Equifax, Inc. · NYSE:EFX

Equifax — Investor Presentation (July 2025)

47 slides from Equifax's investor presentation, July 2025

1. Slide 1: Wealth Trends 2025

   Wealth Trends 2025 July 2025

2. Slide 2: Contents

   Contents 1. Overview 2. Current U.S. wealth landscape 3. Distribution of wealth in the U.S. 4. Exploring geographic differences in wealth 5. Exploring differences in wealth across life stages (c) Equifax Inc. 2025. All Rights Reserved. All statistics and data provided herein is for information purpose

3. Slide 3: Overview

   Overview What data sources did we use? What are overall economic and wealth trends for 2025? 3

4. Slide 4: Data overview

   Data overview Data Source: The IXI™ Network Definition of terms Through our exclusive network of more than 90 leading financial institutions, we directly measure more than $30 trillion in anonymous Liquid Financial assets held in institutions such as U.S. consumer deposits and investments, representin

5. Slide 5: Overview

   Overview ● Since the 2008 recession, U.S. household wealth has grown 247%, reaching $66 trillion in June 2024, with the majority of wealth driven by the stock market’s performance. ● While wealth has grown since June 2021 (early post-COVID pandemic), growth has not been felt across all consumer segm

6. Slide 6: Current U.S. wealth landscape

   How has U.S. wealth changed since the recession? And since the pandemic? Current U.S. wealth landscape What are big picture shifts in assets? 6

7. Slide 7: Life since the Great Recession

   Life since the Great Recession Incredible growth since recession Total U.S. investable asset estimates ($T) Flash Crash Coronavirus Crash 247% growth Great Recession since 2008 As of June 2024: $52.3 trillion Investments $13.7 trillion Deposits Based on Federal Reserve and Equifax IXI Network data (

8. Slide 8: What is driving growth?

   What is driving growth? ● Investments are fueling Total Assets June 2021 - June 2024 ($T) consumer wealth growth. They are up 17%, a $7.5T gain in just three years, primarily due to the stock market’s performance. The market’s growth has been the backbone of overall growth. ● Unfortunately, the hunt

9. Slide 9: Challenging times for Deposits

   Challenging times for Deposits ● Only CDs show growth between Total deposits June 2021 - June 2024 ($T) 2021-2024. The increase of $2.1T, over 200%, is considerable. The increase is likely driven by high rates that are required to capture share in flat deposit market. ● Interest Checking had the larg

10. Slide 10: Investments rebound to positive growth

    Investments rebound to positive growth ● Overall growth has been fueled Total investments June 2021 - June 2024 ($T) by the stock market’s performance which has led to increases in other investments as consumers diversify their portfolios and hedge their bets. ● Bonds had the largest growth with $3.

11. Slide 11: What about the "typical" consumer?

    What about the “typical” consumer? 132 million $66,258 median total household investable assets U.S. households $25,445 median investment assets $30,587 median deposits $10,821 median mutual funds $5,951 median checking $4,383 median stocks $8,462 median savings 12% decrease in median total assets o

12. Slide 12: Distribution of wealth in the U.S.

    Distribution of wealth in the U.S. Who is seeing the most gains? What asset shifts are happening at different wealth levels? 12

13. Slide 13: Wealth tier definitions and key statistics

    Wealth tier definitions and key statistics Mass Market Mass Affluent Affluent <$100K $100K - $1M $1M+ 75 million households 44 million households 14 million households $1.8 trillion total assets $15.8 trillion total assets $48 trillion total assets 3-year Trend June 2021 – June 2024 Percent change in hou

14. Slide 14: Wealth tiers: Only the wealthy get wealthier

    Wealth tiers: Only the wealthy get wealthier ● Affluent consumers are the only Total assets by wealth tier June 2021 - June 2024 ($T) tier showing significant growth, up $7T in just 3 years. Mass Market Mass Affluent Affluent <$100k $100k - $1M >$1M ● The Mass Affluent tier dropped by +17.0% $665B. Some of t

15. Slide 15: Wealth tiers: Deposits have been stagnant across the board

    Wealth tiers: Deposits have been stagnant across the board ● Overall, the deposits pie hasn’t Deposits by wealth tier June 2021 - June 2024 ($T) grown, making it challenging to increase market share in any tier. Mass Market Mass Affluent Affluent <$100k $100k - $1M >$1M ● Affluent and Mass Affluents decline

16. Slide 16: Wealth tiers: Investments drive Affluent growth

    Wealth tiers: Investments drive Affluent growth ● Incredible growth for Affluent Investments by wealth tier June 2021 - June 2024 ($T) consumers with investments growing by $8T in only 3 years Mass Market Mass Affluent Affluent <$100k $100k - $1M >$1M makes this segment even more of a must-win market than n

17. Slide 17: Overall wealth by wealth tier

    Overall wealth by wealth tier 97% of the nation’s wealth is held by the Affluent and Mass Affluent Percent of U.S. households Percent of U.S. investable assets 132M households total $65 trillion total 3% Mass Market 11% <$100k 24% Mass Affluent 33% 56% $100k - $1M 73% Affluent >$1M Affluents represent Affluents

18. Slide 18: Visualizing the market opportunity for each tier

    Visualizing the market opportunity for each tier Mass Market Mass Affluent Affluent <$100k $100k - $1M >$1M Deposits Investments 1 square = $1T Based on Equifax IXI Network data (c) Equifax Inc. 2025. All Rights Reserved. All statistics and data provided herein is for information purposes only | 18

19. Slide 19: Portfolio composition shifts with wealth

    Portfolio composition shifts with wealth Asset class ratios become more unbalanced as wealth increases Mass Market Mass Affluent Affluent <$100k $100k - $1M >$1M 28% 17% 40% 60% 72% 83% $T $T $T Deposits $1.1 Deposits $4.4 Deposits $8.2 Investments $0.7 Investments $11.4 Investments $40.2 Total Assets $

20. Slide 20: Product concentrations vary by wealth tier

    Product concentrations vary by wealth tier Particularly in deposits, balances shift to higher-interest products as wealth increases Mass Market Mass Affluent Affluent <$100k $100k - $1M >$1M Based on Equifax IXI Network data (c) Equifax Inc. 2025. All Rights Reserved. All statistics and data provided he

21. Slide 21: Mass Market

    Mass Market Mass Market <$100k 40% 60% Total Median ● With 30% of their deposit balances in non-interest checking, Mass Market consumers likely need Deposits $1.1T $8K ready access to a significant amount of their deposits without needing to maintain balances to Investments $0.7T $3K avoid penalties.

22. Slide 22: Mass Affluent

    Mass Affluent Mass Affluent $100k - $1M 28% 72% Total Median ● Mass Affluent consumers are able to hold a majority of their deposits in Savings accounts (27%) Deposits $4.4T $90K suggesting that they do not need ready access to all of their deposits. They have enough financial Investments $11.4T $204K secu

23. Slide 23: Affluent

    Affluent Affluent >$1M 17% 83% Total Median ● As evidenced by holding the majority of funds in CDs, Affluents have enough wealth that they don’t Deposits $8.2T $357K need ready access to most of it. With the least amount of money held in checking, they have enough Investments $40.2T $1.6M wealth to pay fo

24. Slide 24: Exploring geographic differences in wealth

    Geographic view Exploring geographic differences in wealth What are the regional differences? Which states are seeing the most and the least gains? 24

25. Slide 25: State comparison: Total assets

    State comparison: Total assets Top 5: States by total assets Top 5 states by household assets in 2024 2021 2024 California $8.7T California $9.6T Florida $4.7T Florida $5.2T New York $4.3T New York $4.8T Texas $4.2T Texas $4.7T Illinois $2.5T Illinois $2.8T Top 5: States by increase in total assets

26. Slide 26: State comparison: Median household total assets

    State comparison: Median household total assets Top 5: States by median total assets Top 5 states by median household assets in 2024 2021 2024 New Jersey $196K New Jersey $176K Connecticut $167K Connecticut $151K Massachusetts $162K Massachusetts $149K Hawaii $159K New Hampshire $138K New Hampshire

27. Slide 27: State comparison: Total deposits

    State comparison: Total deposits Top 5: States by total deposits Top 5 states by total household deposits in 2024 2021 2024 California $2.2T California $2.0T Florida $1.2T Florida $1.1T New York $1.1T New York $1.0T Texas $1.0T Texas $0.9T Pennsylvania $0.6T Pennsylvania $0.6T Top 5: States by incre

28. Slide 28: State comparison: Median household deposits

    State comparison: Median household deposits Top 5: States by median deposits Top 5 states by median household deposits in 2024 2021 2024 New Jersey $64K New Jersey $65K Connecticut $58K Connecticut $58K New York $54K New York $54K California $52K Massachusetts $52K Massachusetts $52K California $51K

29. Slide 29: State comparison: Total investments

    State comparison: Total investments Top 5: States by total investments Top 5 states by total household investments in 2024 2021 2024 California $6.5T California $7.7T Florida $3.5T Florida $4.2T New York $3.2T New York $3.8T Texas $3.1T Texas $3.7T Illinois $1.9T Illinois $2.2T Top 5: States by incr

30. Slide 30: State comparison: Median household investments

    State comparison: Median household investments Top 5: States by median investments Top 5 states by median household investments in 2024 2021 2024 New Jersey $129K New Jersey $100K Connecticut $104K Massachusetts $83K Hawaii $103K Connecticut $81K Massachusetts $103K New Hampshire $80K New Hampshire

31. Slide 31: Where are the Affluent markets?

    Where are the Affluent markets? Increase in States with the largest growth in Affluent households, 2021—2024 State households California 184K Texas 107K Florida 99K New York 74K Illinois 57K New Jersey 52K Washington 48K Ohio 44K Michigan 44K Massachusetts 40K Based on Equifax IXI Network data (c) Equif

32. Slide 32: Cities with the largest Affluent growth

    Cities with the largest Affluent growth Increase in Cities with the largest growth in Affluent households, 2021—2024 City households New York 133K Chicago 59K Los Angeles 58K Dallas 49K San Francisco 46K Seattle 45K Miami 45K Boston 44K Philadelphia 36K Washington, DC 33K Based on Equifax IXI Network da

33. Slide 33: Where are high deposit households?

    Where are high deposit households? Largest state markets, $100K+ households Top 5: States with most $100K deposit households Top 5: States with biggest increase in $100K deposit households Increase in number of households between June 2021 and June 2024 State Households New York 112K California 4.5M

34. Slide 34: Cities with the largest growth in $100K+ deposit households

    Cities with the largest growth in $100K+ deposit households Largest city markets, $100K+ households Top 5: Cities with most $100K deposit households Top 5: Cities with biggest increase in $100K deposit households Increase in number of households between June 2021 and June 2024 Chicago City Household

35. Slide 35: Exploring differences in wealth across life stages

    Generational view Exploring differences in wealth across life stages How are different generations being impacted? What’s happening with young consumers? 35

36. Slide 36: Lifestage definitions and key statistics

    Lifestage definitions and key statistics Gen Z Millennials Gen X Pre-Retirement Retired 18-28 years old 29-44 45-59 Baby Boomers 65+ 60-64 Households Households Households Households Households 6.9M / 5% 29.8M / 23% 37.1M / 28% 13.4M / 10% 45.3M / 34% Total Assets Total Assets Total Assets Total Asse

37. Slide 37: Lifestage distribution by percent of wealth tier

    Lifestage distribution by percent of wealth tier Retired households comprise 44% of Affluents Mass Market Mass Affluent Affluent <$100k $100k - $1M >$1M 6% 3% 2% 13% 28% 34% 21% 27% 44% 28% 11% 12% 29% 29% 14% Percentage of households Gen Z Millennials Gen X Pre-retired Boomers Retired Based on Equifax IX

38. Slide 38: Gen Z

    Gen Z $107B $91B $619B $601B $84B $63B 22% $45B $37B $145B 60% $60B $59B ● With a relatively few exceptions, the Gen Z have not had enough years to amass considerable wealth. With Total Median only $1.9T in total assets they command only 3% of total U.S. assets yet account for 5% of households. Depo

39. Slide 39: Millennials

    Millennials $520B $3.2T $446B $461B $2.8T $285B 23% $221B $187B $694B $323B 78% $282B ● Millennials still lag in terms of their share of wealth. While they comprise 23% of households, the account Total Median for only 14% of total assets. Deposits $2.1T $24K ● With a median balance of $24K, Millenni

40. Slide 40: Gen X

    Gen X $878B $861B $6.1T $842B $5.6T 21% $418B $387B $367B $1.3T $568B $527B 79% ● The Gen X have been able to benefit from living through several wealth growth cycles to drive up their Total Median investment balances. Overall, they account for 28% of households and hold 27% of wealth. Deposits $3.7T

41. Slide 41: Pre-retirement Baby Boomers

    Pre-retirement Baby Boomers $356B $367B $354B $2.6TB $2.4T 20% $158B $158B $157B $547B 80% $240B $224B ● This subset of the Baby Boomer cohort (age 60-64) is a smaller market but very attractive. They comprise Total Median 10% of U.S. households but hold 12% of the wealth and have a healthy $78K med

42. Slide 42: Retired

    Retired $9.9T $1.4T $9.5T $1.3T $1.4T 20% $595B $550B $602B $2.2T 80% $944B $870B ● The Retired cohort is the most attractive life stage to capture. They command a significant amount of Total Median assets - $29T - which is 44% of all assets. Deposits $5.8T $38K ● Retirees are prime targets for high-

43. Slide 43: Drill Down: Young Emerging Affluent and Affluent

    Drill Down: Young Emerging Affluent and Affluent Only 5% of Gen Z households control two-thirds of the generation’s wealth Total U.S. 132.4M Households $66.0T Assets $13.7T Deposits $52.3T Investments Young Consumers (<29) 6.9M Households $1.9T Assets $427B Deposits $1.5T Investments Young Emerging Afflue

44. Slide 44: Where is there growth opportunity?

    Where is there growth opportunity? Young Mass Affluent and Affluent <29, $100K+ assets Top 5: States with most Top 5: States with biggest percentage increase in Young Affluent and Young Mass Affluent Young Affluent and Young Mass Affluent (<29, $100K+ Assets) (<29, $100K+ Assets) Percentage increase in househol

45. Slide 45: Where is there growth opportunity?

    Where is there growth opportunity? Young Affluent <29, $1M+ assets Top 5: States with most Young Affluent Top 5: States with biggest percentage increase in Young Affluent (<29, $1M+ Assets) (<29, $1M+ Assets) Percentage increase in households between June 2021 and June 2024. Number of households listed is

46. Slide 46: For more information

    For more information: Contact your Equifax Account Representative or email Ian.wright@equifax.com.

47. Slide 47: Market Pulse

    Market Pulse

Equifax — Investor Presentation (July 2025) on 6ix