Equifax, Inc. · NYSE:EFX
Equifax — Barclays Credit Bureau Day 2025
24 slides from Equifax's conference presentation, Sep 3, 2025
Slide 1: Barclays Credit Bureau Day
Barclays Credit Bureau Day September 3, 2025
Slide 2: NewEFX LT Growth Framework
NewEFX LT Growth Framework LTFF Rev Growth1 LT Financial Framework NewEFX EFX Growth Drivers ✓ EFX Cloud Organic revenue growth 7-10% ✓ Differentiated data EWS M&A contribution 1-2% ✓ Single data fabric 13-15% Total growth 8-12% ✓ EWS growth and margins ✓ NPI acceleration / VI USIS EBITDA% margin imp
Slide 3: Strong NewEFX Growth
Strong NewEFX Growth The NewEFX EFX Growth Engines Revenue, ~$10.8B+ ~12.5% CAGR ✓ Post-Cloud Leverage % Revenue Growth ~$9.6B+ vs. 2025G ~10% CAGR ✓ More Data… EFX and Partners vs. 2025G MTG Recovery ✓ Innovation and NPIs ~$6B+ ✓ AI-powered Solutions ~5% vs. 2024 $4.1B ✓ Multi-Data Solutions… TWN I
Slide 4: Scale, Differentiated EFX Data Assets
Scale, Differentiated EFX Data Assets U.S. business identities 67M+ Individuals in EFX Data Assets Commercial Commercial tradelines 180M+ Leasing tradelines 15M+ 245M+ Merchants 2.5M+ Merchant Data Network Annual transactions $1.6T+ 200M+ Incarceration Records ~200M Payment transactions ~18B Consumer
Slide 5: EFX.AI Connects Data and Platforms
EFX.AI Connects Data and Platforms ✓ Built on EFX Cloud to enable Analytics Automated Deployment Activation more reliable, secure, and Ignite InterConnect faster solutions Implement and Activate Strategy AI-powered Peer & Industry ✓ Leveraging data fabric to create Insights Benchmarking deeper, mult
Slide 6: Innovation Accelerating Post-Cloud
Innovation Accelerating Post-Cloud Vitality Up 2X Post-Cloud NPI in EFX DNA ✓ More differentiated data... EFX and Partners 10% LT Goal ✓ Multi-data... TWN Indicator ✓ EFX.AI driving performance lifts ✓ Trended, historical data ✓ Orchestrated solutions ✓ Multi-market products... expand across geograph
Slide 7: EFX Cloud and Product DNA Driving Speed and Scale of Innovation
EFX Cloud and Product DNA Driving Speed and Scale of Innovation Vitality Index Up 2X NPIs Launched Up 60% (% of Revenue from NPIs) (# NPIs / year) 12% ~ < Speed to Market Improved by ~60% USIS Multi-Data Products at ~50% Multi-Market Products Up 3x (Days) (% Total products) (% Total products) ~ ~ ~
Slide 8: TWN Well Positioned for Government Growth
TWN Well Positioned for Government Growth Growth Drivers New Opportunities Big $5B Government TAM ✓ Leverage TWN’s compelling OBBBA Tightens Work Requirements value proposition ✓ Community Engagement (i.e., work) $5B ○ Improves program integrity, requirements accuracy and timing of benefit delivery ✓
Slide 9: SNAP Error Rates >6% will Increase State Share of Benefit Costs
SNAP Error Rates >6% will Increase State Share of Benefit Costs ● Majority of States Impacted: 44 of 53 States/Territories are 2024 SNAP State Error Rates(1) 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 <6% ● I
Slide 10: OB3 - Key Medicaid Policy Changes, Impact in 2027
OB3 - Key Medicaid Policy Changes, Impact in 2027 Frequency of Redeterminations Work Requirements Increase Frequency of Redeterminations, and Implement Work Requirements Implement Address Verifications ● Establishes community engagement ● Redeterminations every 6 months for requirements as a conditio
Slide 11: New Government Solution: Complete Income
New Government Solution: Complete Income™ Integrated Workflow for Non-traditional Income from Bank Transaction Data PROPRIETARY PROPRIETARY | 11
Slide 12: ~$1.2B Incremental Growth from Mortgage Market Recovery
~$1.2B Incremental Growth from Mortgage Market Recovery EFX Mortgage Hard Credit Inquiries ~$1.2B Opportunity When Down ~50% vs. 2015-19 Mortgage Market Recovers2 Mortgage Market Credit Inquiries – Hard Pulls1 ~$2.4B ~$1.2B opportunity ~$1.2B Investing on Right Levers for EFX Growth... Mortgage Reco
Slide 13: Differentiating the Equifax mortgage credit file
Differentiating the Equifax mortgage credit file Mortgage PreQual Solution - TWN Indicator Other Solutions Delivered alongside the Equifax Soft Pull credit report at no additional fee ✓ NCTUE - cell phone, utility, pay tv ✓ Reduces friction early in the process by verifying Pre-Approval The Work Numbe
Slide 14: Driving Faster, Smarter Lending Decisions with Verified Data
Driving Faster, Smarter Lending Decisions with Verified Data Auto TWN Indicator Card TWN Indicator Deliver alongside the Equifax Soft or Hard Pull credit report for no Deliver alongside the Equifax Hard Pull credit report for no additional additional fee. fee. Improves dealer efficiency Shopping / PreQ
Slide 15: Long Runway for TWN Record Growth
Long Runway for TWN Record Growth Record Opportunity TWN Records 250M ✓ 4 new partners added YTD on top of 10 Non-working added in 2H 2024 Income ✓ 198M Active records reflect how Pension 198M employers report employees… up 10% YTY Records Non-traditional Income ✓ 113M Current records, up 9%, with 10
Slide 16: June Investor Day Outlook: $700M+ Mtg Mkt Recovery Flow Through
June Investor Day Outlook… $700M+ Mtg Mkt Recovery Will Flow Through to EBITDA, EPS, and Cash to Shareholders ~$10.8B LT Financial ~$9.6B ~11% Organic, ~12.5% Total New EFX Revenue, ~8.5% Organic CAGR vs 2025 Framework Organic Revenue CAGR vs 2025, ~10% Total Mtg Recovery Total Revenue CAGR vs 2025
Slide 17: 50 BPs EBITDA Margin Expansion/year to 35% with No Mtg Mkt Recovery
50 BPs EBITDA Margin Expansion/year to 35% with No Mtg Mkt Recovery in 2030 … ~37%+ with Mtg Mkt Recovery EBITDA Margin (%) ~200+ bps ~250 bps ~37%+ Growth Drivers ~35% ✓ High gross 32.3% ~32.3% margin revenue growth ✓ Fixed cost leverage ✓ Cloud efficiency ✓ NPI / VI 2024 2025 2030 No Mtg 2030 Mtg Mk
Slide 18: Balanced Capital Allocation Framework
Balanced Capital Allocation Framework ✓ Maintain strong Investment Grade Rating 180%+ ~$4.0B+ ~$3.0B+ Adj NI with S&P (BBB) and Moody’s (Baa2) ✓ Strong 95%+ Cash Conversion Debt incr ~$2.2B ~$1.2B at 2.5x ~100% Adj NI ~70% Adj NI Leverage Total Capital ($B) (50%+ Adj NI) ~$425M+ ~25%+ Payout ~$425M+
Slide 19: Dividend Increased to $0.50
Capital Allocation… Repurchased 480k Shares for ~$127M in 2Q… Dividend Increased to $0.50 Long Term Capital Free Cash Flow Shareholder Returns Allocation Framework New EFX Share Repurchases Maintain strong balance 2.5 - 3x leverage sheet Shareholder Dividends $1-$1.2B/year investment in EFX Invest i
Slide 20: Invested ~$4.5B since 2018 in M&A
Invested ~$4.5B since 2018… added ~$700M in run-rate revenue focused on EWS, ID&F, differentiated data Capital $2.9B 2018 deployed on M&A 2019 2020 $500- $750M $300 - $581M $449M $500M / year $304M 2021 $177M $89M $0M New LTFF Revenue 2022 $38M $49M $7M $345M $106M $160M Run-rate 2023 14 acquisitions
Slide 21: PROPRIETARY | 21
PROPRIETARY | 21
Slide 22: Appendix
Appendix PROPRIETARY | 22
Slide 23: Expect EFX growth in recession from resilient verticals and mortgage market recovery
Expect EFX growth in recession from resilient verticals and mortgage market recovery Recession Resilient EFX Mortgage Opportunity Recession Growth Drivers ~+5-10%* $5.1B ✓ $1.2B Mortgage market recovery +4% ~ +20%+* ✓ Government penetration and ~ +8-10%* volume ~$700M+ EBITDA ~67% ~$1.2B ~ +3-5%* ✓
Slide 24: Trevor Burns • Investor Relations
Trevor Burns • Investor Relations • trevor.burns@equifax.com Copyright © 2025, Equifax Inc. All Rights Reserved. Equifax is a registered trademark of Equifax Inc.