Slide 1: 2Q25 Earnings Review
2Q25 Earnings Review July 22, 2025
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains certain forward-looking information, including third quarter and full year 2025 guidance as well as our LT Financial Framework, to help you understand Equifax and its business environment. All statements that address operating performance and eve
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 2Q Results, Returning Cash to Shareholders
Strong 2Q Results, Returning Cash to Shareholders 2Q Revenue up 7% reported, 8% C$... $27 million above midpoint of April guide ... Adj EPS of $2.00 / share… $0.10 above midpoint of April guide 2Q Adj EBITDA Margin 32.5% … EWS 53%+ up ~50 bps YTY… USIS 35% up ~180 STRATEGIC PRIORITIES bps YTY… Int’l
Slide 5: 2Q EWS Revenue Up 8%... 10% Non-Mortgage Verifier Growth
2Q EWS Revenue Up 8%... 10% Non-Mortgage Verifier Growth… Strong 14% Growth in Government… Margins up ~50 bps YTY Consumer Verifier Government Lending Total Revenue +14% +19% +10% Product, records, Annual SSA agreement penetration, price ~$50M to ramp monthly Verifier Non-Mtg +10% driving revenue growt
Slide 6: 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) $5B ○ Improves program integrity, requirements accuracy and timing of benefit delivery ✓
Slide 7: Long Runway for TWN Record Growth
Long Runway for TWN Record Growth Record Opportunity TWN Records 250M ✓ 4 new partners added YTD on top of 10 Non-working added in 2H 2024 Income ✓ 198M Active records reflect how Pension 198M employers report employees… up 10% YTY Records Non-traditional Income ✓ 113M Current records, up 9%, with 10
Slide 8: 2Q USIS Revenue Up 9%... Mortgage Up Strong 20%
2Q USIS Revenue Up 9%… Mortgage Up Strong 20%... Non-Mortgage up 4%...EBITDA Margins Up ~180 bps YTY Mortgage Non-Mortgage Non-Mtg B2B +20% +4% +4% Revenue Growth Revenue Growth Stable Lending Strong market Environment outperformance B2B (Total) +4% FI LSD growth New Only EFX solution Online +3% Aut
Slide 9: International Revenue Up 6% C$
International Revenue Up 6% C$… Broad Based Led By Latam and Europe… EBITDA Margins Up ~80 bps YTY Revenue EFX Cloud Brazil +4% / +6% C$ Peru & UK Revenue +8% C$ migrations YTD Revenue Growth completed in 2Q ✔ Large market growing double digits annually Latam +11% ● UK reached ~30x better ✔ Data diff
Slide 10: 14% 2Q Vitality Index... OnlyEquifax Mortgage Solution with TWN Indicator
14% 2Q Vitality Index… OnlyEquifax Mortgage Solution with TWN Indicator… Auto / P-Loan in 2H EFX VI Accelerated in 2Q Rolling Out TWN Indicator Delivered alongside the Equifax Soft Pull credit report at no additional fee ✓ Reduces friction early in Pre-Approval The Work the process by verifying Numb
Slide 11: 2Q USIS Mortgage Hard Inquiries -8%... Mortgage Rates Remain Elevated
2Q USIS Mortgage Hard Inquiries -8%... Mortgage Rates Remain Elevated… 2H25 Inquiries Expected Down ~13%+ 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 12: FY 2025 Guidance (Constant Currency) Unchanged
FY 2025 Guidance (Constant Currency) Unchanged Due To Economic and Market Uncertainty. Reported Revenue Increased $35M for FX 2025 $ vs 2024 % vs 2024 Revenue1 $5,970M - $6,040M $289M - $359M 5.1% - 6.3%1 Adjusted EPS $7.33 - $7.63 / share $0.04 - $0.34 / share 0.6% - 4.7% Free Cash Flow ~$900M+ ~$8
Slide 13: 3Q25 Guidance
3Q25 Guidance 3Q 2025 $ vs 3Q 2024 % vs 3Q 2024 Revenue1 $1,505M - $1,535M $63M - $93M 4.4% - 6.5%1 Adjusted EPS $1.87 - $1.97 / share $0.02 - $0.12 / share 1.0% - 6.4% Revenue Adj. EBITDA Business Units Growth Rate Margins (YTY) Guidance Specifics Workforce Solutions ~3.5%+ ~51.0% Depreciation and a
Slide 14: Capital Allocation... Dividend Increased to $0.50
Capital Allocation… Repurchased 480k Shares for ~$127M in the Quarter… 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
Slide 15: June Investor Day Outlook
June Investor Day Outlook… $700M+ Rev from 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
Slide 16: Strong 2Q Performance... Returned Cash to Shareholders
Strong 2Q Performance… Returned Cash to Shareholders Strong 2Q25 broad based results led by Mortgage and Non-mortgage Revenue growth New Expect FY Free Cash Flow ~$900M+ and FY Cash Conversion ~95%+ EWS Government revenue growth accelerates in 2Q +14% YoY EFX ✓ 8-12% LT revenue growth $3B share repu
Slide 17: PROPRIETARY
PROPRIETARY | 17
Slide 18: 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 19: Investor Relations July 2025
Investor Relations July 2025
Slide 20: Index
Index Pages The New EFX 21-35 Workforce Solutions Overview 36-41 Supplemental Financial Information 42-46 PROPRIETARY | 20
Slide 21: The New EFX
The New EFX PROPRIETARY | 21
Slide 22: 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 23: Expanding TAM and Broadening Revenue Base
Expanding TAM and Broadening Revenue Base EFX TAM +~$2.0B Non-Mtg Rev Since 2019 Up 3x ~$6.0B $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 24: The EFX Cloud
The EFX Cloud What’s Next for EFX Cloud ✓ Share gains from always-on and speed EFX Cloud ✓ NPI and Vitality ✓ EFX.AI powered solutions ✓ Multi-data and multi-market solutions ✓ More data and faster ingestion ✓ Industry leading security ✓ Future-proof PROPRIETARY | 24
Slide 25: 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 26: Data Advantages Drive Revenue Growth
Data Advantages Drive Revenue Growth CANADA UK Diversified and differentiated sources of data exist today in all geographies INDIA SPAIN Data fabric for easier ingestion of new data, facilitating diversification LATAM and differentiation AUSTRALIA / NZ Keying and Linking to BRAZIL maximize use of the da
Slide 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: OnlyEquifax... Power of USIS and EWS
OnlyEquifax... Power of USIS and EWS Workforce Solutions U.S. Information Solutions + Achieving unparalleled The Work Number & TotalVerify Consumer & Commercial Data value by aligning our differentiated data to… Credit & Core Credit Deliver comprehensive Capacity customer-centric solutions Identity W
Slide 35: OnlyEquifax Solutions Reimagine What's Possible
OnlyEquifax Solutions Reimagine What’s Possible The Work Number Indicator Solutions The Work Number The Work Number The Work Number Indicator P-Loan Indicator Mortgage Indicator Auto and Card Business Collection Consumer Undisclosed Decision Verification Score Engagement Suite Debt Monitoring Strateg
Slide 36: Workforce Solutions Overview
Workforce Solutions Overview PROPRIETARY | 36
Slide 37: Unique Dual-sided Business Model Driving Growth
Unique Dual-sided Business Model Driving Growth Supply Networks Dual-sided Business Model Demand Networks 767M TWN Employer Verification 500M+ records services Insights services TWN and 4.6M inquiries Record analytics contributors Alliance partners Employment System-to-System 39% Records via direct c
Slide 38: The Work Number Delivers Speed, Accuracy, and Productivity
The Work Number Delivers Speed, Accuracy, and Productivity Verifications Powered by The Work Number The Work Number provides an Count on The Work Number FCRA-governed and frictionless process to Deliver that delivers significant value for all stakeholders ✓ Speed to decision-making ✓ Accuracy harnessi
Slide 39: Continued Strong Record Growth
Continued Strong Record Growth Number of Contributors (Thousands) 2025 Growth Drivers +1.3M increase 2Q24 vs. 2Q25 ● TWN Record Growth ● Penetration, More Pulls Number of Records (Millions) ● New Products / Use Cases +18M increase 2Q24 vs. 2Q25 ● Data Hub Expansion 140M Unique SSNs PROPRIETARY | 39
Slide 40: Growth Verticals in Big TAMs - Government and Talent
Growth Verticals in Big TAMs - Government and Talent EWS Revenue Opportunity Equifax Manual / No Verifications / Other Players Government $5.0B ~15% 85% $15B Talent Solutions $5.0B ~10% 90% Employer $2.0B ~20% 80% ~$13B Services X% X% Mortgage & 60% $1.5B ~40% Housing1 $2.4B Lending 2 $1.5B ~20% 80%
Slide 41: EWS Non-Mortgage Products and Trends
EWS Non-Mortgage Products and Trends 2Q25: $208M; +14% 2Q25: $132M; +4% 2Q25: $95M; -2% 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 Onboard
Slide 42: Supplemental Financial Information
Supplemental Financial Information PROPRIETARY | 42
Slide 43: 2Q 2025 Business Unit Performance
2Q 2025 Business Unit Performance Reported Local Currency Adj. EBITDA Margin Adj. EBITDA Margin Revenue Growth Revenue Growth Growth / (Decline) Workforce Solutions 8.0% 8.0% 53.3% 52 bps Verification Services 9.9% 9.9% N/A N/A Employer Services (2.0%) (2.0%) N/A N/A USIS 9.0% 9.0% 35.0% 183 bps Onli
Slide 44: 2Q2025 General Corporate Expense, Capital Spending, D&A, Interest Expense
2Q2025 - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income / Expense, excluding non-recurring costs General Corporate Expense (Including D&A)* – 2Q25 Capital Expenditures (incurred) in 2Q25 were $122M, down from $131M in $152M in 2Q25, as compared to $128M in 2Q24 2
Slide 45: 3Q25 & FY25 Guidance - General Corporate Expense, Capital Spending, D&A
3Q25 & FY25 Guidance - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income / Expense, excluding non-recurring costs Capital Expenditures (incurred) in 3Q25 are expected to be ~$130M, up from $123M in 3Q24. Capital Expenditures (incurred) in 2025 are expected to be Gen
Slide 46: Strong balance sheet and liquidity
Strong balance sheet and liquidity June 30, 2025 Cash $189.0M Available Borrowing Capacity¹ $1,329.5M Total Liquidity $1,518.5M Leverage Ratio for 2Q25² 2.47x 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 compli
Slide 47: 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.