Slide 1: 3Q25 Earnings Review
3Q25 Earnings Review October 21, 2025
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains certain forward-looking information, including fourth quarter and full year 2025 guidance as well as our long-term financial framework, to help you understand Equifax and its business environment. All statements that address operating performance
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 3Q25 Results, Raising FY25 Guidance
Strong 3Q25 Results, Raising FY25 Guidance 3Q Revenue up 7% reported, 7% C$... $25M above July Guide midpoint... Adj EPS of $2.04 / share… $0.12 above July Guide midpoint… 3Q Adj EBITDA Margin 32.7%... rev outperformance driven by USIS Mortgage, EWS & USIS Non-Mtg STRATEGIC PRIORITIES EWS… Governmen
Slide 5: 3Q EWS Revenue +5%... Non-Mtg Verifier Growth +7%
3Q EWS Revenue +5%... Non-Mtg Verifier Growth +7%… Government Growth HSD Above Expectations… Continued Strong Margins Verifier Employer Records Revenue Growth ✓ 199M Active Records Revenue Growth +9% YTY +1% +5% ✓ 113M Current Verifier Non-Mtg +7% Returns to Growth Records on 100M SSNs Government + HSD
Slide 6: EWS Discussions Ramping Rapidly at State and Federal Levels Post OB3
EWS Discussions Ramping Rapidly at State and Federal Levels Post OB3 Big $5B Government OB3 Tightens Verification Rolling Out NPIs to Support TAM Requirements Continuous Evaluation for SNAP ✓ State cost sharing with error rates ● Provides agencies monthly life changes over 6%... 80%+(1) of states ove
Slide 7: 3Q USIS Revenue Up 11%... Mortgage Up Strong 26%
3Q USIS Revenue Up 11%… Mortgage Up Strong 26%... Non-Mortgage up 5%...EBITDA Margins Up ~130 bps YTY Mortgage Non-Mortgage Non-Mtg B2B +26% +5% +5% Revenue Growth Revenue Growth Stable Lending Strong market Environment outperformance B2B (Total) +5% Online +4% FI MSD growth Sequential revenue growt
Slide 8: Aggressive FICO Pricing Actions Create Catalyst for VantageScore 4.0 Conversions
Aggressive FICO Pricing Actions Create Catalyst for VantageScore 4.0 Conversions FICO Cost EFX Driving Conversion to Vantage ● VS $4.50, over 50% below FICO 4-year CAGR VantageScore 4.0 +102% $4.50 in 2026 ● Fixed for 2026 / 2027 ● Free VS in 2025 & 2026 with every FICO score ● TWN Indicator to diffe
Slide 9: International Revenue Up 7% C$... EBITDA Margins Up
International Revenue Up 7% C$… Led By Canada and Latin America… EBITDA Margins Up ~360 bps YTY Highlights CANADA +11% ✓ Canada revenue growth up strong 11%… Cloud transformation driving growth EUROPE +4% ✓ Latam +9% driven by strong DD revenue growth in Brazil / Argentina… NPI ASIA PACIFIC LATAM +9
Slide 10: Strong Post-Cloud NPI Momentum... Raising 2025 Vitality Index Guidance
Strong Post-Cloud NPI Momentum… Raising 2025 Vitality Index Guidance 100 BPs to 13% EFX VI Accelerated in 3Q Leveraging AI to Drive Customer Value ✓ Faster NPI at global scale ✓ Customer driven-AI insights for each customer ✓ Number of new products launched in 10% 2025 using AI up 3X since 2023 LTFF
Slide 11: Accelerating TWN Indicator Roll-Outs to Drive Share Gains
Accelerating TWN Indicator Roll-Outs to Drive Share Gains… Mortgage / Auto in Market… Card / P-Loan 1H26 Mortgage PreQual Solution The Work Number Auto Dealer Solution Delivered alongside the Equifax Soft Pull credit report at no Delivered alongside the Equifax Soft or Hard Pull credit report additi
Slide 12: Raising FY Guidance Based on Strong 3Q Results
Raising FY Guidance Based on Strong 3Q Results 2025 $ vs 2024 % vs 2024 Revenue1 $6,030M - $6,060M $349M - $379M 6.1% - 6.7%1 Adjusted EPS $7.55 - $7.65 / share $0.26 - $0.36 / share 3.6% - 5.0% Free Cash Flow $950M - $975M $137M - $162M 16.9% - 19.9% Revenue Adj. EBITDA Margins Business Units Growt
Slide 13: 4Q25 Guidance
4Q25 Guidance 4Q 2025 $ vs 4Q 2024 % vs 4Q 2024 Revenue1 $1,506M - $1,536M $87M - $117M 6.1% - 8.2%1 Adjusted EPS $1.98 - $2.08 / share ($0.14) - ($0.04) / share (6.5%) - (1.8%) Revenue Adj. EBITDA Margins Business Units Growth Rate (YTY) Guidance Specifics Down High Single Workforce Solutions +Mid S
Slide 14: Strong 3Q25 Results and Momentum in 4Q25... On Offense with Vantage
Strong 3Q25 Results and Momentum in 4Q25… On Offense with Vantage Strong 3Q25 results led by US Mortgage Revenue growth… delivered Revenue & Adj EPS above the high end of the July guidance framework despite continued weak New mortgage and hiring markets 3Q EWS revenue growth +5%... strong HSD Governm
Slide 15: PROPRIETARY | 15
PROPRIETARY | 15
Slide 16: 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 17: Investor Relations October 2025
Investor Relations October 2025
Slide 18: Index
Index Pages The New EFX 19-34 Workforce Solutions Overview 35-42 Supplemental Financial Information 43-50 PROPRIETARY | 18
Slide 19: The New EFX
The New EFX PROPRIETARY | 19
Slide 20: 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 21: 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 22: 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 23: 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 | 23
Slide 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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 34: 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 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 781M TWN Employer Verification 500M+ records services Insights services TWN and 4.8M inquiries Record analytics contributors Alliance partners Employment System-to-System 38% Records via direct c
Slide 37: 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 38: Continued Strong Record Growth
Continued Strong Record Growth Number of Contributors (Thousands) 2025 Growth Drivers +1.0M increase 3Q24 vs. 3Q25 ● TWN Record Growth ● Penetration, More Pulls Number of Active Records (Millions) ● New Products / Use Cases +17M increase 3Q24 vs. 3Q25 ● Data Hub Expansion 142M Unique SSNs Note: 3Q ‘
Slide 39: 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 40: EWS Non-Mortgage Products and Trends
EWS Non-Mortgage Products and Trends 3Q25: +High Single Digits 3Q25: +Low Single Digits 3Q25: +Low Single Digits 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
Slide 41: 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 42: 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 43: Supplemental Financial Information
Supplemental Financial Information PROPRIETARY | 43
Slide 44: 3Q 2025 Business Unit Performance
3Q 2025 Business Unit Performance Reported Local Currency Adj. EBITDA Margin Adj. EBITDA Margin Revenue Growth Revenue Growth Growth / (Decline) Workforce Solutions 4.7% 4.7% 51.2% (36 bps) Verification Services 5.5% 5.5% N/A N/A Employer Services 0.7% 0.7% N/A N/A USIS 11.2% 11.2% 35.2% 130 bps Onli
Slide 45: 3Q2025 - General Corporate Expense, Capital Spending, D&A, Interest Expense
3Q2025 - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income / Expense, excluding non-recurring costs General Corporate Expense (Including D&A)* – 3Q25 Capital Expenditures (incurred) in 3Q25 were $126M, up from $123M $153M in 3Q25, as compared to $123M in 3Q24 in 3Q2
Slide 46: 4Q25 & FY25 Guidance - General Corporate Expense, Capital Spending, D&A
4Q25 & FY25 Guidance - General Corporate Expense, Capital Spending, D&A, Interest Expense and Other Income / Expense, excluding non-recurring costs Capital Expenditures (incurred) in 4Q25 are expected to be ~$130M, up from $117M in 4Q24. Capital Expenditures (incurred) in 2025 are expected to be Gen
Slide 47: 3Q USIS Mortgage Hard Inquiries -7%... 4Q Inquiries Expected to be Down HSD
3Q USIS Mortgage Hard Inquiries -7%… 4Q Inquiries Expected to be Down HSD Mortgage Market Credit Inquiries (Hard Pulls*) YoY Growth 2015-2019 Average Level of Inquiries Number of Inquiries 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Full year 15% 12% (-6%) (-8%) 6.5% 47% (-7.5%) (-37%) (-
Slide 48: Return of Capital to Shareholders
Return of Capital to Shareholders 1Q25 2Q25 3Q25 YTD25 Adjusted EBITDA $423M $499M $505M $1,427M Free Cash Flow $117M $239M $438M $794M Cash Dividends $49M $62M $62M $172M Dividend per Share $0.39 $0.50 $0.50 $1.39 Share Repurchase ($Ms) - $127M $300M $427M Share Repurchase (Ks) - 480K 1,237K 1,717K
Slide 49: Strong balance sheet and liquidity
Strong balance sheet and liquidity September 30, 2025 Cash $189M Available Borrowing Capacity¹ $1,417.2M Total Liquidity $1,606.2M Leverage Ratio for 3Q25² 2.39x 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 (net of CP, LCs
Slide 50: Glossary of Terms
Glossary of Terms Equifax, from time to time, will use the following terms, which have the following definitions, unless otherwise specified. Term Definition Low Single Digits (LSD) When referring to a growth rate representing 0.1% to 3.9% Mid Single Digits (MSD) When referring to a growth rate repres
Slide 51: 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.