Slide 1: 1Q25 Earnings Review
1Q25 Earnings Review April 22, 2025
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains certain forward-looking information, including second quarter and full year 2025 guidance, to help you understand Equifax and its business environment. All statements that address operating performance and events or developments that we expect or
Slide 3: Non-GAAP Disclosure Statement
Non-GAAP Disclosure Statement 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
Slide 4: Strong 1Q Results, Returning Cash to Shareholders
Strong 1Q Results, Returning Cash to Shareholders 1Q Revenue up 4% reported, 5% C$... $37 million above midpoint of Feb guide ... Adj EPS of $1.53 / share… $0.15 above midpoint of Feb guide STRATEGIC PRIORITIES Launched first ever OnlyEFX solution in Mortgage… Credit file with TWN indicator… OnlyEFX A
Slide 5: Strong Post-Cloud FCF Drives Investment in EFX and Cash to Shareholders
Strong Post-Cloud FCF drives Investment in EFX and Cash to Shareholders Long Term Capital Free Cash Flow New EFX Allocation Framework Maintain strong balance 2.5 - 3x leverage sheet ++ ~$900M Invest in EFX growth $1-$1.2B/year Investment in EFX Growth $813M - CapEx for growth 6-7% of revenue (~$500M
Slide 6: 1Q Revenue and Adj EPS above high end of Framework
1Q Revenue and Adj EPS above high end of Framework… Mortgage and Non-Mortgage driving outperformance Revenue Adj EPS Adj EBITDA US Mortgage Non-Mortgage $1.442B $1.53 Margins Revenue Revenue +4% / +5% C$ Strong +7% +5% C$ 29.3% $37M above $0.15 above mid Strength driven 80 bps above midpoint / $22M
Slide 7: 1Q EWS revenue up 3%, 6% Non-Mortgage Verifier revenue growth
1Q EWS revenue up 3%... 6% Non-Mortgage Verifier revenue growth led by double digit Talent & Consumer Lending Verifier Government Records +5% SSA Contract +11% Revenue Growth New agreement to ramp 3 Partners monthly income / added in 1Q Non-Mortgage +6% Government +2% employment volumes 4.4M contribut
Slide 8: TWN positioned to address $160B+ Federal Improper Payments
TWN positioned to address $160B+ Federal Improper Payments Big $5B Government TAM Big Growth Potential in Government $5B TWN Opportunities Current TWN Penetration ✓ State usage and ✓ CMS penetration ✓ SSA ✓ Full utilization of TWN… less filtering ✓ USDA … SNAP / TANF ✓ New Federal use ✓ States / Stat
Slide 9: 1Q USIS revenue up 7%, Launched OnlyEquifax Mortgage solution
1Q USIS revenue up 7%... Strong Non-Mortgage up 6%… Mortgage up 11% … Launched OnlyEquifax Mortgage solution Mortgage Non-Mortgage Online B2B +11% +6% +4% Revenue Growth Revenue Growth Stable Lending Strong market Environment outperformance B2B (Total) +5% FI MSD growth Hard credit Inquiries Online
Slide 10: International revenue up 7% C$, strong double digit growth in Latam
International revenue up 7% C$… Strong double digit growth in Latam led by Brazil… 10% Vitality Index in 1Q Revenue EFX Cloud Innovation +1% / +7% C$ Vitality Index 10% Canada, Argentina, Chile Revenue Growth completed in 2024 Strong DD rev growth in Latam +16% Spain completed 1Q25 Brazil enabled by
Slide 11: 11% 1Q Vitality Index, Rolling out OnlyEquifax Mortgage solution
11% 1Q Vitality Index… Rolling out OnlyEquifax Mortgage solution with TWN indicator… USIS VI accelerating USIS VI Accelerating Post Cloud Credit File with Mortgage TWN Indicator ✓ Differentiated data (EWS alongside USIS) ✓ Helping clients gain deeper insights into consumer credit worthiness ✓ Support
Slide 12: Expect EFX growth in recession from resilient verticals and mortgage 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 13: Mortgage hard inquiries -9% in 1Q, 2025 expected down ~12%
1Q USIS Mortgage hard inquiries -9%... Mortgage rates remain elevated… 2025 inquiries expected down ~-12% Mortgage Market Credit Inquiries (Hard Pulls*) Guidance Assumption YoY Growth 2015-2019 Average Level of Inquiries Number of Inquiries 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Full
Slide 14: FY 2025 Guidance (constant currency) Unchanged
FY 2025 Guidance (constant currency) Unchanged Due To Economic and Market Uncertainty 2025 $ vs 2024 % vs 2024 Revenue1 $5,910M - $6,030M $229M - $349M 4.0% - 6.1%1 Adjusted EPS $7.25 - $7.65 / share ($0.04) - $0.36 / share (0.5%) - 5.0% Free Cash Flow ~$900M ~$87M ~10.7% Revenue Adj. EBITDA Busines
Slide 15: 2Q25 Guidance
2Q25 Guidance 2Q 2025 $ vs 2Q 2024 % vs 2Q 2024 Revenue1 $1,495M - $1,525M $65M - $95M 4.5% - 6.6%1 Adjusted EPS $1.85 - $1.95 / share $0.03 - $0.13 / share 1.9% - 7.4% Revenue Adj. EBITDA Business Units Growth Rate Margins (YTY) Guidance Specifics Workforce Solutions ~6.5%+ ~52.0% Depreciation and a
Slide 16: EFX LT Growth Framework driving 7-10% organic growth
EFX LT Growth Framework driving 7-10% organic growth LT Financial Framework New EFX LTFF Rev Growth Organic revenue growth 7-10% STRATEGIC PRIORITIES M&A contribution 1-2% EWS Total growth 8-12% 13-15% EBITDA% margin improvement +50 bps USIS INTL Cash EPS growth 12-16% 6-8% 7-9% Dividend yield ~1% A
Slide 17: The NewEFX: Strong 1Q, Growing Dividend, Launched $3B Buyback Program
The NewEFX… Strong 1Q, Growing Dividend, Launched $3B Buyback Program, Recession Resilient from Mortgage Upside Strong 1Q25 results led by Mortgage and Non-mortgage revenue growth Expect FY Free Cash Flow ~$900M and FY Cash Conversion ~95% New 2025 Guidance… despite strong 1Q25 and 2Q25 Guidance, ma
Slide 18: PROPRIETARY | 18
PROPRIETARY | 18
Slide 19: 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.
Slide 20: Investor Relations April 2025
Investor Relations April 2025
Slide 21: Index
Index Pages The New EFX 22-34 Workforce Solutions Overview 35-39 Supplemental Financial Information 40-44 PROPRIETARY | 21
Slide 22: The New EFX
The New EFX PROPRIETARY | 22
Slide 23: The New Equifax… we are just getting started
The New Equifax… we are just getting started EFX Revenue Growth The New EFX Yesterday Today New EFX Technology Legacy Cloud-native Data Siloed Single Data Fabric Innovation Process-driven EFX.AI, Only EFX NPI Sales-centric Product-centric EWS #2 BU Largest business EWS, ID&F, unique M&A Opportunisti
Slide 24: Expanding TAM and Broadening Revenue Base
Expanding TAM and Broadening Revenue Base EFX TAM +~$2.0B Non-Mtg Rev Since 2019 Up 3x ~$5.97B $50B $5.7B $5.3B Brazil US – Empl. Svcs /HR US - Govt US - Talent ~$4.8B $4.6B $3.5B $4.3B Mtg ID&F $2.8B Non-mtg Traditional Credit Bureau Note: This slide contains forward-looking information, including
Slide 25: The EFX Cloud
The EFX Cloud PROPRIETARY | 25
Slide 26: A Robust Foundation for Comprehensive Solutions
A Robust Foundation for Comprehensive Solutions Insights are Created Through Connected and Differentiated Data Consumer Telco, Cable Employment Consumer Education & Credit & Utility & Income Consented Credentials Traditional Unique Direct from Information Degree, & Specialty National Data Employers O
Slide 27: Broadening Our Global Presence in Important Growth Markets
Broadening Our Global Presence in Important Growth Markets CANADA UNITED KINGDOM UNITED STATES IBERIA INDIA Key Revenue Drivers Consumer Credit Brazil Commercial Credit LATAM Employment & Income AUSTRALIA NEW ZEALAND Identity & Fraud Analytics Collections PROPRIETARY | 27
Slide 28: A Strong Portfolio of Businesses
A Strong Portfolio of Businesses 2024 Business Mix 2024 Vertical Mix Other 3% 2024 Revenue Growth 2024 Adjusted Resellers 3% ID&F (Constant $) EBITDA Margin Healthcare 1% 5% Financial International +19% 27.6% 20% Corporate US (Employers) Telco 2% Information +10% 34.5% 14% Commercial 4% Solutions Co
Slide 29: Workforce Solutions (WS)
Workforce Solutions (WS) Accelerating growth through The Work Number expansion, advanced analytical solutions, and vertical expertise across direct and indirect channels 2024 Revenue Mix - $2,434M Focus Areas Data HUB Innovation Acquisitions • Grow TWN records • AI powered new • Augment Employer (W2
Slide 30: EWS Long Term Growth Framework
EWS Long Term Growth Framework Organic Revenue Growth % LTFF Growth Drivers Employer ● The Work Number® record growth thru Verifier New EFX Services direct clients, strategic partnerships and 2% 13-15% alternative data 4% ● Growth in new verticals: Government, 9-11% Talent 3% 4% ● Robust set of growt
Slide 31: US Information Solutions (USIS)
US Information Solutions (USIS) Strengthen our foundation of assets and capabilities while investing in solutions and adjacencies that accelerate sustainable growth in existing and new markets Focus Areas 2024 Revenue Mix - $1,893M Identity & Fraud Core Markets Other 5% • Fuel growth from Kount & •
Slide 32: USIS Long Term Growth Framework
USIS Long Term Growth Framework Organic Revenue Growth % LTFF Growth Drivers New EFX ● New product innovation enabled by differentiated data, EFX Cloud, EFX.AI, 2-3% 6-8% Only EFX (EWS alongside USIS) 5-7% ● Enable the digital client experience: ~2% “Say Yes More” and frictionless, ~1% personalized e
Slide 33: International (INTL)
International (INTL) Address customer needs through unique data assets to drive insights delivered via strategic technology platforms complemented by M&A for geographic and domain expansion Focus Areas 2024 Revenue Mix - $1,354M Data & Insights Leverage Focus Innovation Areas Consumer B2B Other ● Us
Slide 34: INTL Long Term Growth Framework
INTL Long Term Growth Framework Organic1 Revenue Growth % LTFF Growth Drivers New EFX ● EFX Cloud-enabled innovation 8-10% 7-9% ● Differentiated data and insights 1.0-1.5% 1.5-2.0% ● NPI acceleration across INTL platforms 2.5-3.0% Regions ● Global platforms in local markets range between ● Bolt-on M&
Slide 35: Workforce Solutions Overview
Workforce Solutions Overview PROPRIETARY | 35
Slide 36: Unique Dual-sided Business Model Driving Growth
Unique Dual-sided Business Model Driving Growth Supply Networks Dual-sided Business Model Demand Networks 751M TWN Employer Verification 500M+ records services Insights services TWN and 4.4M inquiries Record analytics contributors Alliance partners Employment System-to-System 41% Records via direct c
Slide 37: Multiple Drivers for EWS Revenue Growth
Multiple Drivers for EWS Revenue Growth Number of Contributors (Thousands) 2025 Growth Drivers +1.3M increase 1Q24 vs. 1Q25 ● TWN Record Growth ● Penetration, More Pulls ● New Products / Use Cases Number of Records +19M increase (Millions) 1Q24 vs. 1Q25 ● Data Hub Expansion 138M Unique SSNs Over ~75
Slide 38: ~$13B EWS Growth Opportunity
~$13B EWS Growth Opportunity TAM ($B) Market Share % EWS Revenue Opportunity EFX Other Players / Manual / Lack of Adoption $15B Talent Sol $5B ~10% 90% ~$2B Empl. Svcs 16% 84% Government $5B ~15% 85% ~$13B ~20% 80% ~$11B Verification Employer $2B Housing1 $1.5B ~40% 60% $2.4B Cons. Fin.2 $1.5B ~15% 8
Slide 39: EWS Non-Mortgage Products and Trends
EWS Non-Mortgage Products and Trends 1Q25: $178M; +2% 1Q25: $119M; +12% 1Q25: $116M; -8% Government Talent Solutions Employer Services Increase CMS / SSA penetration, Drive utilization and leverage new Grow adoption of I-9 & expand Federal and State contracts, products based on industry needs Onboar
Slide 40: Supplemental Financial Information
Supplemental Financial Information PROPRIETARY | 40
Slide 41: 1Q 2025 Business Unit Performance
1Q 2025 Business Unit Performance Reported Local Currency Adj. EBITDA Margin Adj. EBITDA Margin Revenue Growth Revenue Growth Growth / (Decline) Workforce Solutions 2.6% 2.6% 50.1% (93 bps) Verification Services 5.4% 5.4% N/A N/A Employer Services (7.9%) (7.9%) N/A N/A USIS 7.4% 7.4% 34.1% 141 bps On
Slide 42: 1Q2025 General Corporate Expense, Capital Spending, D&A, Interest Expense
1Q2025 - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income / Expense, excluding non-recurring costs General Corporate Expense (Including D&A)* – 1Q25 Capital Expenditures (incurred) in 1Q25 were $101M, down from $125M in $158M in 1Q25, as compared to $151M in 1Q24 1
Slide 43: 2Q25 & FY25 Guidance - General Corporate Expense, Capital Spending, D&A
2Q25 & FY25 Guidance - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income / Expense, excluding non-recurring costs Capital Expenditures (incurred) in 2Q25 are expected to be ~$125M, down from $131M in 2Q24. Capital Expenditures (incurred) in 2025 are expected to Gene
Slide 44: Strong balance sheet and liquidity
Strong balance sheet and liquidity March 31, 2025 Cash $195.2M Available Borrowing Capacity¹ $1,269.6M Total Liquidity $1,464.9M Leverage Ratio for 1Q25² 2.54x Credit Ratings BBB (S&P) / Baa2 (Moody’s) Next debt maturity: 2.60% $400M Sr Notes Due 12/15/2025 1. $1.5 billion Revolver 2. Covenant compl
Slide 45: Trevor Burns, Investor Relations
Trevor Burns • Investor Relations • trevor.burns@equifax.com Copyright © 2023, Equifax Inc. All Rights Reserved. Equifax is a registered trademark of Equifax Inc.