Powering

tailored

relevant

smarter

better

effective

simpler

opportunities

Experian Annual Report 2025

Year ended 31 March 2025

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.

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

Reconciliation of statutory to Benchmark measures, page 74

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

Statutory

Growth % at

actual FX

rates

Revenue

US$

m

Operating profit

US$

m

Profit before tax

US$

m

Basic EPS

USc

Benchmark

Growth % at

actual FX

rates

Growth % at

constant FX

rates

Revenue – ongoing activities

US$

m

Benchmark EBIT

US$

m

Benchmark profit before tax

US$

m

Benchmark EPS

USc

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.

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).

Strategic report

redefined

Experian

lasting

value.”

“We have

over time to create

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

3

Experian plc

Annual Report 2025

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 effective 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.

Experian plc

Strategic report

4

Strategic report

Powering

tailored

relevant

smarter

better

effective

simpler

opportunities

We help advertisers find their ‘most-wanted’

customers, and make advertisements more

relevant to consumers

See pages18 – 19

We create tailored insurance

selection experiences for millions

of US consumers

See pages 14 – 15

We provide Brazilians with the

right help at the right time, to

make better financial decisions

See pages 48 – 49

We are creating a more open,

innovative, and customer-orientated

credit market in Australia

See pages 52 – 53

We help businesses verify identity

and combat fraud with smarter,

real-time solutions

See pages 42 – 43

We simplify US healthcare with

data and analytical solutions

See pages 56 – 57

5

Experian plc

Annual Report 2025

Year in review

Our WOW moments: milestones and achievements

that defined the year

Across our regions

Our Generative Artificial Intelligence

(GenAI)-enabled tool, Experian Assistant,

won the 2025 BIG Innovation Award in the

Products for Financial Services category

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

14th

>2,000

We were named one of the World’s Best

Workplaces™ 2024 by Fortune and Great

Place To Work®, ranking 14th

>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

Experian plc

Strategic report

North America

EMEA and Asia Pacific

Latin America

UK and Ireland

We introduced cash flow data to provide

businesses with better insights into

consumers’ transaction behaviours

We launched new Protect, Score, and Report

experiences tailored to different user groups

within the Experian Consumer Services app

We secured the largest Health contract

in Experian’s history, on the back of the

WaveHDC acquisition completed in the

previous year

We acquired ClearSale in Brazil post year-

end, gaining access to valuable e-commerce

transaction, mobile phone and device data

We expanded our Marketplace lender panel

and now over 95% of Experian Consumer

Services lenders are on or onboarding to

Experian Activate

We acquired NeuroID, which enhances

our fraud prevention suite with behavioural

analytics capabilities

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

We acquired Audigent, a leading data

activation and identity platform in the

advertising industry, helping businesses

better understand their target customers

>12m

We acquired illion in Australia

and New Zealand, making

A/NZ the fourth-largest market

for Experian

We expanded into the insurance

marketplace in Brazil through the acquisition

of TEx and integrated Consumer Services

products into a unified ‘SuperApp’ platform

We helped over 12 million Brazilians

renegotiate their debts in FY25

Strategic report

How we add value for stakeholders

How we make a difference

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.

We are data and

analytics experts

We anticipate

customers’ needs

We continually

expand our business

We emphasise

security and ethics

We innovate for

social impact

We embrace

limitless possibilities

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.

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.

#

14

Fortune and Great Place To

Work® ranked us 14th in

World’s Best Workplaces™

200

m

People connected through

United for Financial Health

since launch in FY21

16.6

%

Return on capital employed

4.2

Rating by our employees

on Glassdoor

US$

20.6

m

Total contributions

£

7.2

bn

Value creation through

market capitalisation growth

and dividends over the last

three years

See Our business model,

pages 10

to 13

See Our strategy, pages 22 to 33

See Our business model,

pages 10 to 13

See Our strategy, pages 22 to 33

See Sustainability,

pages 58 to 71

See Sustainability,

pages 58 to 71

See Stakeholder engagement,

pages 44 to 47

Our business model

We have redefined Experian over

time to create lasting value

over

200m

1

consumers

Business-to-Business

Consumer Services

Lenders

FinTechs

Health providers

Retail / eCommerce

Automotive

Marketing / Advertising

Public sector

Media / Technology

Insurance

The Experian Platform

Data

Actions

Insights

Software

Analytics

Experian data

Credit reporting

company

Strategic report

Business-

to-Business (B2B)

Consumer

Services

Customer needs lifecycle

Consumer and

business transactions

Industries

Explore

& learn

Apply

Purchase

Open /

set-up

account

Use

product /

service

Manage

account

Close

account

Lending

Other banking

Health

Retail /

eCommerce

Insurance

Automotive

Marketing /

Advertising

Media /

Technology

Public Sector

Resolve

issues or

problems

Add

account

Loyalty

Marketing

and

engagement

Protect my

identity

Identity

and Fraud

Educate and

enable me

Credit / Risk

Match me

Customer /

Portfolio

management

Do it for me

Payments /

Collections

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.

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.

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.

Experian plc

Our business model

continued

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

Business-to-Business

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.

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

North America

2,470

Latin America

610

UK and Ireland

431

EMEA and Asia Pacific

358

Total

3,869

North America

959

Latin America

206

UK and Ireland

251

EMEA and Asia Pacific

168

Total

1,584

Data – Revenue

by region

(US$m)

Decisioning – Revenue

by region

(US$m)

73

%

of Group revenue*

Strategic report

Consumer Services

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

• Monthly subscription and one-off transaction fees

• Referral fees for credit products

• Digital agency fees for insurance products

• White-label partnerships

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

North America

1,617

Latin America

250

UK and Ireland

187

Total

2,054

* from ongoing activities

Consumer Services – Revenue

*

by region

(US$m)

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.

27

* US Consumer Price Index from March 2022 to March 2025

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.

Powering tailored opportunities

We create tailored

insurance selection

experiences for

millions of US

consumers

Experian plc

Strategic report

14

Strategic report

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.”

“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!”

Scan me

Watch our Auto

insurance demo

Rakesh Patel

Executive Vice President,

Experian Consumer Services

Marketplace, North America

Julian

an Experian consumer

15

Experian plc

Annual Report 2025

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

Experian plc

Strategic report

16

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.

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.

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.

Q

Q

Q

Q

Q

Q

Learn more about our Business

model, pages 10 to 13

Read more about our Corporate

governance, pages 92 to 111

Learn more about how we Treat data

with respect, pages 60 to 63

Chair’s Q&A

17

Experian plc

Annual Report 2025

Strategic report

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.

Powering relevant opportunities

We help advertisers

find their ‘most-

wanted’ customers,

and make ads more

relevant to consumers

Experian plc

Strategic report

18

Strategic report

“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

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.

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.

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.

19

Experian plc

Annual Report 2025

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.

Experian plc

Strategic report

20

Strategic report

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.

Financial Services

TAM: US$55bn+

Total addressable

market (TAM)

Our progress

Consumer Services

TAM: US$60bn+

Priority B2B verticals

TAM: US$30bn+

• Credit

• Fraud prevention

• Identity

• Verification

Growth priorities

• Expanding into non-traditional,

alternative, and consumer-

permissioned data

• Increasing market penetration across

Borrow, Protect, and Spend categories

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.

Growth priorities

• Strengthening market presence in

Borrow, Protect, and Spend to help

our members

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.

Growth priorities

• Expanding our footprint in priority

B2B verticals

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.

TAM:

US$55bn+

US$60bn+

US$30bn+

Progress*

7%

3%

5%

Financial Services

Consumer Services

Priority B2B verticals

Our strategy

Driving our next phase of growth

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.

Help organisations in specialised verticals harness

data, analytics and software to make smarter

decisions

around fraud, identity, prospecting and

other risk-based processes.

Empower consumers to improve their financial

lives

, gain access to credit, safeguard their identity,

save money, negotiate debt and enhance their

financial knowledge.

Enable businesses to find, understand and connect

with audiences

, to market products and services

to their customers, and to remain compliant

with regulations.

Help businesses verify identity and combat

fraud

, streamline the authentication of legitimate

parties, and achieve regulatory compliance.

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:

1

2

3

5

4

Experian plc

Strategic report

22

Strategic report

Our fundamental pillars

Talent

Technology

Clients

One Experian

Risk Management

Superior

data

World-class

products

Industry-leading

innovation

Relationships with

millions of consumers

Operational

excellence at scale

High-performing, inclusive

purpose-driven culture

Business-to-Business

Leader in trusted insights

for businesses across their

customer lifecycle

Our key priorities

• Deliver through a scalable, unified

platform

• Materially scale Experian through

our ecosystem

• Leverage advanced technologies

and AI

• Organise to expand at scale

• Expand in new and underpenetrated

markets

Our key priorities

• Grow and deepen consumer

relationships

• Enhance premium subscription

products

• Build a US$1bn+ Marketplace

business

• Engage with consumers daily

• Help consumers use data to

improve outcomes

• Selectively expand in more

bureau markets

Consumer Services

Become the pre-eminent

consumer finance platform

Our strategy

continued

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:

1. Be recognised for the broadest, deepest, most accurate data

across all of our industries and geographies.

2. Seamlessly integrate products across Experian to build

platforms that are the first, best and only solutions our

clients need.

3. Scale products globally, increasing our ability to serve a

wider set of clients more effectively and efficiently.

4. Expand in new and underpenetrated markets where we are

most relevant.

5. Leverage advanced technologies, Generative AI and AI more

broadly to improve our product innovation and re-engineer

our processes and costs to better position our businesses

for the future.

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:

1.

Create new consumer journeys: save consumers time and

money in key financial areas, build on our credit expertise

and expand into other aspects of daily financial life.

2.

Deliver exceptional experiences for consumers and

partners, using data and integrated platforms for

seamless experiences.

3.

Expand financial health solutions: introduce ‘do it for me’

features which simplify financial management.

4.

Offer personalised support with advanced technology:

ever-more tailored recommendations, which use AI,

open banking, and consumer-permissioned data.

5.

Reach new audiences: attract new customers and

re-engage existing members.

6.

Increase the use of data and technology: innovate,

create new opportunities and deliver greater value

across our platforms.

Business-to-Business

Consumer Services

Strategic report

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

Empower consumers to improve their financial lives

SPOTLIGHT

Free member base

(millions)

Become the pre-eminent consumer finance platform

FY20

USA

Brazil

UK&I

Spanish Latin America

82

FY25

>200

SFA

25

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.

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 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.

Our strategy

continued

We have several emerging platforms and ecosystems

Ascend

Platform

Consumer

Platform

Auto

Health

Marketing

Experian plc

Strategic report

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