Experian : Annual Report 2025 | MarketScreener Canada

Published 16 hours ago• 56 minute read

Powering

tailored relevant smarter better ettective simpler

opportunities

Experian Annual Report 2025

Year ended 31 March 2025

Financial highlights

Statutory

Growth % at actual FX

rates

Benchmark

Growth % at actual FX

rates

Growth % at constant FX

rates

Revenue

US$7,523m +6%

(2024: US$7,097m)

Operating profit

US$1,793m +6%

(2024: US$1,694m)

Profit before tax

US$1,549m 0%

(2024: US$1,551m)

Basic EPS

USc127.6 -3%

(2024: USc131.3)

Revenue - ongoing activities

US$7,507m +7% +8%

(2024: US$7,046m)

Benchmark EBIT1

US$2,107m +8% +11%

(2024: US$1,944m)

Benchmark profit before tax

US$1,926m +8% +10%

(2024: US$1,789m)

Benchmark EPS

USc156.9 +8% +11%

(2024: USc145.5)

Reconciliation of statutory to Benchmark measures, page 74

1 From ongoing activities.

Revenue from ongoing activities and Benchmark EBIT for the year ended 31 March 2024 have been re-presented for the reclassification to exited business activities of certain B2B businesses.

Contents

Strategic report

03 Chief Executive Officer's introduction 04 Powering opportunities

06 Year in review

08 Experian at a glance

10 Our business model

14 Powering tailored opportunities

16 Chair's letter

18 Powering relevant opportunities

20 Our market

22 Our strategy

34 Chief Executive's review

42 Powering smarter opportunities

44 Stakeholder engagement

48 Powering better opportunities

50 Key performance indicators

52 Powering effective opportunities

54 Our investment case

56 Powering simpler opportunities

Sustainability

58 Our sustainability strategy

59 Improving financial health

60 Treating data with respect

64 Inspiring and supporting our people

66 Working with integrity

67 Protecting the environment

Compliance information

72 Non-financial and sustainability information statement

73 Financial review

81 Risk management and principal risks

90 Viability and going concern

Governance

93 Chair's introduction

96 Board of directors

99 Corporate governance report

112 Nomination and Corporate Governance Committee report

117 Audit Committee report

126 Report on directors' remuneration 149 Directors' report

Financial statements

153 Financial statements contents

154 Independent auditor's report

Group financial statements

167 Group income statement

168 Group statement of comprehensive income

169 Group balance sheet

170 Group statement of changes in equity

171 Group cash flow statement

172 Notes to the Group financial statements

Company financial statements 229 Company financial statements 232 Notes to the Company financial

statements

242 Shareholder and corporate information

244 Glossary

Roundings

Certain data has been rounded in this report. As a result, the totals of data presented may vary slightly from the actual arithmetic totals of the data.

Exchange rates

Principal exchange rates used are given in note 11 to the Group financial statements. The average UK pound sterling to US dollar rate is 1.28 (2024: 1.26).

To download this Annual Report and our other corporate literature visit experianplc.com

‌Strategic report

Experian plc

Annual Report 2025

"We have

redefined Experian

over time to create

lasting value."

In FY25, we pursued wide-ranging opportunities and have delivered good performance.

This year we have been named one of the World's Best Workplaces™ by Fortune and Great Place to Work®. We are truly proud of this recognition which illustrates the progress we've made to establish a vibrant and inclusive culture at Experian. Attracting and retaining the best talent is foundational for Experian, and critical to achieving our strategic goals, helping to sustain our lead at the forefront of the evolution of our industry.

Powered by the advances we have made in data, analytics and technology, and through the trusted relationships we have with millions of consumers, we have delivered another strong year, even against an uncertain macroeconomic backdrop.

Over the past five years, our revenues have grown at a compounded organic rate of 8%. Our resilience and continued strong growth can largely be attributed to the strategic transformation we have undertaken over the past ten years. During this time, we have significantly reshaped Experian's composition and its growth prospects, to deliver progress consistent with the Medium-Term Framework we outlined last year.

In FY25, our transformation has continued. To pick some examples: the scale of our activities is growing in new areas such as finding insurance and fraud prevention; we have further expanded our positions in verticals such as Healthcare and Marketing Services; and new opportunities are emerging for us geographically, including the acquisition of illion in Australia and New Zealand. We will continue to pursue more opportunities like these, through our usual disciplined approach which combines organic and inorganic investments.

As we look ahead, we have made clear progress towards our ambition to be one of the world's greatest companies. We are widely acknowledged as a consumer champion, helping consumers

to thrive financially, and our business clients increasingly recognise us as an innovative data and analytics technology leader partnering with them to redefine their industries. We are excited for the opportunities that lie ahead and the potential we see to expand much further.

Brian Cassin

Chief Executive Officer

‌Experian today has moved far beyond its roots as a credit bureau. We have evolved into a global data, analytics and software company, solving complex problems across financial services, healthcare, automotive, marketing and beyond.

We help businesses redefine how lending works, spot fraud patterns others can't see, make healthcare payments simpler, and connect marketers with the right audiences in smarter, more ettective ways.

At the same time, we are becoming an indispensable financial partner for consumers, helping millions of people take control of their financial lives, save time, unlock better outcomes, and achieve goals that once felt out of reach.

This is what 'powering opportunities' looks like. New products. Smarter platforms. Real-time decisions. And a relentless focus on people -not just data.

Innovation drives us forward, and it's the reason we are excited about what comes next.

In this report, you will see the impact of that innovation, and how we are using it to change industries, change lives, and create new possibilities all over the world.

Powering

tailored relevant

We create tailored insurance selection experiences for millions of US consumers

See pages 14 - 15

We help advertisers find their 'most-wanted' customers, and make advertisements more relevant to consumers

See pages18 - 19

ettective

We provide Brazilians with the right help at the right time, to make better financial decisions See pages 48 - 49

smarter better

We help businesses verify identity and combat fraud with smarter, real-time solutions

See pages 42 - 43

simpler

opportunities

We are creating a more open, innovative, and customer-orientated credit market in Australia

See pages 52 - 53

We simplify US healthcare with data and analytical solutions See pages 56 - 57

‌Year in review

Our WOW moments: milestones and achievements that defined the year

Across our regions

14th

We were named one of the World's Best Workplaces™ 2024 by Fortune and Great Place To Work®, ranking 14th

>2,000

We delivered over 2,000 client solutions* on our B2B Ascend Platform

We achieved a Glassdoor rating of 4.2/5, up from 4.1 four years ago

Our client Net Promotor Score (NPS) has increased for seven years running since FY18

Our Generative Artificial Intelligence (GenAI)-enabled tool, Experian Assistant, won the 2025 BIG Innovation Award in the Products for Financial Services category

>200m

Our free consumer member base for our Consumer Services platform has reached over 200 million globally

* Client solutions refer to any client specific instance of a product provisioned on the Ascend Platform

North America Latin America

>12m

We helped over 12 million Brazilians renegotiate their debts in FY25

Learn more on pages 48 to 49

We introduced cash flow data to provide businesses with better insights into consumers' transaction behaviours

We secured the largest Health contract in Experian's history, on the back of the WaveHDC acquisition completed in the previous year

We acquired NeuroID, which enhances our fraud prevention suite with behavioural

analytics capabilities

Learn more on pages 42 to 43

We acquired Audigent, a leading data activation and identity platform in the advertising industry, helping businesses better understand their target customers

Learn more on pages 18 to 19

EMEA and Asia Pacific

We expanded into the insurance marketplace in Brazil through the acquisition of TEx and integrated Consumer Services products into a unified 'SuperApp' platform

4th

We acquired illion in Australia and New Zealand, making A/NZ the fourth-largest market for Experian

Learn more on pages 52 to 53

We acquired ClearSale in Brazil post year-end, gaining access to valuable e-commerce transaction, mobile phone and device data

We bolstered Brazil's income verification capabilities by acquiring SalaryFits

We launched Real-Time Score in Brazil, significantly reducing the time consumers need to regularise their finances by updating their Serasa Score in real time and boosting their chances of quickly accessing new credit

UK and Ireland

We launched new Protect, Score, and Report experiences tailored to different user groups within the Experian Consumer Services app

We expanded our Marketplace lender panel and now over 95% of Experian Consumer Services lenders are on or onboarding to Experian Activate

‌Experian at a glance

Leading with purpose

Our purpose

Our purpose is the driving force behind everything we do. Millions of people worldwide are still excluded from accessing fair and affordable credit because they're invisible to the financial system. We aim to break these barriers and create a better tomorrow for consumers, businesses, our people and society.

Our mission

It is our mission to improve financial inclusion. By improving access to financial services, we empower people to unlock opportunities and transform their lives.

What we do

We are a data and technology powerhouse. We help individuals take control of their financial lives and follow their dreams.

Businesses rely on our valuable data and powerful analytics to make smarter decisions and to mitigate risk. We are changing lending, helping businesses detect more fraud, simplifying healthcare, making it easier to

get a car, enabling business to understand their target customers, and much more.

Our business activities

Business-to-Business

We empower businesses to make faster, smarter decisions by transforming complex data into actionable insights. From credit risk assessment to fraud prevention and market analysis, our solutions help organisations innovate and grow with confidence.

Consumer Services

We provide individuals with tools and resources to take control of their financial health and achieve their goals. Through personalised offers, monitoring services and identity protection, we help people build brighter financial futures.

Where we operate

We provide services across four geographic operating segments. This regional structure means we can better understand the specific needs and constraints of each local market and we are able to service both domestic and international customers effectively.

Our global reach means we can offer our customers the benefit of shared product development and market knowledge.

Who we serve

Millions of individuals rely on us to simplify access to credit and insurance options, helping them save time and money while improving their financial health. We also support a diverse range of businesses, from small enterprises to multinational organisations. These businesses leverage our data and decision intelligence platforms to drive growth, mitigate risk, and engage more effectively with their customers.

Global revenue1 by business activity FY25

Global revenue1 by region FY25

Global revenue1 by client FY25

I J

H G F

E D

B2B: Data

B2B: Decisioning Consumer Services

52%

21%

27%

1 Revenue from ongoing activities.

How we add value for stakeholders

We attract and develop our employees

We are committed to creating a workplace where our people feel valued, supported, and empowered to thrive. By fostering a culture of inclusion, innovation, and continuous learning, we enable our employees to realise their full potential and deliver exceptional outcomes for our stakeholders.

#14

Fortune and Great Place To Work® ranked us 14th in World's Best Workplaces™

4.2

Rating by our employees on Glassdoor

See Stakeholder engagement, pages 44 to 47

We give back to the communities where we operate

We believe in creating positive, lasting impacts in the communities where we operate. Through financial education, charitable contributions, and volunteer initiatives, we support individuals and families in building brighter futures.

200m

People connected through United for Financial Health since launch in FY21

US$20.6m

Total contributions

We create sustainable value for our shareholders

Our focus on delivering superior data, and best-in-class innovation using leading technology and exceptional talent, ensures we

identify emerging needs and deliver sustainable growth. This in turn creates lasting value for our shareholders. By reinvesting while maintaining financial discipline we continue to deliver robust returns.

16.6%

Return on capital employed

£7.2bn

Value creation through market capitalisation growth and dividends over the last three years

How we make a difference

We are data and analytics experts

See Our business model, pages 10 to 13

We continually expand our business

See Our business model, pages 10 to 13

We innovate for social impact

See Sustainability, pages 58 to 71

We anticipate customers' needs

See Our strategy, pages 22 to 33

We embrace limitless possibilities

See Our strategy, pages 22 to 33

We emphasise security and ethics

See Sustainability, pages 58 to 71

‌Our business model

We have redefined Experian over time to create lasting value

1996

Credit reporting company

Experian's history goes back to when we first introduced the idea of collecting credit information and storing it in databases, which became known as a credit bureau.

2007

A world of insight

We started to provide analytical insights to businesses in addition to credit scores.

2016

Q: Is Experian a credit bureau?

A: Yes and no. While Experian started as a credit bureau and credit data is still an

important part of what we do, we've grown to be much more.

Today, we use data and technology to help businesses and individuals in new ways -whether it's improving access to financial services, protecting against fraud, or helping people to buy a car or find the right healthcare coverage. Our innovative products, like tools for fraud prevention or to manage marketing messages digitally, show how we've evolved beyond the traditional idea of a credit bureau.

Powering opportunities

As technology evolved, we recognised the power of data to help businesses grow, and improve access to financial services for millions of people.

Experian today

Lenders FinTechs

Health providers

Retail / eCommerce Automotive

Marketing / Advertising

Public sector Media / Technology

Insurance

Design and build my loan portfolio

Acquire customers

Minimise my exposure to fraud

Manage the healthcare payment lifecycle

Build customer loyalty

Business-to-Business

The Experian Platform

Data

Analytics

Software

Insights

Actions

Consumer Services

Access the financial system

Build my credit score

Minimise my exposure to fraud

Help me choose financial products

Enable me to reach my financial goals

over 200m1 consumers

Consumer-generated data

Consumer-permissioned data

Experian data

Other sources

e.g. public records

Data on businesses

Data on consumers

1 Free memberships only.

No matter how we evolve, data remains the core of our business

Data is the core of our business. Experian is founded on the broadest, most unique datasets in our markets. We constantly enhance the breadth, depth and quality of our datasets wherever we operate. We achieve this organically, through partnerships, minority investments, and mergers and acquisitions (M&A) in every region and business.

To make the most of this opportunity, we have added advanced tools such as analytics and software to our services which we increasingly deliver in a seamless and integrated way. These shifts continue to transform Experian and sustain its leadership in data, analytics and software solutions.

We have built one of the world's largest consumer membership platforms, with over 200m free members. Through the trusted relationships we have established with our members, we provide a wide range of services which help people to save money and get financial products which are more relevant to them. Our model also enables them to contribute data to Experian in a highly permissioned way.

Our strategy is unique in our industry, with no peer having access to both the broad portfolio of B2B assets and relationships with millions of individuals.

Consumer and business transactions

Customer needs lifecycle

Industries

Business-

to-Business (B2B)

Marketing and engagement

Identity a d

nd Frau

Credit / Risk

Customer / Portfolio management

Payments / Collections

Explore & learn

Open / set-up account

Apply

Purchase

Use product / service

Manage account

Resolve issues or problems

Add account

Loyalty

Close account

Consumer Services

Protect my identity

Educate and enable me

Match me

Do it for me

Lending Other banking

Health

Retail / eCommerce

Insurance

Automotive

Marketing / Advertising

Media / Technology

Public Sector

Q: Why does Experian focus on 'platforms'?

A: Platforms allow us to bring everything together

- data, technology, and solutions - in one place. This makes it easier for clients to use our tools to solve complex challenges, whether in lending, insurance, healthcare, or advertising.

Our cloud-based platforms help businesses access and apply our services quickly. As more clients and consumers use these platforms, they generate more data, which helps us create even better products.

In the future, we aim to go beyond providing useful products - we want to become integral to our clients' operations. This shift will open up new opportunities for growth and allow us to deliver even more value to businesses and consumers alike.

As we combine more of our assets and capabilities, we are addressing a wider range of customer challenges and moving up the value chain

Over time, our data assets have grown stronger, enabling us to provide businesses with analytical insights.

We were the first in the industry to extend further into the value chain with advanced products, recognising the importance of not just data but also tools that help customers make better decisions. Our role has evolved from being an input in clients' workflows - such as checking credit scores during specific review stages - to becoming an integral part of the workflows businesses rely on across sectors including lending, insurance, healthcare, automotive, advertising, and more.

The next step in this evolution is demonstrated by the progress of Experian Technology Software Services & Innovation (TSSI) and other areas such as Experian Consumer Services and Health.

We are building product platforms that are sophisticated, flexible, modular and seamlessly connected, with data at their core.

Our business model

continued

How we organise our business and how it generates revenue

Business-to-Business

73%

of Group revenue*

We provide businesses with capabilities to establish and develop relationships with their customers, grow their businesses over time, and manage risks so they can make better business decisions. We build and manage large and comprehensive databases and, through software and analytics, we support real-time decision-making. Increasingly, we are delivering these capabilities as integrated services via Experian platforms.

Data

71%

of Business-to-Business revenue*, or

52%

of Group revenue*

What we do

We provide businesses with information. Our expertise lies in building and managing large, comprehensive databases. We collect, sort, aggregate, and transform data from tens of thousands of sources.

Key clients

Banks, automotive dealers, retailers and telecommunications companies

Key datasets

Consumer credit history records, business credit history records, US vehicle database, consumer marketing databases, online activity database, national fraud database

Revenue model

Primarily transactional with some contribution from licence fees

Market position

One of the leading providers of data in key segments

Competitors include

Equifax, TransUnion, Dun & Bradstreet, LiveRamp, Acxiom, CRIF, Quod, LexisNexis, S&P Global and other specialised competitors in most countries in which we operate

Decisioning

29%

of Business-to-Business revenue*, or

21%

of Group revenue*

What we do

We draw on the depth and breadth of our databases and third-party information, including clients' own data, to create and develop analytics, predictive tools, sophisticated software, increasingly through integrated platforms embedded in client workflows. These help businesses and organisations manage and automate large volumes of decisions and processes more effectively, using the most advanced technology. Our services help our clients improve the consistency and quality of their business decisions in areas including credit risk, fraud prevention, identity management, customer service and engagement, account processing and account management. Our industry specialists and data scientists work with clients to help them find the best solutions for their needs, providing advanced data analysis, research and development.

Key clients

Financial services, retail, US healthcare, telecommunications, utilities, insurance and FinTech companies

Key propositions

Ascend Platform (PowerCurve decisioning, CrossCore fraud prevention)

Revenue model

Software and system sales: consultancy and implementation fees; recurring licence fees; and transactional charges

Analytics: a mix of consultancy and professional fees, and transactional charges

Market position

One of the leading providers of business solutions in key segments

Competitors include

FICO, Equifax, TransUnion, IBM, SAS, Change Healthcare, Provenir and other specialised competitors in most countries in which we operate

Data - Revenue* by region (US$m)

Decisioning - Revenue* by region (US$m)

North America Latin America UK and Ireland

EMEA and Asia Pacific

2,470

610

431

358

North America Latin America UK and Ireland

EMEA and Asia Pacific

959

206

251

168

Total 3,869 Total 1,584

* from ongoing activities

Q: How does Experian stand out from its competitors?

A: Experian is unique because we don't just provide data - we combine it with powerful software, analytics, and Artificial Intelligence (AI) to create solutions.

We integrate our tools into our clients' everyday processes and focus on key moments in people's lives, like buying a home, getting a loan, or managing healthcare.

We've also been leaders in making data more useful - for example, by empowering consumers to share their data or by offering products that help businesses make smarter decisions. Moving forward, we're focusing on building flexible platforms that connect our data and tools, making them easier for businesses to use.

Consumer Services

27%

of Group revenue*

What we do

We help millions of people take control of their finances. We provide credit education, identity monitoring and fraud prevention services directly to consumers in the USA, Brazil, the UK, Peru and Colombia. This includes free access to their Experian credit report and score, and useful online educational tools.

Regionally, in the North America and the UK and Ireland, we enable people to contribute their own data to their file by adding, for example, rental, utility, mobile and streaming service payments, to help them improve their credit score.

We help people gain access to credit through personalised credit card and other lending offers in our Marketplace, as well as money-saving opportunities through our Insurance Marketplace. In Brazil, we help

consumers to meet their payment obligations and manage their spending.

Key customers

Individuals, lenders and insurance providers

Key datasets

Free platform with over 200 million members

Revenue model

Market position

One of the leading providers of consumer services in key segments in the USA, Brazil and the UK

Competitors include

Intuit, NerdWallet, LendingTree, ClearScore, Equifax, TransUnion, MoneySuperMarket, Gen Digital and other specialised competitors in countries in which we operate

Consumer Services - Revenue* by region (US$m)

North America	1,617
Latin America	250
UK and Ireland	187
Total	2,054

* from ongoing activities

‌Experian plc

Strategic report

Powering tailored opportunities

We create tailored insurance selection experiences for millions of US consumers

Finding affordable car insurance in the USA has always been a challenge. The traditional process often requires you to visit an agent in person, fill out endless forms with details like your name, address and car information, and then wait for a quote. In some cases, you may also receive unwanted calls and texts. If you want to compare quotes from other insurers, you have to repeat the entire process - over and over again - often leading to dissatisfaction and frustration.

While buying insurance online has become more common since the COVID-19 pandemic, it hasn't necessarily made things easier. Many websites are overly complicated, requiring consumers to wade through long, multi-step forms just to receive a quote. Instead of simplifying the process, these systems often create additional confusion and frustration. With inflation surging by approximately 50%* over the past few years, finding affordable insurance has only become more challenging.

Experian's Automotive Insurance Marketplace is changing all that.

* US Consumer Price Index from March 2022 to March 2025

Strategic report

Experian plc

Annual Report 2025

When Experian members visit our Insurance Marketplace, we've already done the hard work. Thanks to our unique data assets, we know key details about members even before they log in - such as their vehicle, current insurer, what they're paying, and the renewal date - so members don't have to start from scratch. Forms are pre-filled, saving everyone time and effort.

Within seconds, we match members with tailored insurance offers that suit their needs. When members find the right policy, we handle the process of binding it directly with the insurer. There's no paperwork, no unnecessary calls - just a smooth, stress-free experience from start

to finish.

We also actively monitor rates for members. If a better offer becomes available, we'll let them know, so people can keep saving without lifting a finger - without the hassle of shopping around, filling out endless forms, or dealing with multiple insurers. With Experian, they genuinely never have to search for car insurance again.

So, what truly sets Experian apart? Many top carriers, once hesitant to join aggregator platforms, now partner with us because of our unique consumer-consented data from a large membership base and the valuable insights we derive from it. We connect top insurers with highly interested consumers, helping the insurers reduce both risk and marketing costs.

Consumers trust us because we deliver the most suitable insurance options tailored to their needs, saving them time and money. As our unique datasets across major consumer spending areas continue to grow, the Insurance

Marketplace is just the first chapter of an even bigger story.

"As we empower nearly

80 million consumers in the USA with ways to improve their financial health, Experian's seamless and personalised auto insurance experience is just the first chapter of an even greater story - one where consumers no longer need to search for car insurance again."

Rakesh Patel

Executive Vice President, Experian Consumer Services Marketplace, North America

"I had auto insurance coverage but decided to just research other options on Experian and actually found coverage for much, much less expensive. The only reason I thought to even look was because of a notification I seen through my Experian app!"

Julian

an Experian consumer

Scan me

Watch our Auto insurance demo

‌Experian plc

Strategic report

Chair's letter

Our journey towards greater impact

It has been another year of strong progress for Experian -a year that showed not simply what we do, but why we do it.

At Experian, we are driven by a simple belief: everyone deserves equal access to financial opportunity. Too many people around the world are held back because they are invisible to the financial system. We are here to change that. When people can access credit and financial services, they can move forward - whether it is buying a home, growing

a business, or simply feeling more in control of their future. This is the impact we strive to make every day.

This year, we have moved forward with real momentum, not just in terms of performance, but in acting with purpose.

Our proudest achievement is to have been recognised as one of the World's Best Workplaces™ 2024, ranked 14th globally by Fortune and Great Place to Work®.

This recognition reflects the inclusive, 'people first' culture we have been building - a place where great talent thrives and innovation follows.

Organic investment is an important growth lever for us, which manifests in several ways. There are many examples, as we highlight in this report. Our Generative

AI-powered Experian Assistant won a 2025 BIG Innovation Award, and we delivered over 2,000 client solutions through our Ascend Technology Platform, which has received

18 industry awards. We are also immensely proud that our free membership base now exceeds 200 million people -a milestone that speaks to the scale and relevance of

what we are building. It brings us ever closer towards our ambition to be one of the world's pre-eminent consumer finance platforms. Achievements like these are not just about technology, they are about solving real problems for people and businesses.

Inorganic investments also help us to realise our strategic goals. With the acquisition of illion, we are combining the number two and number three credit bureaux in Australia and have greatly extended our market presence, making Australia our fourth-largest market. The recently-completed acquisition of ClearSale makes us the largest credit risk and fraud prevention provider in Brazil.

Smaller add-ons deepen our capabilities: these include Audigent and NeuroID in North America and TEx in Brazil. Respectively, these acquisitions accelerate our progress to become leaders in marketing services, fraud prevention and consumer services.

Much of this progress is the result of long-term thinking. Over the past decade, we have transformed Experian, elevating our growth as we address an opportunity-rich environment. We have created new markets and redefined industries, while also making Experian more diversified and resilient. We are now recognised as both a champion for consumers and as a strategic partner to businesses, helping them navigate change and unlock new opportunities.

Strong governance continues to guide our evolution. This year, we said farewell to Craig Boundy, who stepped down as our Chief Operating Officer and an executive director, and we welcomed Eduardo Vassimon as an independent non-executive director. Eduardo brings deep financial services expertise and insight into the Brazilian market -both of which are critical to our growth strategy.

The wider macroeconomic environment continues to be dynamic. From inflation and regulatory shifts to geopolitical uncertainty, businesses everywhere are adapting, and we are no exception. Our strength lies in our ability to respond quickly and confidently. Structural growth opportunities, the breadth of our business and the trust we have built shape our strategy and give us a strong platform to thrive.

Looking ahead, we are ambitious and optimistic. We see opportunities to expand into new markets, deepen client relationships, and deliver more value through the continued integration of our B2B and Consumer Services offerings.

We will continue to invest in the next wave of data, platforms and analytics to make our products easier to use, more powerful, and more connected across our chosen ecosystems.

And while we continue to grow, we are equally focused on doing good at scale. We have developed a Positive Social Impact Framework that will help us define the difference we make in people's financial lives - whether

through financial access, confidence or positive outcomes. It will help shape how we innovate and guide our future investment decisions.

On behalf of the Board, I want to thank all our stakeholders - our shareholders, clients, consumers, suppliers, business partners and, most of all, our people - for your belief in what we do. Your support continues to fuel our progress.

Together, we are building something that matters, and we are just getting started.

Mike Rogers

Chair of Experian

Strategic report

Experian plc

Annual Report 2025

Chair's Q&A

What are the most important challenges for the Board over the next three to five years?

Talent is central. A major priority is to have the right leadership team in place.

Leaders who can grow, adapt and who have great ambition for Experian. The Board takes an active role in understanding succession plans.

We meet leaders from across the organisation, and we place great emphasis on ensuring we attract and retain top talent and key individuals.

Alongside this, we focus on disciplined execution of our strategy. Experian has identified clear engines of growth - Brazil, Experian Consumer Services, consumer-consented data, the Ascend Platform,

to name a few examples. Our role is to support the team to ensure we make the right choices and prioritise effectively. The Board is engaged early in major strategic decisions, which enables strong alignment and reduces surprises down the line.

How resilient is Experian in the face of macroeconomic volatility?

Volatility has been a consistent feature of the global economy in recent years, and we expect that to continue. What gives us confidence is Experian's strong track record of resilience. Since our IPO in 2006, we have delivered organic growth every year - including through major disruptions like the 2008 Global Financial Crisis and the COVID-19 pandemic.

Our business today is even more diversified than it was then. We operate across multiple regions, industries, and product lines, and increasingly serve markets that are less sensitive to interest rate cycles. Areas like fraud prevention, healthcare, and verification diversify our portfolio and help us stay balanced.

We continue to benefit from long-term structural growth drivers, and we believe that our ability to perform through different phases of the cycle is one of Experian's core strengths.

How does Experian stay ahead on fast-evolving trends like cyber security and AI?

Cyber security is a standing priority. It is regularly reviewed by the Audit

Committee, and the full Board is actively engaged through updates from our Global Chief Information Security Officer. We have seen real progress under their leadership, particularly in embedding

a strong 'Security First' culture across the business.

We also bring in independent external specialists to ensure we stay abreast of the most up-to-date thinking. For fast-moving areas like GenAI, we hold regular deep dives and ensure these topics are embedded in our strategic

discussions. Ultimately, it is about making sure the Board asks the right questions, brings good judgment to the table,

and supports the business to make confident decisions.

Learn more about how we Treat data with respect, pages 60 to 63

How do you think about regulatory and political risk in a more complex world?

We recognise that regulation does not exist in a vacuum - it is shaped by broader political dynamics, which have become more fragmented in recent years. We monitor global developments closely, especially in our larger markets: the USA, Brazil and the UK.

Our teams are experienced, our frameworks are well established, and we dedicate significant resources to understanding the issues.

Our public policy teams engage early and often with regulators. This helps us to anticipate changes and respond constructively. Topics like data privacy, open banking and financial inclusion continue to evolve, and we see our ability to navigate these shifts as a source of competitive advantage.

As a Board, we stay closely involved in these conversations and ensure that our governance structure enables effective responses to change.

Experian has embraced a more integrated business model in recent years. What has the Board learned from this journey?

The Group has always been entrepreneurial, but in the past it operated in a more siloed way. The leadership made a clear decision to build a more unified organisation, and the Board supported that shift.

What we have learned is that cultural change takes time. You need consistency, clear communication, and leaders who model the right behaviours. The tone

set by our senior leaders matters enormously. We have been thoughtful about who we bring onto the Board and into senior roles - people who are collaborative, curious and committed to our values.

Learn more about our Business model, pages 10 to 13

How does the Board assess its own effectiveness?

We look at effectiveness through the lens of business impact. Are we helping shape a successful strategy? Are we enabling great leadership? Are we engaging at the right moments, asking good questions, and providing the right level of challenge and support?

We have a structured process for reviewing Board and Committee composition and performance each year, and we regularly assess whether we remain fit for purpose as the business evolves. We also reflect on lessons learned, and seek to continuously improve the way we work as a Board.

Read more about our Corporate governance, pages 92 to 111

‌Experian plc

Strategic report

Powering relevant opportunities

We help advertisers find their 'most-wanted' customers, and make ads more relevant to consumers

Advertising is the commercial backbone of many media platforms - websites, apps, blogs, social media pages and more. These platforms strive to provide a great user experience while also attracting brands and marketers to place ads, which generate revenue.

Now, imagine a popular social media platform -SocialShareSite for example - has an ad space available. To make the most of it, they need to attract advertisers who see value in reaching SocialShareSite's users -convincing brands that advertising on SocialShareSite is a smart investment. The best way to do this? Show that SocialShareSite's users are exactly the kind of audience these brands want to reach.

SocialShareSite already knows some basic details, from sign-up, about its users - such as their names, ages, and email addresses. It also tracks what users engage with on the platform. But there's a gap: SocialShareSite doesn't know what users are interested in when they're not using it. Without this broader picture, how can they persuade advertisers that SocialShareSite is the best place for

their ads?

For years, Experian has been helping media platforms like SocialShareSite to understand their users better.

By combining our extensive data with SocialShareSite's own insights, we provide a much fuller picture of each user. Now, SocialShareSite doesn't just know a user's age and email - it also understands their demographics, lifestyle choices, shopping habits and interests.

For example, the combined data might reveal that a proportion of SocialShareSite users is actively searching for luxury cars in the market. With this insight, SocialShareSite could approach advertisers like leading car manufacturer AutoEliteBrand and show them why SocialShareSite is the perfect platform to place a Sports Utility Vehicle (SUV) ad.

Strategic report

Experian plc

Annual Report 2025

For brands like AutoEliteBrand, deciding where to place their ads for the best results can be challenging. Many brands work with intermediary platforms to manage the buying and delivery of ads. However, some brands work directly with Experian, to streamline this process.

Now, when Experian's extensive data is combined, SocialShareSite (for example) can quickly segment its users by a wide variety of demographic data, such as age, gender and socioeconomic status. This allows advertisers looking for similar audiences, such as AutoEliteBrand, to efficiently find their ideal customers without delay.

Such precise targeting ensures that advertisers get the best return on their investment while delivering more meaningful ads to consumers.

Taking it further: the Audigent acquisition

But why stop there? Experian is always exploring ways to make audience targeting even more precise. One key area is understanding what consumers read and research outside social media. For example, if we know a visitor to an online magazine is interested in buying a luxury SUV, based on the articles they read, why don't we show them ads that are more relevant to them?

In 2024, Experian acquired Audigent, a US-based company that partners with over 300 publishers and websites.

These partnerships provide Experian with highly specific, first-hand insights into consumers' online behaviour.

This means when Experian connects AutoEliteBrand to potential luxury SUV buyers, we can do so with even greater confidence.

And it doesn't stop there. Take the example of a man reading an article on a popular online men's magazine (let's call it Men's Mag) about SUVs. We know he is interested in buying a luxury SUV, and we also know there is an available ad slot on the popular men's magazine. Soon, when he refreshes the web page, he starts to see an AutoEliteBrand SUV ad.

This ad is specifically targeted to him - while at the same ad space, other visitors may see completely different ads.

With Audigent, we help advertisers like AutoEliteBrand secure highly relevant ad space. This powerful combination of audience insights and direct ad placement allows Experian to offer unmatched precision in targeting -transforming how advertisers connect with consumers.

The future of advertising with Experian

At Experian, our vision is to enable seamless, data-driven advertising. We are building a future where advertisers can access everything they need in one place - audience insights, targeting data and direct access to ad platforms. This allows brands to reach their ideal customers more efficiently, without relying on middlemen.

With our expanding capabilities, we're helping publishers and advertisers connect as they never have before: ensuring that brands reach the right people, in the right place, at the right time. And this is just the beginning -Experian is continuously innovating to make advertising even more precise and impactful in the future.

Do you know?

For many years, Experian has helped advertisers connect with consumers, but primarily through offline methods like direct mail.

That changed in 2020 when Experian acquired Tapad, a leading US digital identity resolution provider. This acquisition expanded our capabilities to include digital identifiers such as IP addresses, connected TV identities (IDs), and mobile ad IDs.

After the acquisition of Tapad, brands like AutoEliteBrand could reach their target audience not just through traditional mail, but also through digital channels - including email, websites, apps and even Smart TVs.

Imagine a 34-year-old man watching his Smart TV at home in Florida. After finishing a documentary, he is shown an AutoEliteBrand advertisement -

content that is highly relevant to him and his lifestyle. This precise targeting ensures that advertisers get the best return on their investment while delivering more meaningful ads to consumers.

"Experian is redefining the advertising industry. We're creating a future where advertisers can easily understand and reach their target audience."

Scott Brown

Group President, Financial Services and Marketing Services, North America

Who are Experian's clients and what are they looking for?

Publishers

(such as SocialShareSite): "We have spaces available for advertisements. Who would be interested in placing ads with us?"

Platforms

"We help advertisers find the best places to put their ads. Who is the key audience on SocialShareSite, for example? Should we suggest AutoEliteBrand place ads there?"

Advertisers or their agency

(such as AutoEliteBrand): "We want to place ads, where should we post them?"

Note: Currently, most of our revenue comes from platforms that connect advertisers with publishers, such as The Trade Desk, which agencies and advertisers use to buy ads. With Audigent, we will expand further by working directly with publishers and leveraging first-party data. In simple terms, today we mainly help advertisers spend their money wisely. In the future, we will also help publishers make money from their ad spaces more efficiently. This shift creates new revenue streams for Experian by serving both sides of the advertising market.

‌Our market

Key market dynamics and trends that inform our strategic decisions

We continue to benefit from key structural trends across our main markets. These include empowered consumers, digital growth, fraud challenges, advancements in AI and cloud technology, stricter privacy and regulatory demands, plus shifts in banking and other customer segments. To take advantage of these opportunities, we invest to expand our data assets, develop our product range, enhance the way we deliver our products to clients and extend the relationships we have with consumers.

Digital explosion

The explosion of digital services continues to change how people shop, consume media, manage their finances, and carry out many day-to-day activities. The advent of Generative AI continues this trend, one which we believe brings new opportunities for Experian.

Our response:

We are expanding our Consumer Services products and use cases to cover more areas of consumers' financial lives. Our marketplaces directly address the rapid growth in demand for instant access to financial services via smartphones.

Our members are able to access credit offers instantly and our Insurance Marketplace in the USA has grown rapidly in scale. We have also introduced our Generative AI (GenAI) financial assistant EVA, which helps our members to better understand their credit data and work towards improving their financial situations.

In B2B, we are well positioned for further digital growth. In Marketing Services, for example, we take advantage of the shift to streaming platforms and the rise of advertising technology. It has gradually become harder for advertisers to identify and reach consumers. Our acquisition of Tapad nearly five years ago strengthened our digital identity solutions, and our recent addition of Audigent enhances our capabilities in this space.

Fraud and identity challenges

The massive growth in digital services brings both opportunities and challenges for our clients. Chief among the challenges is the rapid increase in fraud. Fraudsters have been emboldened by advances in GenAI and other technologies, leading to a surge in sophisticated phishing, synthetic fraud, and 'deep fakes'. These issues can have serious consequences for our clients, including financial losses, poor customer experiences, and potential fines and penalties from regulators.

Our response:

Our product innovations and recent acquisitions continue to enhance our fraud prevention and identity solutions. They enable us to play a larger role in customer acquisition,

account takeover management, and other key areas. We see growing opportunities not only in financial services but also in sectors like gaming. The acquisition of ClearSale in Brazil will further strengthen our position in the e-commerce space.

With fraud prevention representing a US$19 billion

global opportunity, we aim to capture a larger share in the coming years.

Increasing investment in banking and FinTech sectors

Banks across all markets are ramping up investments to meet rising customer expectations, comply with regulations, and address disruption from FinTechs and emerging competitors. Lenders are increasingly adopting analytics, cloud technology and AI to improve user experiences, enhance marketing and risk management, and streamline operations through automation. These technologies are becoming essential

tools for improving performance and efficiency.

Our response:

Experian is well positioned to support the banking and FinTech sectors as they modernise and embrace innovation. We continue to enhance our capabilities to meet structural demand in the industry. Our offerings include differentiated insights, the Activate platform, the Fraud sandbox, and the comprehensive Ascend portfolio, which help lenders improve performance and manage risks effectively.

With a strong foundation in analytics, cloud solutions and AI, we are confident that Experian's expertise and breadth of solutions will allow us to capitalise on emerging opportunities and support clients during the sectors' ongoing transformation.

Generative AI and other emerging technologies

The world of GenAI is rapidly evolving, offering both technological advancements and significant opportunities for businesses to drive innovation and achieve a step-change in productivity. Within financial services alone, GenAI has diverse use cases spanning contact centres, operations, legal, risk and fraud. While financial institutions have so far approached GenAI with caution, they recognise its potential to enhance customer experiences and streamline processes.

Our response:

For Experian, FY24 was a 'proof-of-concept' year. We focused on establishing a GenAI risk framework, building key foundations, training thousands of employees, and fostering grassroots innovation to explore impactful use cases.

In FY25, we have entered the market with new solutions.

In addition to EVA, the Experian Virtual Assistant for our consumer members, our B2B clients can benefit from the newly introduced Experian Assistant, a GenAI-powered solution within the Ascend Platform. The Experian Assistant can for example help B2B clients to reduce the timeline for analytical model development from months to just days -or even hours.

Beyond these flagship solutions, we have deployed a variety of GenAI use cases in our own operations to enhance Experian productivity in areas such as software coding, collaboration, marketing, sales and customer service.

Addressing higher growth markets - our progress

Financial Services

TAM: US$55bn+

Where we are

We are already leading the positive data revolution in Brazil, growing our portfolio of consumer-permissioned and alternative data. Our efforts include integrating Experian's data, analytics,

credit risk, and fraud prevention software into a unified platform, while delivering over 2,000 live client solutions.

Additionally, we now have 62 million active employment records in North America and have achieved over 85% data coverage in the UK.

Our ambitions

We aim to drive transformational change in global credit risk assessment and lead the shift towards digital and open financial services. Our goal is to develop a world-class technology platform that accelerates Experian's strategic growth and expands our role across the entire client value chain.

Furthermore, we are strengthening our position in Verification Services, with the goal of becoming the leading affordability solution in the UK and Ireland mortgage market, expanding into Brazil, and increasing adoption through strategic partnerships.

Priority B2B verticals

TAM: US$30bn+

Where we are

We have already established a strong presence in these sectors. We are trusted by over 60% of all US hospitals, serving thousands of healthcare providers. In marketing and identity resolution, we are dedicated to data, identity, and activation strategies. Our leadership in the automotive sector is demonstrated by our 1st or 2nd positions in four out of five product categories

and our extensive portfolio of unique data assets.

Our ambitions

Our ambitions include enhancing product integration with WaveHDC and leveraging AI-driven innovation in healthcare. We are building a comprehensive digital marketing ecosystem and scaling our Audigent acquisition while expanding

into financial services. In the automotive sector, we aim to support every stage of the car buying and ownership lifecycle, driving better outcomes across the industry.

Total addressable market (TAM)

Our progress

c.US$150bn 5%

Financial Services

Progress*

TAM:

US$55bn+

Priority B2B verticals

Progress*

TAM:

US$30bn+

Consumer Services

Progress*

* FY25 revenue/Total addressable market

TAM:

US$60bn+

Consumer Services

TAM: US$60bn+

Growth priorities

Where we are

We are already engaging over 200 million consumers through our free consumer platform, providing valuable tools and insights to support their financial decisions.

Our ambitions

Our ambition is to become the largest and most inclusive financial platform globally. We aim to expand our offerings into insurance, mortgages, and other adjacent financial sectors, ensuring greater accessibility and value for consumers.

Trends across our wider markets give us confidence in Experian's long-term growth opportunity. We estimate that our total addressable market opportunity is in the region of US$150bn, for the Group. We will continue to invest and expand across attractive spaces where we believe we have the means to win, can provide differentiated offers and deliver clear value to our members and to

our clients.

Financial Services and Consumer Services remain our largest specific market spaces, but we also continue to see exciting opportunities for Experian in Health, Marketing and Automotive. These are all fast-growing,

multi-billion-dollar areas where demand continues to increase for more data, analytics and software solutions, and where we are investing to further improve our product offerings and position.

‌Our strategy

Driving our next phase of growth

We are unlocking new markets for Experian, becoming more resilient and, with a highly disciplined approach, delivering strong returns on invested capital. We are making it seamless for clients and individuals to buy, access, and use our world-class products via platforms that integrate our capabilities and make them easier to consume. We are investing in new data assets, products, and technologies, which expand our opportunities to move further

up the value chain and into new industry segments.

We are realising more synergies between B2B and Consumer Services to bring novel and highly differentiated solutions to market - a strategic approach that is unique among our peers.

We start with a set of high-impact strategic focus areas (SFAs)

We anchor our strategy to our SFAs, which articulate our high-level objectives to better serve our customers and consumers. They exist at the intersection of customer needs, market dynamics, and where we have a 'right to play'. We expect demand in these areas to grow over a multi-year period, underpinned by structural dynamics in our markets and emerging customer needs. For example, our clients are

looking to make their own operations more efficient or simplify internal processes, often through advances in technology

and by applying new types of data to inform their decisions. Lenders have long sought to make granting credit faster while managing risk effectively, and we have been very successful in helping them do this. Similar trends underpin other industry segments, such as healthcare, where manual and inefficient processes can sometimes slow access to care. As part of our SFA to help organisations in specialised verticals, we assist many US healthcare providers in making smarter decisions and simplifying healthcare. The SFAs, therefore, serve as

our starting point to guide our strategic priorities, from data gathering and product innovation to acquisitions and other investments.

Our five SFAs which encompass our highest impact growth opportunities:

Make credit and lending simpler, faster and safer for consumers and businesses, help lenders offer frictionless credit products, make insightful lending and customer decisions and optimally manage portfolios.

Empower consumers to improve their financial lives, gain access to credit, safeguard their identity, save money, negotiate debt and enhance their financial knowledge.

Help businesses verify identity and combat fraud, streamline the authentication of legitimate parties, and achieve regulatory compliance.

Help organisations in specialised verticals harness data, analytics and software to make smarter decisions around fraud, identity, prospecting and other risk-based processes.

Enable businesses to find, understand and connect with audiences, to market products and services

to their customers, and to remain compliant with regulations.

We strive to achieve our strategic ambitions through a consistent approach

With clear growth priorities oriented to customer needs outlined by our SFAs, our strategic framework describes the core tenets of our strategic planning process, demonstrating a comprehensive, consistent, and cohesive approach.

The fundamental pillars of our strategy are to secure superior data across several adjacent asset classes, develop world-class products, often derived from our data assets, to deliver superior experiences to our clients and consumers, and to invest in talent and expertise which we can channel into securing new opportunities. This is just one of the reasons our culture is so important to us. We then further refine our strategy by laying out specific ambitions for our two business lines, B2B and Consumer Services.

A key differentiating characteristic of our business is its diversity, both within our B2B businesses and across B2B and Consumer Services. We believe there is great potential to maximise synergies across our portfolio, and are undertaking significant strategic thinking to explore the opportunities arising at the intersections of our businesses.

Naturally, our strategy sharpens and evolves over time. For example, in our quest to become the B2B leader for trusted insights, we have invested in new platforms to position ourselves as a strategic partner

to our clients. We also aim to become the world's pre-eminent consumer finance platform, an ambition that has seen us pioneer new ways for consumers to permission the use of their data, a factor we believe will play an important role in our future development in both Consumer Services and B2B.

Create a better tomorrow - for consumers, businesses, our people and society

Business-to-Business Leader in trusted insights for businesses across their customer lifecycle

Maximise synergies

Consumer Services Become the pre-eminent consumer finance platform

Our fundamental pillars

Superior data

World-class products

Industry-leading innovation

Relationships with millions of consumers

Our key priorities

Operational excellence at scale

Our key priorities

High-performing, inclusive purpose-driven culture

Our foundations

Talent

Technology

Clients

One Experian

Risk Management

Our strategy

continued

Business-to-Business Leader in trusted insights for businesses across their customer lifecycle

Consumer Services Become the pre-eminent consumer finance platform

Business-to-Business

Our strategic framework guides our investment in specific B2B opportunities, driving towards our goal of becoming the market leader for trusted insights and decision intelligence. Our clients need an

ever-more comprehensive view of the risks and opportunities they face. Technology is also unlocking the potential for clients to accomplish their goals by considering a wider picture of an individual's or a business's risk profile. Our strategy addresses these growing needs, opening new avenues for growth.

Our Business-to-Business ambitions are to:

Consumer Services

In Consumer Services, our goal is to give people more control over their financial lives. We are already one of the world's largest, most inclusive financial services platforms, and our ambition is to be the No.1 platform globally for improving financial health. Put simply, our strategy is to expand the offers available on our platforms, grow our membership base, and build deeper, more valuable connections with consumers.

Our Consumer Services ambitions are to:

SPOTLIGHT

Consumer Services

Since acquiring BillFixer in 2022 - a small startup in the financial health sector - we have saved our consumers millions of dollars through features such as bill negotiation. In 2023, we further enhanced our offers by rolling out a subscription cancellation feature. This enables consumers to save money by eliminating unwanted subscriptions that accumulate over time. We now support the cancellation of over 200 subscriptions across categories such as streaming services, meal kits, entertainment apps, and more.

Innovations like these are an example of how we help our members to improve their financial health. They also help us to address a large and growing market.

Features such as subscription cancellation help to engage consumers and can be a gateway into premium services. They add resilience to our business model. When initiatives like these are combined with our

high-growth marketplaces, we diversify our revenues and add new revenue streams.

See Chief Executive's review, pages 34 to 41

Become the pre-eminent consumer finance platform

Free member base (millions)

FY20 82

FY25 >200

USA Brazil UK&I Spanish Latin America

SFA Empower consumers to improve their financial lives

Our strategy

continued

Platforms that power the ecosystem

The integrated nature of our strategic framework has driven our progress up and across the value chain in our markets, guiding the connection of our capabilities to serve broader areas of customer need. A primary vehicle for this is our development of platforms that deliver superior client experiences and expand opportunities for growth through the application of cloud-based infrastructure.

Experian's portfolio has become more integrated in recent years, combining data, technology, and business capabilities in a way that allows us to seamlessly deliver new solutions. Our cloud-based products make it easier for clients to access and use our services, and we are proud to be increasingly recognised by analysts as an industry-leading provider. The platforms that power this ecosystem are becoming the delivery mechanism for our solutions, enabling us to integrate more of our existing capabilities and add new ones.

We can develop new products ourselves, acquire them, or provide them through partnerships via our platforms. This year, we introduced our Experian Assistant, a GenAI-enabled solution developed by Experian within the Ascend Platform. It is one of the many features that clients can use to reduce model development timelines from months to days, or even hours. The Experian Assistant was recognised as a BIG Innovation in the 2025 Awards in the Products for Financial Services category.

As our data and products become more connected, we can address a broader range of client needs, tapping into new value pools which expand our market reach. For example, by connecting our credit and fraud risk capabilities, our clients can accomplish critical analyses which inform the credit-granting process more efficiently while also reducing their exposure to fraud. This saves them time and money while also protecting their customers. For Experian, this means we become more embedded in the client workflow, and we can grow by adding new analytics or innovative new fraud detection products.

Over time, this makes us a more valuable strategic partner to our clients, whether in commercial lending, insurance, healthcare, automotive, advertising, or other markets. It also makes us an indispensable partner to consumers, helping them to more easily manage their financial lives.

We have several emerging platforms and ecosystems

Ascend Platform

Consumer Platform

Auto Health Marketing

SPOTLIGHT

Ascend Platform

In financial services, our largest market, we have long been progressing from providing data to offering data-derived solutions (such as credit risk attributes), advanced analytical and workflow tools, and decisioning software. Recently, we introduced the Ascend Platform, which makes it easier for our clients to consume our products.

We have made several of our leading applications available on the Ascend Platform, and we plan to add more. For example, PowerCurve, our flagship suite for decisioning, and Ascend, our leading analytics suite, are now interoperable on the platform. We have also linked our growing suite of fraud prevention assets, and we continue to add to this suite, such as with the recent

acquisition of NeuroID. This makes it more efficient for our clients to conduct risk modelling, customer segmentation, account acquisition, and fraud management activities in a seamless way.

Since developing the Ascend Platform, our focus has been on expanding the number of applications available on the platform to extend its utility. Today, over 2,000 client solutions have been enabled on the platform, compared to just over 1,600 last year. As clients utilise the platform, transaction volumes have also grown, up around 30% from the previous financial year.

Initial reception for the Ascend Platform has been positive, with clients recognising its potential to help drive productivity, increase their speed and flexibility, and support their own business growth.

Analytics and model development

Ascend Analytical Sandbox

Aperture Data Studio

Feature engineering

Continuous monitoring and feedback

Ascend Ops Deployment

Continuous monitoring and feedback

Decisioning

PowerCurve

Originations

PowerCurve Collections

PowerCurve Strategy Management

Fraud and Identity

Precise ID Hunter Ascend

Fraud

Some examples of benefits seen by our clients using the Ascend Platform

Cost savings*

"Experian Ascend Platform gave us insight into the consumers who we were overextending credit to that we shouldn't have. This resulted in a 20% drop in default rates."

CEO, credit union

Productivity*

"...There's been a 5% uplift on all loan origination numbers across all our portfolios."

Senior Credit Risk Manager, bank

Speed and flexibility

"We have reduced the time spent on data building by almost 75% with Experian Assistant, so we can build a model much quicker."

Chief Data Scientist, a leading US financial institution

Revenue growth*

"We've seen a massive increase in avoided fraud.

It has pretty much paid for itself 10 times over in the first six months of operation. In avoiding applications that we believe to be suspect or fraud, we have saved over £500,000

SFA

Make credit and lending simpler

Scan me

Watch the demonstration of our Ascend Platform

worth of business by not underwriting that business."

Credit Manager, car leasing firm

*A Forrester Total Economic Impact Study commissioned by Experian, March 2025

Our strategy

SPOTLIGHT

Experian Activate

Experian Activate, which is built on Experian Ascend, provides advanced data and analytics that empower lenders to seamlessly create and deliver offers to consumers. With industry-leading pre-approval rates and the innovative No Ding Decline feature, where a decline of offer does not impact a consumer's credit score, Activate helps our members

explore financial opportunities with confidence, knowing their credit health remains protected.

continued

Maximise synergies

Maximising synergies

A key competitive advantage for Experian is the interplay between Business-to-Business and Consumer Services. Our mission is to help consumers use their data to control, manage, and improve their financial lives. At the same time, our position as the trusted custodian

of consumers' data helps us to develop even better propositions for our B2B clients.

We are very proud to have pioneered and extended this concept through Experian Boost, Experian Lift, Experian Go, Experian Smart Money,

and Experian Insurance, and subsequently through platforms such as Experian Activate, which help our clients reach our consumer members more efficiently with more personalised messages and offers.

Our strategy to deliver greater synergies also applies within our B2B and Consumer Services business lines. We look for opportunities to deepen links across and within our various B2B businesses, to solve important business challenges for our clients in new and unique ways. A good illustration of this is the way in which we use marketing data from our Targeting business to help our Automotive business sell to car dealers. Another example would be how we are leveraging our Brazil credit risk capabilities to create new products in the Brazilian agricultural lending sector. These are just two examples - there are many more across Experian.

See Chief Executive's review, pages 34 to 41

Expanding into new industries

Our strategy to expand into new customer verticals has been successful, and new opportunities continue to arise. More and more businesses, regardless of industry, need data and analytics to increase their efficiency and make smarter decisions. We are increasingly adapting

the solutions we develop for one market and introducing them into another, growing our revenue, relevance, and client relationships in these verticals, which range from Health and Automotive to Retail and Agribusiness.

SPOTLIGHT

Our priority verticals: progress in FY25

We continue to build out our presence in priority B2B vertical markets, such

as Health, Automotive, and Targeting. We are investing across these businesses to build expertise, capabilities, and our brand to deliver more value for our clients. We have established our footprint through a combination of leading data and software, entrenching Experian across our vertical markets, and growing our position within client workflows.

Health

Over 60% of US hospitals and over 5,800 medical practices leverage Experian solutions to facilitate revenue collection and patient onboarding in the Health business. We have driven strong retention and high cross-sell rates using our breadth of products across patient access, claims management, collections, and patient engagement.

Learn about how we simplify US Healthcare with data and analytical solutions, see pages 56 to 57

Automotive

Within Auto, over 90% of automotive Original Equipment Manufacturers (OEMs), over 15,500 dealers, and over 95% of the top 50 US automotive lenders trust Experian solutions to deliver relevant advertising to consumers, underwrite auto loans, prevent fraud, and understand vehicle history. Our proprietary

Auto assets, when leveraged with other Experian capabilities, allow us to offer a differentiated and broad solution set. We ultimately strive to power every decision along the car buying, selling, and owning lifecycle.

Learn about how we create tailored insurance experiences for millions of US consumers, see pages 14 to 15

Marketing / Advertising

Many of the largest direct advertisers, along with eight of the top ten advertising platforms and nine of the top ten TV providers, leverage Experian's marketing data and identity solutions to reach a targeted audience and maximise return on advertising spend. Given a dynamic and evolving ecosystem in the digital marketing space, we are focused on our innovation agenda, as well as our

M&A strategy.

One example is our acquisition of Audigent. In December 2024, we acquired Audigent, a leading US data activation and identity platform in the advertising industry, which enhances our market positioning in the fast-growing digital advertising space. We are capitalising on the shift in media to streaming platforms, the proliferation of advertising technology intermediaries, and rising 'signal loss', which makes it even harder for ad buyers and sellers to accurately identify and reach consumers. Our acquisition of Tapad nearly five years ago super-charged our digital identity solutions, and Audigent further bolsters our capabilities and reach in this ecosystem.

Learn about how we help advertisers find their 'most-wanted' customers, see pages 18 to 19

New verticals revenue performance (US$m)

FY20 c.1,100

FY25 c.1,600

North America Health Experian Marketing Services North America Automotive Brazil Agrifinance

SFA

Help organisations in specialised verticals harness data, analytics and software to make smarter decisions

Our strategy

continued

Our fundamental pillars

Superior data

World-class products

Industry-leading innovation

Relationships with millions of consumers

Operational excellence at scale

High-performing, inclusive purpose-driven culture

Our fundamental pillars

Our strategic framework also emphasises six pillars which are foundational for both B2B and Consumer Services.

Superior data

Data is the bedrock of Experian. Wherever we operate, we look to expand the breadth, depth and quality of our data assets. We do this in different ways, whether through partnerships, strategic investments, or by acquiring new assets. Superior data is also a competitive advantage which helps us to drive new client wins.

Take North America, for example: our data assets in this region have significantly expanded over time. From our foundational bureau data assets, we have expanded our view of the low-income credit sector (through the Clarity acquisition in 2017), added consumer-permissioned datasets (Experian Boost, Go and Lift), entered into new data segments (income and employment data records) and, more recently, we have introduced analytics based on cash flow transactional data.

World-class products

Great data is just the start but on its own will not meet our clients' needs. We have built a powerful array of products and have a breadth of product capability which is unsurpassed in our industry. This represents another important area of competitive advantage for Experian: better analytics to drive more accurate insights, plus cost-effective software solutions to improve workflow efficiency. These are examples of what

is needed to enhance productivity, improve customer service and run businesses more efficiently, and ensuring we have world-class products is a mainstay of our B2B strategy. In Consumer Services, for over a decade, we have been consistently expanding the offers our members can access for free and those which they pay for. We recently introduced more personalised app-based services that link our members to the

pre-approved credit offers in our marketplaces, and help members monitor for better insurance rates. Our new GenAI Experian Virtual Assistant is another example of how innovation can help with credit education. Investments like these have greatly expanded the revenue we generate from new and scaling products.

Our ongoing expansion of data breadth and depth in North America is providing a 360-degree view of consumers

1980s

Traditional Credit Data

The Consumer's Bureau

2001

Trended Data

Auto data

1998

Vehicle Data

2009

Rental Data

Experian® RentBureau®