cash flow generation enabling increased shareholder returns
Natural de-levering and improving free cash flow generation enabling increased shareholder returns Leverage Ratio1 Uses of cash2 (in $million) 3.8x 3.5x 3.6x 3.0x 1,995 2.7x 423 70 78 780 715 82 81 350 83 200 199 68 53 2021 2022 2023 2024 Q3 2025 2021 2022 2023 2024 YTD Oct Acquisitions (net of dive
Slide 14: Fourth quarter 2025 guidance
Fourth quarter 2025 guidance Reported Revenue: $1,119M to $1,139M +8% to +10% Revenue M&A contribution: ~1pt. benefit • Potential for upside if current U.S. lending conditions FX contribution: Immaterial persist Organic Constant Currency Revenue: +7% to +9% • Mortgage inquiries expected to Mortgage
Slide 15: Full-year 2025 revenue guidance
Full-year 2025 revenue guidance Reported Revenue: $4.524B to $4.544B +8% to 8.5% • Organic constant currency M&A contribution: ~0.5pt. benefit growth guidance raised (prior FX contribution: Immaterial +6% to +7%) for Q3 outperformance and positive Organic Constant Currency Revenue: +8% business mome
Slide 16: Full-year 2025 Adjusted EBITDA, Adjusted Diluted EPS and other guidance
Full-year 2025 Adjusted EBITDA, Adjusted Diluted EPS and other guidance • Adjusted EBITDA guidance Adjusted EBITDA: $1.622B to $1.637B +8% to +9% raised (prior +5% to +7%) FX contribution: immaterial – Driven by flow-through on Adjusted EBITDA margin: 35.9% to 36.0% stronger revenue growth Adjusted
Slide 17: Positioned to unlock full benefit of trended and alternative data to the mortgage market with VantageScore 4.0
Positioned to unlock full benefit of trended and alternative data to the mortgage market with VantageScore 4.0 TransUnion VantageScore Innovative industry leader + Most impactful and inclusive score • Only bureau with 30 months of trended data, • First score leveraging trended data, enabling 33 offe
Slide 18: New mortgage offerings to increase Vantage adoption and provide lenders and consumers with savings and certainty
New mortgage offerings to increase Vantage adoption and provide lenders and consumers with savings and certainty Financial impact Details of new mortgage credit offerings in 2026 of new offerings • VantageScore 4.0 for mortgage priced at $4 – Competitive option vs. FICO’s announced 100% price hike
Slide 19: Significant earnings potential from any mortgage recovery, with additional interest rate cuts likely in 2025-26
Significant earnings potential from any mortgage recovery, with additional interest rate cuts likely in 2025-26 Sizable mortgage profit Significant refinancing Earnings potential from a despite depressed volumes opportunity if rates fall mortgage recovery Industry Mortgage Distribution of mortgages
Slide 20: Strong 2025 results underscore TransUnion's long-term earnings power
Strong 2025 results underscore TransUnion’s long-term earnings power Operating in attractive, high-growth markets with diversified growth vectors across solutions, verticals and geographies Transitioning from period of investment and change to period of execution and value creation Modernizing to On
Slide 21: Q&A
Q&A @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 21
Slide 22: Appendices and Non-GAAP Reconciliations
Appendices and Non-GAAP Reconciliations @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 22
Slide 23: @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved.
Source: TransUnion @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 23
Slide 24: VantageScore 4.0 could help expand access for over 2 million consumers – $1 trillion mortgage opportunity
VantageScore VantageScore 4.0 could help expand access for over 2 million consumers – $1 trillion mortgage opportunity 33 million 01 Incremental consumers scored by VantageScore 4.0* 13 million 02 Incremental consumers with VantageScore 4.0 >620 4.9 million 03 Incremental mortgage-eligible consumers
Slide 25: In recent years, VantageScore adoption has rapidly increased across asset class
VantageScore In recent years, VantageScore adoption has rapidly increased across asset class VantageScore usage has accelerated in recent In 2025, there were over $11B of ABS (asset-back securities) issued years, with 55% growth from 2023 to 2024 using VantageScore Vantage Score Credit Score Usage (
Slide 26: U.S. Markets revenue composition (FY 2024)
Business Mix Details U.S. Markets revenue composition (FY 2024) Financial Services (~$1.4 billion) Emerging Verticals (~$1.2 billion) Consumer Interactive (~$0.6 billion) Collections 6% Public Sector 5% Auto Tenant & Card & Direct 18% Employment Banking Screening Insurance 25% 31% 6% 27% Media 14% M
Slide 27: Revenue by Solution Family (FY 2024)
Business Mix Details Revenue by Solution Family (FY 2024) U.S. Markets ($3.2 billion) International ($1.0 billion) Total Company ($4.2 billion) All Other All Other All Other 4% 12% Marketing 14% 1% Fraud 15% Communications Communications 9% + Consumer = 7% Fraud 7% Credit 44% Credit 50% Fraud 5% 9%
Slide 28: Debt profile and 2025F interest expense bridge
Debt / Interest Expense Debt profile and 2025F interest expense bridge Debt Profile (9/30/25) 2025F Interest Expense Bridge Notional ~($8M) Expiry Rate ($B) ~($12M) Term Loan ~($17M) Tranche Term Loan A-4 1.3 Jun’29 SOFR + 1.25% $237M Term Loan B-5 0.1 Nov’26 SOFR + CSA + 1.75% ~$200M Term Loan B-9
Slide 29: Strengthening free cash flow in 2025 and beyond
Capital Allocation Framework Strengthening free cash flow in 2025 and beyond Free cash flow conversion Path to improving free cash flow 95%+ Complete • Continue to grow revenue and earnings remaining 90%+ Impacted by M&A transformation • Complete multi-year transformation program investments integra
Slide 30: Strong free cash flow and optimized leverage enables balanced capital allocation
Capital Allocation Framework Strong free cash flow and optimized leverage enables balanced capital allocation Prioritize growth Manage leverage Increase capital returns investments and liquidity to shareholders • Fund growth investments while • Targeting Leverage Ratio of <2.5x • Grow dividend along
Slide 31: Disciplined M&A approach aligned to growth strategy
Capital Allocation Framework Disciplined M&A approach aligned to growth strategy Strategic Focus for M&A Financial Considerations M&A is an important strategic tool, but strength of M&A evaluated against all alternatives to maximize long- portfolio creates a high bar term free cash flow per share •
Slide 32: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 32
Slide 33: Adjusted Net Income and Adjusted Diluted EPS
Adjusted Net Income and Adjusted Diluted EPS @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 33
Slide 34: Adjusted Effective Tax Rate
Adjusted Effective Tax Rate @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 34
Slide 35: Leverage Ratio
Leverage Ratio @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 35
Slide 36: Non-GAAP Adjustment Footnotes
Non-GAAP Adjustment Footnotes As a result of displaying amounts in millions, rounding differences may exist in the tables and footnotes. 1. Consisted of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisi
Slide 37: Non-GAAP Adjustment Footnotes
Non-GAAP Adjustment Footnotes 4. Operating model optimization consisted of the following adjustments: 5. Net other consisted of the following adjustments: 6. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. 7. Total adjustments for income t
Slide 38: Adjusted EBITDA and Adjusted EPS Guidance
Adjusted EBITDA and Adjusted EPS Guidance As a result of displaying amounts in millions, rounding differences may exist in the table. 1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of ou