Slide 1: First Quarter 2025 Earnings
First Quarter 2025 Earnings Chris Cartwright, President and CEO Todd Cello, CFO April 24, 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 This investor presentation includes certain non-GAAP 1995. These statements are based on the current beliefs and expec
Slide 3: Agenda
1 First quarter 2025 highlights Market perspectives and strategic 2 priorities 3 First quarter 2025 financial results Full-year 2025 guidance and 4 portfolio resiliency review @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 3
Slide 4: First quarter 2025 highlights
First quarter 2025 highlights Exceeded Organic constant U.S. Markets International Leverage Ratio of guidance on currency revenue revenue +9% led revenue grew 2.9x at quarter- revenue, Adjusted +8%, by Financial +6%, with India end; repurchased EBITDA and +6% excluding Services and +1% as anticipate
Slide 5: Market perspectives
Market perspectives Lenders entered U.S. credit volumes International New U.S. trade and 2025 with cautious remain subdued but portfolio on solid fiscal policy optimism for credit stable in Q1 and mid- and broad-based proposals add growth, supported by April, consistent with growth trajectory, uncer
Slide 6: Delivering against our 2025 strategic priorities
Delivering against our 2025 strategic priorities Deliver Financial Commitments Transform the Business Drive consistent Enhance global Complete technology Accelerate innovation financial results operating model modernizations across solution suites • Exceeded financial guidance • 2025 focus: Develop
Slide 7: Consolidated first quarter 2025 highlights
Q1 2025 Results Consolidated first quarter 2025 highlights Reported Y/Y ($M) Change • Organic constant currency Revenue $1,096 7% revenue growth of +8%, or +6% excluding mortgage Organic Constant Currency Revenue 8% • Strong margin expansion Adjusted EBITDA $397 11% from revenue growth and annualiza
Slide 8: U.S. Markets first quarter 2025 highlights
Q1 2025 Results U.S. Markets first quarter 2025 highlights Organic Reported Reported FX Impact Constant ($M) Y/Y Currency • U.S. Financial Services +15%, or +9% excluding mortgage Revenue $857 9% – 9% − Card & Banking +5% − Consumer Lending +11% Financial Services 404 15% – 15% − Auto +14% − Mortgag
Slide 9: International first quarter 2025 highlights
Q1 2025 Results International first quarter 2025 highlights Organic Reported Reported FX Impact Constant ($M) Y/Y Currency • India (+1%) commercial and Revenue $242 2% (3)% 6% new wins offsetting declines Canada 38 0% (7)% 7% in consumer credit volumes Latin America 33 0% (7)% 7% • U.K. (+9%) volume
Slide 10: Balanced capital allocation framework and natural de-leveraging
Balance Sheet Balanced capital allocation framework and natural de-leveraging Leverage Ratio1 4.3x 4.1x • Roughly $5.1 billion of debt 3.9x 3.8x 3.5x 3.5x 3.6x and $610 million cash at 3.4x 3.1x 3.1x 3.0x 2.9x quarter-end • $10 million of share repurchases from March through mid-April • Average effe
Slide 11: Second quarter 2025 guidance
Financial Guidance Second quarter 2025 guidance Reported Revenue: $1,076M to $1,095M +3% to +5% M&A contribution: ~1pt. benefit Revenue FX contribution: ~1pt. headwind • Mortgage inquiries expected to Organic Constant Currency Revenue: +3% to +5% decline mid-single digits Mortgage impact: ~2pt. Bene
Slide 12: Full-year 2025 revenue guidance
Financial Guidance Full-year 2025 revenue guidance • Organic growth guidance Reported Revenue: $4.358B to $4.417B +4% to +5.5% unchanged from February; M&A contribution: ~0.5pt. benefit Monevo acquisition now incorporated in guidance FX contribution: ~1pt. headwind – Ability to manage some level of
Slide 13: Full-year 2025 Adjusted EBITDA, Adjusted Diluted EPS and other guidance
Financial Guidance Full-year 2025 Adjusted EBITDA, Adjusted Diluted EPS and other guidance Adjusted EBITDA: $1.549B to $1.590B +3% to +6% • Adjusted EBITDA guidance FX contribution: ~1pt. headwind unchanged; Monevo generating limited Adjusted Adjusted EBITDA margin: 35.6% to 36.0% EBITDA in 2025 due
Slide 14: TransUnion is well-positioned to navigate increased economic uncertainty
Portfolio resiliency TransUnion is well-positioned to navigate increased economic uncertainty Track record of Diversified across Breadth of solutions Transformation through-cycle solutions, verticals and expertise to delivering value; revenue growth. and geographies; advise customers positioned for
Slide 15: U.S. Financial Services credit volumes already below historical trend
Portfolio resiliency U.S. Financial Services (~1/3rd of revenue) credit volumes already below historical trend, particularly mortgage Card & Banking, Auto and Mortgage Consumer Lending • Current volumes at historical lows Auto • Current volumes across lending and ~50% below 2022 levels 18% types bel
Slide 16: Bulk of portfolio is diversified across solutions, verticals and geographies
Portfolio resiliency Bulk of portfolio is diversified across solutions, verticals and geographies and not tied to U.S. credit volumes Emerging Verticals Consumer Interactive International (~30% of revenue) (~15% of revenue) (20%+ of revenue) Broad-based solutions serving Relevant offering to consume
Slide 17: Plan to monitor market dynamics, prioritize transformation investment and prudently manage costs
Portfolio resiliency Plan to monitor market dynamics, prioritize transformation investment and prudently manage costs Strategic actions Actively monitor lending volumes, as well as business and Seasoned leadership team with consumer activity, for signs of softness experience operating through econom
Slide 18: Despite near-term uncertainty, better positioned than ever for next generation of growth
Despite near-term uncertainty, better positioned than ever to deliver next generation of growth Transformation strategy progress Secular growth drivers remain intact strengthens growth foundation 1. Mature and high-growth core U.S. credit market Integrated capabilities, data and talent from - Grow
Slide 19: Q&A
Q&A @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 19
Slide 20: Appendices and Non-GAAP Reconciliations
Appendices and Non-GAAP Reconciliations @ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 20
Slide 21: 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 22: Accelerating innovation and growth potential across integrated solution suites
Business Mix Details Accelerating innovation and growth potential across integrated solution suites Credit / Analytics Marketing Fraud Communications Consumer Unlock multibillion $ Become a recognized Be our customers’ Transform phone Empower consumers analytics enablement leader in identity “first
Slide 23: 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 24: Future revenue and earnings upside when U.S. credit volumes improve
Market Dynamics Future revenue and earnings upside when U.S. credit volumes improve from below-trend levels Originations (in millions) Mortgages Auto Loans 28.2 26.6 8.4 24.4 24.5 • Limited new home • Higher inventory and 6.8 inventory weighing on incentives supports 4.3 4.3 purchase volume improved
Slide 25: Completing U.S. and India technology modernization will drive remaining cost savings
Transformation Program Completing U.S. and India technology modernization will drive remaining transformation program cost savings Investments Expected Benefits • $355-375M of one-time expenses to • $200M free cash flow benefit expected by capture benefits 2026 - $257M of one-time expenses in 2023 a
Slide 26: Debt profile and 2025F interest expense bridge
Debt / Interest Expense Debt profile and 2025F interest expense bridge Debt Profile (3/31/25) 2025F Interest Expense Bridge Notional ~($8M) Expiry Rate ~($12M) ($B) ~($22M) Term Loan 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% ~$195M Term Loan B-9
Slide 27: 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 Complete • Continue to grow revenue and earnings 95%+ remaining 90%+ Impacted by M&A transformation • Complete multi-year transformation program investments integra
Slide 28: 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 • Now targeting Leverage Ratio of • Grow dividend alongsi
Slide 29: 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 30: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended $ in millions March 31, 2025 2024 Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA: Net income attributable to TransUnion $ 148.1 $ 65.1 Net interest expense 47.5 63.2 Provision for income taxes 41.0
Slide 31: Adjusted Net Income and Adjusted Diluted EPS
Adjusted Net Income and Adjusted Diluted EPS Three Months Ended Three Months Ended $ in millions, except per share data March 31, $ in millions, except per share data March 31, 2025 2024 2025 2024 Reconciliation of Net income attributable to Reconciliation of Diluted earnings per share from TransUni
Slide 32: Adjusted Effective Tax Rate
Adjusted Effective Tax Rate Three Months Ended $ in millions March 31, 2025 2024 Income before income taxes $ 193.8 $ 83.0 Total adjustments before income tax items from Adjusted Net Income table above 92.3 154.3 Adjusted income before income taxes $ 286.1 $ 237.3 Reconciliation of Provision for inc
Slide 33: Leverage Ratio
Leverage Ratio Trailing Twelve Months Ended $ in millions March 31, 2025 Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA: Net income attributable to TransUnion $ 367.3 Net interest expense 221.0 Provision for income taxes 126.9 Depreciation and amortization 54
Slide 34: 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 35: Non-GAAP Adjustment Footnotes
Non-GAAP Adjustment Footnotes 4. Operating model optimization consisted of the following adjustments: Adjusted EBITDA & Leverage Ratio Adjusted Net Income Three Months Ended Trailing Twelve Months Ended $ in millions March 31, March 31, 2025 2024 2025 Employee separation $ - $ 16.8 $ 7.9 Facility ex
Slide 36: 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