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$
7,523
m
+6%
(2024: US$7,097m)
Operating profit
US$
1,793
m
+6%
(2024: US$1,694m)
Profit before tax
US$
1,549
m
0%
(2024: US$1,551m)
Basic EPS
USc
127.6
-3%
(2024: USc131.3)
Benchmark
Growth % at
actual FX
rates
Growth % at
constant FX
rates
Revenue – ongoing activities
US$
7,507
m
+7%
+8%
(2024: US$7,046m)
Benchmark EBIT
1
US$
2,107
m
+8%
+11%
(2024: US$1,944m)
Benchmark profit before tax
US$
1,926
m
+8%
+10%
(2024: US$1,789m)
Benchmark EPS
USc
156.9
+8%
+11%
(2024: USc145.5)
Financial highlights
Contents
To download this
Annual Report and
our other corporate
literature visit
experianplc.com
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).
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
6
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
Learn more on pages 42 to 43
Learn more on pages 18 to 19
4th
Learn more on pages 52 to 53
Learn more on pages 48 to 49
We helped over 12 million Brazilians
renegotiate their debts in FY25
7
Experian plc
Annual Report 2025
Experian at a glance
Leading with purpose
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.
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.
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.
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.
Argentina
Australia
Austria
Brazil
Bulgaria
Canada
Chile
China
Colombia
Costa Rica
Denmark
Germany
India
Ireland
Italy
Lesotho
Malaysia
Mexico
Monaco
Netherlands
New Zealand
Norway
Panama
Peru
Poland
Singapore
South Africa
Spain
Switzerland
Türkiye (Turkey)
United Kingdom
United States
of America
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.
A. Financial Services
39%
B. Direct-to-consumer
16%
C. Health
8%
D. Retail
5%
E. Software and Professional services
7%
F. Automotive
3%
G. Insurance
4%
H. Media and Technology
4%
I. Government and Public sector
3%
J. Telecommunications and Utilities
2%
K. Other
9%
B2B: Data
52%
B2B: Decisioning
21%
Consumer Services
27%
North America
67%
Latin America
14%
UK and Ireland
12%
EMEA and Asia Pacific
7%
Global revenue
1
by business activity
FY25
Global revenue
1
by region
FY25
Where we operate
Global revenue
1
by client
FY25
A
B
C
D
E
F
G
H
I
J
K
1 Revenue from ongoing activities.
Experian plc
Strategic report
8
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
9
Experian plc
Annual Report 2025
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
Other sources
e.g. public records
Experian data
Consumer-
permissioned data
Consumer-
generated data
Data on
businesses
Data on
consumers
Design and
build my loan
portfolio
Minimise my
exposure to
fraud
Build
customer
loyalty
Acquire
customers
Manage the
healthcare
payment
lifecycle
Access the
financial
system
Minimise my
exposure to
fraud
Help me
choose
financial
products
Enable me to
reach my
financial
goals
Build my
credit score
1 Free memberships only.
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.
We started to provide
analytical insights to
businesses in addition
to credit scores.
As technology evolved, we
recognised the power of
data to help businesses
grow, and improve access
to financial services for
millions of people.
1996
Credit reporting
company
2007
A world of insight
2016
Powering opportunities
Experian today
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.
Experian plc
Strategic report
10
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.
11
Experian plc
Annual Report 2025
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
* from ongoing activities
How we organise our business and how it generates revenue
Data – Revenue
*
by region
(US$m)
Decisioning – Revenue
*
by region
(US$m)
73
%
of Group revenue*
Experian plc
Strategic report
12
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
%
of Group revenue*
13
Experian plc
Annual Report 2025
* 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.
• Health
• Marketing data and Identity resolution
• Automotive
• Augmented data quality
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.
Addressing higher growth markets – our progress
c.US$
150
bn
5
%
TAM:
US$55bn+
TAM:
US$60bn+
TAM:
US$30bn+
Progress*
7%
Progress*
3%
Progress*
5%
Financial Services
Consumer Services
Priority B2B verticals
*
FY25 revenue/Total addressable market
21
Experian plc
Annual Report 2025
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
Our foundations
Consumer Services
Become the pre-eminent
consumer finance platform
Maximise
synergies
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
23
Experian plc
Annual Report 2025
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
Leader in trusted insights
for businesses across their
customer lifecycle
Consumer Services
Become the pre-eminent
consumer finance platform
Experian plc
Strategic report
24
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
Experian plc
Annual Report 2025
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
26
*A Forrester Total Economic Impact Study commissioned by Experian, March 2025
Scan me
Watch the demonstration
of our Ascend Platform
Strategic report
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.
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
worth of business by not
underwriting that business.”
Credit Manager, car
leasing firm
Make credit and lending simpler
SFA
Some examples of benefits seen by our clients using the Ascend Platform
Ascend
Analytical
Sandbox
Aperture
Data Studio
Feature
engineering
Ascend Ops
Deployment
Analytics and model
development
Decisioning
Fraud and Identity
Precise ID
Hunter
Ascend
Fraud
PowerCurve
Strategy
Management
PowerCurve
Collections
PowerCurve
Originations
Powered by Experian Assistant
Continuous monitoring and feedback
Continuous monitoring and feedback
SPOTLIGHT
27
Experian plc
Annual Report 2025
Our strategy
continued
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.
Maximise
synergies
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.
SPOTLIGHT
Experian plc
Strategic report
28
Strategic report
Learn about how we simplify US Healthcare with data and analytical solutions,
see pages 56 to 57
Learn about how we create tailored insurance experiences for millions of
US consumers, see pages 14 to 15
Learn about how we help advertisers find their ‘most-wanted’ customers,
see pages 18 to 19
Help organisations in specialised verticals harness data,
analytics and software to make smarter decisions
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.
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.
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.
SFA
New verticals revenue performance
(US$m)
FY20
North America Health
Experian Marketing Services
North America Automotive
Brazil Agrifinance
c.1,100
FY25
c.1,600
SPOTLIGHT
29
Experian plc
Annual Report 2025
Our strategy
continued
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
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
The Consumer’s
Bureau
1980s
Traditional
Credit Data
Traditional Data
Largest traditional credit bureau
Expanded FCRA Data
Largest alternative FCRA regulated credit bureau
Consumer Data
Commercial Data
Most comprehensive source
of US businesses available
2001
Trended
Data
2019
Consumer
Permissioned
Data
2024
Transaction
Data
2021
Financial Data
Exchange
2009
Rental
Data
2017
Alternative
Financial
Services
2019
Expanded
Public
Records
Business
Data
Credit and
debit card
transaction
data
And more
to come!
2016
Marketing
data
2021
Financial
Account
Data
1998
Vehicle
Data
2021
Income and
Employment
2006
Financial and
Trade Data
Exchange
2025
Individual
Taxpayer
Identification
Number
2022
Expanded
Rental
2020
Analytics
and Triggers
2025
Retail
purchasing
behaviours
Fraud
and identity
Verification
Small and
midsize
businesses
Trended
Data
Experian®
RentBureau®
Experian
Lift
TM
US Business
Database
CustomerView
Experian
Boost
TM
Small Business
Financial
Exchange
Small Business
Credit Share
TM
Cashflow
data
Renter
Insights
Property
Data
Experian
Verify
TM
Fraud
Data
Commercial
Risk
Database
Clarity Short-Term
Lending Data
Auto data
ITINs
Coming soon!
Buy Now
Pay Later
Banking
Insights
Experian plc
Strategic report
30
Strategic report
Industry-leading innovation
Innovation is at the heart of everything we do. Whether it’s finance,
healthcare, advertising, automotive, or agricultural lending, we are
focused on solving real customer challenges. We have developed a
specific approach which combines industry best practice with deep
customer insights, rapid idea testing, and an evidence-based view of
risks and commercial potential. It helps us to identify the best new
product innovations and to channel the capital to them to help them
to scale.
Relationships with millions of consumers
We have established relationships with millions of consumers across
our largest bureau markets, relationships which we continue to deepen
and expand. These relationships also help us to enter new categories
and achieve scale rapidly. Two good examples include North America,
where we have established a new revenue stream from our new
Insurance Marketplace, and Brazil, where we have introduced our
new SuperApp.
Operational excellence at scale
Behind the scenes, our technology strategy plays a significant role in
our ability to deliver efficiently at scale. We have made great progress
modernising our systems, and our cloud transformation is moving at
pace. This ensures that we remain agile, secure, and cost effective.
Note:
Scaling products include Software (e.g. Ascend, PowerCurve), Identity and Fraud Prevention, Consumer
Services (e.g. North America, and UK and Ireland Marketplaces).
Recently introduced products include new products launched since FY21.
Talent
Technology
Clients
One Experian
Risk Management
Our foundations
Our foundations
Our foundations underpin our success. They ensure we have stability,
resilience, efficiency and a strong controls framework.
Talent
Our people make us great. We strive to attract, develop and retain the
best talent with a high-performing, inclusive and purpose-driven culture.
Technology
We drive cost effectiveness across our operations, improve service
reliability, security and performance, and enable the organisation to
accelerate the rate of product innovation at scale.
Clients
Our clients’ trust is what defines us. We’re proud to say our global Net
Promoter Score (NPS) has improved for the seventh year in a row since
FY18, reflecting stronger relationships and growing customer loyalty.
With more industry awards under our belt, our reputation as a dynamic,
innovative leader continues to grow.
One Experian
We believe in working as one. By bringing together our B2B and
Consumer Services solutions under a unified strategy, we have created
a powerful mechanism to maximise the value of our data and products,
to the benefit of both B2B clients and consumers.
Risk Management
Strong risk management is key to long-term success. We have built a
culture that encourages transparency and proactive risk reporting.
A recent example is our approach to Generative AI (GenAI).
Recognising both its potential and risks, we have put in place a clear
risk framework and launched a mandatory online GenAI training
module for all employees.
Revenue from new and scaling products
(US$m)
FY20
Scaling products
Recently introduced products
c.400
FY25
c.700
c.1,100
High-performing, inclusive purpose-driven culture
Our people are what make us great. We work hard to attract, develop,
and retain the best talent while fostering a culture of high performance
and inclusivity.
This year, we were recognised as a Great Place to Work® in 24 countries,
including all our key technology hubs, in Bulgaria, Costa Rica, India and
Malaysia. 88% of our employees said they are proud to tell people they
work at Experian. We have also been named one of the World’s Best
Workplaces™ 2024 by Fortune and Great Place To Work®, ranking 14th.
31
Experian plc
Annual Report 2025
Our strategy
continued
High single-digit
organic revenue
growth
Growth
• Address new areas of client spend with new
data, product and integrated platforms
• Enter new, and deepen existing, verticals
• Elevate Consumer Services growth
• Secure higher contributions from Brazil,
UK and Ireland and EMEA and Asia Pacific
• Benefit from economic recovery
Investment
• Large-scale superior data
• Comprehensive product portfolio for credit
decisioning, fraud prevention and identity
resolution and digital marketing
• Increasingly sophisticated, integrated products
• Deeper and wider consumer relationships
around a more extensive capability set
Linking our strategy to our
Medium-Term Framework
Over the medium term, we expect to continue to deliver
strong organic growth and improved earnings quality
from the combination of continued expansion of our
business through data, product and vertical investments
as well as a widening range of consumer membership
offers. Furthermore, we expect many benefits to accrue
as we advance our technology cloud transition programme.
We anticipate this will lead to continued strong organic
revenue growth, good margin accretion and reduced levels
of capital expenditure, and increased capacity to invest.
High single-digit
organic revenue
growth
Medium-term strategic
and financial outlook
Experian plc
Strategic report
32
Growing
contribution
from capital
deployment
Productivity
• Scaling strategic initiatives
• Operating leverage
• End of dual-run costs
• GenAI, automation and offshoring
Capital deployment
• Organic, inorganic and partnerships
• Disciplined approach
• New data (including bureau)
• Product capability infills
• Adding in adjacent verticals or
Consumer Services
30-50 basis points
annual margin
progression
Trending to 7%
capital expenditure
(Capex) as a % of
revenue
Strategic report
33
Experian plc
Annual Report 2025
1. At constant exchange rates.
Chief Executive’s review
Strong performance and excellent
strategic progress in FY25
FY25 was a strong year for Experian. We performed well, with results
in line with our Medium-Term Framework, whilst continuing to invest
in our business both organically and inorganically. We achieved high
single-digit organic revenue growth and delivered good margin
expansion. Revenue from ongoing activities at actual exchange rates
and organic revenue both grew 7%. Margin expansion at constant
exchange rates of 70 basis points exceeded our guidance and was
50 basis points at actual exchange rates. We successfully converted
revenue growth into Benchmark EBIT, Benchmark EPS and Benchmark
operating cash flow, with growth rates of 8%, 8% and 9%, respectively,
and a cash conversion rate of 97%.
We saw a good performance across our B2B portfolio with strong
growth in Financial Services and another year of very good growth
in Health. Progress in vertical markets has broadened our portfolio
further and they now account for over one-fifth of our global revenues.
Expanded business with existing clients, new client wins, and new
product introductions all contributed to our performance in FY25.
In Financial Services we continue to see success in the market with our
Ascend Platform, we have had some notable new product launches
such as new cash flow analytics and scores, and we have expanded our
income and employment data assets. Our vertical markets growth has
been driven by leveraging our data and software capabilities, providing
more integrated capabilities across our product suites and new product
introductions such as AI-driven patient access products in Health.
In Consumer Services, we have grown our membership base, driven
higher engagement, and broadened our consumer offers. Our Experian
Activate capability has gained further traction, creating a more seamless
experience for both our financial institution clients and Experian
members. Our consumer membership base now exceeds 200m free
members. Large-scale consumer audiences such as these open up
significant new opportunities for us to address. North America Insurance
Marketplace is a good example of how we can bring additional value
to our members and create material new opportunities for Experian.
We have introduced richer, more personalised experiences for our
members in Brazil and in the UK too.
This year we deployed US$1.2bn in acquisitions in areas central to
our strategy covering credit risk, fraud prevention, and Targeting.
The acquisition of illion gives us a scaled position in Australia and
New Zealand, and shortly after the financial year-end we completed
the acquisition of ClearSale, to bring one of Brazil’s premier fraud
prevention assets into our portfolio. Our acquisitions complement our
organic growth investments and we continue to generate strong financial
returns on our expanding capital base. We reported a post-tax ROCE of
16.6% for the year. Notwithstanding the higher levels of investment,
we ended the year below the lower end of our target leverage range.
Our cloud technology transformation is progressing well and is on track
to deliver material cost savings from FY27 onwards when dual-run costs
start to fade. Innovation revenue continues to grow as a proportion of
our total, and we have introduced a range of new Generative Artificial
Intelligence (GenAI) tools, which we have embedded in several of our
product workflows.
Combined, these investments position us well to capitalise on the
structural growth in our markets. We have extensive and expanding
data assets, unparalleled breadth of capability, a unique strategy
encompassing both B2B and Consumer Services, geographic diversity
and a strong balance sheet. This gives us resilience, portfolio diversity
and the flexibility to adapt. So, while market dynamics may change
from year to year, we are confident that we will continue to progress
our business, as we have done in the past.
Great talent drives Experian’s success, and our crowning achievement
this year is reserved for our 23,300 people. We are honoured to have
been named as one of the World’s Best Workplaces™ 2024, ranked
14th globally by Fortune and Great Place to Work®. Experian’s culture
is unique. Our working environment is high-performing, collaborative,
and we pride ourselves on our ‘people first’ approach. I want to extend
a huge thank you to all my Experian colleagues for their commitment,
their energy and their support over the past year.
“FY25 was a strong year for
Experian. We have achieved
significant strategic and
financial progress across
both Consumer Services
and Business-to-Business.”
Brian Cassin
Chief Executive Officer
Highlights
Total revenue
US$
7.5
bn
+8%
1
Organic revenue growth
1
7
%
Benchmark EBIT margin
28.1
%
+50 basis points (bps)
Benchmark operating cash flow
US$
2.0
bn
+11%
1
Experian plc
Strategic report
34
Strategic report
Our outlook for FY26
For FY26, we expect total revenue growth of 9-11%,
with organic revenue growth of 6-8%. We expect
margin expansion in line with our Medium-Term
Framework, in the range of 30-50 basis points.
All measures are at constant exchange rates and
on an ongoing basis.
While we are mindful of the outlook for the broader
global economy, we have a broad and resilient
portfolio with a strong track record of growth, and we
are confident of another good year of growth in FY26.
Learn more in Our strategy, pages 22 to 33
1. At constant exchange rates.
Medium-Term Framework
Organic revenue growth:
• High single digits
Benchmark EBIT margin¹:
• Good margin improvement
• +30 to +50 basis points per annum
Capital expenditure:
• Trend to c.7% of revenue
35
Experian plc
Annual Report 2025
Chief Executive’s review
continued
FY25 strategic highlights
Our long-term strategy provides the framework for the
development of our business and determines where we invest,
the products we build, the markets we enter and acquisitions
we pursue. Our FY25 performance reflects continued progress
towards fulfilling our long-term goals.
In our B2B business, we have a broad and deep product set.
It begins with our rich datasets and extends into software
solutions that address various aspects of client workflows.
Our range of product areas such as analytics, marketing, fraud
prevention, and decisioning, help Financial Services customers
address all aspects of risk. We are increasingly integrating
our solutions into platforms that can drive more insights and
greater efficiencies for our clients, positioning ourselves as
a key strategic partner. Within our verticals, we utilise
differentiated data and software capabilities to help our
customers navigate complex ecosystems and solve business
challenges. Over time, we expect to be more embedded at our
clients, with our focus on innovation and product integration
driving greater strategic value.
Within our Consumer Services business, we use our innovative
products and services to drive better financial outcomes for
consumers. Features such as No Ding Decline enable customers
to apply for credit cards without the worry of a hard enquiry,
insurance rate monitoring automatically notifies members of
policies that can save them money, and in Brazil we can assist
consumers with the instant settlement of renegotiated debt.
These tools help drive increasing consumer engagement on
our platform.
Going forward, we remain focused on maximising synergies
between our Business-to-Business and Consumer Services
businesses, with this breadth of assets and capabilities a
primary source of our competitive advantage.
Highlights in Business-to-Business...
• We have progressed in migrating customers and solutions to
our Ascend Platform. We have implemented over 2,000 client
solutions on the platform, with customers demonstrating
promising engagement trends. We now have 30 product
capabilities provisioned on the platform, doubling year-on-year.
• We enhanced our fraud prevention capabilities and gained traction
in this growing and dynamic market. We acquired NeuroID, an
industry leader in behavioural fraud prevention, and have already
incorporated it in our Ascend Platform. In Brazil, we completed
our acquisition of fraud-prevention leader ClearSale in April 2025,
extending our capabilities into transactional fraud prevention,
and establishing a more comprehensive client offering.
• In North America, we launched the Cashflow Score, an innovative
open banking solution, providing lenders with a more complete
view of an applicant’s financial behaviour. This solution can
provide up to a 25% lift in predictive performance when
compared to conventional credit scores and is a key example
of our dedication to improving financial inclusion.
• We scaled Employer Services and Verification Services.
Within Employer Services, Experian’s Compliance Library was
named a 2024 Top HR Product of the Year by Human Resource
Executive and the HR Technology Conference. Within Verification
Services, we now have 62 million active employment records in
North America.
• In North America Automotive, the breadth of our product suite
contributed to solid growth. Auto marketing performance was
strong, as we leveraged our unique Auto assets alongside our
marketing expertise to drive enhanced audience prospecting
for our clients.
• In North America Health, we generated record bookings during
the year including the largest Health contract win in our history.
Our acquisition of WaveHDC last year enabled a new innovative
solution called Patient Access Curator. This AI-driven offering
is a leading eligibility and insurance identification product,
gaining meaningful traction with clients and facilitating
cross-sell opportunities.
• In North America Targeting, we acquired Audigent in December
2024, enhancing our market positioning in the fast-growing
digital advertising space. Targeting’s AdTech (digital) channels
now make up over 70% of our North America Targeting revenue.
• In Brazil, we invested in key initiatives such as small & medium
enterprises (SMEs). We grew our client base and diversified
our portfolio, both enhancing the level of data to lenders, and
fostering affordable credit access to SMEs.
• In the UK and Ireland, we continued to invest in areas beyond
core credit. In Verifications, we added records to our employment
database and drove new business opportunities. In Experian Data
Quality, following the financial year-end, we launched Aperture
Data Studio 3.0, our innovative platform, making it easier for
businesses to manage, control, and understand their data.
• In EMEA and Asia Pacific, we completed the acquisition of illion,
one of the leading consumer and commercial credit bureaux
in Australia and New Zealand. Our integration is progressing well
as we focus on enhancing our market position in this strategically
important region.
Experian plc
Strategic report
36
Strategic report
Hightlights in Consumer Services...
• Global free membership grew to over 200 million as we
continue to improve and expand our offerings to help
consumers navigate their financial lives.
• We continue to focus on savings-intent consumers in
North America, with our capabilities such as Subscription
Cancellation and BillFixer resonating well in the market
and driving solid premium enrolment growth.
• We launched No Ding Decline in North America allowing
consumers to explore credit card options without the worry of
a hard enquiry affecting their credit scores. Over 70% of card
shoppers are eligible to see a No Ding Decline offer across a
variety of credit card issuers.
• We launched insurance rate monitoring in North America,
enabling consumers who utilise the free tool to receive
ongoing alerts if there is a better available rate on their
auto insurance policy.
• In Brazil, we continue to drive substantial debt renegotiations
through Limpa Nome, enabling millions of Brazilians to
manage their debts. In FY25, we facilitated the renegotiation
of US$14.5bn of consumer debt, with our payment capability
reducing friction and improving the customer experience.
• In the UK and Ireland, we made significant product investments
and improved personalisation journeys for our members.
Using our Experian Activate capability, we also strengthened
the breadth and depth of our marketplace panel, driving more
targeted and competitive offers by these lenders. Over 95% of
our panel is onboarded or in the process of being onboarded
to Activate.
• Growing adoption of our consumer offerings by our
membership base enabled further strong margin progress,
which for Consumer Services globally was up 270 basis points
in the year and over 400 basis points over two years.
Learn more in Our strategy, pages 22 to 33
To strengthen our foundations...
• We have progressed on the delivery of our cloud-native
technology infrastructure, and productivity initiatives such as
greater use of GenAI, automation and offshoring. We are on
track to materially complete our cloud technology transition
in North America and Brazil at the end of FY26, at which point
greater than 85% of our non-Health processing capability will
be in the cloud in these two regions.
• We were named one of the World’s Best Workplaces™ 2024
by Fortune and Great Place to Work®, which recognises a
select 25 global companies that are building the best
workplace cultures in the world. This achievement validates
our ‘people first’ workplace culture that fosters collaboration
and innovation, and prioritises team member wellbeing,
personal growth, and advancement.
• For the seventh year in a row since FY18, our global client
Net Promoter Scores have increased, driven by an increase
in promoters.
• We entered the market with new and innovative GenAI
solutions. During the year, we launched our GenAI-enabled
tool for the Ascend Platform, Experian Assistant, which won
the 2025 BIG Innovation Award in the Products for Financial
Services category.
37
Experian plc
Annual Report 2025
Chief Executive’s review
continued
FY25 financial highlights
• Revenue growth was in line with our expected performance range.
Revenue growth from ongoing activities was 7% at actual exchange
rates and 8% at constant currency. Organic revenue growth was 7%.
• All of our regions contributed to the growth. Organic revenue growth
was 8% in North America, 6% in Latin America, 1% in UK and Ireland,
and 8% in EMEA and Asia Pacific.
• Growth was consistent through the year. By quarter, organic revenue
growth was 7% in Q1, 7% in Q2, 6% in Q3 and 7% in Q4.
• Consumer Services organic revenue growth was 7%. Excluding a c.5%
headwind from one-off data breach services, Consumer Services
organic revenue growth was 12%, accelerating to 14% in H2 compared
to 10% in H1. We grew to over 200 million free members. Growth
was broad-based across the portfolio. In North America, premium
subscriptions, core partner solutions and marketplace drove our
performance. In Brazil, Limpa Nome and our expansion of product
offerings supported growth, and in the UK and Ireland, we benefitted
from strengthening marketplace revenue.
• B2B organic revenue growth was 6%. New clients, expanded product
penetration and our diversified end markets supported growth amid
a still-subdued global credit backdrop.
• We delivered good progress in Benchmark EBIT from ongoing
activities, up 11% at constant and 8% at actual exchange rates.
Benchmark EBIT margin increased by 70 basis points at constant
and 50 basis points at actual exchange rates to 28.1%. Strong
Consumer Services scaling operating leverage and technology
productivity initiatives drove the year-on-year margin improvement,
while continuing to invest in product innovation, audience expansion
and consumer and client engagement.
• We delivered strong growth in Benchmark earnings per share (EPS),
which increased by 11% at constant and 8% at actual exchange rates,
driven by revenue growth and margin expansion. Basic EPS was
USc127.6 (2024: USc131.3), down 3%, due to higher non-benchmark
restructuring costs and non-cash financing fair value remeasurements,
along with a higher statutory tax rate, compared to the prior year.
• Cash flow conversion was strong, and we converted 97% of Benchmark
EBIT into Benchmark operating cash flow. Benchmark operating cash
flow at actual exchange rates was US$2,025m, reflecting 9% growth.
• We continued to invest in data, technology and product development
that underpins our business. Capital expenditure represented 9% of
revenue, and we continue to expect this to trend down to 7% in the
coming years.
• We invested US$1.2bn in acquisitions to support our strategic
initiatives. After the year-end, we completed our previously announced
acquisition of ClearSale, a leading provider of digital fraud prevention
solutions in Brazil. We finished the year with Net debt to Benchmark
EBITDA of 1.8x, below our target range of 2.0-2.5x.
• We have completed our FY25 share repurchase programme.
We executed US$29m from the previous FY24 programme in
April 2024, bringing the total net cash spent during FY25 to US$179m.
These repurchases offset deliveries under employee share plans.
We are also announcing that we will commence a net share repurchase
programme up to US$200m in FY26, which will again offset deliveries
under employee share plans.
• We have announced a second interim dividend of USc43.25 per share,
up 7%. This will be paid on 18 July 2025 to shareholders on the register
at the close of business on 20 June 2025. This takes the full-year
dividend up 7% to USc62.50 per ordinary share.
• Our return on investment has consistently been strong, with ROCE in
the mid-to-high-teens over the last decade, and 16.6% for the year
(2024: 17.0%).
Our progress in sustainability...
• We are uniquely positioned to help people thrive on their
financial journey, through our direct relationships with
consumers and innovative combinations of data and analytics.
More than 17 million US consumers have connected their
accounts to take advantage of Experian Boost to improve
their credit score, or to use personal financial management
tools. Experian Go has now helped around 280,000 ‘credit
invisible’ US consumers to establish their financial identity
since it was launched. In Brazil, our Limpa Nome debt
resolution platform helped renegotiate US$14.5bn of debt in
FY25, writing off US$11.9bn. We are supporting consumers’
financial health with a broad range of financial health features,
and US Premium members have now collectively saved
over US$35m on everyday bills through BillFixer and
Subscription Cancellation.
• Our social innovation products, specifically developed to deliver
societal benefits and improve financial health, have reached a
further 14 million people this year.
• Our United for Financial Health programme to improve
financial education among the communities we operate has
now connected with 200 million people since launch in 2020.
• We take a ‘people first’ approach to creating a high
performance culture. This year we’ve continued to invest in
learning opportunities to support the career development of
our people, deepening the resources in our online Careers Hub,
and launching an AI coach. 81% of employees agreed that they
are developing professionally at Experian.
• This year we have reduced energy consumption by 14% and
increased our renewable energy usage from 75% to 87%.
This has contributed to an 82% reduction in our Scope 1 and 2
emissions since 2019, ahead of our 50% reduction by 2030
target. We now have 32% of our suppliers (by spend) who have
set science-based targets, with a further 13% committing to do
so, making good progress on our target to reach 78% by 2029.
Our commitment to help tackle climate change is reflected in
our CDP rating of ‘A-’, placing us in the Leadership category.
Our people
One of our independent non-executive directors,
Luiz Fleury, will retire from our Board at the
conclusion of the Annual General Meeting on
16 July 2025, having completed nine years’ service
on the Experian Board. We wish to thank Luiz for
his significant contributions to Experian since
joining our Board in 2015.
Louise Pentland, also an independent non-
executive director, has informed us of her intention
to not seek re-election as a director at the AGM on
16 July 2025, and so will step down from the Board
on that date as well. This follows her acceptance
of a new executive role elsewhere. We wish to
thank Louise for her support and considerable
contributions since joining our Board in 2022.
Experian plc
Strategic report
38
Strategic report
2025
US$m
2024¹
US$m
Total
growth
%
Organic
growth
%
Revenue
North America
5,046
4,659
8
8
Latin America
1,066
1,106
8
6
UK and Ireland
869
840
2
1
EMEA and Asia Pacific
526
441
21
8
Ongoing activities
7,507
7,046
8
7
Exited business activities
16
51
n/a
Total
7,523
7,097
8
Benchmark EBIT
North America
1,686
1,531
10
Latin America
341
359
9
UK and Ireland
202
181
10
EMEA and Asia Pacific
22
17
36
Total operating segments
2,251
2,088
10
Central Activities – central corporate costs
(144)
(144)
n/a
Benchmark EBIT from ongoing activities
2,107
1,944
11
Exited business activities
(24)
(16)
n/a
Total Benchmark EBIT
2,083
1,928
11
Benchmark EBIT margin – ongoing
activities
28.1%
27.6%
1
Results for FY24 are re-presented for the reclassification to exited business activities of certain
B2B businesses. Total growth and organic growth percentages are at constant exchange rates.
See the Financial review and note 10(b) to the Group financial statements for the reconciliation of
revenue from ongoing activities,
Benchmark EBIT and Benchmark EBIT margin by business line and
note 7 to the Group financial statements for the definitions of non-GAAP measures.
Revenue and Benchmark EBIT by region, Benchmark EBIT margin
Other financial developments
Benchmark EBIT of US$2,083m was up 8% at actual exchange rates.
Benchmark EBIT includes the impact of a US$24m operating loss from
exited business activities. These exited businesses came primarily from
our EMEA and Asia Pacific and Latin America regions. Benchmark EBIT
from ongoing activities of US$2,107m rose 8% at actual exchange rates
and removes the impact of these exited businesses.
Benchmark profit before tax (PBT) was US$1,926m, up 8% at
actual exchange rates, after a net interest expense of US$157m
(2024: US$139m). For FY26, we now expect net interest expense to
be c.US$190m. This includes the financing costs associated with
acquisitions completed during the year and ClearSale, which closed
on 1 April 2025.
The Benchmark tax rate was 25.3% (2024: 25.7%), reflecting the mix of
profits and prevailing tax rates by territory. We expect our effective tax
rate on Benchmark PBT in FY26 will be 26%.
Our Benchmark EPS was USc156.9, an increase of 8% at actual
exchange rates and 11% at constant exchange rates. For FY26, we expect
a weighted average number of ordinary shares (WANOS) of c.914m.
Foreign exchange translation was a 3% headwind to Benchmark EPS for
the full year. For FY26, we expect the foreign exchange translation effect
to be neutral on revenue and Benchmark EBIT, assuming recent foreign
exchange rates prevail.
Non-benchmark items:
Profit before tax was US$1,549m, largely unchanged from US$1,551m in
the prior year, reflecting revenue growth offset by higher non-benchmark
restructuring costs and non-cash financing remeasurements driven by
losses on Brazilian intra-Group funding and non-hedging interest rate
swaps compared to the prior year.
39
Experian plc
Annual Report 2025
Year-on-year % change in organic¹ revenue – for the twelve months ended 31 March 2025
Benchmark
EBIT margin²
% of Group
revenue
3
Data
Decisioning
B2B
Consumer
Services
Total
Total
North America
67
10
6
9
5
8
33.4%
Latin America
14
0
8
2
23
6
32.0%
UK and Ireland
12
0
0
0
7
1
23.2%
EMEA and Asia Pacific
7
4
17
8
n/a
8
4.2%
Total global
100
6
6
6
7
7
28.1%
1
At constant exchange rates.
2
At actual exchange rates.
3
Percentage of Group revenue from ongoing activities calculated based on FY25 revenue at actual exchange rates.
North America
North America delivered strong growth with
revenue of US$5,046m, representing organic
revenue growth of 8%. Total revenue growth
was also 8% including contributions from the
WaveHDC, NeuroID and Audigent acquisitions.
B2B delivered organic revenue growth of
9%. Growth was driven by our extensive
capabilities and our strategic focus on
providing broad coverage across a client’s
workflow. We achieved solid growth in our
core data products and the analytical and
software solutions designed to leverage this
data. This was despite a still-cautious stance
from our financial institution customers as
they navigate an uncertain macro backdrop.
We experienced strong growth from Clarity,
our leading alternative credit bureau, and from
our Ascend analytical solutions and fraud
prevention products. Additionally, we continue
to establish our position in Employer Services
and Verification Solutions. During the year, we
utilised our Employer Services capabilities
and partnerships to grow to 62 million active
records. Mortgage profile revenue increased
by 56%, primarily due to higher pricing with
relatively flat enquiry volumes.
Organic revenue growth %
Regional highlights for the year ended 31 March 2025
Our verticals also performed well. Health
revenue increased by 8%, with the breadth of
our product suite driving further penetration at
our clients. Innovations such as Patient Access
Curator, enabled by our WaveHDC acquisition
last year, contributed to record bookings in
FY25. Automotive revenue grew 10% as we
leveraged our differentiated data assets to
drive growth. Targeting delivered 5% growth,
benefitting from continued scaling of our
digital identity and activation offerings.
Consumer Services delivered organic
revenue growth of 5%. Growth during the year
reflected the variability in one-off data breach
services. Excluding a c.6% headwind from
data breach services, Consumer Services
delivered growth of 11%. We generated good
progress across the portfolio, with growth in
premium subscriptions, partner solutions
and marketplace.
We continue to scale our platform, growing
our membership base and adding unique
capabilities that help consumers manage their
financial lives. We now have nearly 80 million
free members in North America, up 14%
year-on-year from 70 million at the end of
FY24. During FY25, we launched a variety of
new solutions that enhance our platform,
such as the GenAI-powered Experian Virtual
Assistant (EVA), insurance rate monitoring,
and No Ding Decline. These types of innovative
tools, and a growing focus on product and
personalisation, drove strong engagement
trends during the year.
Marketplace revenue growth was strong,
driven by the continued evolution of our
insurance platform, and momentum in our
credit marketplace. Within insurance, we are
focused on driving a seamless and transparent
process for consumers, while creating an
efficient acquisition channel for carriers.
Our insurance ecosystem continues to scale
with strong new policy growth. Our credit
marketplace benefitted from further
penetration of Experian Activate, our platform
which creates a more seamless marketplace
for both our lender clients and Experian
members. As the year progressed, lenders
gradually increased offers in our marketplace
after a period of tighter supply.
Within premium membership, we continue to
add new features to drive value for customers.
Our recent focus on financial health features
such as Subscription Cancellation and BillFixer
contributed to higher enrolments and drove
solid premium membership revenue growth.
Partner Solutions performed well, benefitting
from both new clients and additional
penetration of existing clients, despite a
decline in one-time data breach revenue.
Benchmark EBIT rose 10% to US$1,686m and
Benchmark EBIT margin increased by 50 basis
points to 33.4%. Margins reflected revenue mix
and productivity initiatives, offset by growth
investments in areas such as verification
solutions and our Insurance Marketplace.
7
FY21
13
FY22
7
FY23
5
FY24
8
FY25
Chief Executive’s review
continued
Experian plc
Strategic report
40
Strategic report
Latin America
UK and Ireland
EMEA and Asia Pacific
Organic revenue growth %
Organic revenue growth %
Organic revenue growth %
Latin America performance was solid, with
revenue from ongoing activities of US$1,066m,
increasing by 6% organically, and total constant
currency revenue growing by 8%. Acquisition
contributions included MOVA, Flexpag, AllowMe,
TEx, SalaryFits and Agrosatelite.
B2B organic revenue growth was 2%.
In Brazil, continued macro uncertainty and high
interest rates moderated some client activity
and weighed on B2B growth. Over the long term,
we continue to expect data and software
innovations to advance more accessible credit
and better consumer outcomes. We are investing
in multiple growth areas, to leverage our scaled
position and extend our reach. SME revenue,
a key strategic focus, grew strongly, driven by
progress across multiple product offerings
and distribution channels including direct,
partnerships, and our e-commerce solution.
We also drove solid growth within our software
solutions. Our PowerCurve suite of products drove
expanded client penetration, and our analytics
scores and attributes also performed well.
Spanish Latin America performance was good,
reflecting solid growth across core bureau
geographies of Colombia, Chile and Panama.
We benefitted from increased penetration of our
value-added data services, such as scores and
attributes, and good traction of our software
solutions, such as the Ascend Sandbox.
Consumer Services organic revenue growth was
23%. We continue to build a leading consumer
financial platform, offering a range of products
across the entire credit journey. Our debt
resolution service, Limpa Nome, was a key growth
driver, helping millions of indebted consumers,
and we helped renegotiate US$14.5bn of total
debt on the platform. We also are building out
capabilities in other parts of our ecosystem, such
as credit marketplace, premium membership,
and payment solutions, and saw positive growth
trends in each line of business.
Benchmark EBIT from ongoing activities in Latin
America was US$341m, up 9% at constant
exchange rates. The Benchmark EBIT margin
from ongoing activities at actual exchange rates
declined by 50 basis points to 32.0% entirely
due to FX headwinds and acquisitions. Margins
expanded by 10 basis points at constant currency
as we continue to benefit from our scaling
Consumer Services business.
The UK and Ireland region delivered revenue
from ongoing activities of US$869m, with
organic revenue growth of 1% and total
constant currency growth of 2%.
In B2B, organic revenue was flat.
We are making progress with our strategic
innovations, though a subdued economic
environment weighed on growth. Experian
Data Quality grew strongly, driven by our
innovative Aperture Data Studio, our single
data-quality management platform. We signed
numerous Ascend Sandbox trial contracts
and are progressing toward client conversions.
We continued to improve our income and
employment verification record count, with
this market presenting a large long-term
opportunity.
In Consumer Services, organic revenue
was up 7%. Ongoing improvements to our
consumer platform drove increased
personalisation and strong member
engagement trends. This contributed to
solid membership and marketplace revenue
growth during the year. Our Activate capability
remains a key differentiator in the market,
driving an increasing number of lenders to
our marketplace panel.
Benchmark EBIT from ongoing activities
was US$202m, a 10% increase at constant
exchange rates. The Benchmark EBIT margin
from ongoing activities was 23.2%, compared
to 21.5% in the prior period, due to enhanced
cost-base efficiency.
In EMEA and Asia Pacific, revenue from
ongoing activities was US$526m, with organic
growth of 8% and total growth at constant
exchange rates of 21%. The difference
relates to our illion acquisition, completed
on 30 September 2024.
In EMEA and Asia Pacific, we are well
positioned in our most profitable core markets
and are now focused on enhancing our market
standing and expanding our proposition
breadth. We achieved broad growth across
our underlying markets, with notable strong
performance in Australia/New Zealand (A/NZ),
Southeast Asia, and Southern Europe.
Innovation revenue was a key growth driver,
stemming from new scores and attributes,
and decisioning and fraud prevention software.
In the A/NZ region, the illion acquisition is
progressing well. The combination of illion’s
strong credit and identity assets with our
leading decisioning capabilities is resonating
well with clients.
Benchmark EBIT from ongoing activities was
US$22m, compared to US$17m in FY24.
The Benchmark EBIT margin from ongoing
activities was 4.2% compared to 3.9% in the
prior year.
9
(6)
(14)
FY21
FY21
FY21
17
11
3
FY22
FY22
FY22
16
5
3
FY23
FY23
FY23
13
2
7
FY24
FY24
FY24
6
1
8
FY25
FY25
FY25
41
Experian plc
Annual Report 2025
Powering smarter opportunities
We help businesses
verify identity and
combat fraud with
smarter, real-time
solutions
Fraud has always been a significant challenge for
businesses, and it is becoming ever-more complex in today’s
digital world. In 2023 alone, an estimated US$1 trillion was
stolen due to fraudulent activities.
With the rise of AI-driven fraud, criminals are using stolen
personal information and login credentials from the dark
web to create fraudulent accounts, break into existing
accounts, or even fabricate entirely new identities.
By cleverly mixing real details such as names, addresses
and phone numbers, they make their fake profiles look like
authentic identities.
Fraudsters are also using advanced automation tools to
launch large-scale attacks. Bots and device emulators help
them target businesses across multiple channels, at every
stage of the customer journey. This makes fraud detection
even more difficult, as traditional tools like identity checks
or email verification often fail to spot well-crafted fake
identities or fraud attempts using real victim data.
This puts businesses at risk – letting fraudsters sneak
in while often blocking real customers by mistake.
Experian plc
Strategic report
42
Strategic report
To tackle this growing issue, Experian made a strategic
move in FY25 by acquiring NeuroID, a US business that
specialises in behavioural analytics.
With this addition, Experian’s fraud prevention tools became
smarter and more effective at stopping fraud.
NeuroID works by analysing how people behave when they
enter their information online. For example, fraudsters may
display unusual behaviour, such as copying and pasting
stolen data, frequently switching between apps, or filling
out forms at an unusually fast pace. Conversely, if someone
struggles to type ‘their own’ name or address accurately
– taking longer or making repeated corrections – it could
indicate that they are not the rightful owner of that
information, potentially suggesting fraud.
NeuroID’s behavioural analytics add an extra layer of
protection to Experian’s advanced device intelligence
tools. With these capabilities, Experian can now detect
suspicious activity, such as a single device being used for
multiple fraud attempts – whether during account creation,
login, or transactions. By combining insights from user
behaviour and device activity, Experian’s Ascend Fraud
services help businesses quickly identify fake identities
and prevent account takeovers, all while ensuring a
seamless experience for genuine customers.
Although Experian’s integration with NeuroID is recent, the
potential is clear. Last year, Experian’s identity verification
and fraud prevention solutions helped businesses
worldwide avoid an estimated US$19 billion in fraud losses.
With NeuroID now fully integrated into Experian’s Ascend
Platform, business clients can monitor and analyse digital
behaviours in real time – all through a single platform.
For Experian, the addition of NeuroID represents a major
step forward. It enhances our ability to protect businesses,
safeguard their customers, and strengthen trust in an
ever-evolving digital landscape.
“Our Ascend Fraud services
provide businesses with
AI-powered fraud detection
and identity verification
through a single integration.
NeuroID enhances our
ability to distinguish good
users from fraudsters
based on their interactions.
This further strengthens
Experian’s leadership in
fraud prevention.”
Greg Wright
Executive Vice President, Global
Identity and Fraud, Experian
43
Experian plc
Annual Report 2025
Stakeholder engagement
Building strong relationships with all our stakeholders
Consumers
Consumers need
• Access to seamless services that help make their financial lives easier,
simpler and quicker to navigate
• High-quality and accurate data, to make more informed decisions
• A high level of data security and privacy assurance
• Protection from fraud and identity theft
We engage with consumers through
• Day-to-day interactions on our free apps and platforms. We provide
financial education, savings, payment services, debt renegotiation
tools and free Experian credit reports online, as well as other products
and services
• Contact centres that address customer concerns on a range of issues,
from access to credit, to help with amending data on their credit file.
We also help to support people who are victims of identity theft
• Outreach through our consumer education programmes, Experian
Education Ambassadors, consumer experience programmes and
consumer councils
• Marketing campaigns and media relations activities
• Social media channels, such as AskExperian blog, #CreditChat
campaign, CreditChatLive events and Experian News, as well as
working with social influencers
• Processes to review their data, raise queries and have corrections
made if needed, to address data accuracy on credit files
• The maintenance of the highest standards and integrity in data
security and privacy. We adopt rigorous policies, processes and
due diligence right across Experian and consider data security to
be every employee's responsibility
How we add value
We put people in control of their financial wellbeing. We help them
access many financial services such as obtaining credit, saving money
and paying bills. Because consumer data is at the heart of our business,
consumers need a company they can trust with that data and who
will be their champion. Not only do we serve consumers directly, but
our clients, whether they are businesses or other organisations, serve
consumers as their end customer. This is why consumers are at the
heart of all we do.
200
m+
free members
US$
14.5
bn
debt renegotiated
in Brazil
For information on how we add value for consumers, please see
Our business model, pages 10 to 13
Our stakeholders are crucial to the success of
our company. We aim to treat all stakeholders
fairly and ensure we respond to their needs.
We work to build strong relationships and
establish mutual trust.
Experian plc
Strategic report
44
Strategic report
Our communities
Our communities need
• Business success, employment and job creation
• Access to public services
• Long-term asset creation
• Inclusion in mainstream financial services and products
• A healthy environment to live in
We engage with communities through
• Our products, such as Experian Smart Money, Experian Boost,
Experian Go and Limpa Nome, that help improve financial lives
• Working with NGO partners and our United for Financial Health (UFH)
programme
• Direct community investment, charity partnerships and sponsorship,
with a strong focus on initiatives that support financial education and
management
• Employee volunteering and technical support for charities, including
gifts in kind and pro bono work
• Advice and support
• Campaigns to raise awareness of topics relevant to communities
How we add value
We help people, in many communities, to access credit and other
financial services so they can take control of their financial
circumstances and improve their lives. Our businesses support local
economies in the areas where we operate through employment
and paying taxes. By helping businesses prosper, we enhance their
potential as local employers.
14
m
people reached
through social
innovation products
in FY25
US$
20.6
m
total contributions
>US$
1.3
bn
total tax contribution
across our top three
countries – the USA,
Brazil and the UK
200
m
people connected
through United for
Financial Health since
launch in FY21
71,000
hours volunteering
Our clients need
• To enhance the services they provide to their customers – typically
they seek to provide faster, frictionless and more personalised digital
interactions
• To identify their customers and prevent fraudulent transactions
• High-quality and accurate data, analytics and workflow solutions
that help their decision-making and risk management process
• To manage and reduce their costs
• To meet their own compliance and regulatory requirements
• Data security and privacy
We engage with clients through
• Day-to-day interactions with sales, product and support teams
• Ongoing client relationship and Net Promoter Score surveys, customer
loyalty monitoring
• Responding to client requests for information
• Regular opportunities, such as webinars, advisory boards and
conferences, for clients to explore how data and technology can help
them address market trends
• Customer-experience programmes to monitor client expectations
• Collaboration with our data scientists at our three Innovation Labs in
Costa Mesa, London and São Paulo to solve key challenges and create
innovative solutions
How we add value
We work hard to get to know our clients. We want to delight them,
so we monitor their ambitions and challenges closely and help them
find solutions. We provide many different services that can help them
get faster, smarter insights, protect against fraud or provide more
efficient, more personalised services for their customers using our
sophisticated solutions.
c.
150
k
clients globally
10,961
technologists and
product developers
at Experian
7
th
consecutive year of
improvement in our
client global Net
Promoter Score
11
+
industry sectors
Our B2B clients
For information on how we add value for our clients, please see
Our business model, pages 10 to 13
For information on how we add value for our communities, please see
Sustainability, pages 58 to 71
45
Experian plc
Annual Report 2025
Stakeholder engagement
continued
Our suppliers need
• Long-term, collaborative, trusted relationships
• Business opportunities
• To mitigate market and financial risks
• To meet regulatory requirements and our sustainability expectations
We engage with our suppliers through
• A formal procurement process for supplier selection
• A specific supplier-facing website to help them understand our
expectations and ethical requirements
• Our Supplier Relationship Management (SRM) programme for key
suppliers that helps ensure streamlined processes, performance,
segmentation and qualification
• Third-Party Supplier Risk Assessment process, that includes due
diligence in critical areas such as data security and compliance
• Supplier assessment and training focused on reducing the risk of
Modern Slavery among key suppliers
• Our CDP (formerly Carbon Disclosure Project) Supply Chain
membership and our On Target for Climate supplier engagement
programme, to help us understand their emissions and carbon
reduction plans
How we add value
Closer relationships with our suppliers, enabled through partnerships
and fairness, help us to uncover and realise new value, increase savings
and reduce costs and risk of failure, as well as ensuring we comply
with our obligations. Many of our data contributors are also our clients.
They often supply us with data through a give-to-get model. Our ability to
combine, clean, sort and aggregate data from thousands of contributors
creates a more complete picture of consumer or business interactions
across markets.
Our suppliers
20
key suppliers in
our dedicated SRM
5,210
suppliers in our three
largest markets*
82
%
employee
engagement
Our people
Our employees need
• To feel valued for their contribution
• To feel supported, trusted and fairly treated
• To feel satisfied with their work environment
• To feel they make a difference to society
• To contribute to our engaging, positive, empowering culture
• Training and learning
• Career progression
We engage with our employees through
• A ‘people first’ culture which helps us to attract, our highly
talented people
• Internal communications, including our enterprise-wide
communication platform, Horizon
• Regular dialogue and performance discussions with managers
• Regular people surveys (Pulse and Great Place to Work (GPTW)),
surveys for new joiners and for leavers
• Meeting with Board members and senior management, and quarterly
global webinars hosted by our CEO and CFO
• Regular townhall meetings with senior management and other
engagement events
• Employee Resource Groups and other networking opportunities
• Feedback via the online feedback.me tool
• Employee assistance helpline
• Whistleblowing hotline
How we add value
We support a positive, collaborative, and inclusive culture and do all we
can to make Experian a great place to work. We listen to our people's
views and value their feedback. We celebrate great performance and
offer employees support in learning new skills and progressing their
careers, giving them a sense of purpose – an integral part of our
organisational culture that has a positive impact globally.
23,300
Employees
4.2
Glassdoor rating
For information on how we add value for our people, please see
Sustainable business, pages 58 to 71
For information on how we add value for our suppliers, please see
Sustainability, pages 58 to 71
*
We have adjusted the scope of this metric in FY25 to include all vendors instead of only
procurement-managed ones
Experian plc
Strategic report
46
Strategic report
Governments need
• To generate prosperity
• To manage economic cycles
• To support their stakeholders’ financial wellbeing
• To create regulations and ensure compliance
• To manage issues that affect consumers and businesses
• To mitigate impacts of and, where possible, reverse, climate change
We engage with governments through
• Constructive relationships with policymakers, including regular
interaction with members of senior management
• Events where we communicate the role we play in supporting an
innovative, regulated data industry
• Responding to public consultations on issues relevant to our business,
and liaising with various organisations to address societal challenges
• Participating in multi-stakeholder engagement for policy consultation;
providing policymakers with a better understanding of our industry,
data processing and innovative data use
• Monitoring regulations, and putting in place policies and processes to
ensure compliance
• Our action to reduce our own impact on climate change and also
developing solutions to help clients monitor and reduce their impact
How we add value
Operating in a complex and evolving regulatory environment globally,
we aim to maintain a positive and proactive engagement strategy
with governmental institutions and policymakers in all our regions.
This is because we enable the transparent flow of data that is essential
to the functioning of modern economies and the financial ecosystem.
High-quality data coupled with advanced analytics reduces risk to
lenders, improves processes and helps reduce fraud. It enables people
to make informed decisions about their finances. The economy benefits
with improved access to credit, improved market competition, increased
diversification of financial products available and reduced cost of credit.
They need
• To understand Experian’s strategic direction, financial performance,
and the sustainability of the business
• To analyse structural market trends
• To generate sustainable investment returns through share price
appreciation, dividend payments, bond interest and share repurchases
• To understand management and incentive structures
• To ensure they are investing in businesses that are committed
to environmental progress and societal benefit, and which have
strong governance
We engage with our shareholders and bondholders through
• A dedicated investor relations programme
• Quarterly financial updates, Annual Report, and associated reports on
tax, social impact and inclusion and belonging – in which we inform
investors, analysts, and other interested parties about our financial
and strategic progress
• Face-to-face and virtual meetings, roadshows, conferences and
teach-in sessions specific to our business, strategy, financial and
sustainability progress
• Answering bondholders' queries when they arise, and organising
focused update meetings before issuing bonds
• Regular investor surveys and feedback – provided to management and
the Board to ensure our shareholders' views are well understood
• The Chair of the Board holding meetings with our largest shareholders
to discuss developments in strategy, sustainability and other
material issues
• Shareholders meeting and putting questions to our Board and senior
management team during our Annual General Meeting
• A website where investors can access a wide array of information
about Experian
How we add value
We aim to create value for current and potential owners of Experian’s
shares and bonds through organic and inorganic investments that
grow our position in our chosen markets. We balance this investment
with shareholder returns, dividend payments and share repurchase
programmes when appropriate, all while ensuring we meet our wider
sustainability commitments. This creates long-term, sustainable value
for our shareholders and bondholders.
Governments
Our shareholders and bondholders
32
countries
20
consumer and
18
business information
bureaux
-82
%
reduction in
Scope 1 and 2 carbon
emissions since 2019
7
%
Organic revenue
growth1
16.6
%
Return on capital
employed1
USc
62.5
Full-year dividend
per share1
USc
156.9
Benchmark EPS1
For information on how we add value for governments, please see
Sustainability, pages 58 to 71
For information on how we add value for our shareholders and
bondholders, please see Our investment case, pages 54 to 55
1
See notes 7,10,18 and 40(g) to the Group financial statements for the definition of non-GAAP
measures and reconciliations to statutory measures.
47
Experian plc
Annual Report 2025
Brazil is a country known for its vibrant culture but also
for its stark financial divide. On one side, some households
have easy access to credit, while on the other, despite the
progress made through the introduction of positive data,
many individuals still face challenges in fully accessing
financial services, particularly in underserved areas.
For those with access to credit, it’s not uncommon to
lose track of payments – debts are often spread across
multiple accounts, interest piles up, and what starts as
a small amount owed can quickly spiral into a heavy
financial burden. This can harm a person’s credit score,
making borrowing even more difficult.
For those without access, one of the biggest concerns
is how to build a good credit history and become more
visible to lenders.
At Experian, we have crafted innovative
solutions to tackle these challenges
head-on.
Keeping track of multiple bills every month can be
stressful – it’s easy to forget a due date. Before you know it,
you have missed a payment, and late fees start adding up.
That’s where Experian’s Serasa e-wallet comes in. Think
of it as your personal finance assistant, bringing all your
outstanding payments into one place so you can stay
organised and avoid unnecessary charges.
Powering better opportunities
We provide Brazilians
with the right help
at the right time,
to make better
financial decisions
Experian plc
Strategic report
48
Strategic report
>12
m
Brazilians used Limpa
Nome to renegotiate
their debts in FY25
53
%
of users have used more
than two products on
the Serasa Experian
App during FY25
96
m
free memberships in
Brazil as at 31 March
2025
#
4
The Serasa Experian
App was the 4th most
downloaded finance app
in Brazil as at November
2024
“The Serasa Experian
‘SuperApp’ is a unique
platform in Brazil that
seamlessly integrates all
aspects of a user's financial
life, offering unmatched
convenience and efficiency.
We are proud to be Brazil’s
market leader in transforming
financial journeys.”
Pedro Lopes
Vice Present of Consumer Market,
Serasa Experian
“Before using the Serasa
Experian App, managing
my finances felt like an
impossible task. I relied on
various tools to see how
much debt I owed on each,
but still failed to get a cohesive
picture. The Serasa Experian
App changed my life. The
personalised solutions are
like having a financial advisor
in my pocket.”
Fernanda
a Serasa Experian App user
for seven months
But what if debt has already piled up, and you are
struggling to see a way out? Experian’s Limpa Nome
recovery portal connects borrowers with lenders, making
it easier to renegotiate debts and find a repayment plan
that actually works. Think of it as a lifeline, which gives you
a second chance to take control of your finances and get
back on track.
At Experian, we are not just helping people manage debt.
We are changing the way creditworthiness is judged.
Traditionally, lenders have focused only on past borrowing,
which means they didn’t have an accurate view of people’s
likelihood to repay their loans. But we believe your financial
future shouldn’t be held back by your past. That’s why we
make sure positive financial behaviours like paying your
utility bills on time count towards your credit score. This
gives lenders a clearer picture of how you manage money
and has already helped millions of Brazilians understand
their true credit situation.
Now, we have taken all these powerful
tools and combined them into one
simple, easy-to-use platform: the Serasa
Experian Consumer Services ‘SuperApp’.
Think of it as your financial Swiss Army knife – it helps you
track and renegotiate debts, and the moment you pay them
off, your credit score improves instantly. It’s like hitting the
reset button on your financial life.
But the ‘SuperApp’ isn’t just about managing debt; it’s also
your personal financial coach. Imagine getting a reminder
about an upcoming bill, a pre-approved offer for a credit
card with a lower interest rate, or even step-by-step
guidance on improving your credit score. Thanks to
Experian’s smart use of data, all recommendations are
tailored to fit your specific needs, helping you make better
financial decisions with confidence.
At Experian, our goal is simple: to empower Brazilians to
take control of their financial lives. By providing the right
tools at the right time, we help people make smarter
financial decisions and build a more secure future. In
doing so, we strengthen trust in the financial system
and reinforce Experian’s role as a leader in transforming
financial journeys across Brazil.
Do you know?
49
Experian plc
Annual Report 2025
Why is this important?
It is a measure of our ability to expand the reach
of our innovative products and services for clients and consumers, and to
extend these to new industries and across regions.
Aim:
To consistently achieve high single-digit organic revenue growth.
Analysis:
Organic revenue grew 7%. The main contributors to growth
were higher contributions from strategic initiatives, good contributions
from our US vertical expansion, progress in Consumer Services, and
strategic progress in EMEA and Asia Pacific. Growth in Latin America
and the UK was impacted by tougher macroeconomic conditions.
Why is this important?
It measures how effectively we have deployed our
resources and how efficiently we apply our capital.
Aim:
To generate good returns on the investments we make and create
long-term value for shareholders.
Analysis:
This year, ROCE was 16.6%, down 40 basis points on the prior
year, but up 10 basis points compared to FY23,
reflecting growth and our
continued focus on operating efficiency.
Why is this important?
EPS measures our success at generating
surpluses and value for our shareholders.
Aim:
To achieve earnings growth for shareholders while balancing
reinvestment to secure future growth opportunities.
Analysis:
Benchmark EBIT from ongoing activities was up 11% at
constant exchange rates. Our Benchmark net finance costs increased to
US$157m, and Benchmark tax rate was down 40 basis points to 25.3%.
With weighted average numbers of shares at 914m, this resulted in
Benchmark earnings per share of 156.9 US cents. This was up 8% on
the prior year at actual exchange rates.
Why is this important?
It measures how well we turn our revenue into
profits, which allows us to reinvest for future growth and to provide
returns for shareholders.
Aim:
To operate our business efficiently and cost effectively with
modestly improving EBIT margins.
Analysis:
We continue to invest in new data sources, product innovation,
technology and top talent. These are the foundational elements of our
business. This year we achieved Benchmark EBIT from ongoing activities
of US$2,107m, up 11% at constant exchange rates and 8% at actual
exchange rates. Benchmark EBIT margin was 28.1%, up 50 basis points
at actual rates and 70 basis points at constant rates.
Organic revenue growth
(%)
Return on capital employed (ROCE)
(%)
Benchmark earnings per share (EPS)
(USc)
Benchmark EBIT
(US$m)
and Benchmark EBIT margin
1
(%)
28.1
%
US$
2,107
m
Key performance indicators
Measuring our progress
To create sustainable value for our stakeholders, we use a comprehensive set of Key Performance Indicators (KPIs) to track our
progress towards our strategic objectives and to support critical decision-making across every facet of our business. In FY25,
we made significant progress on both our financial and non-financial metrics.
See page 131 – Revenue performance is linked to
directors’ remuneration
See page 131 – Benchmark EBIT is a directors' remuneration measure
See page 131 – Adjusted ROCE is a directors’ remuneration measure
See page 131 – Benchmark EPS growth is linked to
directors’ remuneration
7
%
16.6
%
USc
156.9
For a reconciliation of revenue from ongoing activities, including disclosure of organic and
acquisition revenue, from the year 31 March 2024 to 31 March 2025 see Note 10(a)(ii) to the Group
financial statements.
1
From ongoing activities.
2
Results for FY24 are re-presented for the reclassification to exited business activities of certain
B2B businesses. See note 10 to the Group financial statement for details.
FY25
7
FY24
6
FY23
7
FY22
12
FY21
4
FY25
2,107
FY24
2
1,944
FY23
1,798
FY22
1,653
FY21
28.1
27.6
27.5
26.6
25.8
1,379
FY25
16.6
FY24
17.0
FY23
16.5
FY22
15.7
FY21
14.9
FY25
156.9
FY24
145.5
FY23
135.1
FY22
124.5
FY21
103.1
See notes 7,10,18 and 40(g) to the Group financial statements for the definition of non-GAAP measures
and reconciliations to statutory measures.
Experian plc
Strategic report
50
Strategic report
Why is this important?
Our people make us great. We prioritise a 'people
first' culture where our people feel valued and able to do their best work.
Engaged and motivated people help us develop innovative products, find
new opportunities, and grow.
Aim:
To ensure Experian is a great place to work and that we can attract
and retain the best people.
Analysis
: In FY25, 88% of our employees participated in our fourth annual
GPTW survey, up from 83% the previous year, showing an increased
appetite from people to share their views. Overall engagement was 82%,
with high-scoring areas reflecting our flexible and inclusive culture. 88%
of our employees said they are proud to tell people they work at Experian,
a testament to our commitment to creating an inclusive and welcoming
workplace. We were recognised as a Great Place to Work in 24 countries,
including all our key technology hubs, in Bulgaria, Costa Rica, India and
Malaysia.
We are especially proud to have been named one of the World’s Best
Workplaces™ 2024 by Fortune and Great Place To Work®, ranking 14th.
We also continued to make progress with our employer brand, elevating
our Glassdoor score to 4.2 from 4.1 four years ago.
Why is this important?
Benchmark operating cash flow is the cash
generated by the business. It gives us the capacity to operate and
reinvest, to finance acquisitions and to pay shareholders. The efficiency
with which we convert profits into cash flow is measured by cash flow
conversion.
Aim:
To convert at least 90% of Benchmark EBIT into Benchmark
operating cash flow.
Analysis:
Cash flow performance was again strong with Benchmark
operating cash flow of US$2,025m, up US$161m on last year. The increase
is due to improved performance and working capital movements.
Employee engagement
(%)
Benchmark operating cash flow
(US$m)
and cash flow conversion
(%)
97
%
US$
2,025
m
Carbon emissions
CO
2
e¹
2025
2024
restated
2
2024
2019
3
Scope 1 & 2 market-based emissions
(000s tones CO₂e)
5.2
7.4
7.4
29.2
Total Scope 3 emissions (000s tonnes
CO₂e)
219.1
224.1
206.8
Carbon intensity - total emissions
per US$1m revenue (tonnes CO₂e)
29.8
32.6
30.2
Why is this important?
It measures the carbon emissions we generate,
as we have a responsibility as a business to reduce our carbon footprint
and respond to the climate change emergency.
Aim:
We have set near-term science-based targets in line with our
ambition to limit global warming to 1.5°C. Our near-term targets are
validated by the Science Based Targets initiative (SBTi):
1. Reduce Scope 1 and 2 emissions by 50% by 2030, against 2019
baseline.
2. 78% of Experian’s suppliers by spend⁴ to have science-based targets
by 2029.
Working towards these targets will support our journey towards Net
Zero⁵ and form the first phase of our Net Zero Transition Plan.
Analysis:
This year, our total Scope 1 and 2 emissions have decreased
by 30%. We have achieved this by increasing the purchase of renewable
energy certificates, improving our energy efficiency, embracing flexible
working to reduce building occupancy, and consolidation and reduction
of office space. Since 2019, we have reduced our total Scope 1 and 2
See Protecting the environment, pages 67 to 71, for further information
on how we are taking action on climate change
82
%
See page 131 – Cumulative Benchmark operating cash flow is a
directors’ remuneration measure
See Inspiring and supporting our people, pages 64 to 65, for further
information on how we've been looking after and listening to our people
this year
1
CO
2
e emissions exclude any carbon offsets purchased by Experian.
2
For 2024, emissions related to Purchased Goods and Services, Capital Goods, Upstream Leased
Assets, and Investments (forming part of total Scope 3), have been restated due to a change in
methodology to base the calculation on all supplier payments made during the reporting year;
previously emissions were based on all supplier payments which were both invoiced and paid during
the reporting year. As a result, we have also restated total Scope 3 emissions and Carbon intensity.
3
Only data for Scope 1 and 2 is presented in this table for 2019, as this is the baseline year for our
Scope 1 and 2 science-based target.
4
Suppliers by spend covering Purchased Goods and Services, Capital Goods and Upstream Leased
Assets.
5
In accordance with the definition of Net Zero, as outlined by the Science Based Targets initiative’s
Corporate Net-Zero Standard.
See note 40(g) to Group financial statements for reconciliation of Cash generated from operations to
Benchmark operating cash flow.
emissions by 82%. This means we are currently outperforming and are
well on track to meet our science-based target to reduce these emissions
by 50% by 2030.
Our Scope 3 emissions have decreased by 2% in 2025 versus 2024
restated. We are engaging with suppliers to encourage them to agree to
sustainability clauses in their contracts and report actual emissions. In
FY25, suppliers representing 17% of spend agreed to sign a commitment
to set targets in the next two years (with an additional 8% under
discussion). 4% of those suppliers who signed the commitment, already
set a science based target during FY25, contributing to the increase of
total spend with suppliers that have already set targets to 32% in FY25.
The impacts of our Scope 1, 2, and 3 reductions have resulted in an
overall decrease of our carbon intensity by 9% since last year.
FY25
82
FY24
83
FY23
82
FY22
78
FY25
2,025
FY24
1,864
FY23
1,753
FY22
1,800
FY21
97
97
98
109
106
1,476
51
Experian plc
Annual Report 2025
Not every business welcomes
competition. But for customers, more
competition often leads to greater
innovation and more choice.
That’s exactly what’s happening in Australia’s credit
market today.
With a population of 27 million, Australia has an established
credit system that has historically been dominated by a
few large banks. Over the past decade, the Government
has introduced several regulatory reforms, to open up
the market and encourage new entrants. As a result,
customer expectations for better services, improved data,
analytics and enhanced digital banking solutions have
risen noticeably.
One of the key changes came in 2014 with the introduction
of Comprehensive Credit Reporting (CCR), which allows
lenders to share both positive and negative credit
information with bureaux, rather than just the negative
default or missed payments data. Then, in 2019, new open
banking rules were introduced, enabling consumers to
share their banking data with trusted third parties to
help them access the most suitable banking products
and services.
However, despite these reforms, financial institutions and
consumers have yet to fully benefit from the changes.
This is largely due to the slow pace of market adaptation.
For years, Australia’s credit market has operated on a
‘give-to-get’ basis, where most banks share data only
with the credit bureau they typically contract with –
unsurprisingly, the largest one with the most
complete data.
Powering effective opportunities
We are creating a
more open, innovative,
and customer-
orientated credit
market in Australia
Experian plc
Strategic report
52
Strategic report
When they cannot obtain all the information they need from
that bureau to make a credit decision, they tend to conduct
their own analysis using customers’ bank statements, age
and other factors, rather than looking to assistance from
another bureau.
This approach reinforced the dominance of a single
market leader, which, inevitably, secured more contracts
and accumulated more data – leaving others struggling
to compete. As a result, businesses and consumers may
have missed out on tailored financial products designed
to better suit their unique circumstances. In contrast, in
an ideal world, increased competition would allow banks
and other lenders to access additional data sources,
helping them make more informed decisions based on
a more complete view of an applicant’s financial situation.
Before 2024, Experian and illion both operated in this
constrained – less than ideal – environment, each
offering strong but separate solutions. Experian excelled
in deploying global platforms across analytics and
decisioning, and certain areas of open banking, while
illion brought great progress in consumer credit, business
insights and identity verification. Individually, neither
could fully challenge the market leader across the entire
credit lifecycle.
This changed in 2024 when Experian
acquired illion, uniting the No. 2 and
No. 3 credit bureaux in Australia.
And, by doing so, creating a viable competitive alternative.
With the combined expertise of Experian and illion, along
with expanded data coverage and enhanced product
offerings, we are enabling financial institutions in Australia
to gain richer insights and make better and more informed
lending decisions.
The landscape is shifting as well. More banks are now
reassessing sharing data beyond a single credit bureau,
opening the door to greater competition and innovation.
One financial services provider, for example, has recently
integrated Experian’s decisioning technology with illion’s
commercial credit data – and that demonstrated how the
combined strengths of the businesses can deliver faster,
more effective credit solutions. Across the industry,
there is growing anticipation about the possibilities that
greater competition will bring, from expanded global
product innovation to more sophisticated data-driven
lending decisions.
“We see Experian’s acquisition
of illion as a catalyst for
bringing world-class data
and technology solutions to
Australia and New Zealand –
a stronger challenger
to the market leader.
”
Chief Risk Officer
A leading Australian financial
institution
“Australia is our fourth-largest
market by revenue and a key
focus for Experian. Our
acquisition of illion strengthens
competition in the region. We
are excited to offer customers
more choices throughout their
credit lifecycle by bringing new
capabilities to redefine what
a data-driven technology
business can be.”
Andrew Black
CEO, Experian Australia
and New Zealand
What’s next for Experian?
Experian has already designed a five-year transformation
plan to unlock the full potential of this combination,
delivering significant value right across the client credit
lifecycle. For example, with access to Experian’s global
capabilities – such as the Ascend Platform – Australian
businesses will soon benefit from the same advanced,
data-driven decision-making tools used by their
peers worldwide.
Ultimately, the combination isn’t just about creating a
stronger competitor. It’s about transforming the Australian
and New Zealand credit markets to be more open,
innovative, and customer orientated. By joining forces,
Experian and illion are ensuring that the Australasians
– whether individuals or businesses – have access to all
the financial opportunities they need to grow and thrive.
53
Experian plc
Annual Report 2025
Our investment case
What we offer to investors
As one of the world’s leading data and technology companies,
our goal is to unlock the power of data to deliver long-term
value for shareholders.
Our revenue profile is highly recurring as many of our products and
services are integral to our clients’ operating processes. This stability
is further enhanced by a strategically diversified portfolio that spans
multiple industries, geographies and client needs, ensuring we are
not dependent on any single market or sector. As a result of our
strategic diversification and entry into new growth areas we have
driven consistent growth while maintaining exceptional resilience.
We have a proven ability to navigate economic downturns, market
volatility, and unexpected challenges making us a robust and reliable
investment choice.
We drive growth by investing in new sources of data, product innovation,
advanced technology, and our people. This enables us to deepen our
relationships with existing clients, attract new ones, and expand our
membership services to millions of people. Our world-class, scalable
platforms seamlessly integrate data, analytics, and software to create
differentiated solutions that clients embed directly into their workflows.
We have strengthened and expanded our competitive lead by addressing
emerging client and consumer needs and continual expansion into
these areas.
Diversified business portfolio
7
%
organic revenue
growth
US$
651
m
capital investment
US$
150
bn
of estimated
addressable market
opportunities
11
+
industry sectors
4
geographic operating
segments
32
countries
US$
1.8
bn
revenue from new
and scaling products
88
patents pending
200
m+
free consumer
members
Healthy growth momentum
Experian plc
Strategic report
54
Improving financial health is at the heart of Experian’s strategy, with
a focus on financial inclusion that drives long-term revenue growth
and social impact. By extending access to credit, we support small
enterprises and new borrowers, helping businesses grow and families
transform their lives. Innovative solutions, such as Experian Boost,
Experian Go and Lift Premium, can help improve the access to credit
for millions of previously underserved consumers, creating new revenue
streams and expanding our total addressable markets globally.
Being a purpose-driven business not only attracts and retains talent
but also motivates employees and strengthens our relationships with
key stakeholders, including consumers, clients, investors and regulators.
Our pioneering products, such as Limpa Nome, demonstrate our
commitment to innovation while enhancing our reputation and
contributing to the success of our business.
We have a demonstrated history of successful strategic execution and
have generated strong returns on capital invested. We have an excellent
track record of converting operating profit to cash and our cash
generation is consistently strong. This allows us to prioritise investment,
both organically and by pursuing focused acquisition opportunities, while
balancing returns to shareholders. Our balance sheet is strong, and we
aim to operate within our leverage policy target range of Net debt to
Benchmark EBITDA of 2.0–2.5x.
Committed
to reducing Scope 1 and 2
emissions by 50% by 2030
Contributing
to UN SDG Targets
1.4, 8.10 and 9.3
8
%
Revenue CAGR since
FY201
16.7
%
of average Return on
Capital Employed
(ROCE) over the past
three years2
97
%
cash flow conversion
Resilient
dividend: 6.5% CAGR over
the past three years
Stable
long-term credit rating of A-/A3,
with Moody’s recent upgrade in
July 2024
US$
14.5
bn
of debt renegotiated through
Limpa Nome in Brazil
82
%
employee engagement
4.2
Glassdoor rating
Recognised
as one of the World's Best
Workplaces™ 2024 by Fortune
and Great Place To Work®
Strong commitment to sustainability
Proven track record and strong
financial position
1.
(FY25 Revenue/FY20 Revenue^(1/5)) -1.
2.
Average of FY23, FY24 and FY25 ROCE.
55
Experian plc
Annual Report 2025
Strategic report
Strategic report
Navigating the US healthcare system is often frustrating.
Despite healthcare representing 18% of US GDP –
equivalent to US$4.9 trillion annually – it still lags industries
like financial services in using data and analytics to
improve efficiency. This gap creates real challenges for
both patients and healthcare service providers.
For patients, booking appointments, understanding
medical bills, and navigating insurance processes can
be confusing and time-consuming. Healthcare providers,
on the other hand, face issues like inaccurate data and
inefficient manual processes that make it harder to recover
payments from insurers and patients. As insurance
companies frequently change their payment rules,
providers are often left dealing with added complexity.
Powering simpler opportunities
We simplify US
healthcare with
data and analytical
solutions
Experian plc
Strategic report
56
Strategic report
Experian Health is transforming the
experience for everyone.
Similar to Experian’s other service lines, we address pain
points for both healthcare providers and the patients
they serve.
For patients, we simplify processes by making scheduling,
registration, and payments straightforward and easy to
understand.
For healthcare providers like hospitals, we make it easier
to receive the payments they are owed by verifying
insurance information upfront, using automation and AI to
reduce data errors, speed up the submission of insurance
claims, and prioritise claims that should be appealed.
We also help reduce the number of denied claims that
result from incorrect or incomplete data, facilitating faster
payments, fewer appeals, and helping providers stay ahead
of frequent changes in insurance requirements.
Understanding that AI is critical to collecting and verifying
accurate patient information as soon as a patient’s care
journey begins, Experian Health took a bold step in 2024
by acquiring WaveHDC, a healthcare technology company
specialising in AI-driven data curation. With this acquisition,
we developed an innovative solution that provides the
most accurate patient insurance details in real time,
reducing errors, leading to fewer denied claims, and
helping providers collect payment more effectively.
Today, Experian is a key player in the
US healthcare industry, partnering with
more than 60% of US hospitals.
Our commitment to innovation – through both in-house
development and strategic acquisitions like WaveHDC –
has allowed us to offer one of the most comprehensive
healthcare technology solutions available.
Our solutions not only address today’s challenges but also
help prevent future obstacles, delivering real, measurable
improvements for patients and healthcare providers alike.
Experian Health is proud to be a trusted partner in
transforming and simplifying the business of healthcare.
>60
%
US hospitals are served by
Experian’s solutions
US$
209
bn
claims payments
processed in FY25
1,796
direct payer connections
3.9
bn
eligibility verification
transactions completed in FY25
Do you know?
“For those of you who live
in the USA, you know there
is a significant opportunity
to improve the healthcare
payment experience for
both providers and patients.
It must get better, and
Experian has the assets
in our data and analytical
solutions that can help to
simplify this experience.”
Tom Cox
Group President, Experian Health
North America
57
Experian plc
Annual Report 2025
Sustainability
A sustainable business
Our sustainability strategy
Defining our strategy
Our sustainability strategy is informed by
an assessment of our most material
sustainability opportunities and risks.
Regular engagement with stakeholders (see
pages 44-47) helps us refine our priorities.
We can add the most value to society by
improving financial health for all and we are
using our products and services to amplify
this positive social impact while supporting
long-term revenue growth for our business
(see pages 59-60).
Sustainability governance at Experian
Sustainability governance at Experian includes clear oversight from the Board, Audit Committee and Group Operating
Committee, as detailed in the organisation chart below. See page 106 for the division of responsibilities across the Board.
Experian Board
Reviews sustainability targets, strategy, performance and policy updates as part of regular Board reporting,
risk management and budget-setting processes. Approves financial and non-financial disclosures.
Audit Committee
Oversees management of risks, including any sustainability risks, reviews and approves our register of principal
risks and opportunities, and oversees financial disclosures.
Group Operating Committee (OpCo)
Reviews and approves sustainability
strategy and targets, reviews sustainability
performance data.
Risk management committees
(executive and regional)
Oversee management of risks, including
sustainability risks, at global and regional
level, with oversight from the Executive
Risk Management Committee.
Sustainability Steering Committee
Supports development of sustainability
strategy, metrics and targets, guides
prioritisation of investment to support
implementation of our sustainability
programme, reviews sustainability
performance data quarterly, and
discusses responses to relevant market
and regulatory developments.
1.4
8.10
9.3
OUR PURPOSE
OUR AMBITION
ENABLED BY
SUPPORTED BY
DELIVERED BY
CONTRIBUTING TO THE UNITED NATIONS' SUSTAINABLE DEVELOPMENT GOALS
Creating a better tomorrow
Helping people thrive on their financial journey
Treating data with respect
Our responsible business foundations
Driving financial
inclusion
Inspiring and supporting
our people
Accuracy
Security
Building financial health
and confidence
Protecting the
environment
Transparency
Inclusion
Enabling our clients to
deliver positive outcomes
Working with
integrity
Fairness
Experian plc
Strategic report
58
Strategic report
Defining our positive social impact
Our ambition is to help people thrive on their financial journey. We are
doing this by driving financial inclusion, enabling our clients to deliver
positive outcomes, and building financial health and confidence.
Last year, we introduced our Positive Social Impact Framework to help us
measure progress towards this ambition, by quantifying the number of
people we help in these ways.
The framework defines positive impact as a favourable and measurable
change that occurs in someone’s financial journey as a result of
interacting with an Experian product or service (either directly or
indirectly via an Experian client).
Measuring the cumulative positive social impact of our products on
individuals is complex. The type of impact varies depending on the
product, and one or more of our products may have a positive impact
on the same person multiple times during the course of their financial
journey. We are developing a methodology that will address these
challenges to quantify the positive social impact delivered by our products.
Following an initial review of our product portfolio, we have defined key
criteria and principles to help us identify which of our products to include
within the framework (see above). Only products that meet these
requirements will be included in our metric for positive social impact.
Amplifying our impact
We aim to catalyse progress towards our ambition by growing our
existing product portfolio, making acquisitions, and integrating positive
social impact into our innovation processes as an important factor in the
development of new products and services.
Align with our business strategy
and support key priorities
Create measurable positive social
impact in one or more of the
three areas of our ambition
Align to stakeholder expectations
and avoid reputational risk due to
potential negative impact
Products included in the
framework must:
Improving financial health
Consumer-focused tools enable people to take control of their financial lives and reach their credit and money goals, with
financial inclusion as a key driver. Our data and analytics provide lenders with the information they need to offer more loans
at fairer interest rates, which in turn enables consumers and businesses to improve their financial health.
Our Positive Social Impact Framework
Driving financial inclusion
We help people establish a financial identity and build a credit profile to
enable them to gain access to financial services.
In the last four years, Experian Go has enabled around 280,000 ‘credit
invisibles’ in the USA to establish a credit profile in just minutes. Our
Validation 2.0 solution has made it possible for organisations to validate
the identity of more than 45,000 migrants arriving in Colombia.
We are helping to unlock access to fair and affordable credit for more
people by using non-traditional credit data, including on-time bill
payments, to build their financial profiles. Over 17 million US consumers
have now connected their accounts to use Experian Boost or personal
financial management tools.
Experian Boost is built into the Experian Smart Money Digital Checking
Account and Debit Card we introduced in the USA last year, which
provides a one-stop shop for US consumers to access services to help
them get a loan, buy a car, get out of debt and find the financial products
that are best for them.
Enabling our clients to deliver positive outcomes
We help clients better understand their customers so they can offer fair
and affordable credit that enables people to get what they need in life –
from having a home or building a business, to paying for education
and healthcare.
In the UK, we are using ReFi – innovative debt consolidation technology
acquired from Paylink Solutions in FY25 – to expand access to credit for a
wider range of consumers through lenders on the Experian Marketplace.
OUR AMBITION
DELIVERED BY
Helping people thrive on their financial journey
Driving financial
inclusion
Building financial health
and confidence
Enabling our clients to
deliver positive outcomes
59
Experian plc
Annual Report 2025
In FY25, we introduced Cashflow Attributes, a ground-breaking solution
that supports lenders in expanding access to credit for thin-file
consumers and credit invisibles in the USA. Insights on cash flow are
layered with traditional credit data to offer the client a more detailed
view of a consumer’s creditworthiness.
Experian Lift Premium enables lenders to score over two thirds of credit
invisibles in the USA by applying machine learning and other advanced
analytics to additional datasets, regulated by the US Fair Credit Reporting
Act (FCRA). Solutions like PowerCurve Express support clients with faster
decision-making on credit approvals.
We also help clients enhance the support they offer consumers. People in
the UK can use our Support Hub to let multiple organisations know about
their support needs quickly and efficiently. Twenty-seven organisations
have now signed up to the Hub to help provide accessible services to
their customers.
Our focus on improving financial health includes small and medium-
sized enterprises (SMEs) as well as consumers. We provide solutions
to enhance credit visibility of SMEs which, in turn, enables lenders to
deliver positive outcomes for more SMEs. In Brazil, our sustainability
and credit risk reports, and remote crop monitoring, have been used
to assess 675,000 farmers and more than 750,000 properties, among
which small landowners represent 37%.
We offer a range of solutions to help clients prevent fraud. On average,
over 350,000 transactions a month are processed through CrossCore, our
integrated platform for fraud prevention and identity services. Experian
has acquired ClearSale, the leading digital fraud prevention provider in
Brazil. We are also partnering with tech firm Sardine to offer cutting-edge
behavioural biometrics and device intelligence technology to help UK
businesses identify suspicious behaviour in customer interactions.
Overall, our fraud prevention and identity theft products are estimated to
have prevented at least US$19bn in fraud for our clients and generated
12% of our business and consumer revenue across the Group in FY25.
Building financial health and confidence
Worldwide, over 200 million consumers use our free platforms to access
products and services that can help them understand and manage their
credit profiles.
In the USA, the new No Ding Decline feature of our credit card
marketplace builds confidence by enabling consumers to apply for credit
cards without hurting their FICO® Score if they are not initially approved.
This year, we facilitated the renegotiation of US$14.5bn of debt through
our Limpa Nome recovery portal in Brazil and helped to write off a total
of US$11.9bn. In FY25 we ran our biggest ever Limpa Nome Fair and
through the year over 6 million new customers had their debts
renegotiated through our platform.
Since launch in FY21, Experian Premium members in the USA have
collectively saved over US$35m on everyday bills through Subscription
Cancellation and Experian BillFixer, which cancels their unwanted
subscriptions and negotiates on their behalf to get them better rates
on bills such as cable TV, internet and phone.
Investing in communities
We contribute funding, products (as gifts in kind) and expertise (through
employee volunteering) to benefit the communities where we operate.
Our contributions totalled US$20.6m in FY25, achieving our annual goal
of 1% of Benchmark profit before tax.
Experian employees volunteered 71,000 hours of their time (in and
outside working hours) to help their communities in FY25.
Sustainability
continued
Security
The loss or inappropriate use of data and systems could result in
material loss of business, substantial legal liability, regulatory
enforcement actions and significant harm to our reputation. See
pages 81-89 for more on the principal risk of data loss/misuse and
our wider approach to risk management.
Our approach
Our strong information security culture starts at the top. Senior leaders
are highly engaged and we make clear that everyone at Experian must
take personal responsibility for security.
We continually enhance and invest in our security infrastructure,
practices and culture across the business. The Global Security Office
(GSO) establishes and governs global security requirements that
encompass safeguarding against threats, compliance with global
information security regulations, alignment with relevant industry
standards, and fulfilment of contractual requirements.
Our security approach has three tiers: applying tools and processes to
prevent threats from entering our environment; detecting if a threat
enters our environment; and mitigating any threats by minimising
the potential for information to be extracted from our environment.
Threat-informed defence helps us shape, assess, prioritise and
measure the effectiveness of our approach.
Treating data with respect
We are committed to protecting the data we hold, using it
fairly and making sure it is as accurate as possible. We are
open about the data we collect, how we use it and who we
share it with. And we use data to increase financial inclusion
and help people improve their financial health.
Our five Global Data Principles embody these key values
(see below) and apply everywhere we operate.
Experian Global Data Principles
Security:
Data security is critical. Securing and protecting
data against unauthorised access, use, disclosure and loss
are key priorities for us.
Accuracy:
We will make data as accurate, complete and
relevant as possible for the way we use it, always in
compliance with legal requirements.
Fairness:
We collect and use data fairly and for legitimate
purposes, balancing privacy expectations with the social and
economic benefits derived from the responsible use of data
for individuals, businesses and clients.
Transparency:
We are open about the types of data we
collect, where we get it, how it is used and where it is shared.
Where appropriate we provide individuals with access to the
data we collect about them and the ability to correct, restrict
or delete data.
Inclusion:
We seek to improve financial health and inclusion
for all through the innovative use of relevant data to help
individuals improve their financial lives.
Experian plc
Strategic report
60
Strategic report
We have controls in place to mitigate the risk of loss or inappropriate
use of data and systems, with layers of protection for our data assets.
Our Development, Security and Operations (DevSecOps) teams work
together to build security considerations into our products throughout
their lifecycle.
Our Cyber Fusion Centre, with teams located globally to provide
continuous coverage, identifies and responds to suspicious or malicious
activity. If a threat is identified, our incident response team follows
defined response procedures with support from our in-house forensic
team and external experts as needed. Depending on the severity of
an incident, escalation procedures may include notifications and
disclosures to meet applicable regulatory and contractual requirements.
We also conduct simulated exercises to prepare our cyber security
teams and senior leaders on how to respond in the event of a breach
and to identify opportunities for improvement.
We interact with law enforcement authorities and others in our industry
to gather intelligence to help our security teams stay abreast of evolving
cyber threats. We also share our knowledge where appropriate to
help other businesses and consumers keep their data safe, including
through publication of our annual Data Breach Industry Forecast on
emerging threats.
Data breaches may occur when a vulnerability in the environment is
exploited. We use a defence-in-depth approach – the deployment of
layered countermeasures to achieve security objectives – to protect,
detect, respond and recover from attacks.
We log security actions and flag those that meet certain criteria or
patterns, indicating potential malicious activity, for analysis and further
review if warranted. We also conduct periodic risk assessments,
and our operations are subject to multiple external cyber security
audits annually.
In the event of a reportable breach, we would disclose information about
the incident and commit to contacting any affected data subjects in a
timely way. We do not publicly disclose vulnerabilities, lapses or other
characteristics of our technology environment that could be used by a
threat actor to do harm.
Our global disaster recovery plans and business continuity processes
are reviewed and tested annually. We are ISO 22301 certified in Fairham
House, Nottingham (UK), Hyderabad (India) and Sofia (Bulgaria).
Security governance
The Global Chief Information Security Officer has overall responsibility
for Experian’s global security strategy and reports at each Audit
Committee meeting. The senior management team is responsible for
determining the current and long-term direction of the security
programme, and for managing day-to-day operations.
Experian uses a Three Lines of Defence model for risk management
(see page 81), which includes regular reviews by Global Internal Audit
with oversight from the Audit Committee.
Experian has multiple committees responsible for identifying and
managing risk (see page 81), including the Security and Continuity
Steering Committee (SCSC), which is chaired by the Chief Executive
Officer, with the Chief Financial Officer serving as the deputy chair.
The SCSC monitors the emerging threat environment and oversees
management of global information security, physical security, and
security continuity risks consistent with Experian’s risk appetite,
strategies and objectives.
Significant risks, events and issues are escalated to the Executive Risk
Management Committee and reported to the Audit Committee and
the Board as appropriate. Board-level governance of data security
is reinforced by including this topic as a standing item at each Audit
Committee meeting.
We continually review, adapt and improve our information security
programme, tools, expertise and processes to respond to evolving
threats and align with external standards. We seek and receive
third-party assurance through: certifications of key business areas
and systems with standards, including ISO 27001 and Payment Card
Industry Data Security Standard (PCI-DSS); external accreditations of
our security programmes, such as annual SOC2 reviews of system and
organisational controls; and regional or country-specific certifications
and accreditations, such as Cyber Essentials Plus in the UK.
Managing third-party risk
We recognise that external parties may introduce risks into the Experian
environment. While these risks cannot be eliminated entirely, we have
defined processes for managing risks associated with acquisitions and
with suppliers or other third parties.
Our information security standards are extended to our suppliers and
partners through the terms of our contracts. In line with third-party
security requirements, we stratify risk for all third parties before they
begin working with us. Those identified as high risk are subject to
additional due diligence and we follow up to ensure any necessary
remediation actions are completed before services commence.
Security requirements are tiered based on the results of these risk
assessments and can include increased controls for higher-risk
third parties.
When it is necessary to provide third parties with access to our data
and systems, access is provided in line with our information security
requirements. Existing third parties are assessed periodically based
on risk. We work with them to drive improvements in their security
posture by monitoring compliance through our third-party risk
management framework.
Experian’s governance of mergers and acquisitions includes due
diligence to identify potential security risks and remediation actions
as part of the acquisition process. Follow-up assessments of security
risks are conducted by second and third lines of defence as part of the
integration of the acquired business into the Experian environment.
Our information security culture
We set out clear requirements for employees through detailed internal
security policies and standards that are aligned with industry
frameworks, such as those developed by the US National Institute of
Standards and Technology (NIST), and refreshed on a regular basis.
Employees, and contractors who access our systems, must complete
mandatory information security training when they first start working
with us, and annually thereafter, as part of our security awareness
training programme. We monitor training completion rates throughout
the year.
We routinely refresh our training in light of evolving risks and
circumstances, as well as keeping our people up to date through
awareness activities on specific information security topics. We offer
training courses for people across the business to find out more about
keeping information safe across various web, mobile and desktop
platforms, applications and software. Employees completed more
than 43,000 security training courses in FY25, many specific to their
roles. This year’s mandatory annual security compliance training
focused on how to use GenAI securely, defend against phishing and
other types of social engineering, protect data through proper
classification and handling, and how to securely authenticate and
report a security incident.
We carry out periodic phishing awareness campaigns and conduct
advanced training for employees in roles most likely to be targeted
by phishing attacks. We provide additional role-based training
for people working in higher-risk areas, such as product and
software development.
61
Experian plc
Annual Report 2025
Sustainability
continued
Accuracy
Accurate credit reports, built on accurate data, are essential to enable
lenders to give people fair access to credit. We strive to continually
improve the accuracy of our data, to ensure we provide clients with
information that represents consumers and businesses as accurately
and fairly as possible to help them make appropriate lending decisions.
We have strict processes for data accuracy. These include sourcing
accurate data in the first place, monitoring and improving accuracy over
time, and resolving reported inaccuracies or information queried by
consumers. Our focus is on the timeliness, accuracy and completeness
of the data we hold and the reports we provide to our clients.
Chief Data Officers from our regions lead efforts to embed a strong data
accuracy culture across Experian. They meet regularly to share insights
on emerging risks and opportunities, align on data governance best
practice, and drive innovation to continuously improve data integrity
and accuracy for consumers and businesses.
Sourcing accurate data
All our data comes from reputable sources, and our quality control
procedures help us identify and remove inaccurate or out-of-date
information before we add it to our databases.
In our major credit markets, we offer software and analytics tools to
help data providers check data before they submit it to us. We drive
continuous improvement by regularly reviewing and reporting back on
the quality of the information we receive. If data providers are unwilling
to implement improvements to meet our standards, we will no longer
source data from them.
Monitoring and improving data accuracy
We apply further quality assurance techniques, including screening for
logical inconsistencies and applying data-matching algorithms, before
providing data to our clients. We also monitor queries received directly
from consumers to rectify inaccuracies and identify trends relating to
data quality.
We frequently update and periodically audit the information in our
databases. We make it a priority to rapidly resolve any conflicts or errors
that are likely to have a material impact on a consumer’s credit score.
Empowering consumers to correct their data
We empower people to correct, restrict and delete data, where
appropriate. Our websites in the USA, Brazil and the UK make it
easy for people to raise a query about credit information and get it
corrected quickly.
Where applicable, we pass on consumer disputes to the data provider to
evaluate and confirm the accuracy of the disputed data and the entire
account. Once a dispute is resolved, we update data as required and
notify the consumer of the result. If the data provider fails to respond
within the allotted time, we either delete or suppress the item until a
response is received so it does not affect the consumer’s credit report.
Many of our products also empower consumers and businesses to
check for any inaccuracies in their financial profiles and take steps
to protect their data. These include options to receive alerts if new
searches are made in their name, and to easily lock or unlock their
credit report to help reduce the risk of identity theft and fraud.
Fairness
We are committed to collecting and using data fairly and for legitimate
purposes, and to complying with regulations on data lifecycle and
retention in the markets in which we operate. We carefully balance
privacy expectations with the social and economic benefits derived from
the responsible use of data for individuals, businesses and clients.
Our privacy policies, which vary by country or region in line with
regulatory requirements, are underpinned by our commitment to
provide consumers with notice, choice and education about the use of
personal information. Educated consumers are better equipped to be
effective, successful participants in a world that increasingly relies
on the exchange of information to deliver relevant products and
services efficiently.
We take fair and appropriate measures when it comes to data retention,
adhering to national, state and federal regulations in locations where we
operate. We have strict processes to appropriately manage the lifecycle
of data we hold and to allow appropriate access to data, as well as
deletion and correction of data, when requested by the individual data
subjects in each of our markets. We communicate details on retention
and privacy through our websites. We also embed the concept of privacy
by design into the data lifecycle to ensure that we are using only the
minimum amount of personal data needed for a specific purpose.
In many parts of the world, regulations on data privacy set clear
requirements on the way data is collected and used, and how consent
is gained from consumers. We regularly review our data processes to
ensure compliance with regulations, such as the UK Data Protection Act
2018, UK and European Union General Data Protection Regulations
(GDPR), the California Consumer Privacy Act (CCPA) and other US state
laws, and the Brazil General Data Protection Law (LGPD).
Transparency
We strive to be open and transparent about the types of data we collect
from consumers and third parties, where we get it, how it is used and
where it is shared. Where appropriate, we provide individuals with
access to the data we collect about them and give them the ability to
correct, restrict and delete data.
Data transparency not only empowers consumers, it also benefits
our business.
In Brazil, our user-friendly privacy webpage explains the consumer
contract in simple, accessible language before the user logs in. We also
provide consumers with a detailed report of the data we hold and with
illustrations of what their positive data means, to help them understand
how it affects their overall financial health.
In the UK, our website provides privacy policies for different parts of
the business. Our Marketing Services Consumer Information Portal
explains data rights and sets out the various ways we use personal and
anonymised data. It enables individuals to find out what data we hold
about them, where this data comes from and how it is used, and to easily
opt out of targeted marketing if they choose.
In the USA, we continue to set out our privacy policies for specific
products and services on our website. US consumers can access the
credit information that Experian holds on them in various ways. If they
sign up to a free or paid Experian membership, they are presented with
a report showing the data we hold on them and how to dispute this
information online if needed. Our US credit reports also include Credit
Report Insights with infographics, colour-coding and easy-to-interpret
explanations of the factors contributing to a consumer's credit status
or score.
Experian plc
Strategic report
62
Strategic report
In addition, we work with financial institutions to enhance transparency
with consumers. In the UK, lenders direct consumers applying for credit
to an industry-standard Credit Reference Agency Information Notice,
which presents consistent information – in a clear, accessible format –
explaining how credit reference agencies use and share personal
information. In FY25, we worked with the two other major credit
reporting agencies in the UK to update this document, using more
consumer-friendly language and further explaining the way consumer
data is used. In the USA, credit data users issue an adverse action notice
to a consumer when taking any action related to credit, insurance or
employment that adversely affects them based on their credit report.
The notice informs the consumer of the data used for the decision, their
right to review their credit report free of charge and how to contact the
credit reporting agency.
Inclusion
We enhance financial inclusion by using data to create insights that help
lenders offer fairer access to credit to more people.
Our aim is to help more people get better access to credit by sharing
relevant data with lending organisations, including adding alternative
sources of data, such as positive data about on-time payments of utility
bills and subscription services.
Driving financial inclusion is a key pillar of our Positive Social Impact
Framework, which supports our ambition to help people thrive on their
financial journey (see page 59).
Scan me
Read our Power of YOU
report for more on our
inclusive approach
Our responsible approach to Artificial
Intelligence (AI)
At Experian, we champion the
responsible use of AI
, including
machine learning and Generative AI (GenAI) to enhance
productivity
,
drive
innovation
, and improve
solutions
for
evolving
customer and
client
needs.
Our Global Data Principles (see page 60) form the foundation of this
approach, guiding us to use AI in ways that are
safe, accurate, fair,
transparent and inclusive.
They must be
explainable
, with clear
accountabilities
assigned.
AI helps us foster
financial inclusion
by incorporating additional data
types to give more accurate views of consumers' creditworthiness and
help people who were previously
'credit invisibles' gain access
to the
financial system and improve their financial health.
Experian's
Global AI Risk Council
, including senior technical experts
and representatives from Risk, Compliance and Legal, works with
business teams to ensure that advancements in AI are monitored, and
any new
risks are identified and responded to
.
The Council provides
regular reporting
into
senior leader AI oversight
meetings, the
Executive Risk Management Committee
and
Board
committees
as required.
SPOTLIGHT
63
Experian plc
Annual Report 2025
Sustainability
continued
We have continued to outperform competitors in Glassdoor scores on
culture and values. In FY25, we achieved a rating of 4.2 out of 5 stars on
Glassdoor, beating the average culture and values score of 3.54 and
ranking above global talent competitors. Experian was recognised in
Glassdoor’s inaugural Best-Led Companies Top 50 list.
Engaging our people
We regularly communicate with our employees through various channels,
including townhalls, listening forums and colleague events. We place
significant focus on live, interactive sessions with our senior leaders to
help employees better understand our strategy. In FY25, an average of
96% of participating employees agreed that these sessions enhance
their understanding of our business and the progress we are making.
We encourage our people to contribute their ideas through our global
hackathons and to get involved in our community investment
programmes by volunteering their time and skills (see page 60).
Our global performance management process supports our strong focus
on building a high-performing culture by engaging our people to go the
extra mile and make a difference. It includes annual goal-setting, regular
performance appraisal reviews and continuous feedback throughout
the year.
Work that works for our people
Our inclusive culture allows people to have flexible work patterns that
ensure commitments outside of work can be met. We offer a range of
working options including our Hub, Hybrid, Home and Roam options.
This approach is underpinned by our belief that balance brings
long-lasting benefits for our business as well as our people.
In our FY25 GPTW survey, 92% of our people said that flexible ways of
working enabled them to work productively and 91% agreed that flexible
ways of working enabled them to collaborate effectively.
Celebrating our people
In FY25, we recognised employees with over 35,000 awards celebrating
Experian Way behaviours (see below) based on nominations by their
colleagues.
Embracing inclusion and belonging
Our inclusion and belonging (I&B) strategy focuses on our people, clients
and consumers, and communities. I&B is essential to our purpose of
creating a better tomorrow, together, by making positive changes in
the world and supporting efforts to improve financial health for
underserved communities.
For our people, our I&B strategy aims to evolve and develop processes
and programmes that will create an inclusive workplace at all levels,
and support a culture of belonging that enables our people to feel
valued, celebrate their different backgrounds and bring their whole
selves to work.
Awards and accreditations
Over recent years, we have been building foundations to better align our
people agenda across the business globally and fulfil our ambition to
be one of the best places to work in the world. This year, we realised
this ambition when Experian was named one of the World’s Best
Workplaces
™
2024 by Fortune and Great Place to Work® for the first
time. We ranked at number 14, placing us amongst a select group of
25 outstanding companies known for creating the best workplace
cultures around the world.
Achieving this outstanding recognition at global level is a testament to
our commitment to putting our people first.
1. Creating a 'people first' culture
The ‘people first’ culture that differentiates Experian helps us attract,
develop and retain the talent we need to grow our business and fulfil
our purpose of creating a better tomorrow.
Listening to our people
Our listening strategy helps us understand our people’s views, spotlight
best practice and identify opportunities to improve employee experience.
We listen to our people through the annual global Great Place to Work
(GPTW) survey, as well as regular pulse surveys on key strategic areas
and other opportunities to gather feedback on how we can continually
improve.
In FY25, 88% of our employees participated in our fourth annual GPTW
survey, up from 83% the previous year, showing an increased appetite
from people to share their views. Overall engagement declined by one
point but remained strong at 82%. We scored particularly well on areas
related to our flexible and inclusive culture. We are also responding to
employee feedback on areas where we can do even better. These vary
in each region, but the overall focus is on making it easier to work
at Experian.
Our ongoing efforts and strong GPTW survey scores have helped us
maintain our certification as a Great Place to Work in 24 countries –
including all our key tech hubs, in Bulgaria, Costa Rica, India and Malaysia.
In FY25, Experian was again named among the Fortune 100 Best
Companies to Work For, and gained recognition through various other
awards and rankings (see below). We have also enhanced perceptions of
Experian as an innovative tech organisation, winning the Best Workplaces
in Technology award in Australia, Brazil, India, Ireland, the UK and the USA.
Inspiring and supporting our people
At Experian, our people are central to delivering our purpose.
We aim to be a market-leading destination for talent,
underpinned by a ‘people first’ culture where every team
member feels valued and able to do their best work in
support of our purpose and our ambitious plans for growth.
The Experian Way represents our values, and the behaviour
we expect from all our employees in their daily activities.
Delight
customers
Innovate
to grow
Co
llaborat
e
to win
Sa
feguar
d
our future
Value
each other
The Experian Way
Find out more:
See our website for The Experian Way in full
Experian plc
Strategic report
64
Strategic report
All the regional CEOs and business unit leaders are accountable for our
I&B strategy, implementing action plans and monitoring progress at
quarterly business reviews. Our progress on I&B is overseen by our
executive-level Sustainability Steering Committee as part of our wider
sustainability strategy and sustainability agenda.
In FY25, we maintained our strong score of 81% in the GPTW Global
Inclusion Index. Further recognition in external rankings and awards
reinforced our reputation as a supportive and inclusive work environment
for employees across various communities.
In FY25, of our 23,300 employees, 55% were men and 45% were women*.
In addition, information on the composition of the Board and Group
Operating Committee is set out on pages 98-99 of the Corporate
governance report.
Our employee resource groups (ERGs), which help to enhance a sense
of belonging and are open to all employees, continued to grow with
more than 3,600 employees now a member of at least one group and
total memberships exceeding 7,500. The ERGs ran over 250 events
through the year, including Pride celebrations across our regions, talks
to consider racial bias in Latin America, and awards in EMEA and Asia
Pacific to recognise colleagues’ contributions to our culture of inclusion
and belonging.
2. Growing world-beating leaders
Our leaders play a critical role in ensuring our people understand
Experian’s strategy, achieve their goals and contribute to the success of
our business. In the FY25 GPTW survey, our leadership effectiveness
score remained strong at 83% as we continue our focus on growing the
leaders we need – now and in the future – to support our business as
it evolves.
Our ‘Characteristics of Great Leadership’ are integrated into hiring,
assessment and development of our leaders. These characteristics
underpin the learning content we provide on our Leadership Exchange,
an online portal with access to on-demand development and support. By
the end of FY25, 82% of our leaders have used the Leadership Exchange,
which includes resources to help them drive engagement, deliver high
performance and translate business goals into team goals. We have
continued to foster development of our leaders across all regions to
empower them to support progress in Experian’s strategic focus areas.
Priorities this year included training on how to lead remote teams, as one
in four of our managers works with team members in different locations.
Development programmes for leaders at various levels are designed to
help them get a better understanding of our business, gain experiences
from other functions and build the skills needed to deliver our business
strategy. We have introduced an AI coach that offers leaders personalised
and confidential guidance to help them grow and deal with leadership
challenges. Driven by AI, it creates the opportunity to give leaders realistic,
personalised development with real-time feedback, while enabling us to
scale up solutions and democratise development further. The coaching
covers topics such as setting goals, preparing feedback and role-playing
challenging conversations.
In FY25, 24 senior leaders graduated from the second cohort of our
enhanced CEO Forum for top leaders within Experian who are being
considered as future succession candidates for our senior operational
roles. The CEO Forum aims to instil new mindsets and leadership skills
to help these leaders shape Experian’s future and evolve our culture.
3. Focusing on tech talent
We are a leading employer in the technology sector and we provide
access to training resources for our tech talent through the Pluralsight
and DataCamp online platforms.
The Experian University, available to all employees on our Career Hub,
offers eight academies with world-class content, including technology
topics such as Cloud, Cyber Security and GenAI. The GenAI Academy
provides content that covers the latest trends in this technology and
helps our people acquire the necessary new skills in a rapidly changing
technological environment.
Our FY25 annual GPTW survey showed an 11-point improvement in tech
employees’ satisfaction with learning and development opportunities,
compared with FY22 when we began conducting the survey.
4. Future-proofing our organisation
We have continued to enhance our approach to managing succession
and talent development, strengthening our pool of potential senior
leaders within Experian through our extensive leadership development
programmes.
Regular reviews with each of our regions and functions help us
understand the health of our current succession coverage, manage risks
and develop our talent pipeline. Reviews this year demonstrated that
our succession health is strong. Our internal fill rate is high with 83% of
executive roles filled from within.
In addition, we continue to provide support for employees who have
recently been promoted into leadership roles to help them perform at
their best.
5. Supporting colleagues with their career
development
We offer a wide range of learning opportunities for our people. In FY25,
70% of employees visited our Career Hub, a one-stop shop for career
development needs, and more than 7,500 have accessed learning through
the Experian University academies we launched in FY24.
In the FY25 annual GPTW survey, 81% of employees agreed that they are
developing professionally at Experian. This result recognises the great
strides we have made in improving learning and career development
opportunities for our people over the years.
We recently introduced a new AI-enabled career framework to help us
identify skills gaps and offer our people personalised career paths and
learning based on their skills, interests and aspirations. It already covers
more than 28% of our people.
* In line with section 414C(8)(c)(i)-(ii) of the UK Companies Act 2006.
65
Experian plc
Annual Report 2025
Sustainability
continued
Working with integrity
We regularly review the Global Code of Conduct to determine
if updates are required. It is supported by detailed policies
at global, regional or country level on specific topics such
as anti-corruption, conflicts of interest, data privacy, fair
treatment of vulnerable consumers, fraud management, gifts
and hospitality, product development and marketing, security,
tax, third-party risk management and whistleblowing.
Our commitment to doing business responsibly includes our
approach to tax affairs, as detailed in our annual Tax Report.
Scan me
to view our
Sustainability
reporting hub which
includes policies,
statements and our
Global Code of
Conduct
Scan me
to view our
2025 Tax Report
Tax
Report
2025
Year ended 31 March 2025
Anti-bribery and corruption
We take a zero-tolerance approach to bribery and corruption, reinforced
by our Global Code of Conduct and Global Anti-Bribery and Corruption
Policy. We prohibit anyone acting on behalf of Experian – including
employees, third parties and suppliers – from offering or accepting a
bribe, or making a facilitation payment to officials, in connection with
our business.
Our Global Gifts and Hospitality Policy sets out strict ethical standards
relating to gifts, entertainment, hospitality, sponsorship and donations.
We apply oversight controls to higher risk activities such as sponsorships,
charitable contributions, lobbying or political donations.
Suppliers are contractually obliged to ensure their employees, agents
and subcontractors do not pay or receive bribes, facilitation payments,
gratuities or kickbacks.
We conduct periodic assessments to check for and mitigate corruption
risks as part of our Compliance Management Programme. We also
follow rigorous due diligence procedures to identify any risk of improper
payments during mergers and acquisitions, or when we enter into
joint ventures.
Our Finance and Global Procurement teams have training and controls to
detect and stop improper payments, with support from our Global Internal
Audit team. If we identify any concerns, we promptly investigate them and
take appropriate action.
Training and compliance
All employees (including part-time employees and contractors) must
confirm they have read and understood our Global Code of Conduct
when they first join Experian, and then reconfirm their commitment to it
every year. In FY25, we introduced extended mandatory online training
on the Global Code of Conduct for all employees to drive awareness and
understanding of our expectations.
We enable people to report any suspected policy breach or unethical
activity, without fear of reprisal, by talking to their manager or reporting
any concerns, anonymously if they choose, through our externally
facilitated 24-hour Confidential Helpline. The Helpline is open to both
employees and third parties, providing support in local languages.
All reported concerns are investigated promptly by relevant functions,
such as Human Resources, our Global Security Office or our Global
Fraud Investigations team, to identify root causes and take appropriate
corrective action. In FY25, 215 concerns were reported, 69% of which
related to human resources matters.
Respecting labour and human rights
We are committed to upholding the United Nations’ Universal Declaration
of Human Rights (UDHR), the United Nations’ Guiding Principles on
Business and Human Rights (UNGP), the International Labour
Organization (ILO) Standards, and the Organisation for Economic
Co-operation and Development (OECD) Guidelines for Multinational
Enterprises.
We have identified, and reconfirmed through review in FY25, the following
salient human rights for Experian: healthy and safe working conditions;
workplace security; freedom of association; inclusion and belonging;
absence of modern slavery and forced labour; access to grievance
mechanisms; data protection and privacy; environment and carbon
emissions. Our statement on salient human rights sets out our approach
to each of these. We recognise that other human rights issues may
become relevant to Experian in the future and we review our salient
issues annually, based on best practice.
We are committed to treating all our people fairly and with respect.
Experian is an accredited Living Wage employer in the UK, going beyond
the legal minimum wage to pay employees the amount the Living Wage
Foundation has calculated to support a reasonable living. As set out in
our Global Code of Conduct, we respect and support the rights of all
employees to freedom of association, and comply with all laws and
regulations regarding such rights.
Our Supplier Code of Conduct sets out clear standards on human and
labour rights, in line with the ILO Standards, and we include clauses in our
contracts that oblige suppliers to protect workers’ rights and freedoms.
We monitor compliance through our third-party risk management
framework. We also expect suppliers to set similar requirements for
their own suppliers and subcontractors, to extend high standards
throughout the supply chain.
Experian is a founding member of the Slave-Free Alliance (SFA), which
brings together businesses working towards a slave-free world.
Three-yearly assessments by the SFA help us identify opportunities to
improve our approach to tackling modern slavery risks in our business
and supply chain. The next assessment is planned for FY26. A quarterly
steering group, headed by our Group Chief Procurement Officer, reviews
and tracks progress.
We undertake an annual assessment of high-risk suppliers to ensure
they have policies and procedures in place to minimise the risk of modern
slavery. In FY25, we conducted in-depth due diligence of three of our
strategic suppliers of hardware, cloud and professional services to
understand what steps they are taking to mitigate modern slavery risk
further down the supply chain.
Our Modern Slavery Statement provides further information on our
commitment, policies and actions to tackle modern slavery risks in our
business and supply chain.
Experian plc
Strategic report
66
Strategic report
Protecting the environment
As an information services business, our most material
environmental impact is the carbon footprint of our
operations and value chain. We report on climate-related
risks and opportunities in line with the recommendations
of the Task Force on Climate-Related Financial Disclosures
(TCFD).
TCFD statement
The climate-related financial disclosures set out on pages 67-71 of this
report are consistent with the TCFD recommendations and recommended
disclosures related to TCFD categories on governance, strategy, risk
management, and metrics and targets.
Governance
The Board oversees our climate strategy, including climate-related risks
and opportunities (as presented in this TCFD statement), and progress
towards our targets. See page 106 for more on the division of
responsibilities across the Board.
The Group Operating Committee receives regular updates on our climate
action plan, including progress on strategic drivers to address climate-
related issues, such as our science-based target and the development of
our Net Zero Transition Plan (see page 70).
The Sustainability Steering Committee, chaired by the Chief Financial
Officer, has overall responsibility for assessing and monitoring the
management and performance of all areas of sustainability, including
climate-related risks and opportunities. Climate items addressed by the
Sustainability Steering Committee this year included progress on our
Net Zero Transition Plan, our Scope 3 target and supplier engagement
programme, and updates on relevant legislation and reporting frameworks.
The Chief Sustainability Officer is responsible at management level for
ensuring successful implementation of our climate plans, with support from
relevant teams. See page 58 for more on our sustainability governance.
Risk management
We are committed to identifying, assessing and managing risks and
opportunities presented by climate change, both now and in the future.
We manage climate-related risks – strategic, financial, operational or
regulatory – in the same way as our other business risks, as part of our
overall Enterprise Risk Management Framework (see page 82), through:
• Identification:
We identify potential climate-related risks and opportunities
based on: TCFD guidance and reviews; other relevant climate change
publications; information from our property insurers; data specific to
the regions where we operate; and a review of climate-related risks
and opportunities previously identified for Experian or disclosed by
peer companies.
• Assessment:
We evaluate the materiality of identified risks and
opportunities at least once a year: by undertaking scenario analyses
to assess our exposure and vulnerability to climate change risks and
potential opportunities in the short, medium and long term; and by
quantifying the potential financial impact
1
of each risk or opportunity
(see tables on pages 68-69). We define short term as within 12 months
from the end of the current reporting period, medium term as between
one and five years, and long term as more than five years. These
timeframes have been chosen taking into account the models already
used by our Strategy and Risk teams, as well as the recognition that
climate change is an issue that spans beyond 2030.
• Response:
We develop controls to mitigate or adapt to identified risks,
if these are not already in place, as well as measures to capitalise on
identified opportunities. See more on our business management response
to specific risks and opportunities in the tables on pages 68-69.
• Reporting and monitoring:
Our process for reporting and monitoring
climate-related risks and opportunities within the business is part of our
overall sustainability governance as described on page
58
. We disclose
our most material climate-related risks and opportunities on pages 68-69.
Strategy
We assess and disclose our most material climate-related risks and
opportunities across our business in the countries where we operate
(see tables on pages 68-69).
Material risks are defined as those that have the potential to have a
significant effect on our operations, strategy or financial performance if
they are not suitably controlled. Material opportunities are those that have
the potential to enhance the financial performance of the business.
We modelled our latest analysis on two wide-ranging climate warming
scenarios that represent two different pathways:
• High-carbon scenario (4°C):
A ‘worst-case’ scenario of climate change
where governments fail to introduce policies to address climate change
beyond those already in place, which projects global greenhouse gas
emissions continuing to rise (based on Representative Carbon Pathway,
RCP8.5) with the highest concentration of greenhouse gas emissions by
the end of the century. In this scenario, transition risks are limited but
there are significant physical risks associated with rising temperatures
and weather extremes. RCP8.5 is the scenario most widely used by
companies, governments and academia. This means there is a high
availability of model projections and studies to pull from, and allows for
comparability. RCP8.5 assumptions include high population growth,
increased coal burning and a continued heavy reliance on fossil fuels.
• Low-carbon scenario (1.5°C):
An ‘aggressive mitigation’ scenario that
sees early decisive policies and action towards a low-carbon economy
sufficient to limit global warming to 1.5°C by the end of the century. In this
scenario, physical risks are limited and transition risks predominate. It is
based on the International Energy Agency’s Sustainable Development
Scenario, which explores a pathway for bringing global energy systems
to Net Zero emissions by 2070. Following this pathway would limit
global warming to 1.8°C (with a 66% probability) and would present
the best chance of limiting warming to 1.5°C by the end of the century.
The scenario assumes a reduction of global emissions to 10 billion tonnes
of CO₂e by 2050, mostly stemming from the transport and power sector,
and driven by technological progress and regulatory action.
We used these scenarios as they represent two opposing pathways: one of
rapid policy and technological change that helps to limit the extent of the
physical impacts of climate change, and one representing ‘worst case’ from
a policy perspective such that rising greenhouse gas emissions result in
significant physical climate impacts. We also selected these scenarios
because of their wide-ranging scope, which aligns with the broad range
of geographies we serve.
Identified risks and opportunities this year remain largely unchanged
from previous assessments, but we have updated estimated potential
financial impacts
1
. Climate-related matters serve as an input into the
Group’s financial planning process and are factored in as part of cash
flow forecasts, residual values, useful lives and depreciation methods.
At present, there is no material impact of climate-related matters on the
Group’s financial results. See page 172 for further details on the climate
considerations made in preparing the Group financial statements.
1
Potential financial impacts are estimated based on plausible projections and assumed ranges
of causal events to indicate an order of magnitude of financial impacts associated with specific
climate-related risks and opportunities. We aim to apply a strict materiality analysis in the future
as we further refine our approach.
67
Experian plc
Annual Report 2025
Sustainability
continued
Risk and opportunity factor
Climate change regulations
Type
Policy and legal
Experian risk category
Operational and regulatory
Time horizon
Short term and medium term
Potential risks and opportunities
Risk: Increased operational expenses
(less than 1%* of annual revenue)
New laws, new interpretations of existing laws, changes or
heightened regulatory scrutiny have the potential to affect
how we operate. We could be subject to penalties for
non-compliance or see an increase in operating costs to
finance our efforts to meet regulatory obligations.
Business management response
We monitor, and engage legal experts on, regulatory
and industry developments. We have established roles
and partnerships to help us understand and prepare for
emerging climate compliance obligations across our
regions. Our governance and assurance processes are
designed to help avoid any material misstatements in
external reporting.
Risk and opportunity factor
Carbon taxation
Type
Policy and legal
Linked metric:
Percentage reduction
to Scope 1 and 2 emissions from 2019
Linked target:
Reduce absolute Scope
1 and 2 emissions by 50% by 2030
(from 2019)
See page 70 for further information.
Experian risk category
Financial and strategic
Time horizon
Medium and long term
Potential risks and opportunities
Risk: Increased operational expenses
(less than 1%* of annual revenue)
Although our operations are not emissions intensive,
implementation of external carbon pricing (such as
additional taxes on fuel and energy) to support the transition
to a low-carbon economy has the potential to increase
our operational expenses directly or indirectly through
increased supplier costs (primarily related to energy).
The magnitude of this risk is considered low because,
currently, energy costs are less than 1% of operating costs.
Opportunity: Reduced operational expenses
Further reductions in energy consumption and increases in
self-generation could reduce energy costs.
Business management response
Making progress towards our science-based Scope 1
and 2 reduction target – including through energy
efficiency measures and self-generation – helps
mitigate risk associated with potential carbon pricing in
our direct operations and our supply chain. Our supplier
engagement programme reduces exposure to carbon
taxation on Purchased Goods and Services, which
make up most of our value chain carbon footprint.
We continue to develop our Net Zero Transition Plan
(see page 70), in line with the UK’s Transition Plan Task
Force Disclosure Framework, which will enhance
emissions reductions across the value chain in the
medium and long term.
Risk and opportunity factor
Product and service adaptation
Type
Market
Experian risk category
Strategic
Time horizon
Short, medium and long term
Potential risks and opportunities
Risk: Revenue loss
If we do not adapt and develop products to meet the potential
increase in client and consumer awareness for climate-
friendly financial products and investment, especially in the
low-carbon scenario, we could be in a position of losing
business to competitors.
Opportunity: Revenue growth
Developing products to meet potential increased
climate-related demand from clients and consumers presents
an opportunity for us, with use cases including portfolio
assessment, regulatory reporting, customer engagement,
application risk assessments and supply chain management.
Business management response
Our products and services are flexible and adaptable
to low-carbon transitioning, and we are innovating to
capitalise on opportunities that will help our clients and
consumers better understand the effects of climate
change. Demand continues to increase for data and
analytics services that can support clients, such as
financial institutions, in understanding emissions in
their supply chains, analysing physical and transitional
climate-related risks in their portfolios, and assessing
applications based on the climate credentials of the
assets or organisations to be funded.
Risk and opportunity factor
Reputational impact
Type
Reputation
1. Reduce absolute Scope 1 and 2
emissions by 50% by 2030 (from 2019)
2. Suppliers covering 78% of
Experian’s spend
1
to have
science-based targets by 2029
See page 70 for further information.
Experian risk category
Operational and strategic
Time horizon
Short, medium and long term
Potential risks and opportunities
Risk: Investment loss
Failure to meet increasing stakeholder and investor
expectations on climate action and disclosures could damage
the reputation of our brand, resulting in: lower demand for
shares, leading to a reduction in share price as investors seek
to shift capital away from companies that are not managing
climate change risks (not currently quantifiable); or removal of
Experian from climate-specific funds that are invested into on
the basis of positive climate action and revenue opportunities
from climate-related products (currently less than 1% of the
share register).
Opportunity: Reduced operational expenses
A strong response to the climate agenda and contributions
towards finding solutions could improve our brand and
reputation, as well as enabling Experian to access finance
on favourable terms linked to climate and sustainability.
Business management response
We have set science-based targets and are working
to reduce the climate impact of our operations and
engaging with suppliers to target reductions in our
value chain emissions. We disclose our climate
performance transparently as part of our wider
sustainability reporting to help maintain our strong
reputation with current and future investors.
Transition risks have the potential to impact any business. Our analysis, however, has found that these risks have no material impact on our business in the
short term and will be unlikely to do so in the medium and long term. We are committed to mitigating the potential impacts by demonstrating strong climate
stewardship through our climate action plan, progress towards our science-based targets, carbon reductions and transparent climate disclosures.
Transition impacts: Risks and opportunities arising from the process of adjusting to a low-carbon economy
*
These estimates are provided to indicate an order of magnitude of financial impact only. These are not intended to be, nor should they be perceived as, predictions.
1
Suppliers by spend covering Purchased Goods and Services, Capital Goods and Upstream Leased Assets.
Experian plc
Strategic report
68
Strategic report
Risk and opportunity factor
Rising temperatures
Type
Technology
Linked metric:
Percentage reduction
to Scope 1 and 2 emissions from 2019
Linked target:
Reduce absolute Scope
1 and 2 emissions by 50% by 2030
(from 2019)
See page 70 for further information.
Experian risk category
Operational
Time horizon
Short, medium and long term
Potential risks and opportunities
Risk: Increased operational expenses
(less than 1%* of annual revenue)
Increased energy demand to run our infrastructure, including
cooling for data centres, could result in increased operational
expenses due to increases in external temperatures.
Business management response
We are mitigating the risk of rising energy costs
through planning and implementing energy efficiency
measures, and transitioning to more energy efficient
co-located or cloud-based service providers.
Risk and opportunity factor
Extreme weather events
Type
Physical risk (acute and chronic)
Experian risk category
Operational
Time horizon
Short, medium and long term
Potential risks and opportunities
Risk: Expenses from property damage
Inspections by our global property insurer of all major
Experian locations include an assessment of natural
catastrophe risk. In FY25, these inspections identified five
locations with exposure to climate risk – two US locations
exposed to hail damage, and one US and two UK locations
exposed to flooding. The buildings exposed to risk from hail
damage are leased and potential damage to the roofs is not
expected to pose an impact on operations. However, for
one of the locations we are responsible for repairing any
potential damage to the roof which could cost up to
US$6.9m.* For the flood locations, damage to the properties
is estimated to be between US$20,000 and US$810,000.*
Risk: Disruption to business operations
Extreme weather and related physical damage could cause
disruption to our operations, workforce and suppliers. Our
services must be available for our clients and consumers
24 hours a day, seven days a week. If there was disruption
to our services causing an interruption of daily revenue, the
estimated loss could range from US$1.5m in EMEA and Asia
Pacific to US$13.8m in North America (based on a daily
average of FY25 revenue).*
Business management response
We have a range of measures in place to allow us
to mitigate acute physical risks posed by extreme
weather conditions, and make our operations more
resilient in the face of extreme weather in the short and
medium term. As part of our commitment to reducing
operational emissions, we are investing in on-site
renewable energy generation that will also improve
resilience by providing cleaner back-up electricity in
the event of extreme weather conditions putting a
strain on the grid. Experian has a global property
insurance programme. Our insurance providers
undertake annual climate engineering surveys at
our key operational sites to assess risks and help us
understand what we can do to further strengthen
our climate resilience.
Risk and opportunity factor
Migration of people
Type
Physical risk
Experian risk category
Strategic
Time horizon
Medium and long term
Potential risks and opportunities
Risk: Revenue loss
The chronic impacts of climate change, such as increasing
temperatures, flooding, storm damage and limited access to
clean water, could lead to higher levels of migration and a
global humanitarian crisis that could disrupt markets, and
prevent clients and consumers from accessing our products
and services.
Risk: Disruption to business operations
Our products could help climate migrants rebuild their
financial identities and credit scores, just as they help
‘credit invisibles’ in other circumstances.
Business management response
Many of our established products and services
designed to enable financial inclusion for ‘credit
invisibles’ could help people who have migrated as
a result of climate change to rebuild their financial
identities and credit scores. Through our focus on
improving financial health for all (see page 59), we
are innovating to develop further solutions that could
provide support.
Physical risks from climate change currently have a low impact on Experian’s operations, strategy and financial planning. Our operating model has proven
to be resilient to disruption in the past, but we will continue to monitor evolving climate risks through our regular scenario analyses. We already consider
exposure to extreme weather events in our business continuity and disaster recovery planning, particularly in relation to our four regional data centres that
are business-critical assets.
What could constitute a critical physical risk to our business relates to the chronic effects of climate change and impacts from extreme weather events that
could lead to climate migrations, which may result in consumers becoming financially excluded if they are unable to access their data and demonstrate their
financial identities. These impacts are most significant under the high-carbon scenario we modelled.
The climate-related opportunities for our business are greater within the low-carbon scenario we modelled, as they relate to the potential of our business to
support and facilitate the transition to a low-carbon future.
Physical impacts: Risks and opportunities arising from climate or weather-related events
*
These estimates are provided to indicate an order of magnitude of financial impact only. These are not intended to be, nor should they be perceived as, predictions.
69
Experian plc
Annual Report 2025
Sustainability
continued
Metrics and targets
We have set near-term science-based targets in line with our ambition to
limit global warming to 1.5°C, which are validated by the Science Based
Targets initiative (SBTi):
• Scope 1 and 2: Reduce Scope 1 and 2 emissions by 50% by 2030
(from 2019)
• Scope 3: 78% of Experian’s suppliers by spend1 to have science-based
targets by 2029.
Working towards these targets will support our journey towards Net Zero
2
and form the first phase of our Net Zero Transition Plan. This year, we
published the foundations of our plan, developed in line with the UK
Transition Plan Taskforce (TPT) Disclosure Framework. More information
can be found on our Protecting the environment pages on our website.
Reducing Scope 1 and 2 emissions
In FY25, we reduced our Scope 1 and 2 market-based emissions by a
further 30% to 5.2 thousand tonnes of CO₂ equivalent (CO₂e), cutting the
carbon intensity of our direct emissions by 30% to 0.7 tonnes of CO₂e
per US$1m of revenue.
Since 2019, we have reduced Scope 1 and 2 emissions by 82%.
We decreased our energy consumption by a further 14% in FY25, even as
our business continued to grow. 87% of our total electricity was backed by
renewable energy certificates or came from renewable sources.
We are continuing to implement decarbonisation roadmaps across our
regions to drive further reductions as our business evolves – through
energy efficiency measures and building consolidation, as well as
continuing to transition to renewable energy.
We are also continuing to support the transition to low-carbon transport:
around 56% of our owned and controlled fleet vehicles are hybrid or electric
– including 93% of our vehicles in the UK and Ireland.
Engaging with suppliers on Scope 3 emissions
The majority of our Scope 3 emissions come from our supply chain,
making engagement with suppliers critical to our efforts to reduce our
value chain footprint.
We have established a global plan, supported by regional targets, to drive
year-on-year progress towards our SBTi target.
A key mechanism for achieving our Scope 3 target is through the
introduction of a Sustainability Commitment in contracts with our largest
suppliers that commits them to set a science-based target and to report
their Greenhouse Gas (GHG) emissions to us.
In FY25, suppliers representing 17% of spend
1
agreed to sign a commitment
to set targets in the next two years, of which 4% of suppliers have already
followed through and set targets during the year. By the end of the year the
% of suppliers by spend with targets in place had increased from 27% in
FY24 to 32% in FY25, with a further 13% committed to doing so, and an
additional 8% under discussion.
Scope 3 emissions
In FY25, our Scope 3 emissions totalled 219.1 thousand tonnes of CO₂e.
Our methodology for calculating Scope 3 emissions is available on our
online Sustainability reporting hub. This year, we have refined the datasets
we use to improve the accuracy of emissions calculations related to
business travel (using flight-specific data from the International Air
Transport Association) and employee commuting (integrating data
from Human Resources on commuting distances specific to Experian
employees, as well as national commuting trends).
Supply chain emissions calculations for FY25 include actual data provided
directly by suppliers representing 41% of our spend
1
. We have also
enhanced our methodology by working with some of our key suppliers to
integrate emissions data specific to the products or services we source.
Meeting our offsetting commitment
We committed in 2020 to offset all our Scope 1 and 2 (market-based)
emissions by 2025 and we have now achieved this. Our investment is
supporting a Verified Carbon Standard rainforest conservation project
in Malaysia – The Kuamut Rainforest Conservation Project, and a Gold
Standard certified reforestation and sequestration project in Colombia
– The Vichada Climate Reforestation Project.
1
Suppliers by spend covering Purchased Goods and Services, Capital Goods and Upstream Leased Assets.
2
In accordance with the definition of Net Zero, as outlined by the SBTi’s Corporate Net Zero Standard.
We launched On Target for Climate, an internal awareness and
training campaign that aims to equip key teams with the tools to
engage with suppliers on climate.
Experian plc
Strategic report
70
Strategic report
Carbon emissions
CO2e1
Unit
2025
2024 (restated)
2
2024
2019
4
Scope 1
000s tonnes CO
2
e
2.7^
2.6
2.6
3.6
Scope 2 (location-based)
000s tonnes CO
2
e
13.4^
15.7
15.7
29.8
Scope 2 (market-based)
000s tonnes CO
2
e
2.5^
4.8
4.8
25.6
Total Scope 1 and Scope 2 (market-based)
000s tonnes CO
2
e
5.2
7.4
7.4
29.2
Total Scope 3
000s tonnes CO
2
e
219.1
224.1
206.8
Total emissions
3
000s tonnes CO
2
e
224.3
231.5
214.2
Total emissions³ normalised by revenue –
per US$1m revenue
tonnes CO
2
e / US$1m
revenue
29.8
32.6
30.2
1 CO
2
e emissions exclude any carbon offsets purchased by Experian.
2
For 2024, emissions related to Purchased Goods and Services, Capital Goods, Upstream Leased Assets and Investments (forming part of total Scope 3), have been restated due to a change in methodology to base
the calculation on all supplier payments made during the reporting year; previously emissions were based on all supplier payments which were both invoiced and paid during the reporting year. As a result, we
have also restated total emissions and total emissions normalised by revenue.
3
Including Scope 1, Scope 2 (market-based), and total Scope 3.
4
Only data for Scope 1 and 2 is presented in this table for 2019, as this is the baseline year for our Scope 1 and 2 science-based target.
^
The 2025 data for Scope 1, Scope 2 (location-based), Scope 2 (market-based) and selected Scope 3 (Purchased Goods and Services, Capital Goods, Fuel-and-Energy-Related Activities, and Upstream Leased Assets)
emissions have been subject to independent limited assurance by KPMG LLP in accordance with ISAE (UK) 3000/ISAE 3410. Please refer to our 2025 Carbon Reporting Principles and Methodologies document and
KPMG's limited assurance report on our website https://ex.pn/assurancereport2025.
Sources of Scope 3 emissions relevant to our business
Unit
2025
2024 (restated)
2
2024
2025 contribution
to Scope 3 (%)
Purchased Goods and Services¹
000s tonnes CO
2
e
161.3^
164.3
149.5
73.6%
Capital Goods¹
000s tonnes CO
2
e
9.6^
8.0
6.8
4.4%
Fuel-and-Energy-Related Activities
000s tonnes CO
2
e
4.4^
5.3
5.3
2.0%
Waste Generated in Operations
000s tonnes CO
2
e
0.1
0.1
0.1
0.1%
Business Travel
000s tonnes CO
2
e
14.2
14.4
14.4
6.4%
Employee Commuting
000s tonnes CO
2
e
14.6
17.2
17.2
6.7%
Upstream Leased Assets¹
000s tonnes CO
2
e
14.4^
14.3
13.4
6.6%
Investments
000s tonnes CO
2
e
0.5
0.5
0.1
0.2%
Total Scope 3
000s tonnes CO
2
e
219.1
224.1
206.8
Supplier engagement target³
Unit
2025
2024
Percentage of suppliers by spend with science-based targets %
32
27
1
Scope 3 emissions within science-based targets.
2
For 2024, emissions related to Purchased Goods and Services, Capital Goods, Upstream Leased Assets and Investments (and therefore total Scope 3), have been restated due to a change in methodology to base
the calculation on all supplier payments made during the reporting year; previously emissions were based on all supplier payments which were both invoiced and paid during the reporting year.
3
78% of Experian's suppliers by spend covering Purchased Goods and Services, Capital Goods, and Upstream Leased Assets to have science-based targets by 2029.
^
The 2025 data for Scope 1, Scope 2 (location-based), Scope 2 (market-based) and selected Scope 3 (Purchased Goods and Services, Capital Goods, Fuel-and-Energy-Related Activities, and Upstream Leased Assets)
emissions have been subject to independent limited assurance by KPMG LLP in accordance with ISAE (UK) 3000/ISAE 3410. Please refer to our 2025 Carbon Reporting Principles and Methodologies document and
KPMG's limited assurance report on our website https://ex.pn/assurancereport2025.
Streamlined Energy and Carbon Reporting (SECR) Disclosure:
Unit
2025
2024
Scope 1: Global (excluding UK)
000s tonnes CO
2
e
2.3
2.1
Scope 1: UK
000s tonnes CO
2
e
0.4
0.5
Scope 2 (location-based): Global (excluding UK)
000s tonnes CO
2
e
11.7
13.4
Scope 2 (location-based): UK
000s tonnes CO
2
e
1.7
2.3
Total Scope 1 & 2 (location-based): Global (excluding UK)
000s tonnes CO
2
e
14.0
15.5
Total Scope 1 & 2 (location-based): UK
000s tonnes CO
2
e
2.1
2.8
Energy consumption used to calculate above emissions:
Global (excluding UK)
kWh
37,586,509
42,414,261
Energy consumption used to calculate above emissions: UK
kWh
10,826,835
13,626,528
Total emissions normalised by revenue - per US$1m
revenue: Global (excluding the UK)
tonnes CO
2
e / US$1m
revenue
2.1
2.5
Total emissions normalised by revenue - per US$1m
revenue: UK
tonnes CO
2
e / US$1m
revenue
2.4
3.3
Specific to SECR disclosure: Experian does not have any ‘offshore’ operations. Therefore, where the 'UK' is referenced in the indicators above we have reported 'UK' only.
Scan me
for our 2025 Carbon
Reporting Principles and
Methodologies
Scan me
for our 2025 Sustainability
Performance Data
71
Experian plc
Annual Report 2025
Non-financial and sustainability information statement
Section 172
Section 172 (s172) legislation aims to help shareholders better
understand how directors have discharged their duty to promote the
success of companies, while having regard to the matters set out
in s172(1)(a) to (f) of the UK Companies Act 2006 (s172 matters).
In addition, the UK Corporate Governance Code 2018 recommends
that boards describe how the matters set out in s172 have been
considered in board discussions and decision-making.
Section 172 defines the duties of company directors and concerns
the duty to promote the success of companies. Throughout FY25,
the directors of the Company continued to exercise these duties while
having regard to the s172 matters, and also to other relevant factors
as they reviewed and considered proposals from senior management,
and as they governed the Company on behalf of its shareholders
through the Board and its committees.
Experian plc is a Jersey-incorporated company. Nevertheless the Board
embraces s172 and fully supports its aims, and we are reporting in line
with the UK requirement.
We outline below, through use of cross reference, where we have
considered the s172 matters throughout this Annual Report.
We report in line with the Non-Financial Reporting
requirement as detailed in Sections 414CA and 414CB of
the UK Companies Act 2006.
Our aims
Our business model is set out on pages 10-13. We use the power of data
to create opportunities, improve lives and make a meaningful difference
in society, helping individuals and businesses of all sizes to achieve their
financial goals.
Non-financial risks
The Risk management and principal risks section of the Strategic report,
starting on page 81, sets out the Group’s approach to identifying and
managing our principal risks and uncertainties. Our Three Lines of
Defence model provides a rigorous governance framework, and the
list of principal risks starting on page 84 gives details of the policies,
outcomes and due diligence processes that control and mitigate
those risks.
The key areas where non-financial adverse impacts could arise are:
1. Respect for human rights
As data custodians, we have a responsibility to safeguard consumer
privacy, and our five Global Data Principles guide how we manage and
use data, build products and conduct our business around the world
(see page 60).
Our Global Code of Conduct¹ aligns with the United Nations' Universal
Declaration of Human Rights, and our commitment to ensuring an ethical
supply chain¹ is borne out by our membership of the Slave-Free Alliance.
2. Employees
Employee engagement is a key performance indicator (see page 51).
We talk on pages 64-65 and 89 about our many programmes and
initiatives that inspire our people to be their best, to bring their whole
selves to work, our commitment to inclusion and belonging, and our
recruitment, retention and succession practices that help to mitigate
the risk of our dependence on highly skilled personnel.
3. Environmental matters and climate-related disclosures
We take our environmental responsibilities seriously, and the reduction
of greenhouse gas emissions is a key performance indicator for us (see
page 51). See also pages 67-71 for climate-related financial disclosures,
along with further actions and initiatives Experian is taking to help protect
the environment
1
.
4. Anti-corruption and anti-bribery
Our Anti-Corruption Framework¹ sets out our zero-tolerance policy on
bribery and corruption in any form, and this message is reinforced
through mandatory annual training for employees.
5. Social matters
Experian has many initiatives in place to deliver our purpose of creating
a better tomorrow for consumers, businesses, our people and society.
The role we play benefits everyone: businesses grow, people prosper
and communities thrive. This happens in many ways, including through
our core business, the development of social innovation products,
employee volunteering and support for community groups and charities.
1
Further detail is available at experianplc.com/responsibility/sustainability-reporting-hub
Section 172 matters
Specific examples
Page
(a) The likely consequences of any decision in the
long term
– Our Financial review, explains how we balance returns to shareholders with
capital invested organically and on acquisitions
– Our risk management governance structure
73-80
81
– Our strategy, Strategic and budget planning process
– Shareholder and stakeholder engagement, Other stakeholders, Considering
our stakeholders in our decision-making
22 and 100
107-108, 110-111
(b) The interests of the company’s employees
– Stakeholder engagement – Our people
– Inspiring and supporting our people
46
64-65
(c) The need to foster the company’s business
relationships with suppliers, customers
and others
– Stakeholder engagement
– Our business model
44-47
10-13
(d) The impact of the company’s operations
on the community and the environment
– Our communities and Improving financial health
– Protecting the environment
45 and 59
67-71
(e) The desirability of the company maintaining
a reputation for high standards of business
– Treating data with respect
– Working with integrity
60
66
(f) The need to act fairly between members
of the company
– Stakeholder engagement
– Shareholder and stakeholder engagement
44-47
107
Experian plc
Strategic report
72
Financial review
Building momentum
Summary
The strong underlying business trend reflects our strategic investment,
our portfolio being enhanced through new product development,
acquisitions and scaling of our leading platforms.
Our robust capital discipline is generating very strong returns, driving
our growth, and delivering additional value for our shareholders, with
Benchmark EPS growing at 11% at constant exchange rates.
Benchmark operating cash flow was healthy, achieving a cash flow
conversion rate of 97%. We ended the year in a strong financial position
with a Net debt/Benchmark EBITDA ratio of 1.8 times, and undrawn
committed bank borrowing facilities of US$2.4bn which extend to
March 2029.
The Group's strong performance and financial position is reflected in the
full-year dividend announced, of 62.5 US cents per share, up 7%.
2025
US$m
2024
US$m
Growth
%
Revenue
7,523
7,097
6
Operating profit
1,793
1,694
6
Profit before tax
1,549
1,551
0
Profit for the financial year
1,170
1,203
(3)
Net cash inflow from operating
activities
2,005
1,747
15
Full-year dividend per share
USc62.5
USc58.5
7
Basic EPS
USc127.6
USc131.3
(3)
2025
US$m
2024
2
US$m
Growth at
constant FX
%
Revenue
3
7,507
7,046
8
Benchmark EBIT
2,083
1,928
11
Benchmark PBT
1,926
1,789
10
Benchmark operating
cash flow
2,025
1,864
11
Undrawn committed bank
borrowing facilities
2,366
2,366
n/a
Benchmark EPS
USc156.9
USc145.5
11
1
See notes 7,10,18 and 40(g) to the Group financial statements for the definition of non-GAAP
measures and reconciliations to statutory measures.
2
Results for FY24 are re-presented for the reclassification to exited business activities of
certain B2B businesses.
3
From ongoing activities.
Statutory financial highlights
Benchmark financial highlights
1
“We delivered strong financial
performance in FY25, in line with
our Medium-Term Framework. At
constant exchange rates, revenue
grew by 8% and Benchmark EBIT
grew by 11%. We invested US$1.9bn
in organic and inorganic capital,
while delivering a very strong return
on capital employed of 16.6%.”
Lloyd Pitchford
Chief Financial Officer
Statutory financial results
Revenue for the year strengthened 6% to US$7,523m (2024:
US$7,097m), with acquisitions adding US$88m (2024: US$32m).
Continued revenue growth, the scaling of our Consumer Services
business and effective cost management contributed to an improved
operating profit of US$1,793m (2024: US$1,694m), moderated by
restructuring costs incurred in relation to our technology transformation
and cloud migration of US$50m (2024: US$nil).
Profit before tax was flat at US$1,549m (2024: US$1,551m) with a higher
net finance expense of US$246m (2024: US$142m). Financing fair value
losses of US$85m (2024: US$23m) arose, primarily, on foreign exchange
losses on the funding of our Brazilian operations and interest rate swaps.
The tax charge for the year was US$379m (2024: US$348m). The
effective rate of tax based on profit before tax was 24.5%, an increase of
2.1 percentage points from FY24. This was largely due to the absence
of a reduction in our provisions for uncertain tax positions, following
agreement of open tax issues in North America, which decreased the
rate in FY24. This was partially offset by the recognition of a one-off
deferred tax credit related to tax losses where recognition is supported
by the acquisition of illion.
Basic EPS reduced to 127.6 US cents (2024: 131.3 US cents), due to the
increased tax charge and a higher number of shares in issue.
Cash generated from operations improved to US$2,617m (2024:
US$2,440m), reflecting the higher operating profit and working capital
movements. Acquisition spend increased by US$801m, mitigated by a
reduction in the settlement of contingent consideration of US$105m.
Net borrowing inflows were US$696m (2024: US$102m).
73
Experian plc
Annual Report 2025
Strategic report
Financial review
continued
Critical estimates and judgments
The Group is subject to a number of risks and uncertainties that require
us to make estimates and judgments. Areas involving significant
uncertainty are detailed in note 6 to the Group financial statements.
Accounting policies
Our material accounting policies are detailed in note 5 to the Group
financial statements on pages 173 to 179.
Reporting currency
We report our financial results in US dollars. The weakening of our other
trading currencies during the year, primarily the Brazilian real, against
the US dollar, reduced total revenue by US$120m and Benchmark EBIT
by US$48m. A ± 1% change in the Brazilian real or UK pound sterling
exchange rate would each impact total revenue by ± US$9m.
Benchmark EBIT from ongoing activities was US$2,107m (2024:
US$1,944m), growing at 11% at constant and 8% at actual exchange
rates. Benchmark EBIT margin from ongoing activities increased to
28.1% (2024: 27.6%), impacted by adverse foreign exchange movements
of 20 bps.
Reconciliation of statutory to Benchmark measures
1
Non-GAAP measures
We have identified and defined certain non-GAAP measures. These are the key measures management uses to assess the underlying
performance of our ongoing businesses. A fuller explanation of the measures is provided in note 7 to the Group financial statements.
Year ended 31 March 2025
Statutory
Non-benchmark items
2
Benchmark
Investment-
related items
Amortisation of
acquisition
intangibles
Non-cash
financing items
Exceptional
items
7,507
–
–
–
–
7,507
Ongoing
16
–
–
–
–
16
Exited
Revenue US$m
7,523
–
–
–
–
7,523
Revenue US$m
1,817
40
211
–
39
2,107
Ongoing
(24)
–
–
–
–
(24)
Exited
Operating profit US$m
1,793
40
211
–
39
2,083
Benchmark EBIT US$m
Profit before tax US$m
1,549
38
211
89
39
1,926
Benchmark PBT US$m
Basic EPS USc
127.6
0.8
16.7
8.0
3.8
156.9
Benchmark EPS USc
1
See note 7 to the Group financial statements for definitions of non-GAAP measures.
2
Further information is provided in notes 15 and 18 to the Group financial statements on Exceptional items and the other adjustments made to derive Benchmark PBT and Benchmark EPS.
Benchmark PBT
Profit before amortisation
and impairment charges, acquisition expenses,
Exceptional items, financing fair value
remeasurements, tax (and interest thereon) and
discontinued operations. It includes the Group’s
share of continuing associates’ Benchmark
post-tax results.
Benchmark EBIT
Benchmark PBT before net
interest expense.
Benchmark EBITDA
Benchmark EBIT before
depreciation and amortisation.
Exited business activities
The results of
businesses sold, closed or identified for closure
during a financial year.
Ongoing activities
The results of businesses that
are not disclosed as exited business activities.
Constant exchange rates
Results and growth
calculated after translating both years’
performance at the prior year’s average
exchange rates.
Total growth
The year-on-year change in the
performance of Experian's activities at actual
exchange rates.
Organic revenue growth
The year-on-year
change in the revenue of ongoing activities,
translated at constant exchange rates, excluding
acquisitions until the first anniversary of their
consolidation.
Benchmark earnings
Benchmark PBT less
attributable tax and non-controlling interests.
Total Benchmark earnings
Benchmark PBT less
attributable tax.
Benchmark EPS
Benchmark earnings divided by
the weighted average number of ordinary shares.
Exceptional items
Exceptional items include
those arising from the profit or loss on disposal of
businesses, closure costs of significant operations
(including associated onerous global support
costs), costs of significant restructuring
programmes, and other financially significant
one-off items.
Benchmark operating cash flow
Benchmark
EBIT plus amortisation, depreciation and charges
for share-based incentive plans, less net capital
expenditure and adjusted for changes in working
capital, principal lease payments and the Group’s
share of the Benchmark profit or loss retained in
continuing associates.
Cash flow conversion
Benchmark operating
cash flow expressed as a percentage of
Benchmark EBIT.
Net debt and Net funding
Net debt is borrowings
(and the fair value of derivatives hedging
borrowings) excluding accrued interest, less cash
and cash equivalents. Net funding is borrowings
(and the fair value of the effective portion of
derivatives hedging borrowings) excluding
accrued interest, less cash held in Group Treasury.
Return on capital employed (ROCE)
Benchmark
EBIT less tax at the Benchmark rate divided
by average capital employed, in continuing
operations, over the year. Capital employed is
net assets less non-controlling interests and
right-of-use assets, plus or minus the net tax
liability or asset and plus Net debt.
Experian plc
Strategic report
74
Performance summary
Commentary on revenue and Benchmark EBIT performance by region is provided earlier in the Strategic report, within the Chief Executive’s review on
pages 39 to 41. The table below summarises our performance by business line.
1
From ongoing activities.
1
Compound annual growth rate (CAGR).
Year ended 31 March
2025
US$m
2024
1
US$m
Growth
2
Total
%
Organic
%
Revenue
Data
3,869
3,627
9
6
Decisioning
1,584
1,482
9
6
Business-to-Business
5,453
5,109
9
6
Consumer Services
2,054
1,937
8
7
Ongoing activities
7,507
7,046
8
7
Exited business activities
16
51
n/a
Total
7,523
7,097
8
Benchmark EBIT
Business-to-Business
1,689
1,609
7
Consumer Services
562
479
19
Business lines
2,251
2,088
10
Central Activities – central corporate costs
(144)
(144)
n/a
Ongoing activities
2,107
1,944
11
Exited business activities
(24)
(16)
n/a
Total Benchmark EBIT
2,083
1,928
11
Net interest expense
(157)
(139)
n/a
Benchmark PBT
1,926
1,789
10
Exceptional items
(39)
4
Other adjustments made to derive Benchmark PBT (note 15(a))
(338)
(242)
Profit before tax
1,549
1,551
Benchmark EBIT margin – ongoing activities
Business-to-Business
31.0%
31.5%
Consumer Services
27.4%
24.7%
Benchmark EBIT margin
3
28.1%
27.6%
1
Revenue and Benchmark EBIT margin for FY24 are re-presented for the reclassification to exited business activities of certain B2B businesses. See note 10 to the Group financial statements.
2
At constant exchange rates.
3
Benchmark EBIT margin for ongoing activities is calculated by dividing Benchmark EBIT for ongoing activities by revenue from ongoing activities.
Revenue, Profit before tax and Benchmark EBIT margin by business line
FY20
FY21
FY22
FY23
FY24
FY25
5,179
5,372
FY20 - FY25
CAGR
1
+8%
6,288
6,619
7,097
7,523
9%
6%
16%
8%
6%
8%
Revenue (US$m) and growth at constant
FX rates (%)
FY20
FY21
FY22
FY23
FY24
FY25
FY20 - FY25
CAGR +9%
Benchmark EBIT (US$m)
1
and
Benchmark EBIT margin (%)
1
1,386
1,379
1,653
1,798
1,944
2,107
26.9%
25.8%
26.6%
27.5%
27.6%
28.1%
75
Experian plc
Annual Report 2025
Strategic report
Financial review
continued
19 years of organic revenue growth
We have a track record of consistent organic revenue growth (see note 7
to the Group financial statements for definition) reflecting the underlying
strength of our business. We continue to expand our portfolio through
acquisition and innovation and have made significant investments in the
financial year, advancing the growth and strategic opportunities for the
Group. FY25 saw us make further progress on our journey to become
one of the world’s largest financial platforms. We continue to transform
the foundations of our business with a strategic consumer ecosystem
integrated with our Business-to-Business operations.
In Consumer Services, all of our regional businesses grew in the year,
with overall revenue growing 8% at constant exchange rates. We have
extended our offerings and features driving consumer demand. We now
help over 200 million consumers manage some aspect of their financial
lives and this is projected to grow even more.
Business-to-Business ongoing activities revenue growth was 9% at
constant exchange rates. We continue to make progress, investing to
build and differentiate our data assets, adding new products, further
developing the Ascend Platform, and extending our positions in key
verticals such as Health, Automotive, Targeting and Agribusiness.
Last year we outlined our Medium-Term Framework and we are
delivering on those commitments. For FY25, organic revenue growth was
7%, margin expansion was +70 bps at constant exchange rates (+50 bps
at actual exchange rates), and we’re on track to achieve a 2% reduction
in capital expenditure as a percentage of revenue over the medium term.
We have deployed our capital wisely, investing US$1,244m in strategic
acquisitions. Our return on investment has consistently been strong,
with ROCE in the mid to high teens over the last decade, and 16.6%
(2024: 17.0%) for the year.
Productivity and cost management
Our technology transformation is pivotal in achieving our productivity
objectives. By migrating our mainframe capabilities, data and servers
to the cloud, we not only reduce technology and infrastructure costs
but also expedite product innovation and deployment, enabling earlier
revenue generation.
We have targeted technology investment on strategic higher-margin
products and continue to streamline our product portfolio to simplify
support, enhance scalability, and accelerate cloud adoption. We will
increasingly standardise our technology designs, practices and tools,
bringing improved efficiency and security posture.
GenAI is facilitating the way we work, offering innovative ways to boost
productivity and creativity, maximising the value we extract from data.
By leveraging advanced technologies and expanding our Global Delivery
Centres (GDCs) and talent hubs in cost-effective locations, we are driving
margin progression reflected in the improved Benchmark EBIT of
US$2,083m for FY25.
Outlook
Our strategic investments and effective capital management have
positioned us well for future expansion and sustained success. We are
making good progress with our technology transformation and remain
on track to be over 85% in the cloud in North America (excluding Health)
and Brazil by the end of FY26.
With our diversified business and history of resilience we are confident
in our ability to adapt to changing macroeconomic conditions. In line
with our Medium-Term Framework, projected ongoing activities revenue
growth for FY26 is 9-11%, of which 6-8% is organic, and we expect
a margin increase of +30 to +50 bps, all at constant exchange rates.
1 Ongoing activities.
2
See note 7 to the Group financial statements for the definition of organic revenue growth.
FY07
8%
FY16
5%
FY08
4%
Global Financial Crisis
COVID-19 pandemic
FY17
5%
FY09
3%
FY18
5%
FY10
2%
FY19
9%
FY11
8%
FY20
8%
FY12
10%
FY21
4%
FY13
8%
FY23
7%
FY14
5%
FY25
7%
FY24
6%
FY15
1%
FY22
12%
Historical organic revenue growth performance
1,2
(at constant FX)
Benchmark EPS (USc) and growth at
constant FX rates (%)
FY20
FY21
FY22
FY23
FY24
FY25
103.0
103.1
FY20 - FY25
CAGR +9%
124.5
135.1
145.5
156.9
8%
4%
21%
9%
7%
11%
Benchmark operating cash flow (US$m)
and cash flow conversion (%)
FY20
FY21
FY22
FY23
FY24
FY25
1,214
1,476
FY20 - FY25
CAGR +11%
1,800
1,753
1,864
2,025
88%
106%
109%
98%
97%
97%
Experian plc
Strategic report
76
Foreign exchange losses on Brazilian real intra-Group funding of
US$58m (2024: US$1m) and other fair value remeasurements,
contributed to the increase in statutory net finance expense of US$104m.
The Group does not, nor does it currently intend to, borrow in the
Brazilian real to manage the foreign exchange exposure associated
with our Brazilian business. Rather, dividends from Serasa Experian
are maximised in order to minimise currency risk and protect
shareholder value.
Interest
Benchmark net finance expense increased by US$18m in the year,
reflecting higher average borrowings. Effective interest on loan and
bond debt, including derivatives, was 3.3% (2024: 3.1%) for FY25.
Our policy is to maintain 50-100% of our Net funding at rates fixed
for more than six months and, at 31 March 2025, interest on 76%
(2024: 87%) of our Net funding was fixed. If the current debt structure
prevails for the next year with like-for-like replacement of maturing
debt components as floating or fixed, pro forma as at 31 March 2026,
68% of our Net funding will be at fixed rates.
Cash flow and Net debt summary
1
Year ended 31 March
2025
US$m
2024
US$m
Benchmark EBIT
2,083
1,928
Amortisation and depreciation charged to Benchmark EBIT
547
521
Benchmark EBITDA
2,630
2,449
Impairment of non-current assets charged to Benchmark EBIT
15
1
Net capital expenditure
(650)
(638)
Increase in working capital
(54)
(32)
Principal lease payments
(41)
(48)
Benchmark profit retained in associates
(2)
–
Charge for share incentive plans
127
132
Benchmark operating cash flow
2
2,025
1,864
Net interest paid
(165)
(149)
Tax paid
(447)
(544)
Dividends paid to non-controlling interests
(2)
(1)
Benchmark free cash flow
1,411
1,170
Acquisitions
3
(1,244)
(512)
Purchase of investments
(69)
(11)
Disposal of operations and investments
30
11
Movement in Exceptional and other non-benchmark items
(36)
(59)
Ordinary dividends paid
(546)
(509)
Net cash (outflow)/inflow
(454)
90
Net debt at 1 April
(4,053)
(4,030)
Net share purchases
(179)
(100)
Non-cash lease obligation additions and disposals
(24)
(50)
Principal lease payments
41
48
Additions through business combinations
(3)
(7)
Foreign exchange and other movements
(12)
(4)
Net debt at 31 March
(4,684)
(4,053)
1
For Group cash flow statement see page 171.
2
A reconciliation of Cash generated from operations to Benchmark operating cash flow is provided in note 40(g) to the Group financial statements.
3
See note 40(d) to the Group financial statements.
Bond nominal value before derivatives.
56%
>2 years
517
FY26
540
FY27
FY28
500
FY29
750
FY30
FY31
540
FY32
517
FY33
540
FY34
702
FY35
49%
>4 years
32%
>6 years
Percentage of debt at fixed interest rates
by maturity
Bond maturity profile US$m
77
Experian plc
Annual Report 2025
Strategic report
Financial review
continued
Financial risk management
The key financial risks specific to our business are set out in the Risk
management and principal risks section on pages 81to 89. We have
identified macroeconomic factors as a principal risk and detailed
narrative disclosures are contained in note 8 to the Group financial
statements on pages 182 and 183, with further numeric disclosures for
foreign exchange, interest rate and credit risk in notes 11,16, 24 and 30.
Funding
We apply a rigorous approach to treasury management, and have
access to extensive funding and liquidity. Our undrawn committed
bank borrowing facilities at 31 March 2025 totalled US$2.4bn
(2024: US$2.4bn), and included our core US$1.8bn club facility,
committed until March 2029. We monitor Net debt, forecast cash flows
and our borrowing facilities, to ensure the Group has sufficient funds
available for operations and planned growth.
The covenant on our banking facilities specifies that Benchmark EBIT
should cover net interest expense, excluding the effects of IFRS 16
‘Leases’, before financing fair value remeasurements by three times.
At 31 March 2025, this ratio was 14 times (2024: 15 times). We have no
undue concentration of repayment obligations in respect of borrowings
and did not breach any covenants given on borrowings during the year
under review or the prior year.
Our bonds represented 91% (2024: 89%) of borrowings at 31 March
2025, totalled US$4.6bn (2024: US$3.8bn), and had an average
remaining tenor of five years (2024: four years). We seek to minimise
our refinancing risk by spreading the maturity and currency of our
bond profile, accessing multiple capital markets. We issued two bonds
in the year, extending the average duration of our debt, with the next
tranche of bond refinancing due in October 2025. At 31 March 2025,
46% (2024: 42%) of borrowings fell due in over five years.
Net assets and ROCE summary
At 31 March
2025
US$m
2024
US$m
2023
US$m
Goodwill
6,654
5,962
5,575
Other segment assets
5,105
4,618
4,265
Total segment assets
11,759
10,580
9,840
Segment liabilities
(2,455)
(2,430)
(2,273)
Operating segments – net assets
9,304
8,150
7,567
Central Activities – net assets
447
487
556
Lease obligations in operating segments
132
146
143
Interest on lease obligations in operating segments
(1)
(1)
(1)
Less: right-of-use assets
(114)
(131)
(128)
Less: non-controlling interests
(36)
(35)
(35)
Capital employed attributable to owners
9,732
8,616
8,102
Net debt
(4,684)
(4,053)
(4,030)
Tax
(108)
(60)
(271)
Add: right-of-use assets
114
131
128
Add: non-controlling interests
36
35
35
Net assets
5,090
4,669
3,964
Average capital employed
9,355
8,406
8,060
ROCE
1
16.6%
17.0%
16.5%
1
For definition of ROCE see non-GAAP measures on page 181. For FY25 the return used in the calculation of ROCE is based on Benchmark EBIT of US$2,083m and a Benchmark tax rate of 25.3%.
We keep our debt levels stable at a low multiple of our profits,
commensurate with maintaining strong investment-grade credit ratings
(BBB+/Baa1 or above). Our balance sheet strength allows us to maintain
access to cost-effective sources of borrowing. Net debt at 31 March 2025
was US$4,684m (2024: US$4,053m), 1.8 times Benchmark EBITDA
(2024: 1.7 times), compared to our target range of 2.0 to 2.5 times.
Cash and liquidity management
The Group generated US$2,617m (2024: 2,440m) in positive cash flow
from operations, driven by strong sales and effective cost and working
capital management. Conversion of Benchmark EBIT to Benchmark
operating cash flow was 97% (2024: 97%), with Benchmark free cash
flow of US$1,411m (2024: US$1,170m).
Dividends and distributable reserves
Our dividend policy aligns shareholder returns with our underlying
profitability, by aiming to pay dividends over time, broadly in line with
Benchmark EPS growth. Our record of profitability and strong cash flow
conversion has enabled us to pay increasing dividends since listing in
2006, and in the last five years we have paid ordinary dividends of
US$2.4bn.
The Board has announced a second interim dividend of 43.25
(2024: 40.5) US cents per ordinary share, giving a total dividend for the
year of 62.5 (2024: 58.5) US cents per share, which is covered 2.5 times
(2024: 2.5 times) by Benchmark EPS. Ordinary dividends paid in the
year totalled US$546m (2024: US$509m).
Experian plc and the UK entity responsible for distributing dividends
under the Group’s Income Access Share arrangements have substantial
distributable profit and loss account reserves which, at 31 March 2025,
were US$20.6bn and US$4.3bn respectively. See note L to the Company
financial statements for further detail.
Experian plc
Strategic report
78
Disciplined capital management
We maintain a disciplined approach to capital allocation, balancing
organic and strategic investments with shareholder returns through
dividends and share repurchases – while targeting our level of Net debt.
The ratio of these categories varies over time. We assess acquisition
opportunities against a range of metrics, including economic valuations
and the earnings enhancement and growth opportunities we expect
them to bring relative to share repurchases.
Our Benchmark free cash flow has consistently been strong, the
cornerstone of our disciplined capital allocation framework. Further
information on capital risk management is provided in note 8(b) to the
Group financial statements on page 183.
Our spend on net share repurchases was US$179m, which offsets
deliveries under employee share plans, and we expect to execute share
repurchases of up to US$200m in the coming year.
Net investment of US$1,933m (2024: US$1,150m) comprised cash flows
for net capital expenditure, acquisitions and the purchase and sale of
venture investments.
Net assets and ROCE
ROCE measures the return generated on the capital we have invested in
the business, whether through internal organic investment or through
acquisitions, and reflects our ability to add shareholder value over the
long term. ROCE is a post-tax measure and we use our Benchmark tax
rate for ease of calculation.
The increase in operating segment net assets of US$1,154m was largely
acquisition related. Further information on net assets by region is given
in note 10 to the Group financial statements on page 187.
Taxation
The tax charge was US$379m (2024: US$348m) and our effective tax
rate on Benchmark PBT was 25.3% (2024: 25.7%), reflecting the mix of
profits and prevailing tax rates by territory. The decrease in this effective
rate is largely attributable to the recognition of a discrete tax credit
relating to an adjustment in respect of earlier years. We anticipate our
effective tax rate on Benchmark PBT in FY26 will be around 26%.
Tax paid as a percentage of Benchmark PBT of 23.2% (2024: 30.4%) is
below our Benchmark tax rate this year. This is due to the phasing of
tax payments. We expect the tax paid percentage to align around our
Benchmark tax rate in FY26.
We are subject to tax in numerous jurisdictions and have a number of
open tax returns with various tax authorities. It can take many years to
agree an outcome with a tax authority, as there are transactions in the
ordinary course of business for which the ultimate tax determination
is uncertain. Our key tax uncertainties relate to tax incentive claims,
inter-company trading and financing. US$76m (2024: US$61m) is
included in current tax liabilities in relation to these judgmental areas.
In addition, the Group is subject to challenge by the Brazilian tax
authorities on the deduction for tax purposes of goodwill amortisation.
Experian has successfully defended this position in earlier years and
expects this to be the outcome for open periods. Further information on
the contingency is provided in note 43 to the Group financial statements.
The decision of whether or not to recognise deferred tax assets is a
financial judgment. Assets are recognised only when we consider it
probable that they can be recovered, based on forecasts of future
taxable profits against which those assets may be utilised.
Earnings per share (EPS)
Benchmark EPS grew strongly to 156.9 US cents (2024: 145.5 US cents)
up 8% at actual and 11% at constant exchange rates, reflecting a higher
Benchmark PBT and a reduced Benchmark tax rate. A ± 10% change
in the Brazilian real or UK pound sterling exchange rate would impact
Benchmark EPS by ± 2 US cents or ± 1 US cent respectively. We provide
further information in note 18 to the Group financial statements on
page 196.
Capital expenditure and useful life
Advanced technology is essential to our success, and we intend to
maintain our investment strategy to support ongoing innovation and
revenue growth. Although our total outlay will continue to rise, we aim
to provide future technology in a more economical manner and capital
expenditure as a percentage of revenue is forecast to trend to c.7% in
the medium term.
Our capital expenditure in FY25 was US$651m (2024: US$640m),
9% (2024: 9%) of revenue. Depreciation and amortisation charged
to Benchmark EBIT was 7% (2024: 7%) of revenue.
Our business is subject to technological change and competition.
We currently amortise non-acquisition intangibles over a period from
three to ten years, with the average life being six years. If the useful
life of our databases and internal use or internally generated software
either increased or decreased by one year, the impact on the annual
amortisation charge would be a decrease of US$78m or an increase
of US$123m respectively.
We anticipate that organic capital investment in FY26 will be
approximately 8-9% of revenue, as we finalise our cloud migration
strategy.
Second interim dividend
Acquisitions and investments
Net share repurchases
First interim dividend
Net capital expenditure
Dividends
FY07FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24
FY25
600
500
400
300
200
100
0
Full-year ordinary dividend US$m
FY20
FY21
FY22
FY23
FY24
FY25
3,000
0
1,000
500
1,500
2,000
2,500
Capital summary US$m
79
Experian plc
Annual Report 2025
Strategic report
Financial review
continued
Equity
The fair values of investments revalued through Other comprehensive
income (OCI) and net post-employment benefit assets are affected by
macroeconomic factors, and we recognised remeasurement losses in
OCI in the year of US$33m (2024: US$85m), as well as exchange losses
of US$129m (2024: exchange gains of US$40m). Other movements in
equity include the corresponding credit arising from the expense charged
to the Group income statement for employee share awards and options
of US$127m (2024: US$132m).
Our spend on net share repurchases was US$179m (2024: US$100m) at
an average price of 3,583p (2024: 2,712p). The weighted average number
of ordinary shares for FY25 was 914m (2024: 913m).
Internal Controls over Financial Reporting (ICFR)
The FRC’s UK Corporate Governance Code 2024 requires a new annual
Board declaration on the effectiveness of the Group’s material financial,
operating, reporting and compliance controls. The declaration will be
required for our financial year ending 31 March 2027 onwards.
Experian has an established robust control environment addressing
our principal risks and reporting responsibilities. Our financial reporting
control framework identifies the key controls addressing income
statement, balance sheet and other disclosure processes. We are,
however, reviewing and refining our control framework and processes
in light of the new declaration requirement.
Acquisitions
Acquisitions target strategic growth areas, new markets or enhance
our existing capabilities, and FY25 was one of our most active years.
We completed eight acquisitions in the year including that of illion for
US$585m, extending our business in Australia and New Zealand. In the
USA, we acquired Audigent for US$363m to continue the successful
build-out of our Targeting business, and NeuroID for US$145m, an
important acquisition in fraud prevention.
In addition, in Brazil we purchased the remaining 45% interest in
Brain Soluções de Tecnologia Digital Ltda. for US$22m.
Acquisitions were across both business lines and contributed US$88m
to revenue, with annualised pro forma revenue of US$273m.
Contingent consideration is payable in connection with the SalaryFits
acquisition, and we expect the earnout payment to be within an
undiscounted range of US$20m to US$117m.
We continue to build on our strong position in Brazil and the acquisition
of ClearSale, a leading provider of digital fraud prevention solutions,
completed on 1 April 2025 for R$1,948m (US$338m), plus the delivery
of 125,344 Experian plc treasury shares at market value.
A leading consumer and commercial
credit bureau, in Australia and New
Zealand, bringing complementary
capabilities, assets, people and customers.
A leading US data activation and identity
platform expanding our integrated
marketing data and identity capabilities
in the advertising ecosystem.
An industry leader in behavioural analytics
in the USA, supplementing Experian's
fraud risk suite.
A building block for our income
verifications business in Brazil.
One of the leading credit agencies
in Germany.
This acquisition facilitates our insurance
marketplace expansion in Brazil.
A leading debt consolidation technology
from Paylink Solutions in the UK.
A digital sales channel for bureau data
in Brazil.
Experian plc
Strategic report
80
Strategic report
Identifying and managing risk
Identifying and managing risk is key to our purpose and the delivery of our strategy and objectives. All colleagues play a
crucial role in managing risks, and doing so helps us create long-term shareholder value and protect our business, people,
assets, capital and reputation. Experian has developed a sustainable and embedded risk management framework and culture
globally, focused on reducing critical business risks and advancing operational and regulatory risk processes. We emphasise
and encourage transparent and timely risk reporting, and our risk governance process includes well-defined roles and
responsibilities, accountability, and adherence to policies and standards.
Security and
Continuity Steering
Committee (SCSC)
is a sub-committee of
the ERMC. Chaired by
the CEO, its primary
responsibility is to oversee
the management of global
information security,
physical security, and
security continuity risks.
Tax and Treasury
Committee
Chaired by the Global
Head of Corporate
Finance, this Committee
oversees the management
of financial risks, including
tax, credit, liquidity,
funding, market and
currency risks.
Global and Regional
Strategic Project
Committees
ensure that we
appropriately resource
our strategic projects, that
they are risk assessed,
and commercially and
technically appraised. The
committees' conclusions
are then considered by
the Board or relevant
Group Principal Operating
Subsidiary.
Regional Risk
Management
Committees (RRMCs)
Chaired by the respective
regional CEO, these
Committees oversee
the management of
regional risks and feed
up to the ERMC.
Sustainability Steering
Committee
Chaired by the Chief
Financial Officer, this
Committee ensures the
definition, approval and
integrated delivery of the
Group's sustainability
strategy.
Sets our overarching risk appetite and ensures that we manage risks appropriately across the
Group. The Board delegates oversight of risk management activities to the Audit Committee.
Regularly monitors the principal risks and uncertainties identified by our risk assessment
processes, with the strategies we have developed and the actions we have taken to mitigate them.
The Committee also continually reviews the effectiveness of our risk management and internal
control systems, which support our risk identification, assessment and reporting.
Chaired by the Chief Executive Officer and comprises senior Group executives, including the
executive directors and the Company Secretary. It oversees how we manage global risks.
This committee and the risk committees mentioned below each meet multiple times a year,
and quarterly as a minimum.
The Group Operating Committee comprises our most senior executives. Its remit includes
identifying, debating and achieving consensus on issues involving strategy, risk, growth, people and
culture, and operational efficiency. Its meetings generally focus on the key issues facing our Group.
• Lines of business (regional and global,
including executive management)
• Experian IT Services (EITS)
• Corporate functions
• Group Risk Management
• Global Security Office
• Legal
• Global Compliance
• Business Continuity
• Physical Security
• Group Finance
• Global Internal Audit
First Line of Defence
Second Line of Defence
Third Line of Defence
All employees have First Line
responsibilities
Governance teams have Second Line
responsibilities
Global Internal Audit has Third Line
responsibilities
Board
Audit Committee
Executive Risk Management Committee (ERMC)
Group Operating Committee (OpCo)
Risk Management and Governance Committees
Our risk management governance structure
Three Lines of Defence
Risk management and principal risks
81
Experian plc
Annual Report 2025
Risk management and principal risks
continued
Strategic risk
–
Country/political/economic
–
Acquisitions
–
Competitor
–
Business strategy
–
Publicity
Financial risk
–
Accounting
–
Credit
–
Liquidity
–
Market
Regulatory/compliance risk
–
Regulated activities
–
Data privacy
–
Financial crime
–
Conduct
–
Regulatory change
–
Licences and permissions
Operational risk
–
Technology
–
Information security
–
Physical security
–
Business continuity
–
Data quality
–
Third party
–
People
–
Process
Risk categories
Our risk management process
Enterprise
Risk Management
Framework
The Board is responsible for maintaining and reviewing the effectiveness
of our risk management activities from a strategic, financial, regulatory
and operational perspective. These activities are designed to identify and
manage, rather than eliminate, the risk of failure to achieve our business
objectives or strategy. We have established a clear
risk strategy & vision
to establish a sustainable and embedded risk management framework
throughout Experian globally. Our Enterprise Risk Management
Framework (see diagram above) incorporates a range of embedded
and complementary components which are designed to identify, assess,
respond to, report on and monitor the risks that threaten our ability to
do this.
The Board is committed to maintaining a
risk culture
that emphasises
the importance of managing risk and encourages transparent and timely
risk reporting. We work to align employees’ behaviour, attitudes and
incentives with our risk appetite and with our risk management and
other governance policies.
Our
risk governance
(see diagram on previous page) process reinforces
and facilitates appropriate ownership, accountability, escalation and
management of our principal and emerging risks. This process includes:
well-defined roles and responsibilities across our Three Lines of Defence
model; assigning accountability for taking risks when making key
business decisions; documenting clear boundaries and behavioural
expectations in
Group policies
and standards, such as within our Global
Code of Conduct; and creating an environment that reinforces adherence
and accountability. Our governance structure is designed to be agile in
both managing existing risks and reacting to any newly identified risks.
Principal and emerging risks are discussed in one or more of our
governance forums, and we hold ad hoc meetings when needed, to
quickly assess and determine appropriate risk responses.
The Board sets our overarching
risk appetite
for the principal risks we
face in the normal course of business. We assess the level of our risk
exposure against our risk appetite, to ensure we focus our efforts
appropriately. We use a variety of information sources to show whether
we are working within our tolerance for these risks, and whether or
not any of them require additional executive attention. Where risks are
deemed to be outside of our appetite we prioritise them for mitigation.
We apply a range of bottom-up and top-down
risk processes
to the
management of risk. Bottom-up risk processes, including risk and
control self-assessment, loss event and issues management, operate
at a business unit or country level, and provide visibility of risks across
the business. Risks, loss events and issues are assessed and reported
to relevant risk management committees at a regional and global level.
Our top-down approach involves senior management at a global and
regional level and identifies the principal and emerging risks that
threaten achieving our strategy. This ensures that our risk response is
appropriate. Stress and scenario testing also supports our understanding
of how we might continue to meet our strategic goals when faced with
events which could stretch us beyond normal operational capacity.
Risks are owned and managed within the business (first line of defence)
and reviewed by our businesses at least half yearly. Global governance
teams (from the second line of defence) provide oversight and challenge
of the management of risks and controls, including those relating to
information security, compliance and business continuity. Our
risk &
control monitoring
practices ensure the provision of appropriate levels
of oversight of the effectiveness of risk management strategies,
culminating in the timely reporting of relevant and reliable risk and
control information, allowing for timely adjustments to our risk response,
as needed.
Global Internal Audit, as the third line of defence, assesses our risks
and controls independently and objectively. The results of this oversight
and review process feed into our reporting cycle through the risk
management governance structure.
Our
risk reporting
adopts a category-based approach, with risk
categories reflecting the overall purpose, strategy and business model
for the Group, and which recognise both the external context and our
internal operating environment. Risk categories provide the foundation
for the reporting of all risks within the Group, enabling our data-driven
approach.
Our
people
play a crucial role in the management of risk within the
Group, with each bringing their own skills and experience to their
respective roles, engaging in training and development, and identifying
and reporting risks as required.
Risk strategy
& vision
Risk
culture
Risk
governance
Risk
appetite
Group
policies
Risk
processes
Risk &
control
monitoring
Risk
reporting
People
Experian plc
Strategic report
82
Strategic report
Current areas of focus
We have established a clear vision of a sustainable and embedded risk
management framework throughout Experian globally. The Second Line
of Defence Strategic Plan incorporates an annual self-assessment of
maturity progress and a rotating external validation programme, with
target maturity benchmarked across relevant industry peers, including
financial services.
A wide range of measures have been successfully implemented and
embedded in recent years, resulting in a strengthening of Experian’s
approach to the management of risk, actively reducing risk in areas
critical to the success of the business.
Throughout the period, Group Risk Management (GRM) has embedded
the Group’s new risk management reporting, emerging risks and key
risk indicators within the regional risk processes. The Global Security
Office (GSO) has constantly updated processes, including those relating
to emerging threats, such as Generative Artificial Intelligence (GenAI).
The Audit Committee was also briefed on the investment in people and
technology and the development of techniques and protocols in threat
detection and response. Global Compliance has established and
commenced implementation of the Compliance roadmap, which enables
targeted increases in compliance maturity and greater standardisation
of key compliance processes.
A third-party adviser completed an external risk maturity assessment
of Risk Management in FY25. This confirmed to the Audit Committee
that Experian has demonstrated excellent progress across the eight
components of its maturity assessment framework, and places it within
the range of peer organisations.
We expect to continue to make further progress on delivering our
strategic plan and further maturing our overall risk management
approach during FY26.
For more information, see the Audit Committee report, pages 117 – 125.
Emerging risks
We continue to evolve our emerging risk processes to identify and
assess risks that may, in time, pose a threat to our business model or
strategy. This knowledge-sharing and horizon-scanning programme
seeks to identify potential risks and emerging trends, looking through
various risk lenses and over a future time horizon, in some cases
extending up to five years and beyond. This approach enables the
consideration of the most relevant emerging risks and opportunities
for Experian and provides the opportunity to review and develop
appropriate risk response strategies to address them. Some of the
emerging risks we are currently monitoring include:
• Advanced and emerging technologies:
We continue to monitor all
new and emerging technologies, such as quantum computing, which
could have an impact on our business, so that we can respond in an
appropriate timescale.
• Geopolitical instability:
With operations in 32 countries, the increasing
complexity of international relations and economics necessitates
that Experian regularly reviews and updates its strategy to mitigate
potential impact and uncertainty arising from geopolitical developments.
The effects of global conflicts and geoeconomic confrontation (e.g.
sanctions and tariffs) may lead to changing legislation/regulation,
hardware shortages, and concentration of strategic resources and
technologies. While we are seeing some of these geopolitical risks
materialise now, specifically within our macroeconomic principal risk
assessment, we continue to retain this as an emerging risk: there may
well be other impacts that manifest and crystallise as a result of the
ongoing uncertainty. These risks continue to be monitored throughout
the year and are considered during our twice-yearly principal risk
assessments to drive any co-ordinated responses that may be required.
• Location dependency risks:
Due to an increasing number of events
that have the potential to impact operations in a single location,
including extreme weather events, breakdowns in core infrastructure
or the emergence of a significant health-related event, we are
monitoring our locations to establish which might be at risk from
these outside factors. Our resiliency plans are being refreshed to
consider these emerging risks in planning and scenario exercises,
at both a global and regional level.
Climate-related risks
The main climate-related risks affecting the Group relate to: how
physical risks such as flooding, damage from storms, and freeze
damage, could cause disruption to our business operations; and the
risks posed by the transition to a low-carbon economy, such as climate
change regulation and any failure to adapt our products and services
in markets most affected by this change. Climate risk has implications
relating to several of our existing risk categories (and related principal
risks), and we recognise that we need a range of risk responses.
We continue to monitor, assess and manage these risks using our
established risk management processes. These risks, and our response
to them, are overseen by our Sustainability Steering Committee.
This year, the Committee received updates on several key topics,
including our Scope 3 climate target on supplier engagement and our
training and awareness campaign, ‘On Target for Climate’. Our approach
to Scope 3 reporting and supplier engagement helps reduce exposure
to carbon taxation on Purchased Goods and Services, which make up
the majority of our value chain carbon footprint. We also continued
preparations for EU Corporate Sustainability Reporting Directive (CSRD)
reporting, including our double materiality assessment. We are making
good progress towards our science-based emission reduction target
and developing our Net Zero Transition Plan. This helps mitigate
risk associated with potential future carbon pricing and increased
energy costs.
The Sustainability Steering Committee has developed a strategy to
manage the ongoing climate-related and other sustainability risks as
they present themselves and we continue to embed these within our
existing risk management approach. Further detail on how we have
incorporated climate-related risks into our risk management process
is available in the Sustainability section (pages 58 – 72).
83
Experian plc
Annual Report 2025
Risk management and principal risks
continued
Principal risks
We operate in a complex, dynamic business environment across
multiple jurisdictions, providing a range of data-driven services to
clients and consumers. The security of our data, and the resilience
of our technology, are fundamental to the successful delivery of our
strategy in meeting the needs of our various markets. We innovate
through investing in the development of our talent, products and
services, and through acquisitions and partnerships to maintain and
extend our competitive position. Accordingly, the following pages
summarise our principal risks and uncertainties, with mitigating
actions for each, and related trends in the risk environment, as
identified by the Board for the year ended 31 March 2025.
The Board continues to review the nature and definitions of these risks
as our strategy and business model continues to develop, and has
concluded that no changes were required for FY25 when compared with
the previous year. These risks may, however, change during the next
financial year as the risk landscape evolves and new risks emerge.
The table below summarises our current risk position, and further detail
can be found under each of the principal risk headings in this section.
Principal risk
Risk movement
Risk velocity
Risk category
Data loss/misuse
Stable
Short term
Operational
Resiliency
Stable
Short term
Operational
Legislative/regulatory
change and compliance
Stable
Short to
long term
Strategic,
Regulatory,
Operational
Macroeconomic
Increasing
Short term to
long term
Financial
Investment outcomes
Stable
Long term
Strategic,
Operational
Competition
Stable
Long term
Strategic
Business conduct
Stable
Short term
Operational
Talent acquisition
and retention
Stable
Medium term
Operational
To assess our Group’s viability, the directors focused on severe, but
plausible, downside scenarios relating to three of our principal risks:
Data loss/misuse; Resiliency; and Legislative/regulatory change and
compliance. The scenarios are discussed in more detail in the viability
assessment section following the description of our principal risks
(page 90).
Data loss/misuse
We hold and manage sensitive business, client and consumer
information that increases our exposure and susceptibility to cyber
attacks or other unauthorised access to data, either directly through
our online systems or indirectly through our partners or third-party
suppliers.
This risk is considered in the viability assessment.
Risk category:
Operational
Risk movement:
Stable
Potential impact
Loss or unauthorised access to sensitive business, client or consumer
data could adversely impact consumers and clients, result in material
loss of business, substantial legal liability, regulatory enforcement
or significant harm to our reputation. The impact of this risk, if it
materialised, would typically be felt in the short term.
Examples of control mitigation
• We deploy physical and technological security measures, combined with
monitoring and alerting for suspicious activities.
• We maintain an information security programme with strong governance
for identifying, protecting against, detecting and responding to cyber
security risks and recovering from cyber security incidents.
• We routinely refresh our training in light of evolving risks and
circumstances, as well as keeping our people up to date through
awareness activities on specific information-security topics.
• We impose contractual security requirements on our partners and other
third parties that store, process, transmit or have access to our data,
complemented by periodic reviews of third-party controls.
• We maintain insurance coverage, where feasible and appropriate.
Responsibility
Our strong information security culture starts at the top. Senior leaders
are highly engaged and we make clear that everyone at Experian must
take personal responsibility for security. Our Global Security Office sets
policies and standards related to the information security programme.
Every employee is responsible for following security policies and
protocols, supported by a strong emphasis on training and awareness.
In addition, we have established a network of Security Advocates across
the organisation who champion security initiatives, cultivate a grassroots
culture of security, raise awareness and encourage proactive risk
management.
Changes this year
External cyber security threats to businesses continue to increase in
complexity and evolve in their nature and scope. Our threat-informed
defence programme concurrently monitors and targets the most active
threats to mitigate and reduce risks. Our programme is constantly
updated to include emerging threats, such as GenAI, based on the latest
threat intelligence. As our business continues to change through both
acquisitions and technological developments, we remain focused on the
continuing need to survey the internal and external threat landscape
and develop responses that support our strategy to manage the risk.
Our security programme continues to improve its maturity relative
to industry frameworks (e.g. US National Institute of Standards and
Technology), and we have further enhanced our protection, detection
and response capabilities by strengthening security policies, practices
and training. We continue to enhance and invest in the tools, people,
resources and initiatives necessary to maintain and improve our global
information security programme.
More information on our approach to treating data with respect is
available in our Sustainability section (pages 58 – 72).
Experian plc
Strategic report
84
Strategic report
Resiliency
Delivery of our products and services depends on a number of key
IT systems and processes that expose our clients, consumers
and businesses to serious disruption in the event of systems or
operational failures.
This risk is considered in the viability assessment.
Risk category:
Operational
Risk movement:
Stable
Potential impact
Failure to manage service availability and enterprise resiliency, and its
impact on clients and/or consumers within established risk tolerance
levels, could have a materially adverse effect on our business, financial
performance, financial condition and reputation. Availability of our
products and services is impacted by disruption to either our software
applications or technology infrastructure. A failure arising from
technology change, cloud account misconfigurations or component
breakdown could result in client and consumer disruption. The impact
of this risk, if it materialised, would typically be felt in the short term.
Examples of control mitigation
• Our operations are designed to avoid material and sustained disruption
to our businesses, clients and consumers.
• We design applications to be resilient and with a balance between
longevity, sustainability and speed.
• Active monitoring of service levels and incident management is in place
globally to maintain focus on the availability of products to meet client
and consumer requirements.
• We maintain a global integrated business continuity framework that
includes industry-appropriate policies, procedures and controls for
all our systems and related processes, as well as ongoing review,
monitoring and escalation activities.
• We maintain secondary providers (cloud and/or data centres) for
resilience.
Responsibility
Our corporate and business technology teams, assisted by the Business
Continuity function, are responsible for maintaining appropriate primary
and back-up infrastructure to minimise disruption.
Changes this year
In common with many organisations, Experian faces an increasing
threat from ransomware and other cyber attacks, including cyber
resilience threats to third parties critical to our operations where we
cannot switch them out easily or quickly in the event of encountering a
cyber risk event. We continue to assess the potential impact of these
threats, as the nature and sophistication of these attacks continually
evolves. Our global ransomware preparedness and associated response
includes a number of key initiatives aimed at continually improving our
existing capability in this area.
Throughout the year we experienced isolated events that tested our
plans and processes. We continue to closely monitor our infrastructure
and processes to manage our commitments to clients, consumers
and regulators.
We continue to progress the development and standardisation of our
major incident management process across all regions to further
improve root cause analysis and trend analysis so as to better
understand the risk.
Migrating to the cloud presents an opportunity to simplify the scale and
complexity of our product portfolio and technical estate, as reduced
complexity drives down cost and increases reliability. We are adopting a
strategic 'cloud first' model with consolidated, cloud-adjacent co-located
data centres. This creates strategically configured services, organised
across regions and availability zones, ensuring greater resilience.
A global initiative continues progress to maximise business value and
maintain leadership through accelerated technology transformation,
delivering standardised enterprise services and automating 'Everything
as Code' to sustain delivery at scale. The benefits of this are to create
increasingly sophisticated automation and monitoring, leading to a
reduction in the time taken to detect and resolve issues.
Legislative/regulatory change and compliance
We hold and manage sensitive consumer information, and we must
comply with many complex privacy and consumer protection laws,
regulations and contractual obligations. In addition, as we are now active
in business areas such as payments in our consumer business, we are
exposed to regulations and regulators associated with those markets.
Heightened regulatory activity, new laws and regulations, changes to
and new or novel interpretations of existing laws and regulations create
a risk that we fail to comply with new or existing laws and regulations as
we have interpreted and implemented them into our businesses.
This risk is considered in the viability assessment.
Risk category:
Strategic, Regulatory, Operational
Risk movement:
Stable
Potential impact
Non-compliance may result in material litigation, including class actions,
as well as regulatory actions. These could result in significant civil or
potentially criminal liability, fines or penalties, damage to our reputation
or significant changes to parts of our business or business practices
which could result in increased costs or reduced revenue. The impact
of this risk, if it materialised, would typically be felt in the short to
long term.
Examples of control mitigation
• We seek to establish and maintain relationships with our principal
regulators, where possible. Where necessary and appropriate, we
engage external counsel on interpretation of regulation.
• We maintain a compliance management framework that includes
defined policies and procedures for the interpretation and
implementation of laws and regulations, including control objectives,
accountability, and assurance practices.
• Our Global Compliance team has region-specific regulatory expertise
and works with our businesses to identify and adopt balanced
compliance strategies.
• We assess the appropriateness of using data in new and changing
products and services.
• We operate a horizon-scanning process to identify potential changes
in laws and regulation and assess their impact.
• Our Government Affairs strategic plan and policy activity seeks to
respond to legislative proposals and have our point of view taken
into consideration in their outcome, to mitigate impacts on
Experian strategy.
• We vigorously defend all pending and threatened claims, employing
internal and external counsel to manage and conclude such
proceedings effectively.
85
Experian plc
Annual Report 2025
Risk management and principal risks
continued
Responsibility
Our Legal, Government Affairs and Compliance functions work with
our business units to understand the impact of relevant laws and
regulations, including any new or changed regulatory interpretations
and associated implications. Our business units put in place appropriate
procedures and controls designed to ensure compliance.
Changes this year
We continue to see regulatory and legislative agendas impacting key
areas of our business in a number of regions, with potential impacts
on some of our business practices. Regulators in some regions have
adopted new or novel interpretations of existing regulations, which in
some cases deviate significantly from well-established practices and
their historical interpretations and actions. These actions have, or in
some cases could, result in enforcement actions from some of our
principal regulators, some of which may have to be challenged and
resolved in court. We highlight some significant updates below:
• In the USA, new leadership associated with the new administration is
likely to bring about new and evolving priorities. The extent and timing
of any such shift in priorities remains currently uncertain. As has been
our practice, we will seek to work with our regulators in a collaborative
and productive manner. We continue to navigate certain existing
matters initiated under prior Consumer Financial Protection Bureau
(CFPB) leadership. The CFPB filed a lawsuit against Experian on
7 January 2025, following an expansive, three-year investigation into
industry-wide processes relating to credit profile dispute resolution.
In addition to monetary penalties, the lawsuit seeks to impose
wide-ranging changes which are contrary to the Fair Credit Reporting
Act (FCRA) and well-established supervisory and judicial precedent.
Accordingly, we will vigorously defend the lawsuit. The CFPB dropped
its investigation related to the Experian Boost product offered to
consumers. During the year, the CFPB engaged in extensive
administrative rulemaking, including proposing new rules that
reinterpret various long-standing requirements under FCRA; and
finalising rules that prohibit the reporting of medical debt on credit
profiles and place onerous restrictions on consumers’ ability to grant
permission to use their banking information. These rules are subject
to ongoing administrative review processes by the CFPB, potential
review under the Congressional Review Act by the US Congress,
and in some cases litigation, all of which could impact whether and
to what extent they take effect.
• US state legislative and regulatory activity continue to increase.
Some US states have enacted or are considering laws relating to the
credit profile business in areas that have been exclusively covered
by the FCRA under federal pre-emption, such as prohibiting the
reporting of medical debt on credit profiles. An increasing number of
US states have enacted privacy laws that give consumers increased
transparency and rights to control the use of data in certain areas.
Additional states have under consideration similar or more
comprehensive privacy laws. The California Delete Act, which is
scheduled to go into effect in August 2026, will create the ability for
consumers, through a single request, to delete certain data from a
large number of unaffiliated companies, including from certain of our
US businesses other than credit reporting. The continued proliferation
and application of these various state privacy laws may have an
impact on products and services, as well as on compliance regimes,
in particular related to our Marketing Services business.
• Over the past year, the number of US class action lawsuits has
remained steady. The increase in the number of new individual
consumer cases also remains steady although year-on-year growth
has slowed. While we are managing the effects associated with these
investigations and lawsuits, the costs of responding to the increased
regulatory activity and defending litigation are rising and consequently
the risk of potential liability and impact on some parts of our business
remains significant.
• In Brazil, the general data protection law (LGPD) has been effective
since September 2020, and created the Brazilian National Data
Protection Authority (ANPD), which has powers over enforcement,
investigation, and regulation, including the determination of rules
and interpretation of data protection law. While we have implemented
our rigorous compliance programme based on the principles
outlined in the law, we have already seen some different regulatory
interpretations of these principles and how they relate to our business,
notably our Marketing Services business. The ANPD has increased
its activities in issuing interpretations of the law and, in specific
cases, bringing administrative proceedings, including against
governmental entities.
• The Central Bank of Brazil (BCB) conducts regular and ongoing
supervisory examinations of various aspects of our payments and
credit (loans) businesses. The BCB has supervisory and enforcement
roles related to capital requirements, anti-money laundering, products,
cyber security and risk management, among others. The BCB has
conducted supervisory requests and audits relating to our regulated
payments and loan businesses, though no enforcement actions have
been initiated.
• The number of individual consumer cases in Brazil has increased
over the last year, many of which relate to our Limpa Nome and credit
reference businesses. In addition, cases related to the electronic
delivery of negative data registration notices to consumers have been
challenged and will be ruled as a repetitive appeal in the appellate
court this coming year. As in the USA, defending litigation is costly
and there remains the risk of potential liability and impact on some
parts of our business, which could be significant.
• The UK Financial Conduct Authority (FCA) has continued its regulatory
oversight and is progressing plans for the design and operation of a
new Credit Reporting Governance Body (CRGB), one of the changes
arising from the Credit Information Market Study (CIMS). Experian is
actively engaged in making recommendations for the CRGB, which
the FCA intends to be an industry body. The FCA continues to actively
supervise areas of interest including cyber and operational resilience
and the embedding of the Consumer Duty rules, which took effect in
July 2023.
• In the EU, regulators and the European Court of Justice remain active
on regulations which have the potential to impact our business,
including regulations over Artificial Intelligence (AI) and cyber security,
rulings which could impact credit scores, and General Data Protection
Regulation (GDPR) interpretations which have the potential to impact
our credit reference business in limited markets.
• In Australia, there are likely to be new privacy regulations which
could include additional requirements for consent and expanding
the definition of ‘personal information’, which is likely to impact our
Marketing Services business.
Experian plc
Strategic report
86
Strategic report
Macroeconomic
We operate globally and our results could be affected by global, regional
or national changes in fiscal or monetary policies.
A substantial change in credit markets in the USA, Brazil or the UK could
negatively impact our financial performance and growth potential in
those countries.
A substantial or sustained rise in US, EU or UK interest rates could
impact lending and consumer spending. It could also increase our future
cost of borrowings.
We present our Group financial statements in US dollars but transact
business in several currencies. Changes in other currencies relative to
the US dollar affect our financial results.
Risk category:
Financial
Risk movement:
Increasing
Potential impact
The US, Brazil and UK markets are significant contributors to our
revenue and profit.
A reduction in one or more of these markets for consumer and business
credit services could reduce our revenue and profit.
We benefit from the strengthening of currencies relative to the US dollar
and are adversely affected by currencies weakening relative to it.
We have outstanding debt denominated principally in US dollars, UK
pounds sterling and euros. As this debt matures, we may need to
replace it with borrowings at higher interest rates.
The impact of this risk, if it materialised, would typically be felt in the
short to long term.
Examples of control mitigation
• We have a diverse portfolio by region, product, sector and client.
We provide cyclical and counter-cyclical products and services.
• We convert cash balances in foreign currencies into US dollars.
• We fix the interest rates on a proportion of our borrowings.
• We review contingency plans in our key markets for specific potential
responses to evolving financial conditions.
Responsibility
Our corporate and business unit finance functions monitor our external
landscape, and work with business units to develop and implement
appropriate responses.
Changes this year
During 2024, the global economy experienced modest growth with the
global Gross Domestic Product (GDP) still growing by 2.8%. However, the
outlook is increasingly uncertain following the recently announced tariffs
in the USA and retaliatory counter-tariffs from certain trading partners.
The effect on global trade and financial markets is presently unclear but
the potential for escalation remains a real possibility.
In the USA, inflation continued to moderate from its 2022 peak,
however the Federal Reserve remains cautious. It reduced the number
of rate cuts it previously guided to and is observing the effect of new
economic policies.
Brazil experienced economic challenges in 2024. Higher inflation and a
weakening currency led to the Central Bank of Brazil increasing interest
rates, which has lowered GDP forecasts into 2025.
In the UK, consumer and business sentiment has weakened and GDP
growth has slowed throughout 2024. It is unclear how the Bank of
England’s Monetary Policy Committee will respond as forecast GDP
growth remains weak, but inflation is also proving to be stickier than
previously expected.
Despite the economic consensus becoming more uncertain, we continue
to perform well competitively and access higher growth opportunities,
with a substantial quantum of addressable opportunity. Businesses
continue to need to generate productivity gains while delivering better
digital experiences for their customers; and our rich datasets, that are
delivered through technologically advanced solutions, enable them to
do this.
We continue to analyse the impact of these uncertain economic
conditions on Group revenues and have considered different economic
scenarios in our viability assessment. We will continue to refine and
assure the readiness of our strategic options as external
macroeconomic factors develop.
We continue to monitor new and evolving legislation relating to tax
for both corporate income taxes and indirect taxes. With the current
geopolitical climate there is a possibility that the US and UK
governments may consider broad tax reform proposals. In addition,
significant reform and simplification of indirect taxes is ongoing in
Brazil. These could result in a change to our effective tax rate and tax
payments, but this remains to be seen.
Investment outcomes
We critically evaluate, and may invest in, equity investments and other
growth opportunities, including internal performance improvement
programmes. To the extent invested, any of these may not produce the
desired financial or operating results.
Risk category:
Strategic, Operational
Risk category:
Stable
Potential impact
Failure to produce the desired financial or operating results, due
to ineffective execution of business acquisitions, investments or
partnerships, may result in material loss, substantial legal liability
and significant harm to Experian’s reputation. The impact of this risk,
if it materialised, would typically be felt in the long term.
Examples of control mitigation
• Executive management processes are in place to enable
comprehensive business reviews by key stakeholders and committees,
such as our Investment/Valuation Committee and our Global Strategic
Projects Committee.
• Due diligence and post-investment reviews are conducted on all
acquisitions and investments to ensure alignment with Group strategy
and mitigation of risk.
• We prioritise our activities within integration plans to ensure we target
first the most significant gaps to Experian policy.
• We employ a robust capital allocation framework.
• We design our incentive programmes to optimise shareholder value
through delivery of balanced, sustainable returns and a sound risk
profile over the long term.
Responsibility
Our Corporate Development and Experian Ventures teams, as well as
our business units, monitor and are responsible for the investments we
make to ensure outcomes are in line with expectations.
87
Experian plc
Annual Report 2025
Risk management and principal risks
continued
Changes this year
We continue to analyse opportunities and threats to our business
model and work to address such opportunities and threats through
acquisitions, investments, strategic partnerships and new technologies
where appropriate.
As we continue to invest significantly in acquisitions, the successful
delivery of these initiatives remains critical for achieving our growth
ambitions and expected returns. Price discipline remains important
in assessing privately owned businesses. The changing market
environment continues to inform our investment strategy and we
remain focused on allocating capital to the most important strategic
priorities. For example, as we strive towards our ambition for Consumer
Services to be recognised as the No.1 platform globally for people to
improve their financial lives and save money, we have brought smarter
solutions to market through products such as Experian Smart Money.
We continue to optimise our core diligence and integration processes
to bring greater risk focus and prioritise key areas for management
attention. This includes enhancements to integration processes,
such as those relating to technology and information security.
We have developed our integration capabilities globally so that we
can supplement any acquisitions with resources with relevant
experience, and leverage knowledge across the regional teams
to manage integration risk effectively.
Competition
We operate in dynamic market spaces such as consumer and business
credit information, decisioning software, fraud, marketing, and
consumer services. Our competitive landscape is still evolving, with
traditional players reinventing themselves, emerging players investing
heavily and new entrants making commitments in new technologies
or approaches to our markets. There is a risk that we will not respond
adequately to such disruptions, or that our products and services will
fail to meet changing client and consumer preferences.
Risk category:
Strategic
Risk movement:
Stable
Potential impact
Failure to respond and adapt to the evolving competitive landscape and
differentiate our services to meet fast-changing consumer, investor
and stakeholder expectations may limit our ability to leverage market
opportunities and result in an inability to deliver on strategic and
financial objectives. Price reductions may reduce our margins and
financial results. Increased competition may reduce our market share,
harm our ability to obtain new clients or retain existing ones, affect
our ability to recruit talent, and influence our investment decisions.
We might also be unable to support changes in the way our businesses
and clients use and purchase information, affecting our operating
results. The impact of this risk, if it materialised, would typically be
felt in the long term.
Examples of control mitigation
• We continue to research and invest in new data sources, analytics,
technology, capabilities and talent to support our strategic plan.
• Innovation remains a strategic focus, and we continue to develop
new products and data assets that leverage our scale and expertise
and allow us to deploy capabilities in new and existing markets
and geographies. We prioritise and develop our best innovation
ideas globally.
• We invest in technology and cloud transformation to enhance
our innovation and overall competitiveness in the marketplace.
We have made significant progress in our cloud-first strategy and
modernisation efforts.
• We operate a GenAI programme focused on utilising advanced AI
technologies to drive productivity, customer engagement and product
innovation across Experian.
• We deploy robust processes to identify, evaluate and select our
acquisition, investment and partnership opportunities. Where
appropriate, and available, we make acquisitions, minority investments
and strategic alliances, so we can efficiently and effectively introduce
new products and solutions, acquire new capabilities and enter
new markets.
Responsibility
Our Corporate Development and Experian Ventures teams, as well as all
of our business units, monitor the competitive landscape, to develop and
implement appropriate actions.
Changes this year
We are proactive in our efforts to evaluate competitors and markets,
and pursue investments and enhancements to our data, analytics,
technology and capabilities where appropriate, available and feasible.
Traditional competitors continue to pursue differentiated data assets,
adjacent vertical expansion, and new geographic markets. Our
competitors continue to view acquisitions as important components of
their long-term strategies. In the Consumer Services space, other firms
have become bigger competitors in recent years as we have expanded
in areas such as digital marketplaces and identity protection. We feel
confident in Experian’s relative position and competitive advantages,
albeit the broader landscape continues to evolve.
New and rapidly evolving technologies, such as AI, could also create
new paradigms in the application and management of commercial
data assets, with a number of competitors now incorporating AI into
product and efficiency roadmaps. Experian continues to explore these
opportunities to maintain our competitive position.
There is a long-term competitive risk to consider related to newer
entrants building information networks based on consumer data,
typically by leveraging 'open data' frameworks and practices. While most
of them may not be trying to build a credit bureau or fraud prevention
business as such, this is not many degrees away from our core business,
and is being closely monitored.
Business conduct
At Experian, we prioritise honesty, integrity and high ethical standards
in all our operations. We are dedicated to maintaining the highest level
of professionalism in the conduct of our business.
Risk category:
Operational
Risk movement:
Stable
Potential impact
Inappropriate business operations could negatively impact our clients,
consumers or counterparties. The impact of this risk, if it materialised,
would typically be felt in the short term.
Examples of control mitigation
• We enforce our Global Code of Conduct, Anti-Corruption Policy, and Gifts
and Hospitality Policy. If employees or suppliers do not adhere to our
standards, we will investigate thoroughly and take disciplinary or
corrective action.
• Our policies are reviewed and updated regularly to reflect the current
risk landscape and control environment.
• Risk and compliance testing provides insights across our control
environment and flags areas needing remediation. Our internal
reporting also oversees our fraud prevention and detection activities.
• Experian operates a Confidential Helpline, managed by an external
provider and overseen by Global Internal Audit, for anyone needing
to raise concerns about our conduct.
Experian plc
Strategic report
88
Strategic report
Responsibility
Our Group Risk Management and Global Compliance functions set
policies and standards, including the Global Code of Conduct. All
employees are responsible for understanding and following these
policies and standards.
Changes this year
Regulators have continued to emphasise public trust and consumer
and investor protection, promoting prudent conduct risk management.
Regulatory scrutiny on the use of AI has increased throughout the globe
due to the large amount of data used in processing. An ethical concern
is the risk of potential consumer impact related to biases which could
increase inequalities. The types and quantities of data used in AI may
increase the risk of amplifying biases. There are also privacy concerns
about user consent and data protection.
Our periodic employee surveys help us understand our approach to
professional and ethical standards and ensure all employees know
what is expected of them. We continue to see strong scores in
conduct-related questions, and our employees consistently attest to
our Global Code of Conduct. We monitor the completion of Code of
Conduct training and have enhanced delivery processes to ensure
alignment across the Group.
We regularly evaluate our policies and procedures to stay aligned with
external and internal expectations
Talent acquisition and retention
Our success depends on our ability to attract, motivate and retain key
talent while also building future leadership.
Risk category:
Operational
Risk movement:
Stable
Potential impact
Not having the right people could materially affect our ability to innovate
our products, service our clients and grow our business. The impact of
this risk, if it materialised, would typically be felt in the medium term.
Examples of control mitigation
• In every region, we have ongoing programmes for recruitment,
personal and career development, and talent identification
and development.
• As part of our strategy, we conduct periodic employee surveys and
track the progress of any resulting action plans.
• We offer competitive compensation and benefits, and review
these regularly.
• We monitor attrition rates, with a focus on individuals designated as
high talent or in strategically important roles. Our predictive models
help us proactively mitigate potential attrition risks.
Responsibility
Our business units work with the Human Resources function to set and
implement talent management strategies.
Changes this year
We continue with creating our 'people first' culture, which focuses on
maximising our ability to attract, develop, retain and grow talent.
In the June 2024 Great Place to Work® (re)certification we were ranked
14th in the World’s Best Workplaces™. Our high response rates, strong
engagement, leadership tools, enablement and culture of belonging and
inclusion helped propel us to this high ranking.
Risks around labour market pressures remain prevalent in the
majority of our markets, with demand for skills (particularly
technology disciplines) being notable. We are beginning to see
slightly increased attrition but still well below historical norms
and in line with similar industries.
We recently introduced a new internal talent marketplace that will
support current employees with identifying roles across the Group and
furthering our investment in fostering growth and retention of internal
talent, supported by a Career Framework, which currently covers 28%
of our global population. We continue to invest in our Talent Acquisition
team, building out a team of talent scouts in Hyderabad, India specifically
focused on building talent pipelines for technology roles and other
in-demand job categories.
Our employer brand continues to gain momentum, underpinned by our
compelling purpose and a culture of inclusion and belonging, which is
well recognised and attracts accolades in many of our markets.
Further information on our people agenda is available in our
Sustainability section on pages 58 – 72.
89
Experian plc
Annual Report 2025
Viability
The Group has continued to demonstrate its
resilient business model and diverse strategy,
both of which are described earlier in the
Strategic report. They exemplify our
underlying purpose to create a better
tomorrow, how we create value for our
stakeholders and communities, and how our
data and analytics are helping address the
changing needs of consumers and businesses.
Our strategy has enabled our business to grow
and achieve consistently good financial results
over the past decade, despite changes in the
economic cycle.
Our viability assessment focuses on the
expected future solvency of the Group in the
face of the more severe, but plausible,
unexpected events. We use the liquidity
modelling from the going concern assessment
as a base, and layer on the effects of downside
scenarios to assess the magnitude and
practicality of measures we could take to
continue trading in the face of such events.
We are not expecting the current economic
environment, under any plausible
circumstances, to develop into a scenario
that could threaten our viability.
We consider current-year business
performance and our future prospects by
conducting a regular cycle of strategic
planning, budgeting and forecasting. These
processes appraise revenue, Benchmark
EBIT, cash flows, dividend cover, committed
and forecast funding, liquidity positions and
other key financial ratios, including those
relevant to maintaining our investment-grade
credit ratings.
Solvency
The Group had:
• at 31 March 2025, undrawn committed bank
borrowing facilities of US$2.4bn (note 27(d)),
which have an average remaining tenor of
four years (2024: four years)
• only one borrowing facility covenant,
requiring Benchmark EBIT to exceed three
times net interest expense before financing
fair value remeasurements (as at 31 March
2025, our cover is 14 times)
• Benchmark operating cash inflows of
US$2.0bn (note 40(g)) and Benchmark
interest expense of US$0.2bn (note 16)
for FY25.
Assessment period
There are a wide variety of time horizons
relevant to managing our business and some
of these are highlighted in the chart below.
In conducting our viability assessment, we
have focused on a three-year timeline because
we believe our three-year financial planning
process provides the strongest basis for
reviewing the outlook for our business beyond
the current financial year.
The assessment process
While we assess our prospects throughout
our planning cycle, we specifically review
our three-year growth expectations and the
external environment as part of the annual
strategic planning process. The Board
participates in this review, using the January
strategy meeting as a focal point.
Assessment of viability
The Group continues to be subject to its
principal risks, which we submit to a rigorous
process of continuous reassessment (see the
Principal risks section on pages 84 to 89 in the
Strategic report). We have considered which
principal risks could have the most significant
and direct impact on the viability of the Group
during the three-year period of assessment,
and they are shown opposite, with the
scenarios used to model those risks.
Climate-related risks and financial impacts
have also been assessed but are not
considered material over the period of
viability assessment (see the TCFD statement
on page 67).
Our modelling shows that:
• under our harshest ‘severe but plausible’
scenario (which could cost us around
US$1.9bn over three years), we would
comfortably maintain sufficient drawn and
undrawn borrowing capacity and satisfy all
borrowing facility covenants,
• further significant headroom could be made
available by scaling back capital investment
or operating expenditure, reducing returns
to shareholders, or increasing our target
leverage range, and
• in all scenarios, our debt covenant would be
comfortably satisfied.
The results of the scenario testing show that,
due to our diversified nature – which includes
significant counter-cyclical protection, the
resilience of the core business, its substantial
free cash flows and its strong investment-
grade credit ratings – we would withstand the
considered scenarios were these to occur
during the forecast period.
The directors also reviewed and considered
the outcome of the reverse stress test. This
demonstrated that only a catastrophic fall
in cash flows, well beyond that which could
plausibly occur, would exhaust all headroom
in the viability model.
In the event of such a significant scenario
occurring, management would have a number
of more severe mitigating cost reduction or
financing actions, over and above those
modelled in our base scenario, which could be
taken to safeguard the viability of the Group
and provide further additional headroom.
Viability and going concern
1 year
2 years
3 years
5 years
10 years +
Typical service life of data assets
Investment appraisal – acquisitions and organic
Share incentive plans
IT systems development
Financial plan including
cash flow forecasts
Long-term
financing –
bonds
Medium-term
financing –
revolving credit
Management
succession
planning
Detailed budgets
Pensions
Climate change
Time horizons affecting prospects
Experian plc
Strategic report
90
Strategic report
Key assumptions
The directors have made the following key
assumptions:
• The Group continues to achieve strong cash
flow conversion and maintains its
investment-grade credit ratings such that
funding in the form of capital markets debt,
committed bank borrowing facilities or
alternatives is available in all plausible
market conditions to renew debt as it
matures and to raise new debt, maintaining a
Net debt/Benchmark EBITDA leverage range
of 2.0–2.5x, in line with our target range.
• Effective tax rates remain broadly stable
(before the impact of any changes of
legislation) over the medium term.
• In assessing viability, it is assumed that the
detailed risk management process as
outlined on page 82 captures all plausible
risks, and that the mitigating actions are
implemented on a timely basis and have the
intended impact.
Viability statement
Based on their assessment of prospects and
viability, and the Board’s rigorous assessment
of the emerging and principal risks, the
directors confirm that they have a reasonable
expectation that the Group will be able to
continue in operation and meet its liabilities as
they fall due over the three-year period ending
31 March 2028. Looking further forward, the
directors have considered whether they are
aware of any longer-term operational or
strategic risks that would result in a different
outcome from the three-year assessment and
have confirmed that they are not aware of any.
Going concern statement
Our going concern assessment focuses on
immediately available sources of liquidity to
fund our anticipated trading pattern, plus
anticipated acquisition spend, returns to
shareholders and capital investment, ensuring
we always maintain a comfortable margin of
headroom in case of the unexpected. We also
perform a review of indicators typical of
emerging going concern issues and have
identified none.
The directors believe that the Group and
the Company are well placed to manage
their financing and other business risks
satisfactorily to continue to meet their liabilities
as they fall due and have a reasonable
expectation that the Group and the Company
will have adequate resources to continue their
operational existence, for at least 12 months
from the date of signing these financial
statements. The directors therefore consider
it appropriate to adopt the going concern
basis of accounting in preparing the financial
statements. In reaching this conclusion, the
directors noted the Group’s strong cash
performance in the year, and its resilience
in the face of a viability reverse stress
test scenario.
Strategic report
This Strategic report was approved by a duly
authorised committee of the Board of directors
on 13 May 2025 and signed on its behalf by:
Charles Brown
Company Secretary
13 May 2025
Principal risk and scenario
Impact modelling
Modelling details
Data loss/misuse and Resiliency
Leading to serious reputational and brand
damage, legal/regulatory penalties and class
action litigation.
We assessed the maximum credible extent of a
ransomware incident and modelled the likely
financial impacts through loss of revenue,
dispute and regulatory actions, and the costs
of remediation.
We considered a ransomware scenario
involving sensitive consumer financial or
health-related data. We modelled the effects of
reputational damage – significant reduction in
key strategic client revenue, as well as effects
across the board in the affected business,
and indirect effects in other businesses and
regions. We modelled the costs of supporting
clients, contacting consumers affected and
offering free credit repair services, the impact
of likely legal and regulatory actions, less
insurance recoveries anticipated. We also
benchmarked our modelling to market data
available for costs disclosed by others in
similar circumstances.
Resiliency
Infrastructure failing leading to a temporary
loss of services for clients and consumers.
We assessed the maximum credible extent of
a combined failure of our internal technology
infrastructure and third-party cloud provision,
modelling the potential financial implications
in one or more of our major countries of
operation.
We modelled the direct and indirect revenue
and cost impacts including loss of client
revenue, likely legal and regulatory actions
and any costs relating to potential technology
remediation/investment.
Legislative/regulatory change
and compliance
Changing how we operate our business.
We assessed the maximum credible extent
of simultaneous legal actions in two of our
core markets.
We modelled the likely financial impacts, after
potential insurance recoveries, using our
history and professional advice on the levels
of fines and penalties in the industry and
what is permitted by regulatory enforcement.
Principal risks and viability scenarios
91
Experian plc
Annual Report 2025
Governance
In this section
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
Experian plc
Governance
92
93
Experian plc
Annual Report 2025
Governance
Chair’s introduction
“We are committed to strong
corporate governance, ensuring
effective oversight and support
for senior management.”
Chair’s introduction
I am pleased to present, on behalf of the Board, the Governance report
of the Company for the year ended 31 March 2025, and I am grateful
to Board members, the senior management team, and especially
Experian colleagues, for the support, determination and ambition they
have shown throughout the year. Despite continued market challenges,
we have functioned well and our commitment to strong and robust
corporate governance continues. This supports Experian in promoting
long-term sustainable success for our shareholders and allows us to
continue to help Experian contribute to wider society.
This report provides details about the Board and its committees, an
explanation of the various roles and responsibilities, and provides an
insight into their activities over the year. We work to ensure that strong
corporate governance standards and processes remain embedded
throughout the Group, which allows us to make sure there is: continued
good oversight of strategy, operations, risk and control; appropriate
challenge; a robust decision-making process; and the necessary support
and guidance for the senior management team and the business.
Engagement
During the year, the Board visited our North America operational
headquarters in Costa Mesa, California, USA and spent time there
reviewing the Group strategy, holding Board and committee meetings,
and meeting colleagues. The Board also visited São Paulo, Brazil and
spent time reviewing the strategy in Brazil and Spanish Latin America,
spending time with senior leaders and colleagues, and receiving
updates on performance and plans. Board members appreciate being
able to spend time with the business and with colleagues, and enjoy
these visits and meetings which allow them to get a greater sense
of progress, developments and culture, and hear the views and
perspectives of colleagues.
We recognise that our success and growth, as well as depending on the
significant contributions from colleagues, also relies on the Board taking
decisions for the benefit of our shareholders and having regard to all
stakeholders. Throughout the year, the Board draws on the engagement
of the business with stakeholders, and updates are frequently provided
to the Board (including consumer credit metrics, client and consumer
operational highlights, and details of supplier engagement and outlay).
I am available to meet shareholders and undertook a series of meetings
with several of our largest shareholders during December 2024 and
January 2025, engaging on various topics including Group strategy,
and Board composition. Committee chairs are available to meet
shareholders throughout the year, and the Board receives updates on
shareholder sentiment at every Board meeting. Our Remuneration
Committee Chair, Louise Pentland, met with the UK and Ireland People
Forum in March 2025, and provided feedback to the Board on the
matters raised and discussed.
Experian conducted a comprehensive and competitive tender process
during the year for the external audit for the financial year ending
31 March 2027 onwards. This timing was chosen to provide sufficient
time to allow for the selection process, an orderly transition and full
independence of the incoming firm, in the event of a change in auditor.
The audit tender process was led by the Chair of the Audit Committee,
on behalf of the Committee, supported by an audit tender steering
group. The Board approved the re-appointment of KPMG LLP on the
recommendation of the Audit Committee, and such appointment is
subject to shareholder approval at the 2026 AGM. The audit tender
process is discussed in more detail in the Audit Committee report.
Colleagues
During the year, Craig Boundy stepped down as Chief Operating
Officer and as a director to take up a new role, and we thank him for
his many contributions, having had a defining and lasting positive
impact on Experian over 13 years. Eduardo Vassimon was appointed
to the Board during the year as an independent non-executive director.
His appointment is another strong addition for us, bringing his
significant experience from the financial services sector, Experian’s
largest vertical, as well as his deep knowledge of the Brazilian market.
Eduardo also adds further financial expertise to the Board. Eduardo’s
induction will commence in financial year 2026 (FY26). Luiz Fleury will
retire from our Board at the Annual General Meeting on 16 July 2025,
having completed nine years’ service on the Experian Board. We wish
to thank Luiz for his significant contribution since joining our Board
in 2015. Louise Pentland will also step down from our Board at the
Annual General Meeting following her acceptance of a new executive
role elsewhere. We wish to thank Louise for her support and
considerable contribution since joining our Board in 2022.
The Board will continue to oversee the development of an environment
of inclusivity and belonging, among its many other activities. This year,
we realised the ambition of being named one of the World’s Best
Workplaces™ 2024 by Fortune and Great Place to Work®. Our number
14 ranking places us among a select group of 25 outstanding companies
known for creating the best workplace cultures around the world.
The Nomination and Corporate Governance Committee also spent time
during the year reviewing the health of our executive succession and
the talent development pipeline. Within the business, we review and
update succession plans quarterly to assess the strength of the pipeline,
mitigate risk and to inform our talent development strategy. As well
as this review, there was an update to the Committee on the broader
talent development strategy, which included details of leadership
development opportunities within the wider leadership pool, and
a focus on early careers (and building a pipeline of diverse talent),
including potential development opportunities for colleagues through
the Experian University.
Board performance review
As part of our agreed performance review cycle, we conducted an
internal Board performance review during the year. As well as reviewing
the progress on the Board’s published focus areas, the Board and each
principal Board committee discussed their performance for FY25 and,
having concluded among other things that the Board and committees
were operating effectively, the Board agreed new focus areas for FY26.
You can read more about these, and the review process, on pages 115
and 116.
Mike Rogers
Chair
Experian plc
Governance
94
Chair’s introduction
continued
Statement of compliance
For the year ended 31 March 2025, the Company complied with
all the provisions of the Code (as published in July 2018), the
FCA Disclosure Guidance and Transparency Rules sourcebook
sections 7.1 and 7.2 (which set out certain mandatory disclosure
requirements), the FCA’s Listing Rules 6.6.6R, 6.6.17R and 6.6.18R
which include the ‘comply or explain’ requirement and, on a
voluntary basis, Directors’ Remuneration Reporting Regulations
and Narrative Reporting Regulations. These documents are publicly
available as follows:
The Code can be found at
frc.org.uk
.
The FCA’s Disclosure Guidance and Transparency Rules sourcebook
as well as Listing Rules can be found at
handbook.fca.org.uk
.
The Directors’ Remuneration Reporting Regulations and
Narrative Reporting Regulations can be found at
gov.uk
, and
legislation.gov.uk
.
In addition, the FRC Guidance on Risk Management, Internal Control
and Related Financial and Business Reporting can be found at
frc.org.uk
.
Strategy
Overseeing and implementing strategy are key responsibilities of the
Board and were reflected during the year through several activities.
The Board spent a number of days together reviewing the Group’s FY26
strategy, reviewed the Group’s sustainability strategy, and received
a mid-year update on strategic progress, as well as regular updates
from the Chief Executive Officer and Chief Financial Officer. The Audit
Committee reviewed the strategies of the key second line of defence –
Group Risk Management, Global Security Office and Global Compliance
functions – and received regular updates from them, as well as dealing
with the Committee’s regular business.
Conclusion
I hope you find this corporate governance report helpful in
understanding the governance processes at Experian, and what we
have done in applying the principles and provisions of the UK Financial
Reporting Council’s (FRC) UK Corporate Governance Code 2018 (the
Code). The Board is well placed to provide the strategic oversight and
stewardship required to ensure Experian continues to achieve long-term
sustainable success. The Board welcomes the new UK Corporate
Governance Code 2024 published by the FRC in January 2024. This
will apply, with the exception of Provision 29 of the new code, to the
Company from 1 April 2025. We will seek to ensure that our governance
frameworks remain aligned with best practice, while taking full account
of the Company’s circumstances. During the year, the Nomination &
Corporate Governance Committee and Audit Committee gave detailed
consideration to the changes to the Code and collectively monitored
the Company’s progress in complying with the new Principles and
Provisions. You can read about our refreshed approach to risk
management and controls assurance in the Audit Committee report
on page 125.
The 2025 Annual General Meeting will be held on Wednesday 16 July
2025. Further details will be published in the Notice of Annual General
Meeting, which has been sent or made available to shareholders,
and is also available on the Company’s website, experianplc.com.
95
Experian plc
Annual Report 2025
Governance
Application of the UK Corporate Governance Code 2018
The FRC promotes high-quality corporate governance and reporting
through the Code, which all companies listed in the commercial
companies category, among others, on the London Stock Exchange
are required to either comply with in full, or explain why, and to what
extent, they do not fully comply (‘comply or explain’). This Governance
section of the Annual Report explains how we have applied each
of the Code principles, as set out below. We will report against
the revised 2024 edition of the Code in respect of the year ending
31 March 2026 (with the exception of Provision 29 which does not
apply until the following year).
Section 1: Board Leadership and Company Purpose
Principle A:
A successful company is led by an effective and
entrepreneurial board, whose role is to promote the long-term
sustainable success of the company, generating value for
shareholders and contributing to wider society. See pages 96 and 97.
Principle B:
The board should establish the company’s purpose,
values and strategy, and satisfy itself that these and its culture are
aligned. All directors must act with integrity, lead by example and
promote the desired culture. See pages 103 and 104.
Principle C:
The board should ensure that the necessary resources
are in place for the company to meet its objectives and measure
performance against them. The board should also establish a
framework of prudent and effective controls, which enable risk to
be assessed and managed. See page 105.
Principle D:
In order for the company to meet its responsibilities to
shareholders and stakeholders, the board should ensure effective
engagement with, and encourage participation from, these parties.
See pages 107 to 111.
Principle E:
The board should ensure that workforce policies and
practices are consistent with the company’s values and support its
long-term sustainable success. The workforce should be able to
raise any matters of concern. See page 111.
Section 2: Division of Responsibilities
Principle F:
The chair leads the board and is responsible for its
overall effectiveness in directing the company. They should
demonstrate objective judgment throughout their tenure and promote
a culture of openness and debate. In addition, the chair facilitates
constructive board relations and the effective contribution of all
non-executive directors, and ensures that directors receive accurate,
timely and clear information. See page 106.
Principle G:
The board should include an appropriate combination
of executive and non-executive (and, in particular, independent
non-executive) directors, such that no one individual or small group
of individuals dominates the board’s decision-making. There should
be a clear division of responsibilities between the leadership of the
board and the executive leadership of the company’s business.
See page 106.
Principle H:
Non-executive directors should have sufficient time to
meet their board responsibilities. They should provide constructive
challenge, strategic guidance, offer specialist advice and hold
management to account. See page 111.
Principle I:
The board, supported by the company secretary, should
ensure that it has the policies, processes, information, time and
resources it needs in order to function effectively and efficiently.
See pages 106 to 111.
Section 3: Composition, Succession and Evaluation
Principle J:
Appointments to the board should be subject to a formal,
rigorous and transparent procedure, and an effective succession
plan should be maintained for board and senior management. Both
appointments and succession plans should be based on merit and
objective criteria and, within this context, should promote diversity
of gender, social and ethnic backgrounds, cognitive and personal
strengths. See pages 113 to 114.
Principle K:
The board and its committees should have a combination
of skills, experience and knowledge. Consideration should be given
to the length of service of the board as a whole and membership
regularly refreshed. See page 99.
Principle L:
Annual evaluation of the board should consider its
composition, diversity and how effectively members work together
to achieve objectives. Individual evaluation should demonstrate
whether each director continues to contribute effectively.
See pages 115 and 116.
Section 4: Audit, Risk and Internal Control
Principle M:
The board should establish formal and transparent
policies and procedures to ensure the independence and
effectiveness of internal and external audit functions and satisfy
itself on the integrity of financial and narrative statements.
See pages 122 to 125.
Principle N:
The board should present a fair, balanced and
understandable assessment of the company’s position and prospects.
See page 122.
Principle O:
The board should establish procedures to manage risk,
oversee the internal control framework, and determine the nature
and extent of the principal risks the company is willing to take in
order to achieve its long-term strategic objectives. See page 125
and the Risk section of the Strategic report.
Section 5: Remuneration
Principle P:
Remuneration policies and practices should be designed
to support strategy and promote long-term sustainable success.
Executive remuneration should be aligned to company purpose
and values, and be clearly linked to the successful delivery of the
company’s long-term strategy. See pages 145 to 147.
Principle Q:
A formal and transparent procedure for developing policy
on executive remuneration and determining director and senior
management remuneration should be established. No director should
be involved in deciding their own remuneration outcome. See pages
126 to 127 and pages 142 to 144.
Principle R:
Directors should exercise independent judgment and
discretion when authorising remuneration outcomes, taking account
of company and individual performance, and wider circumstances.
See pages 126 to 140.
Experian plc
Governance
96
Board of directors
Mike Rogers
Chair
Appointed to the Board on 1 July 2017, and as
Chair (and Chair of the Nomination and Corporate
Governance Committee) on 24 July 2019.
Other current roles:
Mike is the non-executive
Chair of Admiral Group PLC.
Skills and contribution:
Mike brings over
30 years of banking and financial services
experience, with a reputation for strategic
insight and focused execution. His current and
previous board-level experience, both executive
and non-executive, is of huge value to the
Experian Board.
Experience:
Mike was Group Chief Executive
Officer of LV= Group from 2006 until 2016,
during which time he grew the organisation
into a significant player in the life and general
insurance market. Before that, Mike was with
Barclays plc for more than 20 years, holding
a number of senior roles, most recently as
Managing Director, UK Retail Banking. He was
previously a non-executive director of the
Association of British Insurers and NatWest
Group plc and Chair of Aegon UK.
Brian Cassin
Chief Executive Officer
Appointed to the Board as Chief Financial Officer
on 30 April 2012, and as Chief Executive Officer
on 16 July 2014.
Other current roles:
Brian is a non-executive
director (and the Senior Independent Director)
of J Sainsbury plc. He also sits on its Audit and
Nomination Committees.
Skills and contribution:
Brian brings strong
leadership, a clear view of strategic objectives
and decisive management skills to this role. He
has strong financial and commercial acumen
and a broad range of operational competencies.
His non-executive role augments his strong
board-level experience.
Experience:
Brian was previously the Chief
Financial Officer of Experian and, before that,
Managing Director at Greenhill & Co. He has also
held various senior roles at Baring Brothers
International and the London Stock Exchange.
Luiz Fleury
Non-executive director
Appointed to the Board on 8 September 2015.
Other current roles:
Luiz is a board member of
DOTZ S.A.
Skills and contribution:
Luiz has spent most
of his career in financial services and has
extensive insight and deep local knowledge of
the Brazilian financial market. His considerable
boardroom experience adds to the strength,
depth and effectiveness of our Board.
Experience:
Luiz has held Chief Executive roles
at Cetip S.A., Banco Ibi and Redecard, together
with senior finance and investment positions at
Banco Citibank S.A., Banco Marka S.A. and C&A
Brenninkmeyer Brasil. Luiz was President and
a member of the Executive Board at Cetip S.A.,
and a board member of Grupo Sequóia de
Logística, Eneva S.A., Discount Malls do Brasil,
Banco Ibi, FHV Holdings Ltda., Magnopus, Inc.
and Carrefour Brazil (the trading name of
Atacadão S.A.).
Lloyd Pitchford
Chief Financial Officer
Appointed to the Board as Chief Financial Officer
on 1 October 2014.
Other current roles:
Lloyd is a non-executive
director of London Stock Exchange Group plc.
He also sits on its Audit, Risk and Nomination
Committees.
Skills and contribution:
Lloyd is a qualified
accountant and holds an MBA. He possesses
deep financial, operational and strategic skills,
developed through a career working in a diverse
range of globally complex, growth-oriented
organisations. Lloyd sponsors Experian’s
sustainability and employee mental health
programmes.
Experience:
Lloyd has over two decades of
experience in financial and commercial
leadership positions across a range of dynamic
industries, including 15 years as Group Chief
Financial Officer and over eight years as a
non-executive director at Bunzl plc, where he
also served as Chair of the Audit Committee.
Before joining Experian, Lloyd held a wide
portfolio of finance, technology and operational
responsibilities: as Chief Financial Officer of
Intertek Group plc; in senior finance roles
(including Group Financial Controller) at BG
Group plc; and in financial and commercial
roles at Mobil Oil.
Au
Au
Nm
Nm
Re
Re
Esther Lee
Non-executive director
Appointed to the Board on 31 March 2023.
Other current roles:
Esther is a non-executive
director (and Chair of the Nomination and
Governance Committee) of The Clorox Company
and a non-executive director of Pearson plc.
Skills and contribution:
Esther’s extensive
marketing expertise brings a strong consumer
perspective to the Experian Board. The Board
benefits from her experience and knowledge in
developing consumer and customer strategies
to enable growth, driving consumer-centric
innovation and business transformation, and
developing brands and engaging consumers.
In addition, her significant executive leadership
experience brings to the Board perspectives
on corporate strategy, operating model, talent
and culture.
Experience:
Esther previously held several
corporate executive roles. At MetLife, she was
Executive Vice President and Global Chief
Marketing Officer. She has also held senior
leadership roles at AT&T and The Coca Cola
Company. Prior to her corporate career, Esther
spent several years in leadership roles in the
advertising industry at global agency networks
such as WPP and Havas.
Jonathan Howell
Non-executive director
Appointed to the Board on 1 May 2021, and as
Chair of the Audit Committee on 1 July 2022.
Other current roles:
Jonathan is the Chief
Financial Officer of The Sage Group plc.
Skills and contribution:
Jonathan has a wealth
of financial, strategic, technology and regulatory
expertise, encompassing both Business-to-
Business (B2B) and Business-to-Consumer
(B2C), which is of huge benefit to Experian.
He is a highly regarded FTSE 100 Chief Financial
Officer, and brings considerable executive
and non-executive UK-listed boardroom
experience. Jonathan's financial expertise
and experience ensure effective leadership
of our Audit Committee.
Experience:
Jonathan was previously an
independent non-executive director and Chair of
the Audit and Risk Committee of The Sage Group
plc., for five years while serving as Group Chief
Financial Officer of Close Brothers Group plc for
ten years until November 2018. Before that he
was Group Chief Financial Officer at London
Stock Exchange Group plc for nine years and
has also been a non-executive director of
EMAP plc and Chair of FTSE International.
The early part of Jonathan's career was at
Price Waterhouse where he qualified as a
chartered accountant.
Nm
Re
Au
Nm
Re
Code principle
Board Leadership
97
Experian plc
Annual Report 2025
Governance
Caroline Donahue
Non-executive director
Appointed to the Board on 1 January 2017.
Other current roles:
Caroline is on the board of
GoDaddy Inc., Versapay and Art on the Ave NYC.
Skills and contribution:
Caroline brings
extensive experience of international markets
and technology as well as knowledge of
consumer sales and marketing, innovation and
consumer-centricity. The Board also benefits
from her insight and extensive experience in
mass-market, digital, multi-channel and
Business-to-Consumer (B2C) distribution,
marketing, and brand and sales management.
Experience:
Caroline previously held roles at
Intuit where she was Executive Vice President,
Chief Marketing and Sales Officer; Senior Vice
President, Sales and Channel Marketing; and
Vice President and Director of Sales. She also
held sales and channel management roles at
Knowledge Adventure, NeXT Computer and
Apple, Inc. Caroline was previously on the
Executive Committee of Northwestern C100,
the board of the Computer History Museum,
the board of Emerge America and a mentor
for She-Can.
Kathleen DeRose
Non-executive director
Appointed to the Board on 1 November 2022.
Other current roles:
Kathleen is a Professor
at the New York University (NYU) Stern School
of Business, and a non-executive director of
London Stock Exchange Group plc, Voya
Financial, Inc. and Taxwell.
Skills and contribution:
As well as bringing
significant FinTech experience to the Experian
Board, Kathleen brings financial services
expertise with a focus on investment
management. She also has considerable
non-executive listed boardroom experience.
Experience:
Prior to her current roles, Kathleen
had an extensive career in global financial
services, including at Credit Suisse, Hagin
Investment Management, Bessemer Trust,
Deutsche Asset Management, and Chase
Manhattan Bank. Kathleen has also been the
Director of the NYU Stern Fubon Center for
Technology, Business, and Innovation and
the Director of its FinTech Initiative, and a
non-executive director of Enfusion, Inc.
Au
Au
Au
Au
Au
Nm
Nm
Nm
Nm
Nm
Re
Re
Re
Re
Re
Louise Pentland
Non-executive director
Appointed to the Board on 1 November 2022,
and as Chair of the Remuneration Committee
on 1 January 2024.
Other current roles:
Louise is Senior Vice
President and General Counsel of Roku, Inc.,
and a non-executive director of Hitachi Ltd and
Pacific Mutual Holdings Company.
Skills and contribution:
Louise brings
significant legal and regulatory experience
from FinTech, technology and digital industries,
and also has listed non-executive boardroom
experience. Having spent many years as a
senior executive at leading global technology
companies, Louise has a deep understanding
of business, law, human resources (including
remuneration committee management),
leadership, innovation and culture. Louise also
has extensive experience in intellectual property,
corporate governance and data privacy.
Experience:
Louise was most recently Chief
Counsel for the Disney Parks, Experiences and
Products segment of The Walt Disney Company,
and prior to that was Executive Vice President
and Senior Adviser to the CEO at PayPal
Holdings, Inc. Responsibilities included leading
its legal and regulatory requirements across all
markets working with international regulators,
overseeing PayPal's Environmental, Social and
Governance strategy and impact, running the
Human Resources function and leading
intellectual property and innovation activities.
Prior to PayPal, she held a wide range of senior
roles at Nokia Corporation, and had also spent
time at Avon Cosmetics following qualification
as a solicitor.
Eduardo Vassimon
Non-executive director
Appointed to the Board on 1 March 2025.
Other current roles:
Eduardo is Chair of
Votorantim S.A.
Skills and contribution:
Eduardo has spent
most of his career in financial services, with
deep knowledge of the Brazilian market as
well as an international perspective. He has
considerable experience in financial services,
entrepreneurial activities/ventures and financial
expertise. He has also held significant board
positions in both public and private companies
in Brazil. Throughout his career, Eduardo has
navigated complex regulatory landscapes
and overseen numerous integration and
transformation projects.
Experience:
Eduardo has held senior executive
roles at Itaú Unibanco, where he was the Chief
Executive Officer of Banco Itaú BBA and led the
Wholesale Bank for the Group, having previously
been the Group Chief Financial Officer and
Group Chief Risk Officer. He was also previously
Managing Partner of Fundo Pitanga, and a
board member of B3, where he chaired the risk
and financial committee, and of TOTVS S.A.,
where he chaired the nomination and corporate
governance committee.
Alison Brittain
Senior Independent Director
Appointed to the Board on 1 September 2020,
and as Senior Independent Director on 21 July
2022.
Other current roles:
Alison is Chair of English
football's Premier League and Dunelm Group
plc (where she chairs the Nominations
Committee), a non-executive director of British
Airways plc, and Chair of the King's Trust Group
of charities (formerly the Prince's Trust Group).
Skills and contribution:
Alison is a highly
versatile business leader and general manager,
who holds an MBA and brings considerable
experience of operating in consumer-facing
service environments. She has over 25 years’
senior management experience in major
financial institutions and consumer businesses.
The Board benefits from her significant
board-level experience.
Experience:
Alison was previously CEO of
Whitbread PLC, group director with Lloyds
Banking Group and a board director of Santander
UK PLC. She held senior roles at Barclays Bank,
and was a non-executive director of Marks &
Spencer Group PLC. She has been a member of
the UK Prime Minister's Advisory Councils, under
several administrations, and was awarded a CBE
in the 2019 UK New Year Honours list.
Au
Member of the Audit Committee
Member of the Nomination and
Corporate Governance Committee
Committee Chair
Nm
Company Secretary:
Charles Brown FCG
Independent Auditor:
KPMG LLP,
Chartered Accountants and Recognized
Auditor
Code principle
Board Leadership
Member of the Remuneration Committee
Re
Experian plc
Governance
98
Valdemir Bertolo
CEO Experian Latin America
Mariana Pinheiro
CEO Experian EMEA and Asia Pacific
Darryl Gibson
Group General Counsel
Lloyd Pitchford
Chief Financial Officer
Jeff Softley
CEO Experian North America
Charles Brown
Group Company Secretary
Malin Holmberg
CEO Experian UK and Ireland
Nadia Ridout-Jamieson
Chief Communications Officer
Brian Cassin
Chief Executive Officer
Alex Lintner
CEO Experian Technology, Software
Solutions, and Innovation
Jacky Simmonds
Chief People Officer
In line with the requirements of the FCA Listing Rules, companies must report information and disclose against FCA targets regarding the
representation of women and ethnic minorities on their Boards and in executive management (for Experian, this is our Group Operating Committee).
The Company pursues these goals by ensuring equal access to employment opportunities and resources, including casting a wide net, developing
a broad pipeline of candidates and maintaining a culture of inclusion and belonging. We do not discriminate against anyone based on race, colour,
religion, gender, sexual orientation, gender identity or expression, national origin, disability, age, covered veteran status or any other characteristic
protected by law.
Gender identity
Board members
Number of
Board senior
positions
1
Executive management
2
Number
%
Number
%
Men
6
55
3
7
64
Women
5
45
1
4
36
Other
—
—
—
—
—
Not specified/prefer
not to say
—
—
—
—
—
Ethnic background
Board members
Number of
Board senior
positions
1
Executive management
2
Number
%
Number
%
White British or other
White (including
minority-white groups)
8
73
4
8
73
Mixed/Multiple
Ethnic Groups
—
—
—
—
—
Asian/Asian British
1
9
—
—
—
Black/African/
Caribbean/Black British
—
—
—
—
—
Other ethnic group,
including Arab
2
18
—
3
27
Not specified/prefer
not to say
—
—
—
—
—
1
As defined by the FCA, senior positions on the Board comprise the Chair, Chief Executive Officer, Chief Financial Officer and Senior Independent non-executive Director.
2
Executive management comprises the members of the Group Operating Committee, including the Chief Executive Officer and the Chief Financial Officer.
All information on the Board and Executive management gender identity and ethnic background was manually gathered.
Group Operating Committee
Full biographies of the Group Operating Committee members can be found at
experianplc.com/about-us/board-and-senior-management
Code principle
Board Leadership and Company Purpose
Board and Group Operating Committee composition
99
Experian plc
Annual Report 2025
Governance
Board composition
Board meetings
Chair
Executive
Independent non-executive
50 – 59
60 – 69
American
Brazilian
British
Irish
Meeting
attendance
98
%
Financial
services
FinTech
Consumer
Technology/
Information
Financial
qualification
Legal/Regulatory
Serving listed
executive
Mike Rogers
Alison Brittain
Kathleen DeRose
Caroline Donahue
Luiz Fleury
Jonathan Howell
Esther Lee
Louise Pentland
Eduardo Vassimon
Composition
The Board currently comprises the Chair, Mike Rogers, two executive
directors and eight independent non-executive directors, including the
Senior Independent Director, Alison Brittain. On 20 August 2024, Craig
Boundy stepped down from the Board, and Eduardo Vassimon was
appointed as independent non-executive director on 1 March 2025.
Luiz Fleury is due to retire from the Board and Louise Pentland will step
down from the Board at the AGM on 16 July 2025. There were no other
Board or committee changes during the year under review. The directors’
biographies, along with each of their individual dates of appointment, are
set out on pages 96 and 97.
The composition of the Board is subject to ongoing review, with
considerations that include maintaining the appropriate balance of skills,
experience, knowledge, independence and tenure. The Nomination and
Corporate Governance Committee ensures a formal, rigorous and
transparent procedure when considering candidates for appointment to
the Board. The Board recognises the benefits of having a range of views,
insights, perspectives and opinions, and how this range enhances
Board decision-making and effectiveness. The Board is satisfied that its
current composition exhibits an appropriate mix of skills, professional
and industry backgrounds, geographical experience and expertise, age,
and tenure.
Board and senior management inclusion and belonging
Inclusion and belonging are embedded within our culture. The Board
strongly believes in having an inclusive culture. The benefits gained from
different perspectives are integral to business success and our strategy.
The UK Financial Conduct Authority (FCA), in its capacity as the UK Listing
Authority, requires listed companies to publish information on gender
and ethnic representation on the Board and in executive management
(for Experian, this means our Group Operating Committee, which
comprises the most senior executives). The key inclusion and belonging
metrics for Board members and executive management are set out on
page 98. In addition, the gender composition of the Group Operating
Committee and direct reports comprises 62% men and 38% women. The
figures are stated as at 31 March 2025.
Details of the tenure, age, skills and experience of the Board are included
on this page.
Non-executive directors’ key skills and experience
The Board recognises the relationship between achieving the Company
strategy and objectives, and the skills needed on the Board now and in
the future. The mix of key skills, experience and knowledge of the
non-executive directors set out in the matrix below provides insight for
the Board and the Nomination and Corporate Governance Committee
to ensure the Board and its committees are optimally composed to
maximise their effectiveness.
Role of the directors
The Company is led by an effective and committed Board, which is
collectively responsible for the long-term success of the Company.
The Board’s role is to provide entrepreneurial leadership, and it sets
the Company’s purpose, strategy and values, ensuring these are aligned
with our culture. It is responsible for monitoring progress towards
Experian’s strategic objectives, approving proposed actions and ensuring
the necessary resources are available for long-term sustainable success,
to generate value for shareholders and contribute to wider society.
The Board is supported by its committees, the executive directors,
principal subsidiaries and the Group Operating Committee, while
retaining exclusive control and oversight over the decisions set out
in the Schedule of Matters Reserved to the Board.
Board independence
Age
Nationality
Scheduled
meetings
6
The Chair was independent on appointment
This includes indicated primary nationality in respect of
dual-nationals
The length of time each of the directors has served on the Board, as at 31 March 2025
Code principle
Board Leadership and Company Purpose
Governance at a glance
Board tenure
Chair and non-executive directors’ key skills and experience
12y 11m
10y 6m
9y 7m
8y 3m
7y 9m
4y 7m
3y 11m
1m
2y 5m
2y 5m
2y 0m
Brian
Cassin
Lloyd
Pitchford
Luiz
Fleury
Caroline
Donahue
Mike
Rogers
Alison
Brittain
Jonathan
Howell
Eduardo
Vassimon
Kathleen
DeRose
Louise
Pentland
Esther
Lee
Corporate governance report
Experian plc
Governance
100
Code principle
Board Leadership and Company Purpose
Corporate governance report
continued
Strategic and budget planning process
The Board sets the Group strategy, and there is a process in place to
support this (the key steps of which are summarised in the diagram
below). The Board also reviews and approves the Group’s budget for the
forthcoming financial year, and the diagram outlines the key steps in
that process.
The Group’s strategy remains consistent, and we continue to aim to
deepen Experian’s position in our markets and open up new value pools.
We have received notable recognition for our people, our culture, our
products, and the positive impact we make on the societies where we
operate, and we remain very confident in Experian’s long-term growth
prospects. The strategic actions we have taken in prior years to build a
stronger and more advantaged business have set us up well to navigate
good and challenging times alike. We have made strong progress in all
our businesses and regions, and we continue to be uniquely placed to
drive financial inclusion in our markets, and create a better tomorrow
for consumers, businesses, our people and society.
During the financial year
• The
Chief Executive Officer (CEO)
updates the Board at every scheduled
meeting on operational, financial, business, and any relevant strategic
and budget matters
• The
Board
is provided with details of Group and regional performance,
and accompanying underlying narrative
• The
Board
continually monitors management and financial
performance on the Group’s objectives. Before scheduled meetings, the
Board receives updates on operational and financial matters, as well as
any strategic or major initiatives underway
• Relevant senior management attend
Board
meetings when required
to give in-depth updates either on regional or Group operational or
functional matters, including strategic and budgetary matters
• The
Board
receives relevant between-meeting updates, to allow for
appropriate oversight and monitoring, and the Board also conducts
post-investment reviews on an agreed timeline (for example in relation
to any acquisitions it has previously approved)
• During the year, there is detailed review of strategic and budgetary
plans, and financial planning and prioritisation continues
June to December
• A strategy summit considers priorities and commences development of
the Group’s strategy. A
Group Operating Committee
off-site meeting is
held to focus on key strategic issues
• Mid-year
Board
review of strategic progress, including an update on the
strategy summit and off-site key themes and actions
•
Group Operating Committee
and leadership meetings to review
strategy, and internal refinement and costing of plans and prioritisation
of opportunities continues
• In September 2024, the
Board
travelled to São Paulo, Brazil, where they
reviewed the Spanish Latin America and Brazil regional strategies with
management, and met colleagues
• The
Board
received and discussed a detailed Government and
Regulatory Affairs update while in Brazil in September 2024. The
Director of Government and Public Affairs, UK and Ireland and the
Senior Vice President, Government Affairs, North America, and the
Group General Counsel provided the update, and it included the global
political and economic outlook as it relates to Experian, thoughts
regarding Privacy and Artificial Intelligence (AI), Consumer Credit and
regulatory trends and updates on the rulemaking and supervisory
activity and the potential impacts to Experian and our clients
January
• Two-day
Board
strategy sessions are held with the
Group Operating
Committee
and senior leaders. In January 2025, the sessions were held
at our North America operational headquarters in Costa Mesa, California,
USA
• The
Board
sessions include extensive strategy discussions with
regional and Group operational and functional leaders and their teams,
which help the Board support and monitor ongoing strategy roll-out
• The
Board
reviewed the EMEA and Asia Pacific, UK and Ireland, and
North America regional strategies with management, and met
colleagues. The
Board
also received updates on Experian Software
Solutions (including the Identity and Fraud business and AI), Experian
Consumer Services and Experian Marketing Services, and the Financial
Services and Health vertical businesses
• The strategic framework considered by the
Board
also includes the
foundations that allow us to achieve our growth aspirations, for example
embedding a high-performance culture, and ensuring sustainability
through strong client relationships and continued investment in product
innovation and opportunities
• The
Board
approves the Experian strategy in January
March
• As part of the budget process, the
Board
reviews the Group budget, to
support having the correct resources in place to execute the agreed
Group strategy. Discussions include detailed focus on both regional
and global business budgets
• The
Board
continually monitors management and financial
performance against the Group’s objectives
• The
Board
approves the budget for the forthcoming financial year
• The
Board
also received and discussed the sustainability strategic
update with the Chief Sustainability Officer in March 2025 (including
details of how we continue to create shared value for our business,
consumers and communities globally, and ensure we have increased
our social impact and aligned further to our business)
March
Board budget review
Ensuring the correct resources are in
place to deliver the Group strategy
October
Group Operating Committee strategic review
Including detailed strategic plans
June
Group Operating Committee review meeting
Off-site strategy session to focus on
key strategic issues
October to November
Financial planning and prioritisation
Refinement and costing of plans and prioritisation
of opportunities
January
Board strategy review
Two-day strategy presentations
from senior leaders within the Group
September
Board strategy review
Mid-year review of progress
Board activities
Management activities
101
Experian plc
Annual Report 2025
Governance
May 2024
Board and
committee meetings
July 2024
Board and committee
meetings and Annual
General Meeting
September 2024
Board and committee
meetings (and the
Government and Regulatory
Affairs update) in Brazil,
including strategy
presentations from Spanish
Latin America and Brazil
regional management
November 2024
Board and
committee meetings
January 2025
Board and
committee meetings in the
USA, including two days
of strategy presentations
from global and regional
management
March 2025
Board and committee
meetings, and sustainability
strategy update
Code principle
Board Leadership and Company Purpose
Board
Nomination and Corporate
Governance Committee
Remuneration
Committee
Audit
Committee
Mike Rogers
6/6 – 100%
6/6 – 100%
5/5 – 100%
n/a
Brian Cassin
6/6 – 100%
n/a
n/a
n/a
Lloyd Pitchford
6/6 – 100%
n/a
n/a
n/a
Alison Brittain
6/6 – 100%
6/6 – 100%
5/5 – 100%
6/6 – 100%
Kathleen DeRose
6/6 – 100%
6/6 – 100%
5/5 – 100%
6/6 – 100%
Caroline Donahue
6/6 – 100%
6/6 – 100%
5/5 – 100%
6/6 – 100%
Luiz Fleury
6/6 – 100%
6/6 – 100%
5/5 – 100%
6/6 – 100%
Jonathan Howell
6/6 – 100%
6/6 – 100%
5/5 – 100%
6/6 – 100%
Esther Lee
6/6 – 100%
6/6 – 100%
5/5 – 100%
6/6 – 100%
Louise Pentland
6/6 – 100%
6/6 – 100%
5/5 – 100%
6/6 – 100%
Eduardo Vassimon (appointed 1 March 2025)
1/1 – 100%
1/1 – 100%
1/1 – 100%
1/1 – 100%
Past directors
Craig Boundy (stepped down 20 August 2024)
1/2 – 50%
n/a
n/a
n/a
Attendance at Board and principal committee meetings
Board delegation to management
The Board delegates management of the Group’s day-to-day activities
but is accountable to shareholders for financial performance and
creating long-term shareholder value. To achieve this, the Board has put
in place a framework of controls, including clear and robust procedures
and delegated authorities, which enables the Group to appraise and
manage risk effectively. This is illustrated in the Governance framework
diagram on page 105.
You can read about the Board’s procedures for managing risk
(including emerging risks), overseeing the internal control framework,
and determining the nature and extent of the principal risks the
Company is willing to take to achieve its strategic objectives, in the
Risk management and principal risks section on page 81.
Board meetings
The Board meets sufficiently regularly to discharge its duties, and holds
additional meetings when required, for example to review a specific
transaction. Each scheduled meeting is normally held over two or three
days, with Board committee meetings also taking place during this time.
Spending this time together further enhances the effectiveness of the
Board and its committees and contributes to the cohesive and collegiate
Board culture. The Board met overseas twice this year, which allowed
management and colleagues to present to it and to meet the directors
informally. The Board spent three days at our North America operational
headquarters in Costa Mesa, California, USA, in January 2025 where it
reviewed the Experian EMEA and Asia Pacific, UK and Ireland, and North
America, regional and business strategies with management, and met
with colleagues. In September 2024, the Board spent three days in São
Paulo, Brazil, and held Board and committee meetings during the visit,
met colleagues and reviewed the Spanish Latin America and Brazil
regional strategies with management. The Board also received a detailed
Government and Regulatory Affairs update while in Brazil.
Experian plc
Governance
102
Code principle
Board Leadership and Company Purpose
What did the Board do this year
Corporate governance report
continued
A. Strategy and management
Approval and oversight of Experian’s long-term objectives and
commercial (and sustainability) strategy, approval of annual operating
and capital expenditure budgets, and oversight and monitoring of
operations.
• Evaluated and debated presentations from management during the
two-day strategy presentations, approved the Group’s strategy, and
reviewed and supported the Group’s sustainability strategy.
• Received and considered key initiatives and strategy updates as part
of the ongoing strategic planning cycle, and detailed competitor and
venture updates.
• Reviewed operational and financial updates from the executive directors
at each scheduled Board meeting – these included operational, financial
and consumer credit metrics, trading, people and sustainability updates,
as well as details of key global initiatives, new business and competitors.
• Reviewed monthly Board reports, including details of performance against
budget and the Group’s financial position, and stakeholder updates.
B. Structure and capital / Financial reporting and controls /
Risk management
Changes in the Group capital or corporate structure. Approval of the
Group’s results, dividends, dividend policy, significant changes in
accounting policy, tax policy and treasury policy.
• Approved the Group’s Annual Report and full-year and half-year
financial results and carefully considered dividend payments and
a share repurchase programme.
• Approved the issuance of new bonds and refinancing of revolving
bank facilities.
• Discussed and approved the Group’s budget presentation for FY26 and
received updates on Group insurance and pension arrangements.
• Considered and approved the going concern and viability statements
for inclusion in the Annual Report.
• Reviewed risk reports, the appropriateness of preparing the financial
statements on the going concern basis and the Audit Committee’s
advice on making a ‘fair, balanced and understandable’ (FBU) statement
in the Annual Report.
• Reviewed and discussed regulatory and compliance matters with the
Group General Counsel, the Head of Global Compliance, and the Chief
Global Privacy, Ethics and Regulatory Compliance Officer at Board and
Audit Committee meetings, including updates on ongoing engagement,
current issues, potential impacts and plans as well as an update on
Government Affairs and Public Policy.
• Reviewed the Internal Control Requirements of the UK Corporate
Governance Code 2024 and the steps the Group is taking to prepare
for the new requirements.
• The Audit Committee received, considered and approved strategic
updates from Experian’s key second line of defence functions – Group
Risk Management, Global Security Office, and Global Compliance.
• Considered and approved KPMG as the external auditors from FY27
following the audit tender process.
• Reviewed and approved Risk Appetite Statements for the Group.
The Board’s key activities during the year are outlined below. The Board
has reserved certain key decisions to itself, and these types of decisions
are detailed below.
A
B
C
D
E
F
A. Strategy and management
B. Structure and capital/Financial reporting
and controls/Risk management
C. Contracts
D. Board membership/Delegation of
authority/Corporate governance/Policies
E. Communication
F. Other
C. Contracts
Approval of major or strategic capital projects, and of major acquisitions,
disposals and investments.
• Reviewed and discussed the corporate development pipeline at each
Board meeting, including an update at the July 2024 Board meeting on
our minority investment programme, which provides unique insight and
knowledge into emerging trends in technology and business models.
• Approved a number of acquisitions including the acquisition of 100% of
the equity share capital of Audigent, a North American business that
was primarily focused on leveraging first-party data to make audiences
accessible through sell-side platforms, providing an extension to
Experian’s buy-side capabilities. You can read more about this
acquisition on page 111.
• Conducted formal post-investment reviews on acquisitions that were
completed in FY22 and FY23, including CIC Plus, Work Report (Salary
Finance carve out), PayDashboard and Experian Employer Services
(Emptech, Corporate Cost Control and Tax Credit Control).
• Reviewed an update on the Experian Public Cloud Strategy.
D. Board membership / Delegation of authority /
Corporate governance / Policies
Approval of changes to Board composition, ensuring adequate
succession planning, reviewing reports from Board committees,
reviewing governance arrangements, and approval of various policies.
• Considered the Group’s annual health, safety and environment updates
and approved associated policy statements, Anti-Corruption and Bribery
Policy, and the Global Code of Conduct.
• Reviewed Board performance review findings, authorised Board
members’ potential situational conflicts of interest and approved the
annual election and re-election of Board members.
• Considered and approved the Notice of Annual General Meeting (AGM)
for issue to shareholders, and the arrangements for the 2024 AGM.
• Received details of Board members’ external appointments and
share dealings.
• Reviewed and approved the Group’s tax and treasury policies.
• Considered and approved the appointment of an independent
non-executive director, as well as compositional changes to the boards
of certain Group companies.
• Received regular updates on the work undertaken by each of the
Board committees.
• Received updates through both the Audit Committee, and the
Nomination and Corporate Governance Committee, on the proposed
changes to the UK Financial Reporting Council’s (FRC) UK Corporate
Governance Code 2018 (the Code) and the new UK Financial Conduct
Authority’s (FCA’s) Listing Rules which came into force on 29 July 2024
and how these may impact Experian.
E. Communication
Approval of key stakeholder documents, circulars, prospectuses,
and reviewing investor sentiment.
• Reviewed investor relations, external communications and media
updates at each scheduled Board meeting, and reviewed and discussed
a market and investor update from corporate brokers.
• Reviewed and discussed draft full-year and half-year financial results
presentations for analysts and institutional shareholders.
• The Remuneration Committee Chair met the Experian UK and Ireland
People Forum in March 2025, and reported on the meeting to the Board.
• More detail is contained in the Shareholder and stakeholder
engagement section, including details of shareholder meetings,
on page 107.
103
Experian plc
Annual Report 2025
Governance
The Experian Way shapes our culture and the kind of organisation we are.
This global way of working represents our cultural values and sets out
the behaviours we expect everyone at Experian to adopt in their daily
activities. It is included in Experian’s Global Code of Conduct, which has
been approved by the Board. See page 64 for more information about
The Experian Way.
The FRC’s UK Corporate Governance Code 2018 (the Code) emphasises
the importance of the role of the Board regarding culture. It recommends
that the Board assesses and monitors culture (including the
recommendation to assess and monitor how the desired culture has
been embedded), and that the Board ensures workforce policies,
practices and behaviours are aligned with the Company’s purpose, values
and strategy. We are confident that Experian and the Board meet the
recommendations of the Code through our structures and processes,
the information the Board and its committees review, and the activities
that Board members engage in.
With support from the Board, we promote a positive and supportive
culture throughout Experian, including by:
Developing talent
With top talent increasingly looking for career development
opportunities within their organisations, we have an opportunity
to set ourselves apart by being somewhere people come to grow.
In the FY25 GPTW survey, 81% of employees agreed that they are
developing professionally at Experian. This significant improvement
recognises the great strides we have made in improving learning
and career development opportunities for our people over the last
three years.
A new career framework was introduced to help identify skills gaps
and offer our people personalised career paths and learning based
on their skills, interests and aspirations.
Engaging our people
In FY25, 88% of our people participated in our annual global Great
Place to Work (GPTW) survey (up from 83% in FY24) and overall
engagement remained strong at 82%. In FY25, Experian realised
the ambition of being named one of the World’s Best Workplaces™
2024 by Fortune and Great Place to Work®, ranking 14th, and gained
recognition through various other awards and rankings.
Supporting mental wellbeing
We strive to create an open and supportive culture around mental
health through our Global Approach to Mental Health and Wellbeing.
We have a community of certified Mental Health First Aiders
(MHFAs) who play a key role in helping us implement our approach
and supporting our people to access the right help at the right time.
We have a target of maintaining 1% of our employees as trained
MHFAs. In FY25, we continued the programme in Latin America to
include Spanish- and Portuguese-speaking colleagues, helping us to
remain above target, with almost 2% of our employees being trained
in Mental Health First Aid.
In FY25, the MHFAs led a campaign highlighting that support is one
click away on our global wellbeing hub. They also supported our
annual Your Mind Matters Week, which saw over 9,000 participants
engaging in events covering a variety of topics, from psychological
safety to the importance of bringing one’s whole self to work.
Fostering belonging
Our employee-led, employee resource groups (ERGs) are open
to all employees and help our people feel a sense of belonging.
Examples this year include building ramps for the homes of
wounded Veterans, mentoring programmes open to all employees
that supported career development and efforts focused on
financial empowerment.
For more examples on how we’re bringing our ‘people first’ culture
to life see pages 64 to 65.
Code principle
Board Leadership and Company Purpose
Culture
Culture underpins everything we do at Experian. With support from the Board, we prioritise and promote a ‘people first’ culture
that differentiates Experian, creating a positive environment where our people can be part of our exciting future and feel valued
and able to do their best work and be somewhere they can make a difference. We thrive in an inclusive culture built on a spirit
of collaboration and freedom to do the right thing. We work together to innovate and provide solutions for clients and
consumers, quickly, accurately and in a thoughtful way.
Experian plc
Governance
104
Code principle
Board Leadership and Company Purpose
Who
What
The Board
• The Chief Executive Officer’s report, circulated before every scheduled
Board meeting, contains detailed updates on People topics, including
culture, as part of our wider sustainability agenda.
• The Board considers the sentiments of our people through regular reviews
of colleague feedback, including our Great Place to Work annual survey and
pulse surveys. Experian was named one of the World’s Best Workplaces™
2024 by Fortune and Great Place to Work®, ranking 14th.
• The Board and committee meetings in January 2025 in Costa Mesa,
California, USA, allowed the Board to engage with colleagues and senior
regional management in North America. The Board also spent time with
colleagues in São Paulo, Brazil, in September 2024.
Board members
• Visiting the Group business locations enables the Board to spend time
with colleagues of varying seniority and assess culture in a local context.
All Board meetings during the year were held in person, enabling the Board
to engage directly with people in the business.
Audit Committee
• Oversight of interactions with government and regulators by the Audit
Committee, and the perspective provided by our Global Internal Audit
function, provide opportunities for the Board to get an indication of the
Group’s culture and provide feedback. The Committee and the Board
receive relevant updates at every meeting, and management is transparent
and responsive to challenge.
• Twice a year, the Committee reviews calls made to our Confidential
Helpline (see page 121). The Confidential Helpline, which is facilitated
by an external provider, is available for colleagues who wish to raise
any concerns.
Remuneration
Committee
• The Remuneration Committee reviews an overview of employee pay
structures and related policies, including their alignment with our purpose,
values and strategy. This allows the Committee to ensure that relevant
policies and practices align with Experian’s values.
• The Committee reviews the design of all share incentive plans, on behalf
of the Board and, where required, shareholders.
• The Chair of the Committee met with the UK and Ireland Experian People
Forum in March 2025, and provided an update to the Board in May 2025.
The key points of the update included colleague feedback on how the
Company had addressed reward issues and broader reflections on
culture in Experian as well as the open, two-way nature of the dialogue.
• The Committee reviews gender pay gap information every year.
Nomination
and Corporate
Governance
Committee
• In January 2025, the Nomination and Corporate Governance Committee
considered our annual People Strategy. Our Chief People Officer, Chief
Talent Officer, and Global Chief Inclusion, Belonging and Talent Acquisition
Officer provided the Committee with an update on talent, succession and
culture. The update included details of progress on: our Global People
Strategy; succession analysis of executive and senior leader roles;
leadership development; skills; talent; achievements since FY21 that
have led to Experian becoming one of the 25 World’s Best Workplaces™;
the factors influencing our Future People Strategy; our culture and key
commitments for FY26. The Global Chief Inclusion, Belonging and Talent
Acquisition Officer also updated the Committee on inclusion and belonging.
Ways the Board monitors and assesses culture
80
%
of our people agree that Experian’s
culture is high performing
88
%
of our people agree that Experian’s
culture is inclusive
81
%
of our people agree that Experian’s
culture is purpose driven
84
%
of our people agree that they are
connected to Experian’s purpose
88
%
of our people are proud to tell
others they work at Experian
The Board uses a variety of information sources and mechanisms to monitor and assess cultural strength and understand how culture manifests
through colleague sentiment, observed behaviours and trends. These include reports, metrics, and formal and informal listening channels.
As part of our ongoing commitment to fostering a positive working environment which supports our people’s wellbeing, we have strengthened our
communication channels between the Board and our workforce, which encourages engagement on topics such as culture, mental health, and business
growth. These activities are integral to how the Board monitors and assesses culture and are included below.
Corporate governance report
continued
105
Experian plc
Annual Report 2025
Governance
Global Delegated Authorities Matrix
This key Group governance document comprises the Schedule of
Matters Reserved to the Board, the Board committees’ terms of
reference and the authority levels for the Group’s principal subsidiaries,
directors and senior executives. For matters not reserved to the Board,
the matrix prescribes the cascade of authorities delegated throughout
the Group by respective Group companies, together with their monetary
limits. The Board monitors the exercise of delegations to the Group’s
principal subsidiaries, which are reported to it at each Board meeting.
Regional matrices are also in place.
Executive committees/functions
Board
committees
Board
Executive
management team
Operating
businesses
Principal subsidiaries
These are Group companies to which the Board has delegated
certain decision-making powers, for example: implementing
decisions agreed in principle by the Board; executive management
of the operations of the Group within the strategy and budget
approved by the Board; acquisitions and disposals with a value
up to US$50m; and capital expenditure projects.
Nomination and
Corporate Governance
Committee
Audit Committee
Remuneration
Committee
Group Operating Committee (OpCo)
The OpCo comprises the most senior executives from the Group. Its remit includes identifying, debating and achieving
consensus on issues involving strategy, growth, people and culture, and operational efficiency. It also focuses on
ensuring strong communication and co-operative working relationships among the top team. Its meetings tend to
be issues oriented and focus on selected Group issues worthy of debate.
Risk management committees (executive and regional)
The
Executive Risk Management Committee (ERMC)
comprises senior Group executives, including the executive
directors and the Company Secretary. Its primary responsibility is to oversee the management of global risks.
The regional risk management committees oversee the management of regional risks, consistent with Experian’s risk
appetite, strategies and objectives, and are comprised of senior regional leaders.
The
Security and Continuity Steering Committee (SCSC)
is a sub-committee of the ERMC. The SCSC’s primary
responsibility is to oversee management of global information security, physical security, and security continuity risks,
consistent with Experian’s risk appetite, strategies and objectives.
Tax and Treasury Committee (TTC)
This committee comprises senior executives with financial and tax expertise, and includes the Chief Financial Officer.
The TTC oversees the management of financial risk, including tax, liquidity, funding, market and currency risks.
Sustainability Steering Committee
The Sustainability Steering Committee comprises senior executives from a wide range of areas throughout the Group,
and is chaired by the Chief Financial Officer. The purpose and primary duty of the Sustainability Steering Committee is
to support the definition, approval and integrated delivery of the Group’s sustainabilty strategy.
Strategic Project Committees (global and regional)
These committees comprise the most senior global and regional executives. Their remit is to oversee a process
to ensure that all strategic projects are appropriately resourced, risk assessed and commercially, financially
and technically appraised. A similar body, the Investment Committee, performs the same function for proposals
regarding minority investments. Depending on the outcome of the discussions, the committees’ conclusions are
then considered by the board of the relevant Group company for approval.
Global Internal Audit (GIA)
GIA conducts a range of independent audit reviews throughout the Group during the year and is represented at
each Audit Committee meeting. GIA’s plans, results and key findings are presented to, and discussed with, the Audit
Committee. The internal audit programme and methodology are aligned to the risk categories and risk assessment
parameters established by Group Risk Management. GIA also makes use of risk assessment information at a
business level, in planning and conducting its audits.
Delegated authority flow
Code principle
Board Leadership and Company Purpose
Governance framework
Link to the Schedule of Matters
Reserved to the Board and
the Board committees’ terms
of reference
experianplc.com/about-us/
corporate-governance/
board-committees/
See Board
of directors
on pages 96
and 97
See report on
page 112
See report on
page 117
See report on
page 126
Experian plc
Governance
106
Code principle
Division of Responsibilities
Division of responsibilities
The Code principles regarding the role of the Chair, the desired characteristics of the Chair and his or her duty regarding Board relations and
contributions are outlined in the Chair’s letter of appointment. A summary appears in the table below. The table also summarises how there is a clear
division of responsibilities between the leadership of the Board and the executive leadership of the business.
Chair
Mike Rogers
• Runs the Board effectively and ensures the Board plays a full and constructive part in developing and determining the
Group’s strategy (including sustainability strategy) and overall commercial objectives
• Promotes the highest standards of integrity, probity and corporate governance throughout the Group and particularly at
Board level
• Ensures the Board receives accurate, timely and clear information on the Group’s performance and its issues, challenges
and opportunities
• Ensures effective communication with the Company’s shareholders by the CEO, the CFO and other executive
management; and ensures the Board develops an understanding of the views of the Company’s major shareholders
• Facilitates the non-executive directors’ effective contribution to the Board, and ensures constructive relationships
between the executive and non-executive directors
• Primarily responsible for the Board’s leadership and governance, and ensures its effectiveness
Chief Executive Officer (CEO)
Brian Cassin
• Responsible for the Group’s day-to-day business, in line with the strategy, risk profile, objectives and policies set by the
Board and its committees
• Accountable to the Board for the Group’s development and its operations
• Runs the Group’s business and develops the Group’s strategy and investment programme (including the sustainability
strategy) and overall commercial objectives
• Implements, with the executive team, the decisions of the Board, its committees and the principal subsidiaries
• Maintains a dialogue with the Chair on the important and strategic issues facing the Group, and alerts the Chair to
forthcoming complex, contentious or sensitive issues
• Oversees the Group’s business operations
• Ensures the Group has effective operational procedures and controls
• Responsible for the evolution of the Group’s technology and innovation strategy
• Leads the communication programme with shareholders
• Chairs the Group Operating Committee
Chief Financial Officer (CFO)
Lloyd Pitchford
• Responsible for managing the financial affairs of the Group, including tax, corporate finance and treasury
• Works closely with the CEO to manage the Group’s operations, and oversees information security, enterprise risk
management and M&A execution
• Acts as executive sponsor of the Group’s overall sustainability programme and chairs the Group’s Sustainability
Steering Committee
• Member of the Group Operating Committee
Senior Independent Director
Alison Brittain
• Provides support and guidance, acts as a sounding board for the Chair, and serves as an intermediary for other directors
• Acts as a contact point for shareholders if they have concerns that are not resolved through discussion with the Chair,
CEO or CFO
• Evaluates the performance of the Chair
Non-executive directors
Alison Brittain, Kathleen
DeRose, Caroline Donahue,
Luiz Fleury, Jonathan
Howell, Esther Lee,
Louise Pentland,
Eduardo Vassimon
• Constructively challenge and help develop Group strategy
• Scrutinise management performance to agreed goals and objectives
• Uphold the highest standards of integrity and probity and support the Chair in instilling the appropriate culture, values
and behaviours in the Group
• Ensure the integrity of financial information and that there are robust financial controls and systems of risk
management; determine executive remuneration and succession planning
Group Company Secretary
Charles Brown
• Secretary to the Board and its committees
• Provides support and guidance to the Board and the Chair, and acts as an intermediary for non-executive directors
• Responsible for: corporate governance; listing rules, prospectus rules, and disclosure guidance and transparency rules
compliance; statutory compliance and reporting; shareholder and share plan services; and sustainability
• Member (and Secretary) of the Group Operating Committee
Group General Counsel
Darryl Gibson
• Responsible for overseeing Experian’s global legal, regulatory compliance and government affairs functions
• Provides the Board and Audit Committee with legal advice, leads legal and regulatory reporting, and active in public
policy advocacy
• Member of the Group Operating Committee
Corporate governance report
continued
107
Experian plc
Annual Report 2025
Governance
Shareholder and stakeholder engagement
The Code encourages boards to have a clear understanding of the
views of shareholders. Companies are also encouraged to seek regular
engagement with major shareholders to understand their views.
In addition, the Code states that the Board should understand the views
of the Company’s other key stakeholders and describe how their
interests have been considered in discussions and decision-making.
Details regarding key stakeholders are on pages 108 and 109.
Shareholders
We are committed to open and regular communication and engagement
with shareholders at all times, and our communications with
shareholders (and proxy advisory bodies) will always offer invitations
to meet the Chair or any of the Board committee chairs.
Board
– Investor relations, and external communications and media,
reports are circulated before every Board meeting. The investor relations
report contains a commentary on key events in Experian’s main markets,
share price performance, market movements, investor feedback from
management and analyst meetings, broker and analyst forecasts and
recommendations, investor relations activities (including sustainability),
and shareholder analysis. The external communications and media
update provides details of the focus of external communication activities,
which has included innovation, technology (including AI), financial health,
data security and integrity, and people. The Chief Communications Officer
provides regular updates at Board meetings.
Engagement with investors
– The Chair of the Remuneration Committee
wrote to our major shareholders and the main UK and US proxy advisory
bodies in December 2024 and March 2025. She thanked them for their
support on the Report on directors’ remuneration at the 2024 AGM,
invited feedback, and provided an update on a proposed change to
certain remuneration arrangements, following an expansion of role. The
Board Chair also undertook a series of roadshow meetings with major
shareholders and also makes himself available to meet shareholders
generally. The Company also undertook a series of sustainability
roadshows during the year.
Investors and analysts
– The executive team runs an ongoing
programme of dialogue with institutional investors and analysts,
through which they discuss a wide range of issues including strategy,
performance, management and governance. Experian also engages
with investors through industry conferences and by hosting events with
members of the senior management team. The announcements of the
full-year and half-year results and trading updates provide opportunities
for us to answer questions from analysts, covering a wide range of
topics. This year, executive management attended conferences and
investor meetings virtually and in person (in the UK and USA).
Annual General Meeting
– The AGM provides a valuable opportunity
for the Board to communicate with shareholders and for shareholders
to hear directly from the Board on the Company’s performance and
strategic direction. The majority of the directors attended the 2024 AGM,
including the Chair, Chief Executive Officer, Chief Financial Officer, and
the Audit, Remuneration, and Nomination and Corporate Governance
Committee chairs. The 2025 AGM will take place on Wednesday 16 July
2025 in Dublin, Ireland. Shareholders are encouraged to use proxy
voting on the resolutions put forward, all of which (except for procedural
resolutions) are taken by a poll. In 2024, voting levels at the AGM were
76.34% of the Company’s issued share capital.
Private shareholders
– The Company Secretary, Charles Brown,
oversees communication with private shareholders, and ensures direct
responses as appropriate for any matters raised by shareholders.
The Company issues a Shareholder Questions card each year, together
with the AGM documentation. The Company responded to shareholders
directly, as appropriate, following the 2024 AGM.
Investor relations app
– This contains information about our financial
performance, together with reports, presentations and news of
upcoming events.
Website
– Our website is an important channel for communicating
with all stakeholders, including shareholders. All material information
reported to the regulatory news services is published at
experianplc.
com/investors/investor-news-alerts/regulatory-news
, together
with copies of full-year and half-year results announcements and
trading updates.
Code principle
Division of Responsibilities
Timeline of shareholder engagement
Q1
FY25
Q3
FY25
Roadshows in UK and USA following
the FY24 results announcement
April 2024
May
June
July
August
September
October
November
December
January
February
March 2025
Sustainability
engagement
Chair roadshow
Wealth roadshow
Investor virtual conferences
and meetings
Investor and media relations reports provided to the Board
AGM
Remuneration engagement
Annual Report
FY24
FY24 results
FY24
Q1 FY25 results
Q1
FY25
Q3 FY25 results
Q3
FY25
H1 FY25 results
H1
FY25
H1
FY25
Experian plc
Governance
108
Other stakeholders
Code principle
Division of Responsibilities
Corporate governance report
continued
Information on Group-wide engagement with key stakeholders is on pages 44 to 47 in the Strategic report. Board activities regarding key stakeholders,
including engagement, are summarised in the table below. Shareholder engagement has been considered earlier.
Stakeholder
Responsibility
Relevant activities during FY25
Summary of stakeholder views/actions
Our clients and
consumers
Board
• The Board report in March includes
an update on clients and consumers,
including (for clients) Net Promoter
Score (NPS) metrics, top-performing
NPS attributes and areas that require
improvement.
• For consumers, the reporting
includes brand awareness, trust in
the Experian brand and the level
of complaints.
• A large number of our clients strongly agree that we are an innovative
company which provides industry-leading solutions.
• Our brand and reputation as a Trusted Company ranked as the most
important brand driver for the ninth year in a row.
• The majority of our clients are extremely satisfied with our account
management.
Our
communities
Board
• The Chief Executive Officer reports
on sustainability and our actions to
support our communities at each
scheduled Board meeting.
• The Chief Sustainability Officer
presented a sustainability strategic
update to the Board in March 2025.
• The Sustainability Steering Committee is chaired by the Chief Financial
Officer, Lloyd Pitchford, and brings together the work undertaken across
the Group into one, co-ordinated programme.
• Scope 1 and 2 carbon emissions have reduced by 82% since 2019.
• Our Scope 3 target (validated by the Science Based Targets initiative)
requires that 78% of our suppliers by spend set science-based targets
by 2029. So far 32% of our suppliers have set science-based targets and
an additional 13% have committed to set targets in the next two years.
• United for Financial Health is part of our wider community investment.
We contribute funding, products (as gifts in kind) and expertise (through
employee volunteering and pro bono work) to benefit the communities
where we operate. Our contributions totalled US$20.6m this year,
achieving our annual goal of 1% of Benchmark profit before tax.
Experian employees volunteered 71,000 hours of their time (in and
outside working hours) to help their communities.
• United for Financial Health highlights this year have included: working
with the National Literacy Trust and grassroots organisations to improve
literacy and financial capability among young people in the UK through
the Words that Count campaign; funding a personal finance coach,
through Operation Hope, who provides financial literacy training and
one-on-one coaching for members of the armed forces, veterans and
their family members in the USA; mentoring start-ups and small
businesses in Brazil to help them build their business, access finance
and manage debts through our Impulsiona Startups programme;
launching a new partnership in FY25 with NGO Ayuda en Acción to
provide financial education workshops to support migrant women,
young people and rural communities in Colombia; and partnering with
the Srujna Charitable Trust in India to deliver financial education to
women affected by poverty.
Our people
Board,
Nomination
and Corporate
Governance
Committee,
Audit Committee,
Remuneration
Committee
• People and sentiment survey and
pulse survey updates to the Board.
• Board reporting at every scheduled
Board meeting (People section of the
Board report).
• People Strategy, Talent and Culture
update to the Nomination and
Corporate Governance Committee.
• Direct feedback to the Board from
Louise Pentland, Remuneration
Committee Chair, who met with the
UK and Ireland Experian People
Forum in March 2025.
• Confidential Helpline updates to the
Audit Committee.
• Taking part in the Great Place to Work® (GPTW) survey globally for a
fourth year in a row, the Group has further improved its GPTW scores
and was named one of the World’s Best Workplaces™ 2024 by Fortune
and Great Place to Work®, ranking 14th. Insights from the survey
enabled a focus on ensuring everyone has opportunities to develop
via our enhanced Careers Hub and Leadership Exchange portal; and
on continuing to support health and wellbeing.
• We run regular pulse and lifecycle surveys that capture feedback from
our people at key points in the employee journey so we can keep finding
ways to enhance their experience at Experian.
• A confidential helpline, facilitated by an external provider, is available
for employees who wish to raise any concerns. Calls to the Confidential
Helpline, and any actions required, are reviewed by the Audit Committee,
in conjunction with HR or Global Compliance, as appropriate, at least
every six months.
109
Experian plc
Annual Report 2025
Governance
Code principle
Division of Responsibilities
Stakeholder
Responsibility
Relevant activities during FY25
Summary of stakeholder views/actions
Our suppliers
Board
• Annual update to the Board on
suppliers, which includes details
of digitalisation, engagement, the
Group’s Supplier Relationship
Management (SRM) programme
and the Global Procurement Hub.
• Annual Board review of the Group’s
Modern Slavery Statement.
• FY26 will see an increase in the pace of automation and usage of
Generative AI within our administrative processes.
• Our SRM programme focused on 20 key suppliers with regular,
collaborative meetings (sponsored by Experian and supplier senior
executives). The meetings focused on performance and opportunities
for deeper collaboration and innovation.
• We undertake supplier surveys that help us understand our colleagues’
views of strategic suppliers and our suppliers’ views of us. Results are
reviewed in Quarterly Business Reviews and used to develop plans put
in place to improve supplier relationships.
• During the year we worked with the CDP (formerly known as the Carbon
Disclosure Project) to deliver training to suppliers sharing best practice
approaches to carbon emission reporting. We have also created a
Sustainability Commitment for targeted suppliers to sign to show their
commitment to carbon reduction.
Government
Board, Audit
Committee
• Board members receive regular
Board and Audit Committee updates
from the Group General Counsel
regarding regulatory engagement,
and any ongoing regulatory matters.
• Board members also received
updates on UK Corporate Reform,
the US elections, Government Affairs
and Public Policy.
• There is ongoing privacy, ethics
and compliance reporting to the
Audit Committee, including
compliance training.
• Audit Committee risk management
reporting includes legislative and
regulatory matters. Any relevant
government affairs matters are also
considered by the Audit Committee
and the Board.
• There were ongoing regulatory inquiries into certain matters during the
year, and the Board and Audit Committee receive regular updates on the
matters being considered by regulators. Our response to these inquiries
takes into consideration the regulatory position on the relevant inquiry.
• Updates were provided to the Board and Audit Committee on a number
of matters, as well as engagement with regulators, including the
UK Financial Conduct Authority, and the US Consumer Financial
Protection Bureau.
Experian plc
Governance
110
Workforce engagement
The Code requires companies to select one or a combination of
prescribed methods for the Board to engage with the workforce. If a
particular method is not appropriate for a company, it may explain the
alternative arrangements in place and why these are considered
effective. The Board has always felt well informed about workforce views
and matters, including in relation to pay and related policy arrangements
for the broader employee population. As a result, no single approach
recommended in the Code was considered appropriate for our business.
The Board instead adopted a combination of methods to comply with the
Code’s requirements. These are summarised below, and include:
• There are regular people and sentiment survey updates to the Board,
and reporting at every scheduled Board meeting on people matters.
People, talent and culture updates are also provided to the Nomination
and Corporate Governance Committee, offering a valuable insight into
workforce matters.
• Any relevant business cases reviewed by the Board include an
evaluation of potential impacts of the transaction on the Group’s
stakeholders, including employees.
• The Remuneration Committee annually considers an extensive paper
setting out details of all-employee pay and workforce policies across
Experian. The discussions on this topic provide helpful insights for
framing pay considerations.
• The Remuneration Committee Chair annually attends a meeting of the
UK and Ireland Experian People Forum (see Our people, in the table on
page 108), providing the opportunity to gain first-hand feedback in
two-way discussions with the workforce, which is invaluable. The
employee insights and views gathered are shared with the full Board,
allowing the Board to hear directly from the wider workforce.
• The Board meets employees in person outside the boardroom
environment during the year. In September 2024, the Board spent
three days in São Paulo, Brazil, and held Board and committee
meetings during the visit, reviewing the Spanish Latin America and
Brazil regional strategies together with the President of Experian
Brazil, the Managing Director, Spanish Latin America and management.
This offered the Board and senior leaders the opportunity to connect
and build good working relationships. In January 2025, the Board
held a two-day strategy session at our North America operational
headquarters in Costa Mesa, California, USA, where extensive strategy
discussions were held with regional and Group function leaders and
presenters. The Board takes the opportunity to meet and engage with
employees in all locations where it holds Board meetings, to better
understand the culture, and to hear the views of employees and gain
insight on matters of importance to them.
• The Board and Committees receive regular training throughout
the year.
• Newly appointed directors meet a wide range of employees as part
of their comprehensive induction programme.
Considering our stakeholders in our decision-making
The Code also recommends that the Board should describe how
stakeholder interests have been considered in Board discussions and
decision-making. We have processes in place to record and consider
stakeholders’ views (including the matters contained in Section 172 of
the UK Companies Act 2006, on a voluntary basis) and feed them into
Board decision-making.
All material business cases considered in the Group (for example,
mergers, acquisitions and major capital investments) include an analysis
of the stakeholder considerations, anticipated impact and mitigations.
This process helps the Board perform the duties outlined in Section 172
of the UK Companies Act 2006 (see page 72) and provides assurance to
the Board that potential impacts on stakeholders have been considered
in the development of the proposal. The impact on stakeholders, their
views and their feedback are collectively at the heart of Board
discussions and actions. The Board will continue to enhance ways to
ensure stakeholders are considered as part of the Board’s decision-
making.
An example of how this process works in practice is outlined opposite,
where Board consideration of a strategic acquisition included a review
of the standing stakeholder impact analysis.
People, talent and culture Board update; people and
sentiment survey update and people matters reporting
All-employee pay and workforce policies review
UK and Ireland Experian People Forum
(face-to-face meeting)
Board site visit
Code principle
Division of Responsibilities
Timeline of workforce engagement
Corporate governance report
continued
April 2024
May
June
July
August
September
October
November
December
January
February
March 2025
111
Experian plc
Annual Report 2025
Governance
Acquisition of 100% of the equity share capital of Audigent
In November 2024, the Board reviewed, considered, and approved the
acquisition of Audigent, a North American business that is primarily
focused on leveraging first-party data to make audiences accessible
through sell-side platforms, providing an extension to Experian’s
buy-side capabilities. Audigent ingests first-party data from over 300
publishers and uses that data to create unique audiences that are of
interest to marketers. They in turn bundle those audiences with available
advertising space across publishers. These curated deals across
publishers are referred to in the industry as Private Marketplaces (PMPs),
a concept pioneered by Audigent. Audigent has the ability to adjust the
advertising inventory purchased, and the targeting data used as an
advertising campaign progresses, thus ensuring an optimal return on
investment for the advertiser. Audigent’s innovation in this space has
led to rapid growth and it was well positioned to continue on its growth
trajectory, providing differentiated solutions to clients that provides
superior return on investment. This acquisition will strengthen our
sell-side ecosystem, providing a compelling and natural extension to
Experian’s buy-side capabilities with new capabilities that serve this
growing area of industry.
A briefing paper was circulated to the Board ahead of its November 2024
meeting, outlining the strategic rationale for the transaction, as well as
the financial evaluation and deal structure. The Chief Executive Officer,
North America, attended the Board meeting and presented the business
case to the Board with the Group President, Financial Services and
Marketing, the Global Head of M&A, Chief Financial Officer, North America
and the General Manager, Experian Marketing Services. In considering
the acquisition, the Board reviewed the stakeholder impact analysis that
had been prepared (and which is prepared for all acquisition business
cases). The analysis identified the following stakeholder impacts and
actions or mitigations:
• There was no material community or environmental impact
anticipated.
• The full acquisition was expected to have a meaningfully positive
long-term impact on the stakeholders.
• Employees would continue to be treated fairly and in accordance with
the relevant laws and conditions applicable.
• Customers and suppliers were expected to react positively to a
well-capitalised, listed company being their trusted partner.
Workforce policies and practices
The Board is expected to ensure that: workforce policies and practices
are consistent with the Company’s values; that they support its long-term
sustainable success; and that the workforce can raise any matters of
concern. An example of the alignment of policies and practices is how
the Group manages anti-bribery and anti-corruption.
A strong compliance culture at the heart of our strategy helps ensure we
comply both with the laws that apply to our business and with our Global
Code of Conduct. The Board sets the tone and leads by example and is
one of the most important influences on the Group’s commitment to
preventing bribery and corruption.
Our Anti-Corruption Framework sets out our zero-tolerance policy on
bribery and corruption in any form, and this message is reinforced
through mandatory annual training for employees. We also extend this
framework to our third-party network and business partners, which
helps instil our values in every aspect of our business.
In terms of the ability to raise matters of concern, Experian aims to
achieve the highest possible standards of quality, honesty, openness and
accountability, and there is an expectation that employees maintain high
standards in accordance with the Global Code of Conduct. There is also a
culture of openness and accountability, and all employees are
encouraged to raise any concerns about the way the business is run
at an early stage, so any concerns can be dealt with effectively.
A confidential helpline, facilitated by an external provider, is available
for employees who wish to raise any concerns. Calls to the Confidential
Helpline, and any actions required, are reviewed by the Audit Committee
at least every six months.
Non-executive director appointment
Non-executive directors are initially appointed for three years. This may,
subject to satisfactory performance and election or re-election by the
shareholders, be extended by mutual agreement. They normally serve
for a maximum of nine years, through three terms, each of three
years’ duration.
Time commitment
In advance of any new Board appointment, each potential non-executive
director is provided with information on the expected time commitment
for the role. The potential non-executive director is also requested to
provide an overview of all other directorships and other significant
commitments, together with a broad indication of the associated time
commitment. The proposed appointee must also confirm they have
sufficient time to dedicate to the role as a non-executive director
of Experian.
Meetings of non-executive directors
In addition to attending Board and committee meetings, the non-
executive directors normally meet the Chair at the end of each scheduled
Board meeting. The non-executive directors also meet the Senior
Independent Director privately at least once a year, without the Chair
present, and did so during the year to discuss matters including the
Chair’s performance.
Board information
All directors receive financial and operational information each month
to help them discharge their duties. Board papers are circulated digitally
at least one week before each Board meeting, to ensure directors have
time to review them. Directors have access to independent professional
advice at the Company’s expense, if they consider it appropriate. No
director obtained any such advice during the year ended 31 March 2025.
Independence
As required by the Code, the Board considers each of the non-executive
directors to be independent in character and judgment and believes
there are no relationships or circumstances likely to affect (or could
appear to affect) each director’s judgment.
Conflicts of interest, and external appointments
The Company’s articles of association allow the Board to authorise actual
or potential conflicts of interest. The authorisation procedure involves
Group Corporate Secretariat issuing guidance and a questionnaire each
August, asking directors to identify any conflicts or potential conflicts,
which the Board then considers at its September meeting. In addition,
directors are expected to advise the Company Secretary of any actual
or potential conflicts as soon as they arise, so the Board can consider
them at the next available opportunity. In the Board’s view, this procedure
operated effectively during the year under review. The Board also
has a process whereby directors’ proposed external or additional
appointments are reviewed and considered for approval by the Board.
Before approving the additional appointment, the Board considers the
time commitment required for the role.
Code principle
Division of Responsibilities
Experian plc
Governance
112
Code principle
Composition, Succession and Evaluation
Nomination and Corporate Governance Committee report
Mike Rogers
Chair of the Nomination and Corporate
Governance Committee
Mike Rogers (Chair)
Alison Brittain
Kathleen DeRose
Caroline Donahue
Luiz Fleury
Jonathan Howell
Esther Lee
Louise Pentland
Eduardo Vassimon
(from 1 March 2025)
On behalf of the Nomination and Corporate
Governance Committee, I am pleased to
present the report of the Committee for
the year ended 31 March 2025. This report
outlines how the Committee discharged
the responsibilities delegated to it by the
Board, and the key matters it considered
during the year.
During the year, the Committee maintained
its focus on the executive talent pipeline
and senior management succession plans,
reflecting the Board’s responsibility to ensure
appropriate plans are in place. A focus of the
Committee during the year was non-executive
director succession and ensuring that there
were strong candidates identified to succeed
Luiz Fleury, who will retire from the Board
at the Annual General Meeting in July 2025,
and other non-executive directors following
the completion of their appointment terms
in the coming years. A succession planning
update was provided at Committee
meetings, and included reviews of executive
management succession coverage as well
as an overview of the succession planning
undertaken at, and below, the level of the
Group Operating Committee, including
areas identified for further development.
The Committee valued receiving and having
time to consider these important analyses of
the Experian talent development structure,
and how it influences Experian’s culture.
A key responsibility of the Committee is to
continue to ensure that the structure and
composition of the Board and its committees
are regularly reviewed, and that there is a
balance of skills and experience, independence
and knowledge on the Board as well as
inclusion and equal opportunity. This regular
review allows for the timely commencement
of director search processes. During the year,
as part of the Board’s succession planning,
we reviewed the overall skill sets of the
Board and how the Board works together as
a team. We also considered our longer-term
succession planning and the skills we would
need to 'future-proof' the leadership of the
business. The Committee also regularly
reviews Board tenure, the specific dates on
which Board members’ scheduled terms of
appointment may end, and how the required
skills, experience, independence and
knowledge are reflected in any future
Board appointments.
A core philosophy at Experian is that inclusion
and belonging are essential to our purpose
and to progress in creating a better tomorrow.
We must ensure our global inclusion and
belonging strategy continues to connect with,
and support, the needs of the regions where
we do business. This deep commitment to
inclusion and belonging is entrenched
throughout Experian. In January 2025, the
Committee received and discussed a detailed
Global People Strategy update that included an
update on inclusion and belonging progress
and plans, and the key areas of focus for FY26
from our Chief People Officer, Chief Talent
Officer and our Chief Inclusion, Belonging
and Talent Acquisition Officer.
The Committee also considered the proposed
election or re-election of directors at the
Annual General Meeting (AGM), reviewed the
draft corporate governance section of the
Annual Report, reviewed various company
law and governance updates, and reviewed
its performance during the year and its terms
of reference.
The Committee was in place throughout the
year ended 31 March 2025.
Committee’s key roles
and responsibilities
Good governance and strong, responsible,
balanced leadership are critical to business
success and to creating both long-term
shareholder value and a strong,
sustainable culture. As a Committee,
our responsibilities include:
• Ensuring we have appropriate procedures
for nominating, selecting, training and
evaluating directors, and that adequate
succession plans are in place.
• Reviewing the Board’s structure, size,
composition and succession needs; and
considering the balance of membership
and the Board’s required balance of skills
across multiple dimensions.
• Identifying and nominating, for the Board’s
approval, suitable candidates to fill vacancies
for non-executive directors and, with the
Chief Executive Officer’s assistance,
executive directors. Board appointments
are made on merit and against objective
criteria, to ensure the Board maintains its
balance of skills, experience, independence
and knowledge.
• Reviewing legislative, regulatory and
corporate governance developments and
making recommendations to the Board; and
ensuring the Company applies the principles
of the Code.
• Mike Rogers has chaired the Committee
since July 2019.
• The Board considers the Committee
members to be independent non-executive
directors, in line with the UK Financial
Reporting Council's (FRC) UK Corporate
Governance Code 2018 (the Code).
• The Committee met six times during the year
ended 31 March 2025.
• The Chief People Officer, the Chief Talent
Officer, the Chief Inclusion, Belonging and
Talent Acquisition Officer and the Chief
Communications Officer were invited to
attend certain meetings.
• The Chief Executive Officer was also invited
to attend all meetings and provided valuable
input to the discussions.
Link to the Committee
terms of reference
experianplc.com/about-us/
corporate-governance/
board-committees/
Members
Composition and experience
“The Committee maintained
its focus on the executive
talent pipeline and senior
management succession
plans, and as part of the
Board succession planning,
reviewed the overall skill
sets of the Board and how
the Board works together
as a team.”
113
Experian plc
Annual Report 2025
Code principle
Composition, Succession and Evaluation
Governance
May 2024
• Discussed and considered the proposed
Board areas of focus for FY25.
• Received an update on the consultation
regarding proposed changes to the Code.
July 2024
• Discussed a detailed AGM briefing from
the Company Secretary and the Chief
Communications Officer, including proxy
voting results, shareholder feedback and
engagement that had taken place in the
lead-up to the AGM.
• Recommended to the Board the re-
appointment of Luiz Fleury as an independent
non-executive director.
• Reviewed and approved the proposed
structure of the FY25 Board Effectiveness
Review (and the review of the principal Board
committees and individual directors).
September 2024
• Reviewed and discussed executive
succession, including succession planning
for senior leaders and their direct reports,
and the talent pipeline.
• Considered the UK Financial Conduct
Authority (FCA) Listing Rules update and
reviewed the proposed changes to the Listing
Rules (and how they would impact Experian).
November 2024
• Reviewed and discussed executive
succession, including succession planning
for senior leaders and their direct reports,
and the talent pipeline.
• Discussed in detail the structure, size and
composition of the Board and its committees
(and the relevant paper is provided as a
reference document ahead of all Committee
meetings, to allow for continued review).
• Reviewed the Committee’s terms of
reference and concluded there were no
changes to recommend to the Board.
• Reviewed the Committee’s performance
during the year against its terms of reference
and concluded it was operating effectively.
January 2025
• Reviewed and discussed a Global People,
Talent and Culture update, and considered
a detailed Global People Strategy update
related to the depth of the overall Experian
talent strategy (including consideration of
skill, talent, leadership building and culture).
• As part of that, received a detailed update
on inclusion and belonging, outlining the
Experian philosophy, approach and plans.
• Considered Board succession and
recommended to the Board the appointment
of Eduardo Vassimon as a non-executive
director of the Board.
March 2025
• Considered Board succession and
recommended to the Board the directors to
be considered for election and re-election at
the 2025 AGM.
• Considered the annual company law and
governance update.
Board composition
The Board comprises the independent Chair,
Mike Rogers, two executive directors and
eight independent non-executive directors,
including the Senior Independent Director,
Alison Brittain. Louise Pentland is the Chair
of the Remuneration Committee, Jonathan
Howell is the Chair of the Audit Committee
and Mike Rogers is the Chair of the Nomination
and Corporate Governance Committee.
The Nomination and Corporate Governance
Committee regularly evaluates Board
composition from all required perspectives.
We engaged Spencer Stuart as the specialist
search firm for the recruitment of Eduardo
Vassimon who was appointed on 1 March
2025. Spencer Stuart provides other executive
recruitment and evaluation services to
Experian globally. The Committee’s
discussions during the year concluded
that there should be a continued focus on
geographic representation from Experian’s
markets, while also considering the need
for further recent and relevant financial
experience. The Committee also discussed
the need to consider the preferred timing of
recruitment to address likely Board succession
requirements. In FY24, the Remuneration
Committee chair succession had been an area
of focus of the Committee, and the Board,
on the recommendation of the Committee,
appointed Louise Pentland to succeed Alison
Brittain as Chair of the Remuneration
Committee with effect from 1 January 2024.
The Remuneration Committee chair
succession process has proceeded well, and
there has been an effective transition of the
role from Alison Brittain to Louise Pentland,
who has brought critical insights and strong
contributions. As previously mentioned,
a focus of the Committee during the year
was non-executive director succession and
ensuring that there were strong candidates
identified to succeed Luiz Fleury, who will
retire from the Board at the Annual General
Meeting in July 2025. As with all Board
appointments, the Committee recognises
the continued importance of culture, fit and
international experience when assessing
potential candidates for the Board.
Step 1
The Committee reviews
and approves an
outline brief and role
specification and
appoints a search agent
for the assignment.
We disclose the name
of the search agent
and any connection
with Experian in the
Annual Report
Step 2
The specification
and the search are
discussed with the
search agent, who
prepares an initial
longlist of candidates
Step 3
The Committee then
agrees a shortlist and
we hold interviews
Step 4
The Committee makes
a recommendation
to the Board for its
consideration
Step 5
Following Board
approval, the
appointment is
announced in line with
the requirements of the
UK Financial Conduct
Authority's (FCA) Listing
Rules, and in due course
a tailored induction
programme is provided
to the appointee
Committee activities during the year
Process for Board appointments
Experian plc
Governance
114
Code principle
Composition, Succession and Evaluation
Nomination and Corporate Governance Committee report
continued
Induction and training
The Company has procedures to ensure newly
appointed directors receive full, formal and
tailored induction. We develop a comprehensive
and tailored induction programme for each
newly appointed director, based on their
experience, background and the requirements
of the role. The Company Secretary assists and
supports throughout the induction process,
which is usually completed within the first six
months of a director’s appointment and
consists of meetings with senior executives
and functional leaders. It is designed to equip
the new director with the knowledge and
materials necessary to understand the
business and their responsibilities, and to help
them make a valuable contribution to the
Board. The induction programme is reviewed
regularly to take account of directors’ feedback.
As well as visits to the business, the Board
and committees also receive requisite and
appropriate updates and training throughout
the year. The Board’s training programme is
designed to ensure the relevant subject matter
is provided at a time when it would be of most
benefit or relevance to the Board. Training
sessions during the year were delivered by a
mix of internal and external subject matter
experts and sessions included:
•
A detailed training session was provided to,
and discussed by, the Audit Committee on
current regulatory compliance matters.
An update was provided on developments
in FCA regulation including the UK
Consumer Duty.
•
Update sessions were provided to the Audit
Committee on progress with corporate
reform and non-financial reporting
(including the EU Corporate Sustainability
Reporting Directive). Further details are
included in the Audit Committee report.
•
An external update was reviewed and
considered by the Remuneration
Committee on trends in remuneration
and corporate governance.
Inclusion and belonging
We believe inclusion and belonging are
essential to our purpose of creating a better
tomorrow, together, by making positive change
in the world, and supporting efforts to improve
financial health for underserved communities.
We support all expressions of thought, style,
sexual orientation, gender identity or
expression, race, ethnicity, disability, culture
and experience. We welcome people
of all backgrounds to bring their whole selves
to Experian.
The Board’s approach to inclusion is
unchanged. We strongly believe that broad
perspectives throughout the Group and at
Board level are a driver of business success.
We recruit talented Board members, who have
the appropriate mix of skills, capabilities and
market knowledge to ensure the Board is
effective. When recruiting, we look across
all sectors and non-traditional talent pools.
We continue to recognise the significant
benefits of a diverse Board. Alison Brittain is
our Senior Independent Director and Louise
Pentland is Chair of the Remuneration
Committee. Both positions are regarded as
senior Board roles within Experian, and the
Senior Independent Director role is considered
as a senior Board position under the FCA rules.
Throughout the year, the Board included at
least two independent non-executive directors
from ethnic minority backgrounds.
At Experian, we embrace inclusion and
belonging and appreciate the different
perspectives and unique value each colleague
brings. Fundamentally, we do not discriminate
against anyone based on race, colour, religion,
gender, sexual orientation, gender identity
or expression, national origin, disability,
age, covered veteran status, or any other
characteristic protected by law. We provide a
safe, healthy and productive work environment
for all colleagues. We are committed to
respecting and promoting human rights and
we do not tolerate any infringement of these
rights in our business or our supply chain.
The Group’s Global Code of Conduct applies to
everyone at Experian, including contractors,
suppliers and others who do business with us.
Contractors and suppliers performing work on
behalf of Experian are expected to comply with
the law and the portions of the Group’s Global
Code of Conduct that apply to them.
As well as the Board policy outlined above,
the Group’s Global Code of Conduct further
outlines our approach. We understand the
fundamental value that inclusion and belonging
brings to our business, and there are many
ongoing initiatives to support a work
environment where everyone is treated
with fairness and respect, has equal access
to opportunities and resources, and can
contribute fully to our success.
115
Experian plc
Annual Report 2025
Code principle
Composition, Succession and Evaluation
Governance
The Code specifies that the Board should
undertake a formal and rigorous annual
evaluation of its own performance and that
of its committees and individual directors,
and that the Board should also have an
externally facilitated review at least once
every three years.
FY25 was year three of our Board’s three-year
review cycle. In FY23, an independent external
review was conducted by Manchester Square
Partners (who have no other connection with
the Group or Board members), to provide
the Board with greater insights into its
performance and to identify opportunities
to further increase and improve its overall
effectiveness. Overall, the conclusion of that
review was that Board performance is strong
and considered among best in class but that
there was also no complacency. All directors
were ambitious for the business and keen to
realise its full potential. They recognised the
challenges that will be faced by Experian
strategically, operationally and financially
through the next stage of its development.
There was broad alignment on what the Board
needed to do, and continue to do, to be even
more effective.
Following that external review and an internal
review in FY24, the Board agreed areas of
focus for FY25, and an update is provided on
page 116.
Board
• The Board completed a questionnaire-based full internal performance review which included
a review of progress against the agreed FY25 areas of focus, and the outputs from the
performance review were discussed at the Board meeting in March 2025.
• New FY26 areas of focus were agreed by the Board at its meeting in May 2025.
Committees
• A performance review discussion was included on the agendas of the Board committee
meetings, supported by an analysis of how each committee was performing against the key
areas in its terms of reference.
• A performance review discussion took place at the Audit Committee's meeting in September
2024 and at the meetings of the Nomination and Corporate Governance Committee and
Remuneration Committee held in November 2024. The reviews confirmed that all committees
continue to operate effectively and efficiently.
Individual directors
• Meetings were held between each director and the Chair in March 2025 in relation to each
director’s performance.
• The Senior Independent Director evaluated the Chair, taking account of input from other
directors.
This year, the third year of our review cycle, the
Board performed a full internal review and an
evaluation of progress against the FY25 areas
of focus and the resulting actions, as well as
agreeing new areas of focus for the coming
year, FY26. The FY25 review included the use
of a questionnaire-based internal performance
review, based on the agreed three-year
performance review cycle.
This year's internal performance review was
structured as follows:
Board, committee and director performance review
Year 1 – FY23
Evaluation by external
facilitator
Year 3 – FY25
Questionnaire-based internal
evaluation
Year 2 – FY24
Internal review against detailed
Year 1 review
Experian plc
Governance
116
Code principle
Composition, Succession and Evaluation
Area
Focus
Progress
Talent management/
succession planning
Ongoing engagement (including with
senior leaders) and consideration of
succession is a consistent focus and
activity of the Nomination and
Corporate Governance Committee. Over
the coming period, the Committee will
continue this focus and its deep
engagement with the process, in the
context of the long-term operational
and functional succession plans for the
business. The Committee recognises
the constant diligence that is required
in this area, and the balance required.
The Nomination and Corporate Governance Committee continued to consider
succession throughout the year with a keen focus on the long-term operational and
functional succession plans for the business, and key leadership roles filled internally.
During the year, the Committee spent time reviewing the people strategy, executive
succession and talent development.
Eduardo Vassimon was appointed as an independent non-executive director on
1 March 2025, bringing significant financial services sector experience and deep
knowledge of the Brazilian market.
Scalable business growth
The Board recognises the high-quality
annual strategy review meetings and
regular global and regional business
reviews, and the Board’s close
involvement in these important
processes. Over the forthcoming
strategic plan period, the business
will need to continue to execute on
the scalable growth opportunities
that would be expected to drive
the most long-term sustainable
value, and the Board will maintain
its strategic oversight and focus on
those opportunities, prioritising
investment accordingly.
The Board maintained its strategic oversight and focus on the execution of the strategy
and delivery of investments during the year, with strong scalable business growth.
As well as undertaking deep dive reviews on the strategic plans for the regions
and various Group businesses, the Board received updates on strategic business
developments at its meetings during the year and was apprised of the status of
priority acquisition and investment activities.
Area
Focus
Board and executive
succession planning
The Nomination and Corporate Governance Committee intends to continue to evolve its focus on Board and executive succession
planning, recognising this as a core priority requiring ongoing consideration. The Group’s succession plans will be monitored and
reviewed by the Nomination and Corporate Governance Committee on a regular basis.
Strategic learning
and insights
The Board welcomes the regular briefings it receives on strategy related topics. The Board intends to continue to develop its
expertise in the forthcoming strategic planning period to remain abreast of themes central to the Group’s strategy. In particular,
the Board will receive updates on the use and integration of technology in the business, progress on the use of artificial
intelligence, the geopolitical and regulatory agenda, market developments and performance relative to competitors. Staying
informed of internal and external topical developments complements the Board’s efficient and accurate development of the
Group’s strategy.
Nomination and Corporate Governance Committee report
continued
Progress against the focus areas highlighted in the FY24 review
FY26 focus areas agreed following the FY25 review
Audit Committee report
Jonathan Howell (Chair)
Alison Brittain
Kathleen DeRose
Caroline Donahue
Luiz Fleury
Esther Lee
Louise Pentland
Eduardo Vassimon
(from 1 March 2025)
• All members of the Committee are independent
non-executive directors and have been
appointed to the Committee based on their
individual financial or commercial experience.
Committee members have the skills,
competence, and financial and commercial
experience across a variety of industries and
sectors, to enable them to discharge the
Committee’s roles and responsibilities
effectively.
• Jonathan Howell has chaired the Committee
since 1 July 2022, and is a qualified accountant
with recent and relevant financial experience
through his role as Chief Financial Officer of
The Sage Group plc. He has previously held
other senior finance roles, including as an
independent non-executive director and Chair
of the Audit and Risk Committee of The Sage
Group plc, Group Chief Financial Officer of Close
Brothers Group plc and Group Chief Financial
Officer at London Stock Exchange Group plc.
Eduardo Vassimon was recently appointed
to the Committee on 1 March 2025. He has
relevant financial experience having previously
held senior finance roles, including Group Chief
Financial Officer and Group Chief Risk Officer
at Itaú Unibanco. He also previously chaired
the risk and financial committee at B3.
• The Financial Reporting Council’s (FRC) UK
Corporate Governance Code 2018 (the Code)
requires that at least one member of the
Committee has recent and relevant financial
experience, and the UK Disclosure Guidance
and Transparency Rules (DTRs) require that
at least one member has competence in
accounting and/or auditing. The Board is
satisfied that it meets these requirements
through both Jonathan Howell’s and Eduardo
Vassimon’s membership of the Committee.
• After all meetings when they were present,
the Committee met the external auditor and,
separately, the Head of Global Internal Audit,
without management present. In advance
of the formal Committee meetings, the
Chair of the Committee meets with the
Committee’s regular attendees, as well
as the external auditor.
• Outside of regular meetings, the Chair met
with some of the external auditor’s regional
and specialist teams, and various key internal
stakeholders including the head of North
America’s Internal Audit team.
• The Board receives the minutes of each
Committee meeting, in addition to the
Committee.
• The Committee is authorised to seek outside
legal or other independent professional advice
as it sees fit.
• The Committee was in place throughout the
year ended 31 March 2025.
Committee’s key role
and responsibilities
The responsibilities of the Committee are
defined in the Committee’s terms of reference,
which were most recently reviewed and
approved by the Committee and Board in
September 2024. The Committee operates in
accordance with the Code and the FRC’s
Guidance on Audit Committees.
The Board believes the Committee to be a
central pillar for effective corporate governance
by providing independent and impartial
oversight of the Company’s relevant functions.
The Committee’s responsibilities include:
• Monitoring the integrity of the financial
statements and reviewing significant financial
reporting judgments contained in them.
• Reviewing internal financial controls and the
Group’s internal control and risk management
systems.
• Reviewing the effectiveness and quality of the
audit process and the independence and
objectivity of the external auditor.
• Monitoring and reviewing the effectiveness of
the internal audit function.
• Developing and implementing policy on
engaging the external auditor to supply
non-audit services, taking account of relevant
guidance.
• Approving the external auditor’s remuneration
and terms of engagement and making
recommendations about its re-appointment.
• Monitoring and reviewing risk management,
information and cyber security risks, and
compliance matters.
• Providing oversight of the assurance,
monitoring, and review (as appropriate) of
relevant sustainability and other non-financial
metrics or reporting.
I am pleased to present the report of the Audit
Committee (the Committee) for the year ended
31 March 2025. This report outlines how the
Committee discharged the responsibilities
delegated to it by the Board, and the key matters
it considered during the year. It was a very
active year for the Committee, which remains
an essential part of Experian’s overall
governance framework. During the year, the
Committee maintained its focus and oversight
on the Group’s financial reporting, internal
controls and the continued strengthening of risk
management. We continue to respond to the
changing regulatory and corporate governance
landscape, building on our existing controls
framework and best practice. The Board has
delegated to the Committee the responsibility to
oversee and assess the integrity of the Group’s
financial reporting, non-financial reporting, risk
management and internal control procedures,
review of information security matters
(including strategy), review of compliance
matters and the work of both the internal audit
function and the external auditor, KPMG LLP.
Included in this report are specific areas of
focus for the Committee during the year, which
included oversight and consideration of the key
elements of proposed UK audit and corporate
governance reforms. This includes the FRC’s
revised Corporate Governance Code 2024
(provisions that relate to internal controls,
that will be applicable to Experian from FY27);
and strategic updates on the second line of
defence functions (Group Risk Management,
Global Security Office and Global Compliance).
The report also provides details of how the
Committee conducted the external audit
tender process for FY27, consideration of
non-financial reporting requirements, the
significant accounting and reporting matters
the Committee considered in relation to the
financial statements and how these were
addressed, and how the Committee
concluded and recommended to the Board
that the 2025 Annual Report was fair,
balanced and understandable.
Committee meetings
• The Committee met six times during the year.
Four were scheduled meetings timed to
coincide with key dates in the Group’s financial
reporting and audit cycle. Two meetings were
ad hoc, convened to review and discuss the
external audit tender process for FY27.
• Regular attendees at meetings during the year
included the Chair, the executive directors, the
Group General Counsel, the Head of Global
Internal Audit, the Global Financial Controller,
the Global Chief Information Security
Officer, the Group Chief Risk Officer and
representatives from KPMG LLP, except
when the external audit tender was being
considered. Other invitees included the Global
Head of Compliance.
Members
Composition and experience
“During the year, the Committee
maintained its focus and oversight
on the Group’s financial reporting,
internal controls and the continued
strengthening of risk management.
We continue to respond to the
changing regulatory and corporate
governance landscape, building on
our existing controls frameworks
and best practice.”
Jonathan Howell
Chair of the Audit Committee
117
Experian plc
Annual Report 2025
Code principle
Audit, Risk and Internal Control
Governance
Audit Committee report
continued
Specific areas of focus
The Committee spent time on the following specific areas during the
year, to consider and challenge relevant, current and important issues:
• The new UK Corporate Governance Code
:
Published in January 2024,
the most notable change was the introduction of an annual declaration
on the effectiveness of a company’s material controls, which will be
required for the financial year ending 31 March 2027 onwards. The
Committee was satisfied with the Group’s progress in preparation for
the necessary changes brought about by the revisions to the Code,
which cover all material financial, operational, reporting and
compliance controls. The Committee noted that further work will
continue into FY26 to meet the preparedness expectations, and these
will continue to be monitored throughout the course of the coming year.
• Second Line of Defence Strategic Plan
:
At its September 2024
meeting, the Committee reviewed the annual update on progress for
the Second Line of Defence Strategic Plan. This includes updates from
Group Risk Management (GRM), the Global Security Office (GSO) and
Global Compliance. The Plan features an annual self-assessment of
maturity progress and a rotating external validation programme. A
third-party adviser completed an external maturity assessment of Risk
Management in FY25, which confirmed to the Committee that Experian
has demonstrated excellent progress across the eight components
of its maturity assessment framework, placing it within the range
of peer organisations. With the previous external assessments of
Risk Management (FY22), Information Security (FY23) and Global
Compliance (FY24), the Committee has a complete set of externally
assessed maturity baselines to measure progress against, guiding
the Group’s strategic progress on second line of defence maturity.
The Committee will continue to regularly assess progress on maturity
both internally and externally.
• External Audit Tender
: The Committee conducted a formal and
comprehensive competitive audit tender process for the external
audit, taking effect from, and including, the financial year ending
31 March 2027. Further details are provided on page 123.
• Non-financial reporting:
The EU Corporate Sustainability Reporting
Directive (CSRD) requires companies to disclose information on what
they see as the risks and opportunities arising from social and
environmental issues, and on the impact of their activities on people
and the environment. Experian was previously expected to adopt
CSRD for 31 March 2026 reporting. The Committee reviewed and
was satisfied with the Group’s progress on this topic, including the
double materiality assessment, the reporting approach and timeline.
However, in April 2025, the European Parliament voted to delay by
two years the implementation of CSRD. Assuming this change is duly
passed into local legislation in relevant markets, this postpones the
adoption of CSRD by Experian until 31 March 2028 reporting.
Committee activities – all scheduled meetings
• Reviewed significant accounting and reporting matters updates
from the Chief Financial Officer and Global Financial Controller at
each meeting.
• Reviewed an Information Security update from the Global Chief
Information Security Officer at each meeting. This is a standing item
on the Committee agenda, given its importance to the Group.
• Reviewed full or summary risk management updates at each meeting,
including the status of risk and litigation management.
• Reviewed papers from the external auditor detailing the status of their
work against plan, and findings and conclusions in respect of their
opinion covering the reporting period.
• An Internal Audit update was presented by the Head of Global Internal
Audit at each meeting and discussed by the Committee. This included
the status of the audit plan, audit findings and themes in the reporting
period, and progress on any overdue audit actions.
The Committee has an extensive agenda and carries out a range of significant activities during the year. Some standing items are covered at every
meeting, such as updates on internal audit, information security and risk management, while other key items are covered at specific meetings
depending on the cadence of activities during the year. This includes review of the half-year and preliminary results announcements, review of the
Annual Report and assessment of internal and external audit. The Committee also has a regular programme of review and approval of a number of
Group policies and terms of reference of key elements of the three lines of defence.
The following tables set out a summary of the Committee’s key activities, and the associated timings, in more detail.
Committee activities during the year
Experian plc
Governance
118
Code principle
Audit, Risk and Internal Control
Two ad hoc meetings were held by the Committee to facilitate key steps and approvals in the external audit tender process, in addition to the above
meetings. These were held in
July 2024
and
January 2025
. Further details on the external audit tender process can be found on page 123.
September 2024
• External Audit Tender (see page 123).
• Reviewed and discussed second line of defence strategic updates.
• Reviewed the FY25 external audit plan with the external auditor,
including the engagement letter and independence considerations.
• Reviewed and discussed the evaluation of the external auditor (see
page 124).
• Evaluated the performance of Global Internal Audit (see Internal audit
on page 122).
• Reviewed a Confidential Helpline and Whistleblowing update.
• Reviewed an update on fraud identification and management.
• Received Compliance training from the Global Head of Compliance,
on the UK Financial Conduct Authority (FCA) Consumer Duty.
November 2024
• External Audit Tender (see page 123).
• Reviewed the half-yearly financial report announcement, and papers
in relation to:
– half-year accounting matters
– the preparation of the half-yearly report on the going concern basis
– a fair, balanced and understandable assessment
– the making of management representations.
• Received an update on non-financial reporting (including changes to
sustainability regulatory reporting).
• Received an update on UK corporate reform (including material
controls).
• Reviewed non-audit fees.
March 2025
• Reviewed the Global Internal Audit strategy and annual plan.
• Reviewed the Group’s Tax policy, non-audit fee policy and the Group’s
overall audit fee.
• Reviewed a Confidential Helpline and Whistleblowing update.
• Reviewed an update on fraud identification and management.
• Considered the re-appointment of the external auditor for FY26.
• Reviewed the Group Risk Appetite Statements.
• Received an update on UK corporate reform (including material
controls).
• Received professional knowledge updates, and informational
briefings, on audit and UK corporate reform, and non-financial
(including sustainability) reporting from the external auditor.
May 2025
• Reviewed the preliminary results announcement, the Annual Report
and Accounts, Tax Report and papers in relation to:
– year-end accounting matters
– the preparation of the financial statements on the going concern
basis (see also note 2 to the Group financial statements)
– the making of a viability statement recommendation to the Board
– the fair, balanced and understandable assessment (see page 122)
– the making of management representations.
• Reviewed the 2025 Annual Report.
• Reviewed the Enterprise Risk Management Framework and Summary
of Assurance.
• Approved the required Statement on Internal Controls and Risk
Management.
• Reviewed non-audit fees.
Committee activities – specific meetings
119
Experian plc
Annual Report 2025
Code principle
Audit, Risk and Internal Control
Governance
Audit Committee report
continued
At each meeting, the Committee received a formal financial update from the Chief Financial Officer and/or the Global Financial Controller informing
the Committee of developments in the Group’s reporting and accounting environment, and compliance with relevant reporting standards. During the
year, the Committee assessed the overall quality of financial reporting through review and discussion of the significant accounting matters and the
half-year and annual financial statements.
The Committee’s review included assessing the appropriateness of the Group’s accounting policies and practices, confirming compliance with
financial reporting standards and relevant statutory requirements, and reviewing the adequacy of disclosures in the financial statements. In
performing its review of the Group’s financial reporting, the Committee considered and challenged the work, judgments, and conclusions of
management. The external auditor also provided the Committee with reports setting out its findings and conclusions on the accounting treatments
included in the financial statements, which the external auditor can discuss privately, without management present, with the Committee.
The table below summarises the significant accounting and reporting matters considered by the Committee in relation to the Group’s financial
statements and the way they were challenged by the Committee and concluded. These matters, together with any other significant considerations
of the Committee, are reported to the Board.
Significant matter
Response
Challenge and outcome
Cross reference
Acquisitions
The Group has completed eight
acquisitions during the year, including the
acquisitions of Credit Data Solutions Pty
Ltd and its subsidiary undertakings (illion)
for consideration of US$585m, Predictive
Pop, Inc. (Audigent) for consideration of
US$363m, and Neuro-ID, Inc. (NeuroID) for
consideration of US$145m.
The size of the consideration paid for these
acquisitions means that the identification
and valuation of acquired intangible assets
is a matter of focus for the Committee.
The Committee received updates on
management’s proposed acquisition
accounting for illion, Audigent, and
NeuroID. This included the assumptions
and key inputs used in the valuation
of acquired intangibles for these
transactions.
Third-party valuation specialists were
engaged to assist with the valuation of
these balances, and the results were fed
back to the Committee.
KPMG presented its conclusion on this
matter to the Committee, including its
assessment of the reasonableness of
each valuation.
The Committee considered the reasonableness
of the key judgments and assumptions made in
the valuation of these balances. This included
challenging management on whether the
estimates made in the valuations were
appropriate and reviewing the results of the
third-party valuation specialists.
The Committee concluded that the identification
and valuation of acquired intangibles for illion,
Audigent and NeuroID were appropriate.
The Committee concurred with management’s
proposed acquisition accounting for illion,
Audigent and NeuroID.
See note 41
to the Group
financial
statements.
Impairment review – goodwill and other
intangible assets
Given the size of the Group’s goodwill and
other intangible assets, the recoverability
of these assets is a significant area of
focus for the Committee.
A summary of the annual impairment
analysis, alongside the underlying
assumptions and inputs, was provided
to the Committee.
An additional impairment analysis was
provided to the Committee for EMEA and
Asia Pacific, following the allocation of
goodwill and other intangible assets
acquired as part of illion to this group
of cash generating units (CGUs).
The external auditor, KPMG, provided
an update to the Committee on the
procedures performed over the Group’s
impairment analysis, alongside its
findings and conclusions on the
reasonableness of the key inputs into
the analysis. These were discussed with
KPMG at the relevant Committee meeting.
The Committee scrutinised the methodology,
inputs and assumptions applied by management,
in particular ensuring that changes in the
macroeconomic environment were appropriately
captured. This included acknowledging the use of
external sources to support and corroborate
management’s inputs.
The Committee concurred that the allocation of
goodwill and other intangible assets acquired as
part of illion does not result in an impairment
charge in EMEA and Asia Pacific.
The Committee further enquired as to whether
any other reasonable change in assumptions
would result in an impairment charge in EMEA
and Asia Pacific.
The Committee considered the impairment
reviews to be reasonable and agreed with
management’s proposed sensitivity disclosures
for EMEA and Asia Pacific.
See note 20
and note 21
to the Group
Financial
Statements.
Litigation and contingent liabilities
The operating activities of the Group are
subject to regulation across a high number
of geographical markets.
The volume and size of outstanding claims
the Group is subject to mean that the
judgments applied when assessing the
likelihood of a liability crystallising can
have a significant impact.
The Committee received an update and
analysis of open litigation and regulatory
matters affecting the Group, including
the open matters with the US Consumer
Financial Protection Bureau.
The Committee met with the Group’s
legal counsel, received regular litigation
updates, and considered external
advice in order to facilitate their review,
alongside the feedback provided by
KPMG on the conclusion of its relevant
audit procedures.
The Committee challenged management on
the key judgments and assumptions made in
assessing whether a provision or contingent
liability disclosure was required.
The Committee concluded that these matters
had been appropriately classified as contingent
liabilities at 31 March 2025.
The Committee considered and concurred
with the proposed contingent liability
disclosures included in the notes to the
Group financial statements.
See note 43
to the Group
financial
statements.
Significant accounting and reporting matters
Experian plc
Governance
120
Code principle
Audit, Risk and Internal Control
Significant matter
Response
Challenge and outcome
Cross reference
Exceptional Items
The Group reports certain expenses
separately as Exceptional items, providing
an indication of the Group’s underlying
performance.
During 2025, the Group has made good
progress in executing on the final stages of
our technology transformation and cloud
migration, realigning our staff resources
to our new technology architecture and
accelerating the shift to our global
development centres to drive productivity.
For the year ended 31 March 2025,
expenses of US$50m (2024: nil) have
been presented as restructuring costs,
within Exceptional items, relating to
this programme.
Given the impact on the Group’s
Benchmark results, the classification of
expenses as Exceptional items has been
an area of focus for the Committee.
The Group’s technology transformation
and cloud migration programme is a
financially significant one-off item.
Management presented their rationale
for the inclusion of restructuring costs
associated with the programme as
Exceptional items. The external auditor,
KPMG, provided their feedback and point
of view to the Committee on the
conclusion of this matter.
Updates were provided to the Committee
on the value of restructuring costs
incurred, related to the programme, that
were presented as Exceptional items.
In addition, management presented
a proposal to the Committee for
continuation of the programme into
FY26 with an expectation of costs in
the range of US$20m-US$30m.
The Committee challenged management on their
assessment of expenses associated with the
technology transformation and cloud migration
programme. This included whether management
had defined a clear perimeter for costs, such that
only those restructuring costs that were related
to the programme and one-off in nature, were
presented as Exceptional items.
The Committee concurred with management’s
assessment that the restructuring costs arising
from the technology transformation and cloud
migration programme met the definition of
Exceptional items (set out in note 7).
The Committee challenged management to ensure
the proposed costs of continuing the programme
were one-off and aligned with the original
programme perimeter, before approving the
continuation into FY26.
See note 15
to the Group
financial
statements.
Going concern and viability assessments
Given the level of management judgment
required in forming conclusions with
regard to the going concern and viability
assessments, these are key areas of focus
for the Committee.
A summary of the Group’s going
concern and viability assessments was
presented to the Committee.
The Committee reviewed the results of
management’s scenario-specific stress
testing for both going concern and viability,
as well as reverse stress testing, which
demonstrated the resilience of the Group.
As part of its review, the Committee took
into consideration updates provided by
KPMG on its procedures and conclusions
on the viability of the Group.
The Committee challenged and reviewed
management’s process for assessing going
concern and the Group’s longer-term viability.
The appropriateness of the stress-test scenarios
identified, and the reasonableness of key
assumptions used by management in calculating
the financial impact of a viability scenario arising
over the forecast period were reviewed and
challenged.
The Committee considered and concurred with
management’s assessment and recommended
to the Board the preparation of the financial
statements on the going concern basis as well
as the assessment and disclosures on the
viability statement.
See page 90
for the Group’s
going concern
and viability
statements.
Whistleblowing arrangements, Confidential Helpline and
fraud management
At its September 2024 and March 2025 meetings, the Committee
received Confidential Helpline updates, and updates relating to fraud.
The Committee reviewed the Group’s arrangements for colleagues to
raise concerns in confidence regarding the way the business is run.
This includes concerns about activities that are not in the best interests
of consumers or clients, serious breaches of Experian policies and
regulations, information security threats, harassment or bullying, criminal
activity, modern slavery and fraud. At the meetings, the Committee
received reports from Internal Audit on all relevant issues, raised either
through the Group’s externally facilitated and independent Confidential
Helpline or by alternative means. These reports and updates also
analysed any issues raised by location, category of concern and the
investigation process. The Confidential Helpline supports all languages
spoken by colleagues and is accessible either by phone (24 hours a day,
seven days a week) or through a web portal. Underpinning these
arrangements is the Group’s Whistleblowing Policy as well as our
Global Code of Conduct, together with other key policies such as the
Anti-Bribery and Corruption and Gifts and Hospitality Policies. These
policies, together with regular communications on the Confidential
Helpline across the Group’s business, ensure knowledge and awareness
of the Group’s arrangements.
Information security
At each meeting during the year, the Committee reviewed an information
security update and discussed it in detail. This report provides a summary
of the key information security threats and risks the Group faces, the key
programmes to reduce risk and improve maturity as part of Experian’s
information security strategy, updates on information security capabilities
and engagement, as well as a scorecard measuring information security
operating performance.
The Group’s information security strategy and capability is measured on
a globally recognised standard – the US National Institute of Standards
and Technology (NIST) framework. This provides an understanding of
information security risks and the development of customised measures
to assess and manage those risks. At its September 2024 meeting, the
Committee continued to receive updates on the progress made on the
Group’s information security strategic plan. The strategic plan delineates
actions and deliverables to enhance and build the security capabilities
necessary to mitigate current and emerging risks, using a threat-informed
and risk-based approach. The Global Security Office has continuously
reviewed and updated processes, including those relating to emerging
threats such as Generative Artificial Intelligence (GenAI). The Committee
was also briefed on the investment in people and technology and the
development of techniques and protocols in threat detection and response.
121
Experian plc
Annual Report 2025
Code principle
Audit, Risk and Internal Control
Governance
Audit Committee report
continued
Global compliance
At its September 2024 meeting, the Committee reviewed and discussed
the progress of the Global Compliance function and its strategy. Trends
seen in increased regulator engagement were noted and discussed by
the Committee, as well as the focus on data and technology enablement
to secure ongoing performance and maturity of compliance activities.
Further to the independent review conducted by EY in the previous
year, the committee was updated on the implementation of EY’s
recommendations, with progress noted against key activities and core
compliance processes. This provided the Committee with an update on
the revised Compliance Management Programme (CMP), compliance
operating model, team structure and forward plan.
The Committee received annual compliance training on the FCA’s UK
Consumer Duty. The Committee was briefed on the purpose of Consumer
Duty to raise standards of consumer protection, requiring firms to
demonstrate that their products and services offer fair value and to
help consumers make effective choices or act in their best interests.
Internal audit
The role of Internal Audit is to provide independent, objective assurance
and consulting activity to the Committee and management. Internal Audit
brings a systematic, disciplined approach to evaluating and improving the
effectiveness of risk management, controls, and governance processes.
The audit team is independent from the business and reports to the Head
of Global Internal Audit who, in turn, reports functionally to the Committee
and administratively to the Chief Financial Officer. The Committee or
Committee Chair approves the appointment, remuneration and removal
of the Head of Global Internal Audit. The Head of Global Internal Audit has
the right of direct access to the Committee and the Chair of the Board, and
the audit team has no direct operational responsibility for or authority over
any of the activities it reviews.
At each scheduled meeting, the Head of Global Internal Audit presents an
update to the Committee. This includes the progress against the audit plan,
and a report on the audit findings and themes. In addition, at the meeting
in March 2025, the Committee reviewed and approved the Global Internal
Audit strategy and plan for the year.
Each September, Internal Audit updates the Committee on key elements
of the advisory support provided to the business over the previous
12 months, in addition to its regular audit reporting work. These can range
from full advisory audits to participation in project meetings, to support
for key initiatives, and below is a sample of these. Internal Audit:
• continued to work with the other governance functions in developing
the Group’s risk framework model
• provided thematic analysis and support to the sub-groups involved in
the mergers and acquisitions project to improve due diligence and
integration processes globally; and provided additional advisory
feedback on potential policy and process changes related to
strengthening integration plans and future modifications to merger
and acquisition processes
• performed a review of the North America GenAI Governance model
to provide an independent perspective on the adequacy of the risk
management and controls framework being developed to manage
the risks associated with GenAI deployments
• provided ongoing consultation to the Chief Sustainability Officer and
team to help with defining the Positive Social Impact Framework
(PSIF) for Experian products globally, advising on appropriate
governance structures for reporting and assuring metrics under
the PSIF externally.
The specific objectives, authority, scope, and responsibilities of the
Internal Audit team are set out in more detail in the Experian Internal
Audit terms of reference, which are reviewed annually by the Committee.
The Committee also considers and evaluates the level of Internal Audit
resources and its quality, experience and expertise, supplemented as
appropriate by third-party support and subject matter expertise, to ensure
it is appropriate to provide the required level of assurance.
In line with the Chartered Institute of Internal Auditors’ (IIA) Code of
Practice, and the Code, the effectiveness of Internal Audit is reviewed
by the Committee every year and is also subject to an external quality
assessment (EQA). There is a four-year evaluation cycle for Experian’s
Internal Audit function, the structure of which is a full EQA every
four years, and follow-up interim EQAs and internal reviews in the
intervening period.
An external EQA took place in FY23, undertaken by PwC. This year the
review of Internal Audit was again undertaken internally, and in September
2024 the Committee reviewed the conclusions of the review in detail.
The report highlighted that Internal Audit is considered effective and
professional, and a small number of opportunities and improvements
were noted. The review comprised: internal quality assurance results;
post-audit stakeholder feedback; key internal metrics; self-assessment
against the International Standards for the Professional Practice of
Internal Auditing, and the Code of Ethics by the Head of Global Internal
Audit; and a survey of principal stakeholders. All audits that had been
assessed using Internal Audit’s quality assurance process were rated
positively, with strong adherence to standards and processes. The
assessment against key internal metrics indicated an improvement
in the time taken to issue reports. There was conformance with the
International Standards for the Professional Practice of Internal Auditing,
and stakeholder feedback on the function was strong, with the team
viewed as highly effective, professional and independent.
In line with the Code and the Committee’s terms of reference, the
Committee was asked by the Board to consider, and recommend,
whether or not the Annual Report is fair, balanced and understandable
(FBU) and whether it provides the information necessary for
shareholders to assess the Group’s position and performance,
business model and strategy.
An established process is followed to support the Committee in making
this assessment. The main elements of the process are:
• A list of ‘key areas to focus on’ is reflected in the drafting of the Annual
Report by those contributing to it. The ‘key areas to focus on’ include
ensuring a consistent, contextual and accurate message is presented.
• An internal FBU committee with members representing a broad range
of internal contributors considered the Annual Report ahead of the
May 2025 Committee meeting. The external auditor also attended the
FBU meeting to challenge the assessment.
• In advance of its May 2025 meeting, the Committee received a
near-final draft of the Annual Report, together with a reminder
of the areas to focus on and the FBU committee’s observations
and conclusions.
Following review, the Committee was satisfied and reported to the
Board that, taken as a whole, the Annual Report is fair, balanced
and understandable, and provides the information necessary for
shareholders to assess the Group’s position and performance,
business model and strategy.
Fair, balanced and understandable – what do we do?
Experian plc
Governance
122
Code principle
Audit, Risk and Internal Control
Tenure and tendering
The Company operates, and has throughout the year under review operated, in line with the requirements of The UK Statutory Audit Services for
Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014.
In 2024 and concluding in 2025, the Committee conducted an external audit tender process for the financial year ending 31 March 2027 in line with the
requirements of this order to put the external audit contract out to tender every ten years. KPMG were initially appointed as external auditor in 2016
and hence were invited to participate in the process this year as the 20-year mandatory rotation period had not been met.
An outline of the process undertaken is shown below.
Audit Committee oversight
In conducting the audit tender process the
Committee complied with Audit Committees
and the External Audit: Minimum Standard
(Minimum Standard), issued by the UK
Financial Reporting Council (FRC). The
Committee appointed a Steering Group
(chaired by the Chair of the Audit Committee)
and a Working Group to support the
administration of the process. The Committee
utilised existing and ad hoc meetings to
approve all key decisions in the process.
This included:
• The overall project plan
• The communication plan both internally
and externally
• Invitations to firms to tender
• Release of a Request for Information (RFI)
and key decisioning criteria
• Release of a Request for Proposal (RFP)
and key decisioning criteria
• Review of feedback from firms’ meetings
with management
• Down-selection of firms throughout
the process
• Presentations by firms to the full Committee
• Recommendation to the Board.
Evaluation criteria
Both the RFI and RFP documents submitted
by firms had clearly articulated decisioning
criteria approved by the Audit Committee.
Submissions were analysed with a key
focus on:
• Audit quality (UK FRC and internationally
published audit quality scores)
• Independence
• Technology and innovation
• Understanding of Experian’s business,
systems, risk and regulatory environment
• Geographic reach and ability to conduct the
audit aligned to our finance structure
• Team composition and use of specialists.
In addition, as a key focus area of the audit
profession currently, the Working Group
attended technology demonstrations with
each of the firms who participated in the RFI,
to understand their innovative approaches to
the future of audit, and how new technology
could make the Experian audit more
effective and efficient. The materials from
these sessions and an analysis of each,
were provided to the Committee.
Decision
The Committee attended the presentations
by the firms who were accepted to the
RFP stage.
Having considered the presentations, and
the relevant analysis of the proposals and
earlier rounds in the process, the Committee
submitted two possible audit firm options to
the Board, noting KPMG as the preferred
candidate.
Key factors in the decision to recommend the
re-appointment of KPMG included:
• A clear technology roadmap and how this
could apply to Experian
• Strong UK audit quality scores
• An audit with robust challenge, quality
insight, centrally driven, technology enabled
and with transparent and timely
communication
• A deep understanding of the business and
geographic reach, combined with strong
technical skills and competence.
In January 2025, the Board approved the
appointment of KPMG as the auditors of the
Experian plc Group from FY27 onwards,
subject to shareholder approval in July 2026.
May – June
2024
• Six firms were invited to
participate in the external
audit tender process.
• All firms confirmed
participation except one
firm, for reasons which
were accepted.
• Partner selection meetings
were held and the Request
for Information (RFI)
process was launched
with primary focus around
audit quality, technology,
independence and
capabilities.
July – August
2024
• RFI responses were
received in July.
• Technology demonstrations
were held with all firms
during August where they
had the opportunity to
showcase their tools and
technology to make audit
practices more efficient.
September – October
2024
• The Committee met and
reviewed the RFI results as
well as the results of the
technology demonstrations,
standing down one firm
from the process.
• One firm removed itself
from the tender for reasons
which were accepted.
• A Request for Proposal
(RFP) was issued to
three firms.
• These firms met with
management and were
internally scored.
• The Audit Tender Steering
Group met in October to
discuss the RFP responses
and management
scorecards.
November – December
2024
• In November, the three
firms presented their
proposals to the Committee
at the Experian plc
corporate headquarters
in Dublin.
• The Committee considered
the RFP responses and
presentations against
decisioning criteria,
providing a ranking of the
final two preferred firms.
January
2025
• The Committee concluded
the external audit tender
process, presenting their
preferred audit firm as
KPMG to the Board for
consideration.
External audit
123
Experian plc
Annual Report 2025
Code principle
Audit, Risk and Internal Control
Governance
Audit Committee report
continued
Effectiveness, audit quality, independence and appointment
At its September 2024 meeting, the Committee reviewed and discussed
KPMG’s audit strategy for the year ended 31 March 2025. In March 2025,
the Committee received detailed updates on the audit’s progress, which
included details of the external auditor’s actions, such as the audit
procedures undertaken, the audit’s coverage, and the status of any
significant findings, as well as details of key matters arising from the
audit and assessments of management’s judgments on them. At the end
of each scheduled meeting during the year under review, KPMG met
the Committee to discuss any relevant matters without management
present. The Committee reviewed the content of the independence
letter, and the management representation letters, as well as
engagement terms.
The terms of reference of the Committee include a requirement to
annually assess the effectiveness of the external auditor. Internal Audit
supported the Committee by gathering information to complete this
review and issued questionnaires to the Board members and certain
senior management, as well as a more detailed set of questions to
senior finance leadership.
The review focused on the four key areas used in the FRC’s December
2019 ‘Practice aid for audit committees’: mindset and culture; skills,
character and knowledge; quality control; and judgment. The Committee
also reflected on the assurance on financial statements, the audit teams
and communication, as well as considering external regulatory updates
on the external auditor received during the year.
The overall results of the review were favourable, with the audit being
considered effective and of high quality. In general, KPMG was felt to be
effective and collaborative throughout the audit process. They provided
robust challenge, demonstrated strong judgment and communications
were clear. Overall, KPMG had provided an effective and robust audit.
Suggestions for improvement were discussed with KPMG, including
improved communication between their offices to improve the overall
audit process.
The Committee also evaluates the quality of the audit (along with the
effectiveness review described above) in the following ways:
Meeting attendance by the external auditor
– KPMG attended all
scheduled Committee meetings during the year and reported to
the Committee on the components of the audit plan, additional or
forthcoming requirements or regulatory changes, audit findings and
half-year review findings. KPMG also provided professional knowledge
updates, and informational briefings, to the Committee on audit and
corporate reform and on non-financial sustainability reporting.
Audit Quality Review (AQR)
–
In July 2024, the FRC published its report
on the findings of the AQR and Quality Assurance Department (QAD)
2023/24 inspection of KPMG and the other large firms (which largely
covered years ending between June 2022 and May 2023). 89% of KPMG
audits inspected by the AQR were rated ‘good’ or ‘limited improvements
required’ and 70% of KPMG audits inspected by the QAD were classified
as ‘good’ or ‘generally acceptable’.
During the year, the FRC’s AQR team completed an inspection of
KPMG’s audit of Experian plc’s financial statements for the year ended
31 March 2024. The inspection assessed the overall quality of the audit
work completed by KPMG, any key findings arising and any specific good
practices identified that warranted highlighting by the FRC. The AQR
assessment identified areas of good practice and one specific area
requiring limited improvement which, KPMG has confirmed to the
Committee, has been addressed.
Auditor independence
To ensure auditor objectivity and independence, the Committee reviews
potential threats to independence and the associated safeguards during
the year. The safeguards KPMG had in place during the year under review
to maintain independence included annual confirmation by KPMG staff of
compliance with ethics and independence policies and procedures.
KPMG also had in place underlying safeguards to maintain independence
by instilling professional values; communications; international
accountability; and independent reviews. There was also appropriate
pre-approval for non-audit services, which are provided only if
permissible under relevant ethical standards. Details of this policy
are laid out below.
Following the year-end audit, neither Experian nor any of its subsidiary
companies will employ any audit partner or audit team member in a
position that could have a significant influence on the Group’s accounting
policies or the content of its financial statements until a cooling-off period
has elapsed. The cooling-off period is two years for an audit partner, and
one year for a director, where they have worked on the audit of Experian
plc or its subsidiaries.
The Committee will receive an update if any audit team members are
recruited to senior positions by Experian, followed thereafter by annual
reporting on numbers of former auditor senior employees, should
any remain.
The Committee also considered the independence of the external
auditor’s partners and staff involved in the audit process. KPMG has
confirmed that all its partners and staff complied with its ethics and
independence policies and procedures that are consistent with the
FRC’s ethical standards, including that none of its employees working
on the Experian audit holds publicly listed securities issued by Experian.
In addition, the Committee acknowledges management’s internal
assessment that no employee in a key financial reporting oversight
role has a close relationship with any KPMG employee that may impact
KPMG’s independence.
The Committee concluded that the external auditor had maintained its
objectivity and independence throughout the year.
Provision of non-audit services
KPMG provides certain other services to Experian. To ensure auditor
objectivity and independence, Experian has a policy relating to providing
such services. The policy includes financial limits above which any
proposed non-audit services must be pre-approved, depending on the
expenditure proposed. An analysis of fees paid to the external auditor
for the year ended 31 March 2025 is set out in note 14 to the Group
financial statements.
The Committee annually reviews the policy on the provision of non-audit
services and recruitment of former auditor employees, and the latest
review took place in March 2025. The Committee considered the
application of the policy, and confirmed it was properly and consistently
applied during the year. The policy, a summary of which is set out below,
recognises the importance of the external auditor’s independence
and objectivity.
Non-audit services policy
The external auditor is prohibited from providing any services other than
those directly associated with the audit or required by legislation and/or
permitted by FRC ethical guidance. These limited services are detailed
in the non-audit services policy, which is reviewed and approved by the
Committee each year.
The appointment of the external auditor for any non-audit work up to
US$50,000 must be approved by the Global Financial Controller. The
appointment of the external auditor for any non-audit work where the
expected fees are over US$50,000 and up to US$100,000 requires the
approval, in advance, of the Group Chief Financial Officer. Where the
expected fees are over US$100,000, the approval of the Chair of the
Audit Committee is required in advance.
Where cumulative annual non-audit fees exceed the 30% annual limit,
all expenditure must be approved by the Committee. All expenditure is
subject to a tender process, unless express permission is provided by
Experian plc
Governance
124
Code principle
Audit, Risk and Internal Control
the Chair of the Committee, the Chief Financial Officer or the Global
Financial Controller based on the above approval limits. Any expenditure
below US$100,000 not subject to a tender will be notified to the Chair of
the Audit Committee annually.
Commercial agreements where Experian provides services to the
auditor must be approved by the Global Financial Controller and not
exceed the lower of 5% of the local Experian entity’s total revenue and
US$250,000, and all transactions should be undertaken on an arm’s
length basis. Transactions in excess of this limit require approval of the
Chair of the Committee in advance.
The Committee received half-yearly reports providing details of
non-audit assignments and related fees carried out by the external
auditor in addition to the normal work.
Auditor re-appointment
Each year, the Committee makes a recommendation to the Board as to
whether the existing external auditor should be re-appointed. Before
making that recommendation, the Committee considers the auditor’s
effectiveness, including its independence, objectivity and scepticism.
Having considered the effectiveness, independence and objectivity of
KPMG as summarised above, the Committee recommended to the Board
that a resolution to re-appoint KPMG be proposed at the 2026 AGM,
which the Board reviewed and approved.
Risk management and internal control
The Board is responsible for maintaining and reviewing the effectiveness
of the Group’s risk management activities from a strategic, financial,
regulatory, and operational perspective. These activities are designed to
identify and manage, rather than eliminate, the risk of failure to achieve
business objectives or to successfully deliver Experian’s business
strategy, within the Group’s appetite for risk.
Experian’s risk management programme includes a Second Line of
Defence Strategic Plan, which incorporates an annual self-assessment
of maturity progress and a rotating external validation, where target
maturity is benchmarked across relevant industry peers, including
financial services. This approach to risk management sets a clear vision
to continue the maturing of a sustainable and embedded risk
management framework within Experian. As outlined earlier, the
Committee received an update on the progress of this Strategic Plan
at its September 2024 meeting.
There is an ongoing process for identifying, evaluating, and managing
the principal and emerging risks Experian faces. This process was in
place for the financial year and up to the date of approval of this Annual
Report. Full details of our risk management and internal control systems
and processes can be found in the Risk management and principal
risks section of the Strategic report on page 82. The Committee
considers emerging risks with management as part of the standing
risk management update it receives.
Readiness for the revised UK Corporate Governance Code 2024
The Committee was briefed on the Group’s progress in preparation
for the necessary changes brought about by UK Corporate Reform
and associated requirements for internal control disclosure, applicable
to Experian from FY27. The Group is building on its existing control
frameworks and incorporating good practice elements from external
approaches, such as The Committee of Sponsoring Organizations of the
Treadway Commission (COSO) Internal Control – Integrated Framework.
The Committee reviewed the Group’s work on establishing a definition
of ‘material’ and its approach for identifying its material controls.
Other elements discussed included additional governance in the
form of enhancements to existing committee structures, increasing
accountability through clarifying roles and responsibilities and
developing current risk and control monitoring and reporting
processes to support these. Further work will continue into FY26 to
meet the preparedness expectations of the Committee and external
regulatory bodies.
Effectiveness of the risk management and internal control systems
In line with the Code, the Committee (on behalf of the Board) monitors
the internal control and risk management systems, robustly assesses
the emerging and principal risks identified by our risk assessment
processes (including those that would threaten Experian’s business
model, future performance, solvency or liquidity and reputation), and
monitors actions taken to mitigate them. For certain joint arrangements,
the Committee relies on the systems of internal control operating
within Experian partners’ infrastructure and the obligations of
partners’ boards, relating to the effectiveness of their own systems.
The Code requires companies to review the effectiveness of their
risk management and internal control systems, at least annually.
The monitoring and review should cover all material controls, including
financial, operational, and compliance controls. The Committee
performs this review under delegated authority from the Board.
Through a combination of ongoing and annual reviews, the Committee
is able to review the effectiveness of the Group’s risk management and
internal control system.
The annual review of effectiveness considered that:
• there was a process in place to determine the nature and extent of the
principal risks the Company was willing to take in order to achieve its
long-term strategic objectives
• there was an ongoing process for identifying, evaluating, and managing
the emerging and principal risks faced by the Group that was regularly
reviewed by the Committee
• processes were in place throughout the year ended 31 March 2025,
and which would remain in place up to the date of approval of the
Annual Report
• the effectiveness of such processes was reviewed by the Board
• the information the Board received was sufficient to enable it to review
the effectiveness of the Group’s risk management and internal control
systems.
Following this year’s review, the Committee, on behalf of the Board,
considers that the information it received enabled it to review the
effectiveness of the Group’s system of internal control and risk
management in accordance with the FRC’s Guidance on Risk
Management, Internal Control and Related Financial and Business
Reporting and that there were, and the system has, no significant failings
or weaknesses.
For more on our approach to risk management see pages 81 and 82.
Committee performance review
A review of the operation, performance and effectiveness of the
Committee was undertaken during the year, supported by a detailed
‘traffic light’ analysis and discussion of how the Committee was
performing against its terms of reference. The performance review
discussion took place at the Committee’s September 2024 meeting and
confirmed that the Committee continued to operate effectively and
efficiently.
Link to the Committee
terms of reference
experianplc.com/about-us/
corporate-governance/
board-committees/
125
Experian plc
Annual Report 2025
Code principle
Audit, Risk and Internal Control
Governance
Experian plc
Governance
126
Report on directors’ remuneration
Introduction
I am very pleased to report that FY25 was
another strong performance year for Experian.
The business has again delivered levels of
growth – high single-digit revenue growth (8%)
and double-digit Benchmark EBIT growth
(11%) – which reflect our ability to execute the
agreed strategy. It is the geographic reach and
diversity of our business portfolio together
with the efforts and commitment of our global
workforce, led by a strong leadership team,
that has achieved these results in the latest
financial year.
Experian is not immune to the numerous
operational challenges that face any
organisation with a similar international
footprint. There are economic constraints and
future uncertainty in many of our key markets.
However, we have clearly benefitted from
our decision to broaden our client offering,
through new product innovation and deeper
penetration. This guided our strategic
investments and brought a focus on driving
synergies as we looked to enhance our
capabilities. To be able to report that we have
continued to deliver growth in all our markets,
and therefore to deliver sustained top- and
bottom-line growth at the overall Group level,
demonstrates the vitality of our business.
FY25 Performance
The levels of growth – our main strategic driver
– achieved in FY25 demonstrate our ability
to meet and exceed the high-performance
ambitions that sit at the heart of our business
strategy. As a Board, we never underestimate
the motivation and dedication that is required
from our global workforce to consistently
deliver year-on-year growth. We set very
stretching targets knowing that the levels of
performance that we aspire to often exceed
those of our competitors and sometimes even
external expectations.
In FY25, the Group achieved very strong annual
financial results:
• Benchmark EBIT growth of 11%
• Revenue performance growth of 8%.
Importantly, the three-year financial
performance delivered up to FY25 was
notably strong:
• Three-year adjusted annual Benchmark
Earnings per share (EPS) growth of 9% per
annum
• Three-year adjusted Return on capital
employed (ROCE) of 17.5%
• Three-year cumulative Benchmark operating
cash of US$5.7bn.
It is also very pleasing to see the above
performance levels reflected in our share
price, which increased by 23% over the
three-year period. However, beyond the
achievement of our financial results, the
Committee believes that it is very important
to take a holistic approach to the assessment
of the Group’s performance by considering a
broad range of metrics.
In order to ensure that the financial outputs
are a fair and true reflection of the Group’s
overall performance over both the short and
longer term, we consider a number of broad
non-financial measures which include, but are
not limited to, customer satisfaction, employee
engagement, inclusion and belonging, and our
impact on the environment. While we do not
include these and other non-financial metrics
in our incentive plans, that in no way negates
their importance, as demonstrated by the
transparency about our targets and trajectory
towards them. The regular review by the
Board of these broader metrics plays a key
role in the Committee’s assessment of true
holistic performance across the Group.
We are very proud of the performance –
financial and more broadly – delivered in
FY25, but our attention is already focused
on achieving our growth ambitions for FY26
and beyond.
Experian’s executive
remuneration policy
Based upon feedback from stakeholders, we
have built a reputation for regular, proactive
engagement with our shareholders on
executive remuneration. We feel that we
have reaped great value from the open and
constructive nature of the discussion during
shareholder engagements. This was most
recently evidenced during the consultation
exercise conducted in relation to our CEO
pay arrangements.
It is now five years since we made any
significant changes to our Remuneration
Policy (Policy). Changes made in 2020 were
a response to shareholder feedback at the
time. Since then, there have been only minor
governance-led changes that our shareholders
would expect us to align with. As such, we
continue to believe that our Policy is the most
appropriate for Experian. We have consistently
applied the Policy, even during recent years
of unprecedented external uncertainty, and
shareholders have viewed this very positively.
Quick link
experianplc.com/about-us/
corporate-governance/
board-committees/
Louise Pentland (Chair)
Alison Brittain
Kathleen DeRose
Caroline Donahue
Luiz Fleury
Jonathan Howell
Esther Lee
Mike Rogers
Eduardo Vassimon
(from 1 March 2025)
Members
Louise Pentland
Chair of the Remuneration Committee
“I am pleased to present, on
behalf of the Remuneration
Committee (the Committee),
the Report on directors’
remuneration, following a
year of strong performance
for the Group.”
Experian plc
Annual Report 2025
127
Governance
Long-term incentives (LTI):
The Performance
Share Plan (PSP) and Co-investment Plan (CIP)
awards granted in 2022 will vest on 8 June
2025. In setting the 2022 LTI targets, the
Committee sought to reflect our ambitious
growth strategy of achieving sustainable
annual high single-digit growth. Therefore, for
the 2022 Earnings per share (EPS) targets, the
performance required to deliver target outturn
was increased and a maximum outturn again
required double-digit growth. The cash flow
performance range was also increased by
US$1bn as we set truly stretching goals for
the three-year performance period.
It is very pleasing to see the Group has
delivered strong financial performance for
a number of consecutive years now. As we
have shared before, we believe that a healthy,
well-run and sustainable business will create
wealth for its shareholders, and over the last
three years Experian has achieved:
• 9% average increase per annum in adjusted
Benchmark EPS
• US$5.7bn three-year cumulative Benchmark
operating cash flow
• 17.5% adjusted Return on capital employed
• 23% share price growth
• £7.2bn of value creation through market
capitalisation growth and dividends.
As was the case last year, in FY25 all regions
delivered Benchmark EBIT and organic
revenue growth. The aggregate of these growth
achievements resulted in the Group delivering
double-digit Benchmark EBIT growth and high
single-digit revenue growth. The financial year
saw revenue performance growth of 8% and,
coupled with strong returns on strategic
investments, Benchmark EBIT grew by 11%
in FY25.
As a result of the combined revenue growth
and Benchmark EBIT growth performance,
the overall bonus for FY25 will be paid
out at 100% of maximum for each of the
executive directors.
Following a review of the Group’s financial
performance and consideration of all our
business priorities, including those that are
non-financial in nature, the Committee was
satisfied that the level of annual bonus payout
aligned fairly and accurately to the year’s
achievements. Therefore, no discretion
(upwards or downwards) was deemed
necessary. Full details of the annual bonus
outcomes are set out in the Annual report
on directors’ remuneration.
Annual performance
Three-year performance
We were pleased with the strong ‘For’ vote we
received from our shareholders at the AGM
on 17 July 2024, securing 94.2% support for
the Annual report on directors’ remuneration.
We remain very grateful for the nature of the
continued, constructive two-way engagement
that we experience when we consult with our
investors on any element of executive pay.
In line with our disclosures to our major
shareholders and the proxy advisory bodies,
I can confirm that no changes are proposed
to the Policy in 2025.
How is our performance
reflected in executive pay?
Salary:
At the beginning of the year, the
Committee approved a salary increase of 2.4%
for Brian Cassin and Craig Boundy. As is our
normal practice, and aligned with our Policy,
these increases were below the increases
awarded to the general employee population
across the Group. Lloyd Pitchford was not
eligible for a salary increase at the beginning of
the year as he was awarded a salary increase
with effect from 1 November 2023 following
the significant expansion of his role, to include
global responsibility for both Information
Security and Enterprise Risk. As we disclosed
last year, the Committee approved the increase
for Lloyd after our major shareholders
expressed their strong support.
Craig Boundy resigned from the Group in July
2024 and left the Group in August 2024. Craig
received his salary and benefits for the period
of his employment with the Group. In line with
our Remuneration Policy he is not entitled to a
2025 annual bonus and his unvested shares
lapsed immediately upon his departure.
We recently implemented a salary increase
(26.2%) for Brian Cassin with effect from
1 April 2025. Further information regarding
this, including the shareholder engagement
undertaken and the feedback received can be
found in the Q&A section of this statement,
on page 130.
Annual bonus:
The Committee always looks
to set stretching annual bonus performance
targets that demonstrate our commitment to
our pay-for-performance philosophy. With a
backdrop of economic challenges in many of
our major markets, the Committee set a
performance range for FY25 that could only
be achieved with both top- and bottom-line
growth aligned to our strategic ambitions.
There is an inevitable balance to strike
between the attainment of stretching goals
and the motivational aspect of their attainability
in challenging external environments, so the
setting of performance targets is given very
careful consideration by the Committee.
FY25 at a glance
*
At constant exchange rates.
1
From ongoing activities.
2
Three-month average to 31 March 2025 of £37.16 compared to the three-month average to 31 March 2024 of £33.11.
3
Headcount as at 31 March 2025 23,300 (31 March 2024: 22,800).
4
Three-month average to 31 March 2025 of £37.16 compared to the three-month average to 31 March 2022 of £30.15.
11
%
Benchmark EBIT growth*
9
%
average increase per annum
in adjusted Benchmark EPS
*1
8
%
revenue performance growth*
1
23
%
share price growth4
12
%
share price growth
2
US$
5.7
bn
cumulative Benchmark operating
cash flow over three years*
7,787
employees granted matching Thank You
Shares, increasing total value of their
Award to £2,075
Increased headcount
3
to
23,300
Experian plc
Governance
128
As referenced above, the Committee had
set stretching targets for 2022 LTI awards.
The high performance levels delivered over
this three-year period underpin the overall
outcomes under the PSP, which vested at
68%, and of the CIP, which vested at 87%.
As is our normal practice, the Committee
reviewed the LTI vesting levels in the context
of both the current economic environment
and the Group’s holistic performance over
the three-year period. It was decided that the
formulaic vesting levels appropriately reflect
the robust business outcomes achieved and no
adjustments have been made in assessing the
outturns for the 2022 LTI plans.
In line with our remuneration principles, a
substantial portion of the CEO’s single figure
value is determined by long-term performance.
For FY25, 46% of the CEO’s single figure value
is due to the vesting levels of the LTI plans,
with a further 23% directly attributable to share
price growth and dividends. All shareholders,
including employee shareholders, will have
benefitted from this same share price growth
and dividend return over the three-year period.
Putting our people first
We continue to adopt a ‘people first’ culture.
Supporting, protecting and enabling our
employees to be successful is at the forefront
of everything that we do. Our hybrid and
remote working model is now well embedded
as an established business practice and we
continue to monitor our flexible working
policies to ensure that they are effective for our
business across all regions and businesses.
Employees continue to tell us that our working
practices have a retention value as they allow
them to thrive and deliver on their goals.
This is why we believe that this has been a
key contributing factor to the strength of the
Group's financial results.
It is partly for this reason that we have chosen
to invest in initiatives that support employee
wellbeing. Providing such support in the areas
of financial, physical and mental wellbeing
sits very comfortably with our collegiate and
collective culture. In FY25, given the continuing
macroeconomic challenges present in many
of our major markets, we made efforts to
leverage our financial wellbeing policies within
an overall focus on employee wellbeing.
Employee share ownership is another part
of our ‘people first’ culture. We operate a
Sharesave Plan, which is available to more
than 95% of our global workforce. It is a
well-established and valuable financial
benefit that allows employees to invest in,
and benefit from, the growth of our business,
with minimal financial risk for the employee.
As we previously disclosed, the Committee
approved a £100 (or local equivalent) increase
to the monthly savings limit in 2023 and 54%
of eligible participating employees, the majority
of whom are more junior-level employees who
are not eligible to participate in our long-term
incentive plans, took the opportunity to
increase their contributions.
The Committee is currently considering a
further increase to the savings limit for the
Sharesave Plan, with a likely implementation
in 2026. This potential increase would bring
our offering in line with the maximum benefit
available to employees under the plan, many
of whom benefitted from the matching share
element of the Thank You Share Plan.
7,787 eligible employees below senior
management received matching Thank You
Shares in August 2024. Further details are
available in the Q&A section on page 130.
We put our people first because by doing so
we believe we create an operating environment
that is conducive to a more engaged and
motivated workforce. The value of those
characteristics at the core of the employee
base goes beyond the achievement of our
business results. Providing support to our
employees gives a strong message about
what is important to Experian and enables
us to attract and retain talent, which is critical
to our future growth ambitions.
Stakeholder experience in FY25
Employees
• Experian named one of the World’s Best
Workplaces™ 2024 by Fortune and Great
Place to Work®, ranking 14th
• 3% overall global pay increase budget for
FY25 and FY26
• 96% employees eligible for bonus/
variable pay
• Matching Thank You Shares vesting
(38 shares) for eligible employees globally
below senior management – in addition to
the 19 shares granted in 2021
• Flexible working practices
• A continued focus on financial, physical and
mental wellbeing support.
Investors
• Dividends of USc40.50 and USc19.25 per
share paid in July 2024 and February 2025
respectively
• Proactive shareholder consultation
• No shareholder capital raising
• 12% share price growth over 12 months.
Executive directors
• FY25 pay increase percentage for Brian
Cassin (2.4%) was lower than average
pay increase percentage for the wider
workforce (3.4%)
• No FY25 pay increase for Lloyd Pitchford
following a shareholder-supported market
adjustment in November 2023
• No adjustments to in-flight LTI awards
• Pension provision alignment with the wider
UK workforce.
Experian Group
• Strategic investments and major acquisitions
to support future growth
• Double-digit Benchmark EBIT and high
single-digit revenue growth.
Pay in the wider workforce
Employee engagement
The Remuneration Committee has always
taken a keen interest in the pay and related
policy arrangements for the wider workforce.
The discussions on this topic form part of
many of the meetings throughout the year
and as part of the Committee’s standing
agenda, we are provided with a comprehensive
paper setting out details of all-employee pay
benefits across the Group. This ensures that
the Committee is well informed about any
immediate high-profile topics and any
developing trends and themes over a
longer timeframe.
Understandably the Committee’s knowledge
and understanding on wider workforce pay
proactively shapes the way that we approach
any executive pay considerations. The valuable
insights provided to us, including annual
updates on gender pay positioning in our major
markets and broader inclusion and belonging
initiatives, ensure that we can bring a focus
to any issues and monitor the progress being
made. This year we were again provided
with details around employee wellbeing –
encompassing financial, physical and mental
wellbeing – which remains high on the agenda
for Experian.
Report on directors’ remuneration
continued
Experian plc
Annual Report 2025
129
Governance
Prior to the introduction of UK Corporate
Governance Code 2018 (the Code)
requirements, we had existing practices
and processes in place that represent a
combination of the suggested methods to
comply with the Code’s requirements on
employee pay and benefits arrangements.
In addition to the work done as a Committee
outlined above, I have continued the practice
of attending our UK and Ireland Experian
People Forum (EPF) in person. As others
have commented before me and as I have
said before, it is the best way to supplement
the Committee’s understanding of our pay
and benefits arrangements across the
wider workforce.
In March 2025, I returned to meet with the
EPF and I continue to be very impressed
with the level of engagement from all the
attendees. These two-way discussions have
an established nature and spirit. Everyone was
very open and positive about all the topics
raised, which included Group performance,
the quality and breadth of benefits provision
and employee appreciation for the continued
focus on all aspects of employee wellbeing.
The meeting included a positive discussion
on the effectiveness of Experian’s flexible
working policies which were highly valued.
The EPF noted the number of internal senior
leadership appointments, reflecting the
strength of the Group’s internal talent and
succession planning.
People and culture
The strength and nature of our culture are
often remarked on by our employees as having
a key retention impact. We have a unique and
consistent way of working together globally,
which we describe as the Experian Way. This
informs the way our people act and behave to
create an inclusive working environment that
provides every opportunity for employees to
thrive and achieve.
Maintaining a high-performance culture built
upon agility and innovation has played a
significant role in Experian’s track record of
business growth. The transition to a world of
hybrid and remote working has not in any
way diluted our culture. The connectivity of
employees, which is at the heart of our culture,
remains as strong as ever. Based upon all my
interactions, I can best describe Experian as a
very networked organisation that generates
a collegiate approach to work that all our
employees recognise and value.
While the feedback would suggest that our
employee-focused initiatives are always well
received, we are keen to have an external lens
on what we do, so we started to participate in
the Great Place to Work® (GPTW) global survey
four years ago. To date, the results from the
GPTW survey have shown consistently high
employee engagement scores and this year
we were very proud that Experian was
named one of the World’s Best Workplaces™
2024 by Fortune and Great Place to Work®,
ranking 14th.
The Committee considers a range of
quantitative culture-related data to be able
to inform our views. The quantitative data
may also provide useful information for
our shareholders and other stakeholders.
Further insights on these important metrics
can be found in the Sustainable Business
Performance Data on page 71.
Looking forward
Another year of strong financial performance
further fuels our ambitions for the next
financial year. We do not underestimate the
challenges that the external environment will
undoubtedly bring, but we look forward with
confidence and determination to execute
our strategic growth plans. Our short- and
longer-term goals are deliberately set to
reflect the ambition to both meet and exceed
the expectations of all our stakeholders.
We have made a series of strategically
aligned investments and acquisitions and,
together with the strength of leadership and
commitment of our people, I believe that
we are well positioned to deliver a strong
short- and longer-term future for Experian.
We continue to value the open and constructive
consultation with shareholders and look
forward to continuing this important two-way
engagement over the coming year, in
preparation for our 2026 Policy renewal.
Finally, I would like to acknowledge all our
employees for their efforts and achievements
during this financial year; and I hope that
I have provided some additional background
and helpful context on Experian’s FY25
performance that enables shareholders
to support our Annual report on directors’
remuneration at the 2025 AGM.
Experian plc
Governance
130
Report on directors’ remuneration
continued
A:
Each year, the Committee reviews the total
pay arrangements for both our executive
directors. In considering whether pay is
appropriate, the Committee has regard for
several factors including the Group’s
longer-term performance, the operating
environment which may significantly impact
the incumbents’ roles and responsibilities
and any meaningful developments in the
external market landscape. In addition the
Committee considers pay relative to two peer
groups: (i) the FTSE 30; and (ii) a bespoke
peer group comprised of companies
operating in similar sectors. This sector peer
group is Moody’s, RELX, Equifax, TransUnion,
Dun & Bradstreet, FICO, LiveRamp and Bread
Financial.
As a UK-listed company, the FTSE 30 is
considered an appropriate comparator
group for pay. However, as a global datatech
company with c.70% of the business in
North America, competing in an incredibly
dynamic sector for talent, it is important
to have regard to market practices and
emerging trends among our peers.
Below, I have outlined some insights the
Committee considered before approving
the 26.2% base pay increase for Brian:
• Following the decision not to replace
our Chief Operating Officer (COO) after
his departure from the business,
Brian assumed the additional direct
responsibility for all our regions, which
was a significant change.
• As the Group expanded in size and
complexity, Brian has consistently
demonstrated himself to be a very
respected and highly effective Group CEO.
• Brian has delivered strong sustained
business performance throughout his
tenure that has seen transformative
increases in the Group’s revenue, profit
and share price.
• In the ten years since his appointment as
CEO, Brian has consistently received base
pay increases either aligned with or below
those provided to the broader employee
population, and in some years he has
forgone any salary increases.
Q: Can you provide some insight on any
factors that shaped the Committee’s
thinking in approving the new base
salary increase for Brian Cassin that
came into effect from 1 April 2025?
Q: Experian has a strong track record
of focusing on its wider workforce.
What actions has Experian taken to
support employees in FY25?
A:
As we have highlighted before, our
focus has been – and continues to be – on
protecting our employees, our shareholders,
and the societies in which we operate.
Protecting our employees means that
employee wellbeing is always high on our
agenda and it encompasses financial,
physical and mental wellbeing at Experian.
We continue to review our employee offering
to ensure that we are providing valuable
support in the most critical areas.
One of the more high-profile examples of
employee support and recognition is our
externally recognised Thank You Share
Award. In August 2024, the matching awards
under our Thank You Share Plan vested. As
shareholders will recall, the intention behind
the combined initial and matching award
was to provide, not simply a one-off award,
but a lasting ‘thank you’ for the global wider
workforce. In August 2024, matching shares
were granted to 7,787 eligible employees
across 30 countries. The Committee was
pleased that such a high proportion of the
global workforce benefitted from the
matching share award of 38 additional
shares, valued at £1,383
1 per employee,
in August 2024. This means that the total
value of the ‘thank you’ was £2,0751 for
each of those eligible employees.
The Thank You Share Plan was recognised
at the ProShare awards earlier this year,
winning an award for fostering employee
share ownership. It was also a finalist in Best
Plan Effectiveness and Most Innovative Plan
Design categories at the GEO (Global Equity
Organisation) Awards which took place in
April 2025.
1
Share price at vesting on 27 August 2024.
Remuneration Policy is in 2026 and, as we
communicated during our shareholder
consultation, that is the opportunity to
future-proof our remuneration structure
for executive directors, while reviewing the
global competitiveness of our long-term
incentive arrangements.
Q&A
Q: The debates about the need for
globally competitive pay for UK versus
US executives have continued and some
companies have taken steps to address
this by changing their Remuneration
Policy. Given the significant proportion
of Experian’s business that is US-based,
has the Group considered making any
changes to the current executive
pay arrangements?
• In 2020, when there was great uncertainty
regarding COVID-19, Brian, together with
the other executive directors at that time,
volunteered to donate 25% of salary for
six months to the Experian Cares Fund.
• The new base pay level reflects a
responsible approach and is at the median
level of the other FTSE 30 CEOs. It is
important to ensure that we operate a
market-competitive remuneration structure
for our executive directors and will continue
to consider competitiveness as part of
future Remuneration Policy reviews.
We consulted with our top 40 shareholders
and the proxy advisory bodies and received
overwhelming support for the proposed
salary increase. During the engagements, it
was pleasing to receive feedback referencing
the transparent and compelling rationale for
the proposed salary change and we are very
grateful for the support.
A:
The debates and the issue of globally
competitive pay are not new, but are
undoubtedly more pronounced at the current
time. We have continued to monitor the
impact of any developments in the UK and
US external landscape with interest and this
was one of the contributing factors in the
decision to engage with shareholders on the
topic of Brian Cassin’s pay (see the previous
Q&A above).
For many years, our Remuneration Policy
has been critical in enabling us to compete
for and retain the best talent globally. In order
to achieve the best strategic results as a
business, all our senior leaders – at and
below Board-level – should be motivated
and rewarded in the same way.
We believe as a Committee that we have a
responsibility to serve the best interests of
our business and its stakeholders and that
includes ensuring that our executive pay
arrangements do not become misaligned
or uncompetitive. The next renewal of our
Experian plc
Annual Report 2025
131
Annual report on directors’ remuneration
Code principle
Remuneration
Performance snapshot
Performance measure
Incentive plan
Outturn
Achievement
(% of max)
Benchmark EBIT growth*
Annual bonus
11%
100%
Revenue performance growth*
Annual bonus
8%
100%
Three-year adjusted Annual Benchmark EPS growth*
CIP/PSP
9%
74%
Three-year cumulative Benchmark operating cash flow*
CIP
US$5.7bn
100%
Three-year adjusted Return on capital employed
PSP
17.5%
100%
Three-year TSR outperformance of FTSE 100 Index
PSP
0.06%
25%
*
At constant exchange rates.
**
Positive employee engagement as measured in the 2024 Great Place to Work® survey.
As a result of the performance shown above:
11
%
Benchmark EBIT growth*
Executive director remuneration arrangements for FY26
The CIP is designed
to incentivise cash
discipline while the PSP
is designed to incentivise
shareholder returns.
Revenue growth is a key
metric for us and will
provide a quality of
earnings balance to the
important profit focus of
Benchmark EBIT.
However, growth is the
single most important
aspect of our business
strategy and therefore
adjusted Benchmark EPS
runs across both plans.
Our executive pay framework
Annual
bonus
CIP
PSP
Share ownership
As at 31 March 2025 and calculated as outlined on page 141.
Craig Boundy left the business in August 2024 and his share ownership at that date is outlined on page 141. At 31 March 2025 Craig continued to satisfy his post-exit shareholding requirement of 2x his
final salary.
Brian Cassin
A
ctual holding 32 x salary
29
3
Lloyd Pitchford
A
ctual holding 25 x salary
23
2
8
%
Revenue performance*
USc
156.9
Benchmark EPS
17.5
%
Adjusted Return on
capital employed
82
%
Employee engagement**
0
2000
4000
6000
8000
10000
12000
Executive director single figure of pay
Brian Cassin
£10.6m
Lloyd Pitchford
£6.8m
Fixed elements of pay:
Base salary
Pension and benefits
Variable elements of pay:
Annual bonus
Share-based incentives: value at grant
Share-based incentives: value attributable to share
price growth and dividend equivalent payments
’000
0
2,000
4,000
6,000
12,000
10,000
8,000
Incentive awards timelines
Grant
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Annual bonus
CIP
PSP
Performance period
Holding period
Guideline
Additional holding
•
Salary increase
of 26.2% awarded to Brian Cassin effective 1 April
2025, following extensive shareholder consultation. An increase of
2.7% awarded to Lloyd Pitchford effective 1 June 2025.
•
Pension
contributions for executive directors are aligned with the
rate provided to the majority of the workforce in the UK.
•
Annual bonus
based on Benchmark EBIT (80%) and revenue
performance (20%). The opportunity is 200% of base salary.
Half of any payout must be deferred into the CIP for three years.
•
CIP awards
will be based on cumulative Benchmark operating cash
flow (50%) and adjusted Benchmark EPS (50%). The maximum
award remains a 2:1 match.
•
PSP awards
will be based on TSR (25%), adjusted ROCE (25%) and
adjusted Benchmark EPS (50%). The opportunity of 200% of base
salary is unchanged.
•
Two-year post-vest holding period
applies to both CIP and
PSP awards.
•
Malus and clawback
provisions apply to all incentive awards.
•
Existing in-employment shareholding guidelines
will apply for
two years post-employment.
80%
Benchmark
EBIT
20%
Revenue
50%
Adjusted
Benchmark
EPS
50%
Cumulative
Benchmark
operating
cash flow
50%
Adjusted
Benchmark
EPS
25%
ROCE
25%
TSR
Our executive remuneration at a glance
Governance
Experian plc
Governance
132
Annual report on directors’ remuneration
continued
This Annual report on directors’ remuneration will be put to shareholders for an advisory vote at the AGM on 16 July 2025. The Remuneration
Committee has prepared it on behalf of the Board, in line with the UK Companies Act 2006, Schedule 8 to the UK Large and Medium-sized Companies
and Groups (Accounts and Reports) Regulations 2008 (as amended) (the Regulations) and the Listing Rules of the UK Financial Conduct Authority.
All of the sections that have been audited by the Company’s external auditor, KPMG, have been noted.
What did we pay our executive directors in the year? (audited)
The table below shows the single total figure of remuneration for the executive directors, for the years ended 31 March 2025 and 31 March 2024.
Further explanatory information is set out below the table.
Brian Cassin
Lloyd Pitchford
Craig Boundy
4
2025
£’000
2024
£’000
2025
£’000
2024
£’000
2025
US$’000
2024
£’000
Fixed pay
Gross salary
1
1,066
1,041
750
687
407
1,025
Total fixed pay
1,066
1,041
750
687
407
1,025
Benefits
22
24
26
16
20
30
Pension
106
104
75
69
–
–
Total fixed remuneration
1,194
1,169
851
772
427
1,055
Performance-related pay
Annual bonus
2,132
2,030
1,500
1,339
n/a
1,991
Share-based incentives
Value delivered through performance
2
4,843
5,252
2,992
3,243
n/a
n/a
5
Value delivered through share price growth
and dividends3
2,411
2,133
1,489
1,316
n/a
n/a
5
Total variable remuneration
9,386
9,415
5,981
5,898
n/a
1,991
Total single figure of remuneration
10,580
10,584
6,832
6,670
427
3,046
1
For Craig Boundy, the salary reflects the timing of US payroll payments and time served during the financial year as an executive director.
2
Value delivered through performance is calculated as the number of shares vesting under the CIP and PSP multiplied by the share price on the date of grant. None of the executive directors exercised share
options in the year ended 31 March 2025.
3
For the year ended 31 March 2025, the value delivered through share price growth and dividends is calculated as (i) the difference between the average share price in the last three months of the financial year
and the share price on the date of grant multiplied by the number of vested performance shares, plus (ii) dividend equivalent payments for the number of vested performance shares.
4
Craig Boundy resigned from the Group in July 2024 and left the Group in August 2024. His 2025 single figure value reflects the remuneration he received during the financial year, including contractual
entitlements paid after, but in connection with, the cessation of his employment such as for accrued leave and company car benefits. For full transparency, Craig is not entitled to a 2025 annual bonus and
his unvested shares lapsed immediately upon his departure.
5
Craig’s 2024 share-based incentives were granted before his appointment as an executive director and therefore those award values were not included.
How has the single figure been calculated? (audited)
Salary
Salary increases typically take effect from 1 June. The Committee approved increases for Brian Cassin and Craig Boundy of 2.4% with effect from
1 June 2024. Following extensive shareholder consultation, Lloyd Pitchford’s base salary was increased with effect from 1 November 2023 and was
not eligible for review in 2024.
1 June 2024
‘000
1 June 2023
‘000
Percentage
increase
Brian Cassin
£1,070
£1,045
2.4%
Lloyd Pitchford
£750
£646
16.1%
Craig Boundy
US$1,050
US$1,025
2.4%
In awarding these increases, we considered a number of factors, including the approach to employee remuneration throughout the Group, the
prevailing economic conditions and positioning against the market as well as individual performance. The salary review budget for 2024 was 3%
for our employees in both the USA and the UK.
Code principle
Remuneration
Experian plc
Annual Report 2025
133
Benefits and pension
Taxable benefits include life and critical illness insurance, private healthcare, a company car or car allowance. While not taxable, Lloyd Pitchford was
also provided with an executive medical assessment during the year ended 31 March 2025 and, for transparency, the value of that assessment has
also been included in the benefit calculations.
Brian Cassin and Lloyd Pitchford are eligible to participate in a defined contribution pension plan but elected not to do so during the year ended
31 March 2025. In 2025, Brian Cassin received a cash supplement of £106,583 (2024: £104,083), and Lloyd Pitchford received a cash supplement
of £75,000 (2024: £68,667), in lieu of their pension contributions.
Craig Boundy did not participate in the Experian defined contribution plan (401k) and as such did not receive any company contributions in 2025
or 2024.
No executive director has a prospective right to a defined benefit pension.
Annual bonus
Overview
All Experian employees participate in a variable pay plan. We have one annual bonus plan in operation across Experian and the majority (c.15,600) of
our workforce participate in this plan. The remainder of employees participate in a sales commission plan. How the annual bonus plan works varies
slightly depending on region and grade. For the vast majority of employees, annual bonus awards are based on the performance of their particular
business or region.
Executive directors are required to defer half of any annual bonus earned for three years through the CIP, although they may choose to defer more.
This year, both executive directors in office at 31 March 2025 chose to voluntarily defer their full bonus payments into the CIP.
Our executive annual bonus plan is based upon two performance metrics, which are Benchmark EBIT growth (80% weighting) and revenue
performance (20% weighting). Benchmark EBIT is an important earnings metric and focuses on items directly within management’s control. To
balance the profit focus of Benchmark EBIT, revenue performance provides an important quality of earnings element to the annual performance.
How do we set the bonus targets?
Performance-related pay is a key component of our reward structure for all employees and, as such, setting stretching targets is a critical focus area
for the Committee. Every year we undertake a rigorous exercise to ensure our targets are sufficiently stretching, taking into consideration the external
marketplace and our own performance aspirations. The Committee considers targets at two separate Remuneration Committee meetings during
the year:
Code principle
Remuneration
The Committee is able to take a holistic approach to setting targets, as all our non-executive directors sit on the Remuneration Committee, as well as
on all of our other principal Board Committees. This ensures Committee members are fully apprised of the wider business context and the Group’s
business prospects over the coming years, particularly as the Board meeting to discuss the budget and business plan usually takes place prior to the
Remuneration Committee meeting.
Step 1
In January, the Committee considers the
wider market context, and is presented with
an early indication of how performance is
tracking in the current year.
The Committee’s independent remuneration
advisers are invited to provide the
Committee with a wider assessment of the
pay and governance environments in the
relevant locations for our business.
Step 2
In March, budgets for the forthcoming year
are discussed and agreed by the Board.
At its March meeting, the Committee has
a first look at possible targets for the
forthcoming year, taking into account
a number of factors including:
• the strategic plan
• brokers’ earnings estimates
• wider economic expectations
• our key competitors’ earnings
estimates, including a number of
different peer groups.
Step 3
By the time the Committee meets again in
May, budgets for the forthcoming year have
been agreed and the performance outcomes
for the current year have been reviewed by
our auditor.
The Committee takes these into account
during its determination of prior year
outcomes and its final review of the targets
for the current year, before signing them off.
Governance
Experian plc
Governance
134
Annual bonus outcome
Revenue performance is calculated as the Group total revenue growth after the removal of intra-Group sales, and Benchmark EBIT is based on
ongoing activities. Performance is measured on a constant currency basis to strip out the effects of exchange rate fluctuations, which are outside of
management’s control. The Committee also excludes the impact of any material acquisitions or disposals made in the year, to ensure both metrics
are measured consistently, which is in line with our approach to long-term incentive plan measures.
The FY25 annual bonus performance range was set to be stretching, while reflecting the challenging economic environment, particularly in our major
markets. The annual bonus performance targets, for both metrics, required high single-digit growth to achieve maximum payout. Building on the
strong performance of recent years, these targets were designed to signal our continued growth ambitions.
The table below shows our growth in Benchmark EBIT and revenue performance for bonus purposes relative to the FY25 agreed targets.
Metric
Weighting
% growth required
for threshold
payout
% growth required
for target
payout
% growth required
for maximum
payout
FY25 actual
growth
Annual bonus
achievement
Benchmark EBIT growth
80%
5%
7%
9%
11%
160%
Revenue performance growth
20%
4%
6%
8%
8%
40%
Total annual bonus achievement as % of target
200%
Before approving the annual bonus outcomes, the Committee discussed whether or not the proposed payout was appropriate in the context of both the
current external environment and the Group’s wider business performance during the year. The Committee also considers other factors reviewed by
the Board, such as our Net Promoter Score, employee experience, employee engagement results, direct employee feedback to the Committee Chair at
the Experian People Forum, and the broader stakeholder experience over the financial year.
As set out earlier in the Report, the Group’s performance was strong particularly in the context of the challenging economic backdrop. As such, the
Committee agreed that the Company’s financial performance was aligned with its holistic assessment of performance and was also satisfied that it
did not need to exercise any discretion, and that the level of bonus payout was appropriate.
As such, the resulting annual bonus outcomes for each executive director (up to a maximum of 200% of salary), for the year ended 31 March 2025,
are set out in the table below.
FY25
Bonus payout
‘000
Bonus payout
% salary
% bonus
deferred
under the CIP
Brian Cassin
£2,132
200%
100%
Lloyd Pitchford
£1,500
200%
100%
Craig Boundy
1
n/a
n/a
n/a
1
Craig Boundy left the Group in August 2024 and was therefore not eligible for any annual bonus payment for the year ended 31 March 2025.
Both of the eligible executive directors have elected to defer their full bonus into Experian shares under the CIP for a three-year period. Deferred bonus
shares are not subject to any further conditions but may be matched, subject to the conditions set out in the CIP awards section below.
Share-based incentives
The share-based incentive amount included in the single total figure of remuneration is the combined value of the CIP and PSP awards vesting in
respect of the relevant financial year. For FY25, these relate to the awards granted on 8 June 2022 and for FY24 they relate to the awards granted on
8 June 2021. Vesting in 2025 for both the CIP and PSP awards is determined based on performance over the three years ended 31 March 2025, as well
as continued service.
The 2022 LTI targets were set to reflect our growth ambitions of achieving sustainable annual high single-digit growth and the Committee has not
exercised any discretion, nor made any adjustments, in determining the vesting outcomes for the 2022 LTI awards. Our strong financial performance
in each year of the performance period resulted in the formulaic vesting results outlined in the table opposite. The Committee reviewed the financial
performance, but also considered the experience of our investors, employees and other stakeholders over the three-year performance period.
Through this broad lens, the Committee judged the formulaic results to be fair and balanced and, as such, did not make any adjustments to the
vesting results. The following tables show the performance achieved on the targets for the CIP and PSP awards granted in June 2022.
Annual report on directors’ remuneration
continued
Code principle
Remuneration
Experian plc
Annual Report 2025
135
2022 CIP awards
Performance measure
Weighting
Vesting
1
Actual
Percentage
vesting
2
No match
1:2 match
1:1 match
2:1 match
Benchmark Earnings per share (average annual growth)
50%
Below 6%
6%
8%
10%
9%
37%
Cumulative Benchmark operating cash flow
3
50%
Below
US$5.0bn
US$5.0bn
US$5.2bn
US$5.4bn
US$5.7bn
50%
Total
87%
2022 PSP awards
Performance measure
Weighting
Vesting
1
Actual
Percentage
vesting
0%
25%
50%
100%
Benchmark Earnings per share (average annual growth)
50%
Below 6%
6%
8%
10%
9%
37%
Adjusted Return on capital employed
25%
Below 14.5%
14.5%
15.4%
16.0%
17.5%
25%
TSR of Experian vs TSR of FTSE 100 Index
25%
Below Index
Equal to Index
8.3% above
Index
25% above
Index
0.06% above
Index
6%
Total
68%
1
Straight-line vesting between the points shown.
2
The maximum opportunity, which requires 100% vesting, results in a two-for-one match on the bonus deferred.
3
In line with the approach taken in previous years, the cumulative Benchmark operating cash flow targets shown above have been adjusted compared to those originally set to take into account the impact of
acquisitions and disposals made over the performance period. The actual cumulative Benchmark operating cash flow over the performance period, of US$5.7bn, is determined on a constant currency basis.
This is in line with our approach for all performance metrics, to ensure that awards are measured on a consistent basis.
No discretion was applied in determining the share-based payments that vested in either FY25 or FY24.
The June 2022 awards had not vested at the date this report was finalised, and so the reported value of the awards has been based on the average
share price in the last three months of the financial year, which was £37.16. The value of the awards included in the single total figure of remuneration
is as follows:
CIP
PSP
Value of
shares
vesting
‘000
Value of
dividend
equivalent
payments
‘000
Total value
of shares
vesting and
dividend
payments
‘000
Shares
awarded
Shares
vesting
Shares
awarded
Shares
vesting
Brian Cassin
154,463
134,382
78,988
53,948
£6,999
£255
£7,254
Lloyd Pitchford
95,444
83,036
48,786
33,319
£4,324
£157
£4,481
Craig Boundy
n/a
n/a
n/a
n/a
n/a
n/a
n/a
All Craig Boundy’s outstanding PSP and CIP matching shares, including shares awarded in June 2022 before his appointment as an executive director,
lapsed immediately upon his departure from the Group in August 2024.
Dividend equivalents of 168.25 US cents (135.27 pence) per share will be paid on vested shares. These represent the value of the dividends that would
have been paid to the owner of one share between the date of grant and the date of vesting.
The chart below shows the make-up of the CEO’s FY25 single figure value, including £7.3m relating to the LTI.
Of the £7.3m LTI value disclosed for the CEO, 67% is the value at grant, 3% is the value of dividend equivalent payments and 30% is a result of share
price growth between the grant date and the average price over the last three months of the financial year – which was 44%.
£80
£90
£100
£110
£120
£130
£140
31 March
2022
31 March
2023
31 March
2024
31 March
2025
Experian
FTSE 100 Index
Experian 3-year TSR relative to FTSE 100 Index
FY25
Fixed
Annual bonus
LTI – vesting
LTI – share price
and dividends
11%
20%
46%
23%
0%
20%
40%
60%
80%
100%
Breakdown of FY25 CEO single figure
Code principle
Remuneration
Governance
Experian plc
Governance
136
Update to 2024 disclosure
We originally calculated the value of the share awards realised by our executive directors in 2024 using the average share price from 1 January 2024
to 31 March 2024, in line with the prescribed single figure methodology. This has now been revised to reflect the actual share price and exchange rate
on vesting, as follows:
Three-month
average share
price to
31 March 2024
Estimated value
of long-term
incentive awards
‘000
Share price
on vesting
Actual value
of long-term
incentive awards
‘000
Brian Cassin
£6,741
£7,385
Lloyd Pitchford
£33.11
£4,161
£36.40
£4,559
Craig Boundy
1
n/a
n/a
1
The shares awarded to Craig Boundy in June 2021, which vested in the year ended 31 March 2024, were awarded prior to his appointment as an executive director and were therefore excluded from the FY24
single figure calculations.
What share-based incentive awards did we make in the year? (audited)
On 14 June 2024, awards were granted to the executive directors under the CIP and PSP. The face value of awards made to Brian Cassin and Lloyd
Pitchford is shown in pounds sterling; the face value of awards made to Craig Boundy is shown in US dollars. The number of shares awarded to Craig
Boundy was calculated using the average exchange rate for the three days prior to grant of £1:US$1.2755. All awards have been calculated using a
three-day average share price.
In line with the CIP rules, invested shares for Brian Cassin and Lloyd Pitchford were purchased with their bonuses net of tax. In line with the rules of
The Experian North America Co-investment Plan, invested shares for Craig Boundy were calculated with reference to his gross bonus. Matching
awards are based on the gross value of the bonus deferred. As mentioned above, the CIP matching shares and PSP shares awarded to Craig Boundy
in June 2024, as outlined in the table below, lapsed in full immediately upon his departure from the Group in August 2024.
Details of these awards are set out in the following table:
Type of interest in shares
Basis of award
Face value
‘000
Number
of shares
Vesting at
threshold
performance
Vesting date
Brian Cassin
CIP invested shares
Deferred shares
100% of net bonus
£1,076
28,937
n/a
14 June 2027
CIP matching shares
1
Conditional shares
200% of value of gross bonus deferral
£4,059
109,196
25%
14 June 2027
PSP
2
Conditional shares
200% of salary
£2,140
57,434
25%
14 June 2027
Lloyd Pitchford
CIP invested shares
Deferred shares
100% of net bonus
£710
19,090
n/a
14 June 2027
CIP matching shares
1
Conditional shares
200% of value of gross bonus deferral
£2,678
72,040
25%
14 June 2027
PSP
2
Conditional shares
200% of salary
£1,500
40,257
25%
14 June 2027
Craig Boundy
CIP invested shares
Deferred shares
100% of gross bonus
US$1,989
41,953
n/a
14 June 2027
CIP matching shares
1
Conditional shares
200% of value of gross bonus deferral
US$3,978
83,906
25%
14 June 2027
PSP
2
Conditional shares
200% of salary
US$2,100
44,181
25%
14 June 2027
1
The number of shares awarded to executive directors under the CIP was based on the share price at which invested shares were purchased in the market and the face value shown above is based on this.
This price was £37.17.
2
The number of shares awarded to executive directors under the PSP was based on the average share price for the three days prior to grant, which was £37.26, and the face value shown above is based on this.
PSP awards and CIP matching shares granted in June 2024 will vest subject to the achievement of the following performance conditions:
Performance measure
Weighting
Vesting
1
0%
25%
50%
100%
CIP matching shares
Benchmark Earnings per share (average annual growth)
2
50%
Below 5%
5%
7%
9%
Cumulative Benchmark operating cash flow
50%
Below US$5.9bn
US$5.9bn
US$6.15bn
US$6.4bn
PSP awards
Benchmark Earnings per share (average annual growth)
2
50%
Below 5%
5%
7%
9%
TSR of Experian vs TSR of FTSE 100 Index
25%
Below Index
Equal to Index
8.3% above Index
25% above Index
Adjusted Return on capital employed (average over three years)
25%
Below 14.5%
14.5%
15.4%
16.0%
1
Straight-line vesting between the points shown.
2
Measured on an ongoing activities and constant currency basis.
The Committee retains the right to vary the level of vesting if it believes the level of vesting determined by measuring performance is inconsistent
with the Group’s underlying financial and operational performance over the performance period. These awards will also only vest if the Committee
is satisfied the vesting is not based on materially misstated financial results.
Annual report on directors’ remuneration
continued
Code principle
Remuneration
Experian plc
Annual Report 2025
137
How is the CEO’s pay linked to Experian’s performance?
The chart below shows Experian’s annual TSR performance compared to the FTSE 100 Index over the last ten years. The FTSE 100 Index is the most
appropriate index as it is widely used and understood, and Experian is a constituent of the index.
£0
£50
£100
£150
£200
£250
£300
£350
£400
31 March
2015
31 March
2016
31 March
2017
31 March
2018
31 March
2019
31 March
2020
31 March
2021
31 March
2022
31 March
2023
31 March
2025
31 March
2024
Experian
FTSE 100 Index
Value of £100 invested in Experian and the FTSE 100 on 31 March 2015
The table below sets out our CEO’s pay for the last ten financial years:
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
CEO total single figure of
remuneration (‘000)
1
Brian Cassin
£3,678
£3,647
£6,387
£11,882
£10,836
£7,821
£8,579
£7,469
£ 10,584
£ 10,580
Annual bonus paid against
maximum opportunity (%)
Brian Cassin
100%
89%
58%
85%
80%
91%
100%
59%
98%
100%
LTIP vesting against
maximum opportunity (%)
2
Brian Cassin
33%
32%
95%
90%
90%
84%
100%
88%
93%
81%
1
Prior year numbers have been updated to reflect actual long-term incentive plan outcomes.
2
The maximum LTIP opportunity varies as the CIP opportunity is based upon the actual bonus earned.
CEO pay ratio
Experian follows good corporate governance and transparency in reporting remuneration for our executive directors and employees. We have
presented below the CEO pay ratio for the year ended 31 March 2025, in line with the UK regulatory requirements. The pay ratios have been calculated
using Option A of the three methodologies provided under the Regulations, which we believe is the most statistically accurate approach.
Year
Method
25th percentile
pay ratio
Median
pay ratio
75th percentile
pay ratio
FY20
Option A
267:1
178:1
112:1
Total pay and benefits
£38,630
£57,803
£91,736
Salary
£33,362
£47,869
£77,000
FY21
Option A
185:1
124:1
81:1
Total pay and benefits
£40,969
£61,115
£93,574
Salary
£32,569
£49,983
£75,000
FY22
Option A
226:1
155:1
101:1
Total pay and benefits
£43,957
£64,062
£98,754
Salary
£35,467
£50,333
£66,458
FY23
Option A
142:1
97:1
65:1
Total pay and benefits
£51,978
£75,887
£112,982
Salary
£46,778
£62,667
£85,846
FY24
Option A
198:1
138:1
91:1
Total pay and benefits
£50,091
£72,026
£109,161
Salary
£36,492
£54,250
£74,104
FY25
Option A
195:1
136:1
93:1
Total pay and benefits
£49,638
£72,045
£106,081
Salary
£39,686
£57,273
£77,083
Code principle
Remuneration
Governance
Experian plc
Governance
138
The CEO value used is the total single figure for the year of £10.6m, as outlined on page 132. For UK employees, total pay and benefits are based on
equivalent single figure calculations for the year to 31 March 2025. All UK employees participate in a variable pay plan. Annual incentive payments
for employees have been calculated using the Experian Group financial performance outcome for FY25, as disclosed on page 134, rather than any
regional or market business performance results, to ensure a like-for-like comparison across remuneration structures. Selected employee grades
below senior leader level are also eligible for annual awards of restricted stock, rather than the performance share awards provided to senior leaders.
Where applicable, the LTI value for employees has been calculated by applying the average share price for the three months prior to 31 March 2025
to the number of restricted stock awards granted to the employee in June 2022. We adopted this approach to provide a like-for-like comparison and
ensure the share price growth over the previous three years is reflected equally in both the CEO and employee LTI values. Employees on inbound
and outbound international assignments to and from the UK have been excluded from the analysis as their remuneration structures understandably
deviate from the standard approach for UK employees. In line with the guidance, only individuals employed for the full year have been included in
the analysis.
Observations on change in CEO pay ratio
As important context for the CEO pay ratio table on page 137, the Committee believes it is appropriate that a significant proportion of CEO total
remuneration is variable and based entirely on Group performance. In line with our remuneration principles, the proportion of total compensation that
is performance related increases with employee seniority. More of the CEO’s total target remuneration, 72%, is ‘at risk’ compared to 18% on average
UK-based employees. As shown in the table on page 137, and as evidenced in both FY21 and FY23, the CEO pay ratio is therefore likely to vary over
time, potentially significantly, based upon the short- and long-term incentive outcomes.
It is also worth noting that the Committee has not exercised any discretion or made any adjustments in determining the outcomes of short- or
long-term incentives during the five-year period covered above.
Observations on FY25 pay ratio
The median pay ratio for FY25 of 136:1 reflects not only the performance achieved in FY25, but also the strong performance achieved in the preceding
three financial years, which are reflected in the CEO’s LTI vesting values. As LTI values can be highly variable, in part due to fluctuations in share price,
a supplemental pay ratio has been provided below, where the value of LTIs has been excluded. The CEO single figure value excluding LTI compensation
was £3.3m for FY25.
Year
Method
25th percentile
pay ratio
Median
pay ratio
75th percentile
pay ratio
FY20
Option A excluding long-term incentives
66:1
45:1
31:1
FY21
Option A excluding long-term incentives
69:1
47:1
30:1
FY22
Option A excluding long-term incentives
73:1
50:1
32:1
FY23
Option A excluding long-term incentives
47:1
32:1
21:1
FY24
Option A excluding long-term incentives
64:1
44:1
29:1
FY25
Option A excluding long-term incentives
61:1
43:1
29:1
Some important additional context regarding our FY25 CEO pay ratio includes the following:
• We have a rigorous approach to salary management that is underpinned by regular market benchmarking to ensure we offer competitive rates of
pay across the business. We undertake regular reviews to maintain appropriate positioning with external market-linked salary ranges.
• Experian has been a Living Wage employer in the UK since 2015, and the median salary for our UK employees (as shown in the table on the previous
page) is more than 50% above the UK average.
• The Committee always has the context of the all-employee pay review budget when determining salary increases for the CEO. In the ten years since
his appointment as CEO, Brian has consistently received base pay increases either aligned with or below those provided to employees, and in some
years he has forgone any salary increases. In FY24, the average increase for the UK employee base pay was 3% and a 2.4% increase was applied to
the CEO. As outlined previously, the FY26 pay increase for the CEO will exceed the UK salary review budget of 3%, as his compensation is adjusted
to reflect the scope of his responsibilities and his sustained strong performance and contribution. However, it is anticipated that, going forward,
any salary increases for the CEO will once again be aligned with, or below, the rate applied to the broader employee population.
• An ‘individual performance modifier’ is also applied in calculating the annual bonus payments for employees, to ensure the outstanding contribution
of high-performing individuals is reflected through higher bonus payments. Individual performance modifiers do not apply to senior management,
including the CEO. As such, to ensure a like-for-like comparison with the CEO single figure, the employee calculations, as outlined on the previous
page, do not reflect the impact of individual performance modifiers, which would have increased the annual bonus payments for employees and
reduced the CEO pay ratio accordingly.
• We have not included the value of our Sharesave Plan in the all-employee values on the previous page. We firmly believe in the value of employee
share ownership and encourage employees to participate in our Sharesave offering, which is a tax-efficient plan in the UK and allows employees to
share in Experian’s growth and success. Around 70% of UK employees participate in Sharesave and the average profit received by UK employees at
maturity in FY24 was about £3,250, but this value has not been included in the all-employee values on page 137.
• To enable a like-for-like comparison in future years, the all employee values also do not include the value of the matching Thank You Shares, which
were granted to 1,678 UK employees in August 2024. Around 51% of the UK workforce received 38 Experian shares valued at £1,383 per employee,
in August 2024. The total value of the Thank You Share Award was £2,075 for each of those eligible employees.
Annual report on directors’ remuneration
continued
Code principle
Remuneration
Experian plc
Annual Report 2025
139
How has our Board of directors' pay changed compared to the wider workforce?
The table below sets out the percentage change in the Board of directors' salaries/fees, benefits and annual bonus for the years between FY21 and
FY25, and how this compares to the average percentage change for our UK employees. While the Regulations require the employee comparison
against employees of Experian plc, the proportion of our workforce employed by Experian plc is comparatively very small. We have therefore elected,
as in previous years, to provide the comparison with our UK employees, which we believe provides an appropriately representative analysis. We have
selected this group of employees because Experian operates in 32 countries and, as such, has widely varying approaches to pay across different
regions. This approach also avoids the complexities involved in collating and comparing remuneration data across different regional populations,
including the impact of foreign exchange rate movements. The figures for UK employees are consistent with the information used to prepare the CEO
pay ratio analysis, but reflect average salaries and average employee numbers each year, rather than percentile data. For the CEO, the annual bonus
is based on Group performance.
Year-on-year change in pay for directors compared to the average UK employee
Average
employee
Executive directors
Independent
Chair
Non-executive directors
Brian
Cassin
Lloyd
Pitchford
1
Craig
Boundy
1
Mike Rogers
Alison
Brittain
Kathleen
DeRose
Caroline
Donahue
Luiz
Fleury
Jonathan
Howell
Esther
Lee
2
Louise
Pentland
2
Eduardo
Vassimon
3
Base salary/
fee change
FY25
4.7%
2.4%
9.2%
(60.3)%
3.4%
5.9%
2.0%
(2.6)%
(4.9)%
6.7%
15.8%
24.2%
n/a
FY24
4.1%
2.5%
9.4%
47.6%
2.5%
13.5%
27.4%
9.4%
11.3%
6.5%
n/a
29.2%
n/a
FY23
7.6%
2.5%
2.4%
n/a
2.7%
47%
n/a
17%
16%
39%
n/a
n/a
n/a
FY22
6.1%
16%
17%
n/a
2%
9%
n/a
5%
13%
n/a
n/a
n/a
n/a
FY21
2.6%
(12)%
(12)%
n/a
21%
n/a
n/a
(14)%
(11)%
n/a
n/a
n/a
n/a
Taxable benefits
FY25
(7)%
(7.6)%
53.4%
(33.3)%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY24
11.8%
(12.1)%
(21.4)%
(45.8)%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY23
27.2%
5.7%
(64)%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY22
8.7%
6%
155%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY21
7.1%
1%
3%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Annual bonus
FY25
(15)%
5%
12%
(100)%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY24
35.4%
69.3%
80.8%
142.8%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY23
(21.9)%
(40)%
(40)%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY22
32.2%
12%
12%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
FY21
27.5%
15%
15%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1
The FY24 increase in base salary for Lloyd Pitchford is a result of his June 2023 adjustment together with the subsequent increase effective 1 November 2023, to reflect the increased scope of his role.
Craig Boundy departed the Group in August 2024 and this is reflected in the considerable reductions to his FY25 salary and benefit amounts above. Craig is not eligible to receive a FY25 annual bonus.
2
Esther Lee was appointed to the Board on 31 March 2023. Louise Pentland was appointed Remuneration Committee Chair with effect from 1 January 2024, and her FY24 fees reflect this additional responsibility.
3
Eduardo Vassimon joined the Board on 1 March 2025 and did not receive any fees in FY24.
How do we intend to implement the remuneration policy next year?
Salary
The table below outlines the salary increase that took effect from 1 April 2025 for Brian Cassin, following positive consultation with shareholders,
and Lloyd Pitchford’s which will take effect from 1 June 2025. The employee salary review budget for FY26 is 3% for our employees in the UK.
1 June 2025
‘000
1 June 2024
‘000
Percentage
increase
Brian Cassin
£1,350
1
£1,070
26.2%
Lloyd Pitchford
£770
£750
2.7%
1
Following shareholder consultation Brian Cassin's base salary was increased to £1,350,000 with effect from 1 April 2025 and is only eligible for review in June 2026.
Code principle
Remuneration
Governance
Experian plc
Governance
140
Annual bonus
For the year ending 31 March 2026, the annual bonus opportunity and the performance measures the executive directors are assessed on will remain
unchanged from FY25.
In line with our policy, we will disclose the targets for the annual bonus in next year’s Annual report on directors’ remuneration. While the FY26 annual
bonus targets cannot be disclosed due to their commercial sensitivity, they reflect our resilience in the face of the challenging outlook for the year
ahead. Annual bonus will be subject to clawback provisions, allowing the Group to recover all or part of any payment for a period of three years from
payment. In addition, the Committee can vary the level of payout if it considers that the formulaic payout determined by measuring performance is
inconsistent with the Group’s actual underlying financial and operational performance.
Performance is measured on a constant currency basis to neutralise the effects of exchange rate fluctuations, which are outside of management’s
control. The Committee also excludes the impact of any material acquisitions or disposals made in the year to ensure both metrics are measured
consistently, which is in line with our approach to long-term incentive plan measures.
Share-based incentives
While deferral of 50% is compulsory, the executive directors have each elected to defer the full 100% of their FY25 bonuses into the CIP. We expect to
grant matching shares in the first quarter of the year ending 31 March 2026, on a two-for-one basis. We also expect to grant PSP awards equivalent to
200% of salary at the same time. The CIP and PSP awards will vest subject to meeting the following targets, which will be measured over three years,
with a further two-year holding period applying:
Performance measure
Weighting
Vesting
1
0%
25%
50%
100%
CIP awards
Benchmark earnings per share
(average annual growth)
2
50%
Below 5%
5%
7%
9%
Cumulative Benchmark operating cash flow
50%
Below US$6.5bn
US$6.5bn
US$6.8bn
US$7.1bn
PSP awards
Benchmark earnings per share
(average annual growth)
2
50%
Below 5%
5%
7%
9%
Adjusted Return on capital employed
25%
Below 14.5%
14.5%
15.4%
16.0%
TSR of Experian vs TSR of FTSE 100 Index
25%
Below Index
Equal to Index
8.3% above Index
25% above Index
1
Straight-line vesting between the points shown.
2
Measured on an ongoing activities and constant currency basis.
The Committee selected adjusted Benchmark EPS, cumulative Benchmark operating cash flow and adjusted ROCE as performance metrics for our
long-term incentive plans, as they reflect three of our key performance indicators. As such, using these measures directly links Experian’s long-term
incentive arrangements to our strategic ambitions and business objectives. In addition, using relative TSR recognises the importance of creating value
for shareholders. We believe these targets to be the most appropriate measures of the Group’s success and, together with our annual bonus metrics,
they ensure that executive directors are incentivised to achieve a wide range of business and financial measures over both the short and long term.
The structure differentiates the role of each of our long-term incentive plans: the PSP incentivises returns and the CIP incentivises cash discipline.
However, given that growth is so fundamental to our business strategy, growth in Benchmark EPS runs across both of the long-term incentive plans.
Vesting of CIP and PSP awards will be subject to the Committee being satisfied that the vesting is not based on materially misstated financial results.
The Committee also retains the discretion to vary the level of vesting if it considers the level of vesting determined by measuring performance is
inconsistent with the Group’s underlying financial and operational performance. These awards will all be subject to clawback provisions, allowing the
Company to recover all or part of any vested award during the holding period.
TSR performance
We measure our TSR performance relative to the FTSE 100 Index, rather than to a bespoke comparator group. Our usual comparator companies are
Bread Financial, CoreLogic, Dun & Bradstreet, Equifax, FICO, LiveRamp, Moody’s, RELX, Thomson Reuters and TransUnion. However, we believe it would
be difficult to compare our TSR performance with them on a consistent basis, since many of them are listed in different markets and, as such, may be
subject to different market forces. Nevertheless, the Committee uses them as a reference point when reviewing other aspects of executive director pay.
Annual report on directors’ remuneration
continued
Code principle
Remuneration
Experian plc
Annual Report 2025
141
Additional disclosures
Directors’ shareholdings and share interests (audited)
We believe it is important that executive directors build up a significant holding in Experian shares, to align their interests with those of shareholders.
Under our guidelines, the CEO should hold the equivalent of at least three times his or her base salary in Experian shares and other executive directors
should hold the equivalent of at least two times their base salary. These guidelines include invested or deferred shares held under the CIP, but not
unvested matching shares. Shares that have vested but are subject to the two-year holding period will also count towards the guideline. Until the
shareholding guideline is met, we expect executive directors to retain at least 50% of any shares vesting (net of tax) under a share award. Unvested
shares do not count towards the guideline.
We also have guidelines for non-executive directors to build up a holding in Experian shares at least equal to their annual fee. Each financial year, the
net fee for the first quarter is used to purchase Experian shares until the non-executive director reaches this level of holding.
As set out in the table below, our executive directors already significantly exceed their personal shareholding guidelines, demonstrating their alignment
to shareholder interests as well as their commitment to Experian. To further strengthen this alignment post-employment, a two-year post-employment
shareholding guideline also applies to executive directors.
All executive directors who served during the year hold shares in excess of the relevant shareholding guidelines. The interests of the directors and
their connected persons in the Company’s ordinary shares are shown below;
Shares held in
Experian plc at
31 March 2025
Shareholding guidelines
Share awards subject to
performance conditions
Share options
4
Guideline
(% of salary/fee)
1
Shareholding
(% of salary/fee)
2
Guideline met?
CIP matching
awards
3
PSP awards
Brian Cassin
5
968,549
300%
3230%
Yes
345,073
208,773
—
Lloyd Pitchford
5
533,086
200%
2536%
Yes
217,775
133,769
885
Mike Rogers
16,787
100%
138%
Yes
—
—
—
Alison Brittain
12,500
100%
186%
Yes
—
—
—
Kathleen DeRose
6
3,400
100%
81%
No
—
—
—
Caroline Donahue
10,000
100%
238%
Yes
—
—
—
Luiz Fleury
9,650
100%
230%
Yes
—
—
—
Jonathan Howell
13,000
100%
238%
Yes
—
—
—
Esther Lee
6
1,683
100%
40%
No
—
—
—
Louise Pentland
6,800
100%
124%
Yes
—
—
—
Eduardo Vassimon
7
0
100%
0%
No
—
—
—
Shares held at
20 August 2024
Craig Boundy
8
179,895
200%
802%
Yes
237,823
162,808
—
1
Executive director shareholding guideline will apply for two years post-employment.
2
Shareholding guidelines have been calculated using the closing share price on 31 March 2025, which was £35.68 and the exchange rate at 31 March 2025 of £1:€1.1970.
3
Matching shares granted to Brian Cassin and Lloyd Pitchford are in the form of conditional share awards, which are unvested at 31 March 2025.
4
Share options granted under the 2023 and 2024 all-employee Sharesave plan.
5
The number of Experian shares held by Brian Cassin and Lloyd Pitchford includes 90,478 and 57,113 invested shares in the CIP respectively.
6
Kathleen DeRose and Esther Lee were appointed to the Board in November 2022 and March 2023 respectively and continue to build their shareholdings.
7
Eduardo Vassimon was appointed to the Board on 1 March 2025 and will start to build his shareholding in FY26.
8
Craig Boundy’s share interests are as at his departure from the Group in August 2024. Craig’s shareholding guidelines have been calculated using the closing share price and exchange rate, £36.01 and
£1:US$1.3007 respectively, on 20 August 2024. Craig’s Experian shares include 97,270 CIP invested shares. Craig’s matching shares are those unvested at 20 August 2024, all of which lapsed immediately
upon his departure from the Group.
Payments made to former directors (audited)
Three former directors of Experian Finance plc (formerly GUS plc) received unfunded pensions from the Group. One of the former directors is now
paid under the Secured Unfunded Retirement Benefit Scheme, which provides security for the unfunded pensions of executives affected by the
His Majesty’s Revenue and Customs (HMRC) earnings cap. The total unfunded pensions paid to the former directors amounted to £832,881 in the
year ended 31 March 2025.
Payments for loss of office (audited)
No payments for loss of office were made in the year (2024: US$nil).
Relative importance of spend on pay
The table below illustrates the relative importance of spend on pay for all employees, compared to the financial distributions to shareholders, through
dividends and net share repurchases:
2025
US$m
2024
US$m
Percentage
change
Employee remuneration costs
2,580
2,493
3.5%
Dividends paid on ordinary shares
546
509
7.3%
Net share repurchases
1
—
—
0%
1
All share repurchases offset deliveries during the year under employee share plans.
Code principle
Remuneration
Governance
Experian plc
Governance
142
The Remuneration Committee
All our non-executive directors are members of the Committee, which met five times during the year ended 31 March 2025. Each member is
considered to be independent in accordance with the UK Corporate Governance Code 2018.
You can find the Committee’s terms of reference via the QR code on page 126.
The Committee’s role and responsibilities
The Committee is responsible for:
Annual report on directors’ remuneration
continued
Code principle
Remuneration
Committee activities during the year
May
• Reviewed and approved the 2024 Report on
directors’ remuneration.
• Discussed the Sharesave Plan and approved
the continued operation of the plan in 2024
in 23 participating countries, providing
employees with further opportunities to
share in Experian’s future growth.
• Agreed the 2024 incentive plan outcomes,
the FY25 bonus targets, and targets for
long-term incentive awards made in the
year. Approved the long-term incentive
plan participants.
• Received updates on the Group’s outstanding
long-term incentive plans.
• Discussed at length executive pay in the
context of the wider workforce and the
broader impact on society, the Group, and
our shareholders.
September
• Considered remuneration matters in respect
of senior departures during the year.
• Discussed Brian Cassin’s strong performance
and track record over his tenure, and also the
expansion of his role following the departure
of the Group COO from the business.
• Discussed at length the competitive position
of the executive remueration structure for
our CEO, noting that it had become less
competitive against the FTSE 30 and
significantly less competitive against the
Group’s disclosed peer group.
• Discussed upcoming senior retirements
and appointments.
November
• Received an update on all-employee pay
across Experian, including detailed insights
on workforce policies and gender pay gap
analyses in the USA and Brazil, two of our
key markets.
• Agreed that the Chair of the Remuneration
Committee write to our top 40 shareholders
and proxy advisory agencies, to seek
feedback on a potential increase to Brian
Cassin’s base pay.
• Received an update on take-up rates and
outcomes of the 2024 Sharesave Plan.
• Reviewed the Committee’s performance
during the year against its terms of
reference.
January
• Received an update on current trends in
the executive remuneration environment.
The update included remuneration trends in
the Group’s key markets including the USA,
Brazil and the UK. The Committee discussed
recent significant changes to remuneration
structure for UK-listed companies in the
context of competition in a global talent
marketplace.
• Received an update on the Group’s FY24 UK
gender pay gap disclosure requirement.
The Committee discussed the results and
were provided with additional detailed
analysis on Experian’s gender pay position.
• The Committee heard feedback regarding
shareholder discussions on the proposed
changes to executive pay.
• The Committee agreed to review their
appointed remuneration adviser in line
with best practice.
March
• Reviewed salaries of certain Group Operating
Committee members and approved annual
pay adjustments for FY25.
• Calibration of performance targets for Group
incentive plans.
• Following extensive shareholder consultation
on CEO remuneration, agreed an increase of
26.2% to Brian Cassin’s base salary effective
1 April 2025 and further agreed a letter be
sent to shareholders before the end of March.
• Reviewed a draft of the 2025 Report on
directors’ remuneration.
• Agreed the appointment of a new
remuneration adviser to the Committee
(Ellason).
• Noted the renewals of LTI and all-employee
share plans, to be recommended to
shareholders, including proposed changes to
all-employee plans to reduce administrative
complexity in the coming year.
In addition, the Committee Chair attended
the UK and Ireland Experian People Forum
in March 2025, to engage with employees,
discuss how Experian’s executive
remuneration aligns with the wider Group
pay policy, and understand employees’ views
on culture, ways of working and pay-related
issues. This feedback was provided to the
Board and discussed in detail thereafter.
1
Recommending
to the Board
senior executive
remuneration
policy and the
Chair’s
remuneration
2
Determining
individual
remuneration
packages for
executive directors
and certain senior
executives
3
Communicating
with shareholders
on remuneration
policy
4
Making
recommendations
to the Board on
the design of the
Group’s short-
and long-term
incentive plans
5
Overseeing the
Group’s executive
pension
arrangements
6
Overseeing
broader employee
workforce policies
Experian plc
Annual Report 2025
143
Code principle
Remuneration
Advice provided to the Committee
In making its decisions, the Committee consults the Chair, the Chief Executive Officer and the Chief People Officer where required.
We also invite members of the Global Reward team to attend Committee meetings as appropriate. We normally consult the Chief Financial Officer
about performance conditions applying to short- and long-term incentive arrangements, to ensure they are appropriately financially stretching.
However, we do not consider it appropriate that executives are present when their own remuneration arrangements are being discussed.
The Committee has access to independent consultants to ensure it receives objective advice. Willis Towers Watson remained our external advisers
throughout the year ended 31 March 2025. Willis Towers Watson provides other services to Experian globally, including advice on benefits and
provision of market data.
Additionally, Ellason provided incentive plan award valuations and remuneration data, as well as supporting data for the target calibration process.
Ellason does not provide any other services to the Group.
Willis Towers Watson and Ellason are members of the Remuneration Consultants Group and voluntarily operate under the Code of Conduct in relation
to executive remuneration consulting in the UK. As such, the Committee was satisfied that their advice was objective and independent.
The fees paid to these advisers for services to the Committee in the year ended 31 March 2025, based on hours spent, were as follows:
Adviser
Fees paid in the year
Willis Towers Watson
£29,500
Ellason
£34,275
What did we pay our non-executive directors during the year? (audited)
The table below shows a single total figure of remuneration for the Chair and non-executive directors for the years ended 31 March 2025 and
31 March 2024:
Fees ‘000
Benefits ‘000
Share-based incentives ‘000
Total ‘0006
2025
2024
2025
2024
2025
2024
2025
2024
Mike Rogers
1
€517
€500
—
—
—
—
€517
€500
Alison Brittain
2
€304
€287
—
—
—
—
€304
€287
Kathleen DeRose
€227
€223
—
—
—
—
€227
€223
Caroline Donahue
€207
€213
—
—
—
—
€207
€213
Luiz Fleury
3
€292
€307
—
—
—
—
€292
€307
Jonathan Howell
4
€251
€235
—
—
—
—
€251
€235
Esther Lee
€247
€213
—
—
—
—
€247
€213
Louise Pentland
5
€281
€226
—
—
—
—
€281
€226
Eduardo Vassimon
€15
—
—
—
—
—
€15
—
1
Mike Rogers was appointed Chair of the Board on 24 July 2019. His fee was increased by 3% to €520,000 on 1 June 2024.
2
Alison Brittain was appointed as Senior Independent Director and Remuneration Committee Chair on 21 July 2022. Alison did not receive an additional fee for her role as Remuneration Committee Chair.
On 1 January 2024, Alison stepped down as Chair of the Remuneration Committee, but remains Senior Independent Director.
3
Luiz Fleury acted as an independent adviser to Serasa S.A., our Brazilian business. His remuneration includes a fee for this role, paid in Brazilian reais, along with the annual non-executive director’s fee.
4
Jonathan Howell was appointed Audit Committee Chair on 1 July 2022.
5
Louise Pentland was appointed Remuneration Committee Chair on 1 January 2024.
Non-executive director fees are reviewed annually and were last reviewed in 2024. The current fee levels are as follows:
Annual fee from
1 October 2024
Annual fee prior to
1 October 2024
Base fee
€179,250
€174,750
Audit Committee Chair fee
€54,250
€52,750
Remuneration Committee Chair fee
€54,250
€52,750
Deputy Chair/Senior Independent Director fee
€108,250
€105,500
Non-executive directors required to undertake intercontinental travel to attend Board meetings receive a supplementary payment of €10,000 per trip,
in addition to any travel expenses.
Governance
Experian plc
Governance
144
Statement of voting at the 2024 AGM
The voting to approve the Annual report on directors' remuneration at the AGM held on 17 July 2024, and the Directors’ remuneration policy approved
at the AGM held on 19 July 2023, is set out in the following table:
Votes for (including
discretionary
votes)
% Number
Votes against
% Number
Total number
of votes cast
Number of
votes withheld
Annual report on directors’ remuneration
94.2%
5.8%
658,004,790
40,530,408
698,535,198
2,468,129
Directors’ remuneration policy
94.3%
5.7%
668,721,118
40,356,107
709,077,225
14,212,743
Service contracts
Non-executive directors have letters of appointment that set out their duties and time commitment expected. They are appointed for an initial
three-year term, subject to election and annual re-election by shareholders at the AGM. Appointments are renewed by mutual agreement. Details of
non-executive director arrangements as at 31 March 2025 are set out below:
Name
Date of appointment
Length of service at 31 March 2025
Years
Months
Mike Rogers (appointed Chair on 24 July 2019)
1 July 2017
7
9
Alison Brittain
1 September 2020
4
7
Kathleen DeRose
1 November 2022
2
5
Caroline Donahue
1 January 2017
8
3
Luiz Fleury*
8 September 2015
9
7
Jonathan Howell
1 May 2021
3
11
Esther Lee
31 March 2023
2
0
Louise Pentland*
1 November 2022
2
5
Eduardo Vassimon
1 March 2025
0
1
*Luiz Fleury and Louise Pentland will step down from the Board on 16 July 2025.
Executive directors’ service contracts contain a 12-month Company notice period, and a 6-month notice period from the director, as set out in the
Directors’ remuneration policy. Brian Cassin was appointed to the Board on 30 April 2012 as Chief Financial Officer, and 16 July 2014 as Chief Executive
Officer. The date of appointment to the Board for Lloyd Pitchford was 1 October 2014, and for Craig Boundy 21 July 2022.
Annual report on directors’ remuneration
continued
Code principle
Remuneration
Experian plc
Annual Report 2025
145
Code principle
Remuneration
Directors’ remuneration policy
The Directors’ remuneration policy was last approved by shareholders at the AGM on 19 July 2023, and is next due for renewal in July 2026.
The full and original version of the Policy, as approved by shareholders, is available on the Experian corporate website via
experianplc.com/investors/
reports
. We have included below the Policy table and the Which clawback provisions apply? section, which we consider to be the most helpful sections
of the Policy for investors.
Element and link to strategy
Operation
Maximum potential value
and payment at target
Performance metrics
and weightings
Base salary
To help with attracting and
retaining executive directors
of the right calibre.
Provides a base level of pay
and reflects the competitive
market salary for the role.
Base salary level takes
account of personal
contribution and
performance against
Group strategy.
Base salary is paid in equal instalments during
the year.
Salaries are reviewed annually, with any increases
generally taking effect from 1 June.
Salary levels and increases take into account a
number of factors, including the approach to
employee remuneration throughout the Group,
prevailing economic conditions, best practice and
positioning against the market.
Annual executive director salary
increases will, in normal
circumstances, be limited to the
increases awarded across the Group
as a whole.
Higher increases may be made in
exceptional circumstances including,
but not limited to, a change in role or
responsibility, and will take account
of market practice in relation to the
new role.
When the Committee
considers salary
increases, it takes into
account individual
performance over the
preceding financial year.
Benefits
Provides part of a
competitive and
cost-effective overall
remuneration package.
Certain benefits may also
be provided to support
expatriates, where they
have relocated.
The Group provides a range of market-competitive
benefits that include, but are not limited to,
healthcare, financial and tax advice, death-in-service
provision and company car or allowance.
Executive directors can also participate in any of the
Group’s all-employee share plans, for example the
Sharesave plan, on the same basis as other eligible
employees.
In the USA, eligible executive directors may
participate in a deferred compensation plan, which
is standard market practice in the USA.
For expatriate assignments, we retain the flexibility
to tailor benefits to the circumstances of the
assignment.
Additional benefits may include relocation expenses
at the beginning and end of each assignment, housing
allowance and school fees.
The cost of providing such benefits
may vary from year to year,
reflecting the cost to the Group.
The Committee sets benefits at a
level it considers appropriate against
relevant market practice, the role
and particular circumstances (for
example, in the case of expatriate
benefits, where the individual is
required to relocate).
None.
Pension
Provides a market-aligned
retirement provision.
Pension arrangements are in line with local market
practice.
In the UK, the Group operates a defined contribution
plan, with company contributions set as a percentage
of base salary. If impacted by His Majesty’s Revenue
and Customs (HMRC) pension limits, an individual
may elect to receive a cash allowance instead.
In the USA, executive directors are eligible to join a
defined contribution plan.
In the UK, the cash payment or
pension contribution for executive
directors is normally equal to 10%
of annual gross base salary, which
aligns to the wider UK employee
workforce.
In the USA, the contribution rate is
up to 4% of earnings, up to an annual
compensation limit set by the US
Internal Revenue Service (IRS).
If required, pension arrangements in
other jurisdictions would be in line
with local market practice.
None.
Governance
Experian plc
Governance
146
Element and link to strategy
Operation
Maximum potential value
and payment at target
Performance metrics
and weightings
Annual bonus
Motivates and rewards the
achievement of specific
annual objectives, linked to
Experian’s business strategy.
The Committee sets appropriate performance targets
at the start of each financial year.
At the end of the financial year, the Committee
determines the extent to which these have been
satisfied, based on audited results, and agrees the
level of bonus to be paid.
Half of any bonus must be deferred for a period of
three years. However, the executive director may
elect to defer up to 100% of their bonus into the CIP.
Where they elect not to do so, payment is made as
soon as practicable after the financial year-end.
Malus and clawback provisions apply, under which
annual bonus payments may be reduced or recovered
in certain circumstances. Further details about our
malus and clawback policy are set out in the Which
clawback provisions apply? section of the report.
Threshold performance results in a
bonus payout equivalent to 25% of the
maximum. No bonus is payable for
below-threshold performance.
Achieving target performance results
in a bonus payout equivalent to 50%
of the maximum.
Achieving maximum performance
results in a full bonus payout of 200%
of salary.
The annual bonus may
be based entirely on
financial performance or
on a combination of
financial, strategic and/
or operational objectives.
However, the financial
element will comprise at
least 70% of the bonus.
The Committee retains
the ability to exercise its
judgment to vary the
level of payout if it
considers that the
formulaic payout
determined by
measuring performance
is inconsistent with the
Group’s actual underlying
financial and operational
performance.
Co-investment Plans
Aligns with shareholder
interests through voluntary
investment of personal
capital, delivery of Experian
shares and the long-term
time horizons.
Use of stretch financial
metrics incentivises
performance.
Encourages participants’
long-term commitment
to the Group through
personal investment.
Participants are invited to invest between 50% and
100% of their annual bonus into Experian shares.
A conditional award of matching shares or nil-cost
options is granted on a two-for-one basis on the gross
bonus deferred, and vests after three years subject to
achieving performance targets over the three-year
period. Any vested awards are subject to a further
two-year holding period.
Dividend equivalents accrue on all awards of shares.
Malus and clawback provisions apply, under which
CIP awards may be reduced or recovered in certain
circumstances. Further details about our malus and
clawback policy are set out in the Which clawback
provisions apply? section of the report.
Maximum award levels depend on
the bonus deferred, which will be
matched, up to a two-for-one basis.
There is no vesting for below-
threshold performance.
Achieving threshold performance
results in 25% vesting of the
matching shares.
Achieving target performance
results in 50% vesting of the
matching shares.
Achieving maximum performance
results in full vesting of the
matching shares.
Awards vest based on
financial performance
and subject to the
Committee being
satisfied that the vesting
is not based on
materially misstated
financial results.
The Committee retains
the discretion to exercise
its judgment to vary the
level of vesting if it
considers the formulaic
vesting level determined
by measuring
performance to be
inconsistent with the
Group’s actual underlying
financial and operational
performance.
Performance Share Plan
Use of stretch financial
metrics incentivises
performance.
Aligns with shareholder
interests through delivery of
shares and the long-term
time horizons.
Participants receive an annual award of conditional
shares or nil-cost options, which vest after three years,
subject to achieving performance targets over the
three-year period. Any vested awards are subject to
a further two-year holding period.
Dividend equivalents accrue on all awards of shares.
Malus and clawback provisions apply, under which
PSP awards may be reduced or recovered in certain
circumstances. Further details about our malus and
clawback policy are set out in the Which clawback
provisions apply? section of the report.
Normal maximum award levels are
200% of salary.
Awards of up to 400% of salary
may be made in exceptional
circumstances such as recruitment.
There is no vesting for below-
threshold performance.
Achieving threshold performance
results in 25% of the shares vesting.
Achieving maximum performance
results in full vesting of the shares.
Vesting of up to 25% of
the awards is based on
a share-based metric,
with the balance based
on financial performance.
The Committee retains
the ability to vary the
level of vesting if it
considers the formulaic
vesting level determined
by measuring
performance to be
inconsistent with the
Group’s actual underlying
financial and operational
performance.
Code principle
Remuneration
Directors’ remuneration policy
continued
Experian plc
Annual Report 2025
147
Code principle
Remuneration
Element and link to strategy
Operation
Maximum potential value
and payment at target
Performance metrics
and weightings
Shareholding guideline
To preserve and enhance
the long-term alignment of
the interests of executive
directors with shareholders
and promote a long-term
approach to performance
and risk management.
During employment:
Executive directors are required to establish and
maintain a minimum personal shareholding equal in
value to 3x base salary for the CEO and 2x base salary
for other executive directors.
Executive directors are required to retain at least 50%
of any shares vesting under the CIP and PSP (net of
tax) until their during-employment shareholding
guideline has been met.
Shares held beneficially, shares subject to a
post-vesting holding period and invested or deferred
CIP shares will count when assessing the guideline.
Share awards that are still subject to performance
conditions and matching shares under the CIP are
not included.
Post-employment:
For two years following cessation, (former) executive
directors are required to retain the lower of:
• their actual shareholding immediately prior to
cessation, or
• their shareholding guideline immediately prior
to cessation.
In determining the actual shareholding at
cessation, shares acquired from own purchases
will not be counted.
N/A
N/A
Independent Chairman and non-executive director (NED) fees
To attract individuals
with a broad range of
experience and skills, to
oversee the implementation
of our strategy.
The Chair is paid an annual fee in equal instalments.
The Group may provide the Chair with a limited range
of benefits such as healthcare, tax advice or use of
a car.
The NEDs are paid a basic fee plus additional fees
for chairing a Board committee and for the role of
Senior Independent Director. NED fees are paid in
equal quarterly instalments during the year. The net
fee for the first quarter of the financial year is used
to purchase Experian shares for NEDs and/or the
Chair (as applicable), until the individual has met their
shareholding guideline of 1x their estimated annual
fee (excluding travel fees).
NEDs receive an additional fee where attendance at
Board meetings involves intercontinental travel from
their home location. The Company may settle any
tax due on travel expenses incurred by the Chair
and NEDs.
The Committee sets the Chair’s fees,
while NED fees are set by the Board.
Both are set based on a number
of factors, including the time
commitment required and
positioning against the market.
Fees are normally reviewed every
two years.
No performance-related
arrangements are in
place for the Chair or
the NEDs.
Share Option Plan (SOP)
Provides focus on increasing
Experian’s share price over
the medium to longer term.
Options are granted with an exercise price equivalent
to the market value of an Experian share at the date
of grant. These vest subject to achieving performance
targets that are tested over a three-year period and
are exercisable for seven years thereafter.
No option grants have been made since 2009 and the
Committee has agreed that no further awards will be
made, unless warranted by exceptional circumstances
such as recruitment.
Malus and clawback provisions apply, under which
SOP awards may be reduced or recovered in certain
circumstances. Further details about our malus and
clawback policy are set out in the Which clawback
provisions apply? section of the report.
Normal maximum award levels are
200% of salary.
Grants of up to 400% of salary
may be made in exceptional
circumstances such as on
recruitment.
There is no vesting for below-
threshold performance.
Achieving threshold performance
results in 25% of the options vesting.
Achieving maximum performance
results in full vesting of the options.
The vesting of options
is based on financial
performance targets.
Governance
Experian plc
Governance
148
Directors’ remuneration policy
continued
Which clawback provisions apply?
Malus or clawback applies to the Group’s incentive plans for five years from grant.
Under these provisions, the Committee may apply malus or clawback in circumstances that have:
• resulted in a level of vesting or payment that is higher than would otherwise have been, because of a material misstatement of the Group’s financial
results; or
• led to a material financial or reputational loss for the Group, due to serious individual misconduct.
Under our malus and clawback policy, should a trigger event be identified, a Clawback Committee would be appointed by the Remuneration Committee
to investigate the issue. The Clawback Committee would report back with recommendations on whether malus or clawback should be applied, which
individuals this should affect, which remuneration should be subject to malus or clawback and the value that should be affected. The Remuneration
Committee would then have final sign-off on any decision to operate malus or clawback.
Legacy arrangements
The Committee reserves the right to make any remuneration payments and payments for loss of office (including exercising any discretions available
to it in connection with such payments), notwithstanding that they are not in line with the policy set out in this report where the entitlement to the
payment arose: (i) before the 2023 AGM; (ii) at a time when the relevant individual was not a director of the Company and, in the opinion of the
Committee, the payment was not in consideration for the individual becoming a director of the Company; or (iii) under a remuneration policy
previously approved by the Company’s shareholders. For these purposes, entitlements arising under the Company’s previous remuneration policy
(as approved by shareholders at the 2020 AGM) will be incorporated into this policy and ‘payments’ includes the Committee satisfying awards of
variable remuneration, and an entitlement under an award over shares arises at the time the award is granted.
On behalf of the Remuneration Committee
Charles Brown
Company Secretary
13 May 2025
Code principle
Remuneration
Experian plc
Annual Report 2025
149
Governance
Directors’ report
The directors present their report and the audited financial statements
for the year ended 31 March 2025. The report has been prepared in line
with the UK Companies Act 2006, and the Corporate governance report
and the Shareholder and corporate information section form part of
this Directors’ report. The Strategic report contains certain information
equivalent to that required in a report of the directors.
Financial and operational information
Results and dividend
The Group income statement shows a profit for the year ended 31 March
2025 of US$1,170m (2024: US$1,203m). The directors have announced
the payment of a second interim dividend, in lieu of a final dividend, of
43.25 US cents (2024: 40.50 US cents) per ordinary share to be paid on
18 July 2025 to shareholders on the register of members on 20 June
2025. A first interim dividend of 19.25 US cents per ordinary share was
paid on 7 February 2025, giving a total dividend for the year of 62.50
US cents per ordinary share (2024: 58.50 US cents).
Innovation
Innovation, supported by our talented people, and by research and
development, plays a key role in supporting Experian’s business
performance. Details of such activities are given in the Strategic report.
Acquisitions and disposals
Information on acquisitions and disposals made during the year is
contained in note 41 to the Group financial statements.
Registered branch
The Company has a branch registered in Ireland under branch
number 905565.
Post-balance sheet events
Details of events occurring after the end of the reporting period are
contained in note 45 to the Group financial statements.
Share capital
Details of the Company’s share capital and changes during the
year ended 31 March 2025 are set out in note Q to the Company
financial statements.
Financial risk management, objectives and
policies
Descriptions of the use of financial instruments and Experian’s
treasury and risk management objectives and policies are set out in
the Financial review, within the Strategic report, and also in note 8 to
the Group financial statements.
Political donations
Experian did not make any political donations during the year ended
31 March 2025.
Going concern
Details of the adoption of the going concern basis in preparing the
Group financial statements are set out in note 2 to the Group financial
statements, and are incorporated into this report by reference. For details
of the adoption of the going concern basis in preparing the Company
financial statements, see note B.
Directors
Information on directors holding office in the year
The directors’ names, biographical details, and skills and experience
are shown in the Board of directors section. On 20 August 2024,
Craig Boundy left the Board. Eduardo Vassimon was appointed as a
non-executive director on 1 March 2025. Luiz Fleury will retire as
a non-executive director and Louise Pentland will step down as a
non-executive director at the upcoming 2025 Annual General Meeting.
Particulars of directors’ remuneration, service contracts and interests
in the Company’s ordinary shares are shown in the Report on directors’
remuneration. There were no changes in the directors’ interests in the
ordinary shares between the end of the financial year and 13 May 2025.
In line with the UK Corporate Governance Code, as at the date of this
report, all directors, being eligible, except for Luiz Fleury and Louise
Pentland as noted above, will offer themselves for election or re-election
at the 2025 AGM. A review of the performance of the Board, its
committees and individual directors was carried out during the financial
year. The Board is satisfied that all directors seeking re-election
contribute effectively and demonstrate commitment to their roles.
The Corporate governance report contains further details of the
performance review process and outcomes.
Insurance and third-party indemnification
During the year and up to the date of approval of this Annual Report, the
Company maintained liability insurance and third-party indemnification
provisions for its directors and officers.
Appointment and removal of directors
Both the Company, by ordinary resolution, and the directors, may elect
any person to be a director. The number of directors shall not exceed
the maximum number fixed by the Company’s articles of association.
Any person appointed by the directors shall hold office only until the next
AGM and shall then be eligible for election. The office of a director shall
be vacated on the occurrence of any of the events listed in article 96 of
the Company’s articles of association. The Company may, in accordance
with its articles of association, remove any director from office and elect
another person in their place.
Experian plc
Governance
150
Directors’ report
continued
Annual General Meeting
The Company’s 2025 AGM will be held at The Merrion Hotel, Upper
Merrion Street, Dublin 2, D02 KF79, Ireland, at 9.30am on Wednesday
16 July 2025. Shareholders who are unable to attend may submit
questions beforehand via email to agmquestions@experianplc.com or
on the pre-paid card sent with the notice of the meeting. The questions
will be addressed at the meeting, via the Company’s website at
experianplc.com or individually as appropriate. The notice of meeting
has been circulated to shareholders and can also be viewed on the
Company’s website.
Share capital information
Rights and obligations
The rights and obligations attaching to the ordinary and deferred shares
are set out in note Q to the Company financial statements and in the
Company’s articles of association, a copy of which can be obtained
from the Experian website, experianplc.com. The Company’s articles
of association may be amended by passing a special resolution.
ADR programme
The Company has a Level 1 American Depositary Receipt (ADR)
programme in the USA, for which J.P. Morgan Chase Bank, N.A. acts
as Depositary. This ADR programme is not listed on a stock exchange
in the USA and trades on the highest tier of the US over-the-counter
market, OTCQX, under the symbol EXPGY. Each ADR represents one
Experian plc ordinary share. Further details are given in the Shareholder
and corporate information section.
BDR programme
The Company also has a sponsored Level 1 Brazilian Depositary Receipt
(BDR) programme in Brazil, for which Itaú Unibanco S.A. acts as
depositary. The BDR programme is listed on B3 (Brasil, Bolsa, Balcão),
the stock exchange of Brazil, under the trading name EXPERIAN PLC
and negotiation code EXPB31. Each BDR represents one Experian plc
ordinary share. Further details are given in the Shareholder and
corporate information section.
Substantial shareholdings
The Company’s articles of association oblige shareholders to comply
with the notification obligations contained in the UK Disclosure Guidance
and Transparency Rules sourcebook. As at 13 May 2025, the Company
had been notified of the indirect interest below in its issued ordinary
share capital or voting rights in respect of the year.
Restrictions on transfers of shares and/or
voting rights
The Company is not aware of any agreements between shareholders
that may result in restrictions on the transfer of securities and/or
voting rights and, apart from the matters described below, there are no
restrictions on the transfer of the Company’s ordinary shares and/or
voting rights:
• Certain restrictions on transfers of shares may from time to time
be imposed by, for example, share dealing regulations. In certain
situations, directors and certain employees must seek the Company’s
approval to deal in its shares.
• Some of Experian’s share-based employee incentive plans include
restrictions on the transfer of shares, while the shares are subject to
the plan concerned.
• As described in the Report on directors’ remuneration, directors must
hold a proportion of their salary/fees in shares. These shares may not
normally be transferred during their period of office.
• Where participants in a share-based employee incentive plan operated
by Experian are the beneficial owners of the shares but not the
registered owner, the voting rights are normally exercised by the
registered owner at the direction of the participants.
• Shares carry no voting rights while they are held in treasury.
• The deferred shares in the Company carry no voting rights.
• Unless the directors determine otherwise, members are not entitled to
vote personally or by proxy at a shareholders’ meeting, or to exercise
any other member’s right in relation to shareholders’ meetings, in
respect of any share for which any call or other sum payable to the
Company remains unpaid.
• Unless the directors determine otherwise, members are not entitled
to vote personally or by proxy at a shareholders’ meeting, or to exercise
any other member’s right in relation to shareholders’ meetings, if the
member fails to provide the Company with the required information
concerning interests in those shares, within the prescribed period after
being served with a notice under the Company’s articles of association.
• The Company’s articles of association state that, except for certain
limited circumstances, if the number of shares in the Company
beneficially owned by residents of the USA exceeds a defined
permitted maximum and the directors give notice to the holder(s) of
such shares, the shares do not give their holder(s) the right to receive
notice of, attend or vote at the Company’s general meetings.
Details of deadlines for voting at the 2025 AGM are contained in the
notice of meeting that will be circulated to shareholders and will also
be available on the Company’s website.
Substantial shareholdings
Date of notification
Shareholder
Number of
ordinary shares/
voting rights
Percentage
of issued
share capital/
voting rights
23 May 2024
Massachusetts Financial Services Company
45,823,205
4.99%
Experian plc
Annual Report 2025
151
Governance
Purchase, cancellation and holdings of
own shares
The existing authority for the Company to purchase its own shares
was given at the AGM held on 17 July 2024. It permits the Company
to purchase 91,818,298 of its own shares in the market.
On 15 May 2024, the Company announced its intention to repurchase
shares, through a net US$150m share repurchase programme. During
the year ended 31 March 2025, the Company purchased 2,588,150 of
its own shares, for a cash consideration of US$116,749,638 (with
714,000 shares purchased before the 2024 AGM). No shares have been
purchased by the Company since 31 March 2025. All shares purchased
have been retained as treasury shares.
On the following dates, the Company transferred ordinary shares (as
outlined after each date) from treasury to Computershare Investor
Services plc and Computershare Trustees (Jersey) Limited, the
administrator and trustee respectively of Experian’s share plans, for nil
consideration, to be used to meet obligations under employee share
plans: 10 June 2024 (750,553); 2 October 2024 (85,365); 20 February
2025 (74,060); 24 March 2025 (5,197); 26 March 2025 (125,344); and
1 April 2025 (26,164).
As at the date of approval of this Annual Report, the Company holds
54,816,013 (2024: 54,008,546) of its own shares as treasury shares,
and had an unexpired authority to purchase up to 89,230,148 of its own
shares. Details of the new authority being requested at the 2025 AGM
are contained in the circular to shareholders, which either accompanies
this Annual Report or is available on the Company’s website at
experianplc.com.
Details of the shares in the Company purchased by and held under
The Experian plc Employee Share Trust and the Experian UK Approved
All Employee Share Plan are set out in note R to the Company
financial statements.
Significant agreements – change of control
The Group is party to a number of agreements that take effect, alter,
terminate, or have the potential to do so, upon a change of control of the
Company following a takeover bid. These agreements are as follows:
• The Group’s banking facilities contain provisions which, in the event of
a change of control, could result in their renegotiation or withdrawal.
• The Group’s Euronotes allow holders to require repayment of the notes,
if a rating agency re-rates the notes to below investment grade,
following a change of control.
• All of Experian’s share-based employee incentive plans contain
provisions relating to a change of control. Outstanding awards and
options would normally vest and become exercisable, subject to
satisfaction of any performance conditions at that time.
• The Group is party to a limited number of operational arrangements
that can be terminated or altered upon a change of control of the
Company, but these are not considered to be individually significant
to the Group’s business as a whole. In certain cases, it is considered
that their disclosure would be seriously prejudicial to the Company.
• The provisions in directors’ service contracts relating to a
change of control of the Company are described in the Report
on directors’ remuneration.
Employment information
Employment of people with disabilities
People with disabilities have equal opportunities when applying for
vacancies. In addition to complying with legislative requirements,
the Group has procedures to ensure it treats employees with
disabilities fairly and manages their training and career development
needs carefully. The policies are considered to operate effectively.
The Group supports employees who become disabled during the
course of their employment, by offering re-training or re-deployment,
to enable them to remain with the Group whenever possible.
Employee involvement
Experian is committed to employee involvement throughout the
business. The Group is intent on motivating staff, keeping them informed
on matters that concern them in the context of their employment, and
involving them through local consultative procedures. Where there are
recognition agreements with trade unions, the consultation process is
established through national and local trade union representatives and
through joint consultation committees.
Employees are kept well informed on matters of interest and the
financial and economic factors affecting the Group’s performance.
This is done through management channels, conferences, meetings,
publications and intranet sites. More detail on employee engagement,
together with information on sustainability, inclusion and belonging,
succession planning and talent development, can be found in the
Sustainable business section of the Strategic report.
Experian supports employee share ownership by providing, whenever
possible, employee share plan arrangements that are intended to align
employees’ interests with those of shareholders.
Auditor information
Relevant audit information
As at 13 May 2025, so far as each director is aware, there is no relevant
information needed by the auditor in connection with preparing the audit
report, of which the auditor is unaware, and all directors have taken all
steps they ought to have taken as directors to make themselves aware
of any relevant audit information and to establish that the auditor is
aware of it.
Independent auditor
The auditor, KPMG LLP, has indicated its willingness to continue in office
and a resolution that it be re-appointed as the Company’s auditor will be
proposed at the AGM.
Experian plc
Governance
152
Directors’ report
continued
Statement of directors’ responsibilities
The directors are responsible for:
• Preparing the Annual Report, the Group and Company financial
statements in accordance with applicable law and regulations. The
directors have decided to prepare voluntarily a directors’ remuneration
report in accordance with Schedule 8 to The Large and Medium-sized
Companies and Groups (Accounts and Reports) Regulations 2008 made
under the UK Companies Act 2006, as if those requirements applied to
the Company.
• Preparing financial statements which give a true and fair view of the
state of affairs at the balance sheet date, and the profit or loss for
the period then ended of (a) the Group (in accordance with IFRS
Accounting Standards as adopted pursuant to Regulation (EC) No
1606/2002 as it applies in the European Union (EU-IFRS), UK-adopted
international accounting standards (UK-IFRS) and IFRS as issued by
the International Accounting Standards Board (IASB-IFRS)), and (b)
the Company (in accordance with UK Accounting Standards including
FRS 101 ‘Reduced Disclosure Framework’).
• Keeping adequate accounting records that are sufficient to show and
explain the Group and the Company’s transactions and disclose, with
reasonable accuracy, at any time, the financial position of the Group and
the Company and enable them to ensure the Group and the Company
financial statements comply with applicable laws.
• Maintaining such internal control as they determine is necessary to
enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error, and have
general responsibility for taking the steps reasonably open to them to
safeguard the assets of the Group and the Company and to prevent
and detect fraud and other irregularities.
• The maintenance and integrity of the statutory and audited information
on the Company’s website. Jersey legislation and UK regulations
governing the preparation and dissemination of financial statements
may differ from requirements in other jurisdictions.
In addition, the directors consider that, in preparing the financial
statements:
• suitable accounting policies have been selected and applied
consistently
• judgments and estimates made have been reasonable, relevant
and reliable
• the Group financial statements comply with EU-IFRS, UK-IFRS and
IASB-IFRS
• the Company financial statements comply with UK Accounting
Standards including FRS 101 ‘Reduced Disclosure Framework’,
subject to any material departures disclosed and explained in the
financial statements
• the Group’s and Company’s ability to continue as a going concern has
been assessed and, as applicable, matters related to going concern
have been disclosed
• it is appropriate that the Group and Company financial statements have
been prepared on the going concern basis, as it is intended the Group
and the Company will continue in business.
The directors also confirm that, to the best of their knowledge, the
financial statements are prepared in accordance with the applicable
set of accounting standards, give a true and fair view of the assets,
liabilities, financial position and profit for the period of the Group and
the Company; and the Strategic report contains a fair review of the
development and performance of the business and the position of the
Group and the Company, together with a description of the principal
risks and uncertainties they face.
In addition, each of the directors considers that the Annual Report
and financial statements, taken as a whole, is fair, balanced and
understandable, and provides the information necessary for
shareholders to assess the Group’s position and performance,
business model and strategy.
By order of the Board
Charles Brown
Company Secretary
13 May 2025
Financial statements
153
Experian plc
Annual Report 2025
In this section
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
Notes to the Group financial statements
172 1.
Corporate information
172 2.
Basis of preparation
172 3.
Climate-related matters
172 4.
Recent accounting developments
173 5.
Material accounting policies
179 6.
Critical accounting estimates, assumptions and judgments
180 7.
Use of non-GAAP measures in the Group financial statements
182 8.
Financial risk management
184 9.
Revenue
185 10.
Segment information
190 11.
Foreign currency
191 12.
Labour costs and employee numbers
191 13.
Amortisation and depreciation charges
191 14.
Fees payable to the Company’s auditor
192 15.
Exceptional items and other adjustments made to derive Benchmark PBT
193 16.
Net finance expense
194 17.
Tax charge
196 18.
Earnings per share disclosures
196 19.
Dividends on ordinary shares
197 20.
Goodwill
198 21.
Other intangible assets
200 22.
Property, plant and equipment
200 23.
Investments in associates
201 24.
Trade and other receivables
202 25.
Cash and cash equivalents – excluding bank overdrafts
202 26.
Trade and other payables
203 27.
Borrowings
204 28.
Net debt (non-GAAP measure)
206 29.
Leases
207 30.
Financial assets and liabilities
213 31.
Fair value methodology
213 32.
Contractual undiscounted future cash flows for financial liabilities
214 33.
Share incentive plans
216 34.
Post-employment benefit plans and related risks
217 35.
Post-employment benefits – IAS 19 information
220 36.
Deferred and current tax
221 37.
Provisions
221 38.
Called-up share capital and share premium account
221 39.
Retained earnings and other reserves
223 40.
Notes to the Group cash flow statement
225 41.
Acquisitions and disposals
227 42.
Capital commitments
227 43.
Contingencies
228 44.
Related party transactions
228 45.
Events occurring after the end of the reporting period
Company financial statements
229 Company profit and loss account
229
Company statement of comprehensive income
230 Company balance sheet
231
Company statement of changes in equity
232
Notes to the Company financial statements
Experian plc
Financial statements
154
Independent auditor’s report
To the members of Experian plc
1. Our opinion is unmodified
In our opinion:
• the Group financial statements give a true and fair view, in accordance with IFRS Accounting Standards adopted pursuant to Regulation (EC)
No 1606/2002 as it applies in the European Union (“EU-IFRS”) of the Group’s affairs as at 31 March 2025 and of its profit for the year then ended;
• the Parent Company financial statements give a true and fair view, in accordance with UK accounting standards, including FRS 101 Reduced Disclosure
Framework, of the Parent Company’s affairs as at 31 March 2025 and of its profit for the year then ended; and
• the Group and Parent Company financial statements have been prepared in accordance with the requirements of the Companies (Jersey) Law 1991.
Additional opinions in relation to UK-adopted international accounting standards (“UK-IFRS”) and
IFRS Accounting Standards as adopted by the International Accounting Standards Board (“IASB”)
As explained in note 2 to the Group financial statements, the Group, in addition to applying EU-IFRS, has also applied UK-adopted international
accounting standards and IFRS Accounting Standards as issued by the IASB. In our opinion, the Group financial statements have been properly
prepared in accordance with UK-adopted international accounting standards and IFRS Accounting Standards as issued by the IASB.
What our opinion covers
We have audited the Group and Parent Company financial statements of Experian plc (“the Company”) for the year ended 31 March 2025 (FY25) included
in the Annual Report and Accounts, which comprise:
Group
Parent Company (Experian plc)
Group income statement, Group statement of comprehensive income,
Group balance sheet, Group statement of changes in equity and Group
cash flow statement.
Notes 1 to 45 to the Group financial statements, including the accounting
policies in note 5.
Company profit and loss account, Company statement of comprehensive
income, Company balance sheet and Company statement of changes
in equity
Notes A to U to the Parent Company financial statements, including the
accounting policies in note D.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described
below. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit opinion and matters included
in this report are consistent with those discussed and included in our reporting to the Audit Committee (“AC”).
We have fulfilled our ethical responsibilities under, and we remain independent of the Group in accordance with, UK ethical requirements including the
UK Financial Reporting Council (“FRC”) Ethical Standard as applied to listed public interest entities.
2. Overview of our Audit
Factors driving our view of risks
Following our FY24 audit, and considering developments affecting the Experian plc Group since then,
our assessment of risks and our view of how these impact the audit of the financial statements has
been updated. Overall, the Key Audit Matters have remained consistent with FY24.
The risk associated with the EMEA and Asia Pacific goodwill remains significant as the carrying value is
sensitive to changes in key assumptions, principally relating to short and long-term projected revenue
growth, profit margins and discount rates, which could have a material impact on the carrying value of
the associated goodwill.
The industry that the Group operates in is subject to increasingly complex legislation and regulators
worldwide are continuing at their high levels of scrutiny. We therefore consider that the risk associated
with litigation and contingent liabilities as a whole continues to be heightened, consistent with FY24.
Our assessment is that the risk of recoverability of the Parent Company’s investments in subsidiaries
remains consistent with FY24.
Key Audit Matters
Vs FY24
Item
Recoverability of goodwill
in respect of the EMEA and
APAC cash generating units
4.1
Litigation and contingent
liabilities
4.2
Recoverability of the Parent
Company’s investment in
subsidiaries
4.3
Audit Committee interaction
During the year, the AC met six times. We were invited to attend four AC meetings and were provided with an opportunity to meet with the AC in private sessions
without the Executive Directors being present. There were two AC meetings in FY25 that KPMG were not invited to, which related to the audit tender process for
the year ending 31 March 2027. For each Key Audit Matter, we have set out communications with the AC in section 4, including matters that required particular
judgement for each.
The matters included in the AC Chair’s report on page 120-121 are materially consistent with our observations of those meetings.
Financial statements
155
Experian plc
Annual Report 2025
Our independence
We have fulfilled our ethical responsibilities and we remain independent of the Group in accordance with
UK ethical requirements, including the FRC Ethical Standard as applied to listed public interest entities.
We have not performed any non-audit services during FY25 or subsequently which are prohibited by the
FRC Ethical Standard.
We were first appointed as auditor by the shareholders for the year ended 31 March 2017. The period of
total uninterrupted engagement is for the nine financial years ended 31 March 2025.
The Group engagement partner is required to rotate every five years. As these are the third set of the
Group’s financial statements signed by Zulfikar Walji, he will be required to rotate off after the FY27 audit.
The average tenure of partners signing component reporting is two years, with the shortest being one
and the longest being two.
Total audit fee
US$7.6m
Audit related fees (including
interim review)
US$1.3m
Other services
US$0.1m
Non-audit fee as a % of total audit
and audit related fee %
16%
Date first appointed
20 July 2016
Uninterrupted audit tenure
9 years
Next financial Period which
requires a tender
31 March 2037
Tenure of Group engagement
partner
3 years
Average tenure of component
signing partners
2 years
Materiality
(Item 6 below)
The scope of our work is influenced by our view of materiality and our assessed risk of material
misstatement.
We have determined overall materiality for the Group financial statements as a whole at US$73m (FY24:
US$70m) and for the Parent Company financial statements as a whole at US$25m (FY24: US$25m).
Consistent with FY24, we determined that profit before tax from continuing operations (“PBTCO”) remains
the benchmark for the Group considering the sector in which the Group operates, its ownership and
financing structure, and the focus of users of the financial statements. As such, we based our Group
materiality on profit before tax from continuing operations, of which it represents 4.7% (FY24: 4.5%).
Materiality for the Parent Company financial statements was determined with reference to a benchmark
of Parent Company total assets of which it represents 0.1% (FY24: 0.1%).
Group
Group
Group Materiality
GPM
Group Performance Materiality
HCM
Highest Component Materiality
PLC
Parent Company Materiality
LCM
Lowest Component Materiality
AMPT
Audit Misstatement Posting Threshold
GPM
HCM
PLC
LCM
AMPT
Materiality levels used in our audit
53
55
52
54
21
21
25
25
3.6
3.5
70
73
FY25 US$m
FY24 US$m
2. Overview of our Audit continued
Experian plc
Financial statements
156
Independent auditor’s report
continued
Group scope
(Item 7 below)
We have performed risk assessment procedures to determine which of the Group’s components are
likely to include risks of material misstatement to the Group financial statements, what audit procedures
to perform at these components and the extent of involvement required from our component auditors
around the world.
We identified three components as quantitatively significant components. Additionally, we scoped one
other component where we performed procedures to obtain further audit coverage.
The work on the Parent Company was performed by the Group team.
We have also considered the extent to which the Group has established shared service centres in the
UK, Brazil, Malaysia, Costa Rica and Bulgaria. The outputs of these centres are included in the financial
information of the reporting components and therefore they are not considered to be separate reporting
components.
We have performed certain audit procedures centrally across the Group, details of which are included
in Section 7. In addition, for the remaining components for which we performed no audit procedures,
we performed analysis at an aggregated Group level to re-examine our assessment that there is not
a reasonable possibility of a material misstatement in these components.
The components within the scope of our work accounted for the percentages illustrated opposite.
We consider the scope of our audit, as communicated to the Audit Committee, to be an appropriate
basis for our audit opinion.
Group revenue
Coverage of Group financial statements
Our audit procedures covered 90% of Group revenue:
We performed audit procedures in relation
to components that accounted for the
following percentages:
90
10
Group profit before tax
83
17
Group total assets
94
6
The impact of climate change on our audit
We have considered the potential impacts of climate change on the financial statements as part of planning our audit.
As the Group has set out on pages 68-69, climate change has the potential to give rise to a number of transition risks, physical risks and opportunities.
The Group has stated its commitment to reduce Scope 1 and Scope 2 emissions by 50% by 2030.
The areas of the financial statements that are most likely to be potentially affected by climate related changes and initiatives are balances subject to forward
looking assessments such as impairment tests for indefinite and other long lived non-current assets. The Group considered the impact of climate change and
the Group’s targets in the preparation of the financial statements, as described in Note 3 in relation to impairment, and this did not have a material effect on the
consolidated financial statements.
We performed a risk assessment, taking into account climate change risks and the commitments made by the Group. This included enquiries of management,
consideration of the Group’s processes for assessing the potential impact of climate change risk on the Group’s financial statements, assessing the Task
Force on Climate Related Financial Disclosures (“TCFD”) scenario analysis performed by the Group and reading the Group’s CDP (formerly known as Carbon
Disclosure Project) submission. Based on our risk assessment we determined that, taking into account the limited extent of the impact of climate change
on financial forecasts used to determine the recoverability of goodwill, there are no significant risks of material misstatement in relation to climate change.
Therefore, we assessed that the impact on our audit is not significant for this financial year.
There was no significant impact of climate change on our key audit matters included in section 4.
We have read the Group’s disclosure of climate related information in the front half of the Annual Report and Accounts as set out on pages 58 to 72 and
considered consistency with the financial statements and our audit knowledge.
2. Overview of our Audit continued
Financial statements
157
Experian plc
Annual Report 2025
3. Going concern, viability and principal risks and uncertainties
The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Group or the Parent Company or
to cease their operations, and as they have concluded that the Group’s and the Parent Company’s financial position means that this is realistic. They have
also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least
a year from the date of approval of the financial statements (“the going concern period”).
Going concern
We used our knowledge of the Group, its industry, and the general economic environment to identify the
inherent risks to its business model and analysed how those risks might affect the Group’s and Parent
Company’s financial resources or ability to continue operations over the going concern period. The risk
that we considered most likely to adversely affect the Group’s and Parent Company’s available financial
resources and metrics relevant to debt covenants over this period is the loss or misuse of data resulting
from a ransomware incident, leading to serious reputational and brand damage, legal penalties, and
class action litigation.
We considered whether these risks could plausibly affect the liquidity or covenant compliance in the
going concern period by assessing the degree of downside assumption that, individually and collectively,
could result in a liquidity issue, taking into account the Group’s current and projected cash and facilities
(a reverse stress test). We also assessed the completeness of the going concern disclosure.
Accordingly, based on those procedures, we found the directors’ use of the going concern basis of
accounting without any material uncertainty for the Group and Parent Company to be acceptable.
However, as we cannot predict all future events or conditions and as subsequent events may result in
outcomes that are inconsistent with judgements that were reasonable at the time they were made, the
above conclusions are not a guarantee that the Group or the Parent Company will continue in operation.
Our conclusions
• We consider that the directors’ use of the going
concern basis of accounting in the preparation
of the financial statements is appropriate;
• We have not identified, and concur with the
directors’ assessment that there is not, a
material uncertainty related to events or
conditions that, individually or collectively,
may cast significant doubt on the Group’s or
Parent Company’s ability to continue as a going
concern for the going concern period, and;
• We have nothing material to add or draw
attention to in relation to the directors’ statement
in note 2 to the financial statements on the use
of the going concern basis of accounting with no
material uncertainties that may cast significant
doubt over the Group and Parent Company’s use
of that basis for the going concern period, and
we found the going concern disclosure in note 2
to be acceptable.
Disclosures of emerging and principal risks and longer-term viability
Our responsibility
We are required to perform procedures to identify whether there is a material inconsistency between
the directors’ disclosures in respect of Emerging and Principal risks and the viability statement, and the
financial statements and our audit knowledge.
Based on those procedures, we have nothing material to add or draw attention to in relation to:
• the directors’ confirmation within the viability statement on page 91 that they have carried out a robust
assessment of the emerging and principal risks facing the Group, including those that would threaten its
business model, future performance, solvency and liquidity;
• the Emerging and Principal Risks disclosures describing these risks and how emerging risks are
identified and explaining how they are being managed and mitigated; and
• the directors’ explanation in the viability statement of how they have assessed the prospects of the
Group, over what period they have done so and why they considered that period to be appropriate, and
their statement as to whether they have a reasonable expectation that the Group will be able to continue
in operation and meet its liabilities as they fall due over the period of their assessment, including any
related disclosures drawing attention to any necessary qualifications or assumptions.
Our work is limited to assessing these matters in the context of only the knowledge acquired during our
financial statement audit. As we cannot predict all future events or conditions and as subsequent events
may result in outcomes that are inconsistent with judgements that were reasonable at the time they
were made, the absence of anything to report on these statements is not a guarantee as to the Group’s
and Parent Company’s longer-term viability.
Our reporting
We have nothing material to add or draw attention
to in relation to these disclosures.
We have concluded that these disclosures are
materially consistent with the financial
statements and our audit knowledge.
Experian plc
Financial statements
158
Independent auditor’s report
continued
4. Key audit matters
What we mean
Key audit matters are those matters that, in our professional judgement, were of most significance in the audit of the financial statements and include the most
significant assessed risks of material misstatement (whether or not due to fraud) identified by us, including those which had the greatest effect on:
• the overall audit strategy;
• the allocation of resources in the audit; and
• directing the efforts of the engagement team.
We summarise below the key audit matters, unchanged from FY24, in decreasing order of audit significance, in arriving at our audit opinion above,
together with our key audit procedures to address those matters and our results from those procedures in order that the Company’s members, as
a body, may better understand the process by which we arrived at our audit opinion. These matters were addressed, and our results are based on
procedures undertaken, in the context of, and solely for the purpose of our audit of the financial statements as a whole, and in forming our opinion
thereon, and consequently are incidental to that opinion, and we do not provide a separate opinion on these matters.
4.1 Recoverability of goodwill in respect of the EMEA and Asia Pacific Group of CGUs (Group)
Financial Statement Elements
Our assessment of risk vs FY24
Our results
FY25
FY24
The risk associated with the EMEA and Asia Pacific
goodwill remains significant due to the continued estimation
uncertainty arising from ongoing challenging trading and
macro-economic conditions.
FY25: Acceptable
FY24: Acceptable
EMEA and Asia Pacific Goodwill
US$817m
US$478m
Impairment charge
US$nil
US$nil
Description of the Key Audit Matter
Our response to the risk
Forecast based assessment:
The EMEA and Asia Pacific group of CGUs’ estimated recoverable
amount provides relatively low headroom compared to the Group’s
other groups of CGUs where there is significant headroom between
the value-in-use and carrying value of CGU assets. The carrying
value of assets for this group of CGUs has increased as a result of
the acquisition of illion, with goodwill on acquisition recognised of
$349m (as detailed in note 41). The associated forecast cash flows
for illion have also been included in this group of CGUs’ estimated
recoverable amount.
The carrying value is sensitive to changes in key assumptions,
principally relating to short and long-term revenue growth, profit
margins and discount rates, which could have a material impact on
the carrying value of the associated goodwill.
The effect of these matters is that, as part of our risk assessment,
we determined that the recoverability of the EMEA and Asia Pacific
goodwill has a high degree of estimation uncertainty, with a
potential range of reasonable outcomes greater than our materiality
for the financial statements as a whole. The financial statements
(note 20) disclose the sensitivity estimated by the Group.
We performed the tests below rather than seeking to rely on any of the Group’s controls
because the nature of the balance is such that we would expect to obtain audit evidence
primarily through the detailed procedures described.
Our procedures to address the risk included:
Assessing methodology:
We assessed whether the principles and integrity of the
cash flow model used to estimate their recoverable amounts is in accordance with
the relevant accounting standards;
Challenging growth assumptions:
We challenged the Group’s assumptions on
revenue, profit margins and long-term growth rates by corroborating these where
possible to other sources of information, such as Board-approved strategy plans, and
external sources;
Our valuation experience:
We critically assessed the appropriateness of the discount
rates applied through the use of our valuations specialists;
Sensitivity analysis:
We performed both breakeven and reasonably possible
downside sensitivity analysis on the key assumptions noted to identify sensitivity
to potential impairments;
Historical comparisons:
We evaluated the track record of historical assumptions used
against actual results achieved; and
Assessing transparency:
We assessed whether the Group’s disclosures about the
sensitivity of the outcome of the impairment assessment to a reasonably possible
change in key assumptions reflected the risks inherent in the valuation of goodwill.
Communications with Experian plc’s Audit Committee
Our discussions with and reporting to the Audit Committee included:
• Our audit approach as set out above, including not placing any reliance on controls, and the involvement of our valuation specialists;
• Our conclusions from the procedures performed; and
• Our views on the disclosures included with respect to the sensitivity of the impairment conclusions to reasonably possible changes in assumptions.
Areas of particular auditor judgement
We identified the following as the area of particular auditor judgement:
• The estimate is particularly sensitive to key assumptions in the impairment model including revenue growth rates, profit margins, long-term growth rates and
discount rates, and auditor judgement is required to assess whether the directors’ overall estimate falls within an acceptable range.
Our results
We found the Group’s conclusion that there is no impairment of goodwill for the EMEA and Asia Pacific group of CGUs to be acceptable (FY24 result: acceptable).
Further information in the Annual Report and Accounts: See the Audit Committee Report on page 120 for details on how the Audit Committee considered
impairment of goodwill as an area of significant attention, notes 5 and 6 for the accounting policy on goodwill, and note 20 for the financial disclosures.
Financial statements
159
Experian plc
Annual Report 2025
4.2 Litigation and contingent liabilities (Group)
Financial Statement Elements
Our assessment of risk vs FY24
Our results
FY25
FY24
The industry that the Group operates in is subject to
increasingly complex legislation and regulators worldwide
are continuing to exercise high levels of scrutiny. We
therefore consider that the risk associated with litigation and
contingent liabilities as a whole continues to be heightened,
consistent with FY24.
FY25: Acceptable
FY24: Acceptable
Contingent liability disclosures
Note 43 disclosures
Description of the Key Audit Matter
Our response to the risk
Dispute outcome:
The Group operates in an industry with continuously high levels of
regulation and is subject to a number of pending and threatened
claims and regulatory actions. Those with significant judgement
involved include investigations by the US Consumer Financial
Protection Bureau (“CFPB”), the Dutch Data Protection Authority
(“AP”), the Brazilian tax authorities and class action litigation
matters in the USA alleging wilful misconduct under the US Fair
Credit Reporting Act.
We do not assess there to be a significant risk in relation to
estimation uncertainty for these matters as for all matters with
significant judgement an outflow is not considered probable at
this stage. However, there remains significant judgement around
assessing whether any outflow is probable, and if not the associated
disclosures of contingent liabilities.
We performed the tests below rather than seeking to rely on any of the Group’s controls
because the nature of the area is such that we would expect to obtain audit evidence
primarily through the detailed procedures described.
Our procedures to address the risk included:
Enquiry of lawyers:
On all significant cases, where appropriate, we assessed
correspondence and enquired with the Group’s external lawyers to corroborate
our understanding of these matters, accompanied by discussions with the Group’s
internal counsel;
Challenging judgement:
We obtained detailed updates from the Group around
significant existing and potential claims and challenged the key judgements and
assumptions made in assessing whether a provision is required and/or whether a
contingent liability disclosure is required based on our knowledge of the Group and
experience of the industry in which it operates using our own legal and tax specialists
where applicable;
Historical comparisons:
We compared the outcomes of historical cases to current
cases with similar fact patterns; and
Assessing transparency:
We assessed whether the Group’s disclosures detailing
significant proceedings adequately disclose the potential liabilities of the Group.
Communications with Experian plc’s Audit Committee
Our discussions with and reporting to the Audit Committee included:
• Our audit approach as set out above, including not placing any reliance on controls and the involvement of our tax and legal specialists;
• Our conclusions from the procedures performed; and
• Our views on the contingent liability disclosures included with respect to the current cases
Areas of particular auditor judgement
We identified the following as the area of particular auditor judgement:
• The appropriateness of the contingent liability disclosures with respect to the current significant claims and regulatory actions referenced above and the
conclusion that no provision is required in respect of these matters.
Our results
We consider the classification of these matters as contingent liabilities to be acceptable (FY24 result: acceptable) and the associated disclosures made to be
acceptable (FY24 result: acceptable).
Further information in the Annual Report and Accounts: See the Audit Committee Report on page 120 for details on how the Audit Committee considered
litigation, tax and other regulatory matters as an area of significant attention, notes 5 and 6 for the accounting policy on provisions and contingencies,
and note 43 for the financial disclosures.
Experian plc
Financial statements
160
Independent auditor’s report
continued
4.3 Recoverability of investments in subsidiaries (Parent Company)
Financial Statement Elements
Our assessment of risk vs FY24
Our results
FY25
FY24
Our assessment is that the risk of recoverability of the
Parent Company’s investments in subsidiaries remains
consistent with FY24.
FY25: Acceptable
FY24: Acceptable
Investments in subsidiaries
US22,087.0m
US$21,960.1m
Impairment charge
US$nil
US$nil
Description of the Key Audit Matter
Our response to the risk
Low risk, high value:
The carrying amount of the Parent Company’s investments in
subsidiaries represents 99% (FY24: 99%) of the Parent Company’s
total assets.
Their recoverability is not at a high risk of significant misstatement
or subject to significant judgement. However, due to their materiality
in the context of the Parent Company financial statements, this is
considered to be the area that had the greatest effect on our overall
Parent Company audit.
We performed the tests below rather than seeking to rely on any of the Group’s controls
because the nature of the balance is such that we would expect to obtain audit evidence
primarily through the detailed procedures described.
Our procedures to address the risk included:
Tests of detail:
We compared the carrying amount of 100% of investments in
subsidiaries with the relevant subsidiaries’ draft balance sheets to identify whether
their net assets, being an approximation of the minimum recoverable amount of the
related investments and amounts owed by subsidiary undertakings, were in excess of
their carrying amount, and assessing whether those subsidiaries have historically been
profit making.
Communications with Experian plc’s Audit Committee
Our discussions with and reporting to the Audit Committee included:
• Our audit approach as set out above, including not placing any reliance on controls; and
• Our conclusions from the procedures performed.
Areas of particular auditor judgement
We did not identify any areas of particular auditor judgement.
Our results
We found the balance of the Parent Company’s investments in subsidiaries to be acceptable (FY24 result: acceptable).
Further information in the Annual Report and Accounts: See note D for the accounting policy on investments in Group undertakings and note N for the
financial disclosures.
Financial statements
161
Experian plc
Annual Report 2025
5. Our ability to detect irregularities, and
our response
Fraud – identifying and responding to risks of
material misstatement due to fraud
Fraud risk assessment
To identify risks of material misstatement due to fraud (“fraud risks”) we
assessed events or conditions that could indicate an incentive or pressure to
commit fraud or provide an opportunity to commit fraud. Our risk assessment
procedures included:
• Enquiring of directors, the Audit Committee, Internal Audit and inspection of
policy documentation as to the Group’s high-level policies and procedures
to prevent and detect fraud, including the internal audit function, and the
Group’s channel for “whistleblowing”, as well as whether they have
knowledge of any actual, suspected or alleged fraud;
• Reading Board, Audit Committee, Remuneration Committee, Nomination and
Corporate Governance Committee minutes;
• Considering remuneration incentive schemes and performance targets
for management and directors, including the targets for management
remuneration linked to the Co-investment Plans and Performance Share
Plan share incentive plans;
• Using analytical procedures to identify any unusual or unexpected
relationships;
• Discussions among the engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators
of fraud. The discussions also involved our forensic specialists to assist us
in identifying fraud risks based on discussions of the circumstances of the
Group and Company, including consideration of fraudulent schemes that
had arisen in similar sectors and industries; and
• Our forensic professionals assisted us in identifying key fraud risk factors.
This included attending the Risk Assessment and Planning Discussions,
holding a discussion with the engagement partner, engagement manager
and engagement quality control reviewer, and assisting with designing
relevant audit procedures to respond to the identified fraud risks. They also
attended meetings with management to discuss key fraud risk areas.
Risk communications
We communicated identified fraud risks throughout the audit team and remained
alert to any indications of fraud throughout the audit. This included communication
from the Group audit team to component audit teams of relevant fraud risks
identified at the Group level and a request for component audit teams to report to
the Group audit team any identified fraud risk factors or identified or suspected
instances of fraud that could give rise to a material misstatement in the Group
financial statements.
Fraud risks
As required by auditing standards, we perform procedures to address the
risk of management override of controls and the risk of fraudulent revenue
recognition, in particular inappropriate recognition of revenue within the
licences and professional services revenue stream and the risk that Group
and component management may make inappropriate accounting entries.
We did not identify any additional fraud risks.
Procedures to address fraud risks
We performed substantive audit procedures including:
• Identifying journal entries to test for all components and central entities
based on risk criteria and comparing the identified entries to supporting
documentation. These included those posted to unusual account pairings,
journal entries without description, unexpected postings between
benchmark and non-benchmark that increase benchmark Earnings Before
Interest and Tax (“EBIT”) and journals posted by unexpected users.
• Assessing a sample of contracts within the licences and professional
services revenue stream, where the revenue recognised within these
streams was significant for components (being North America and the UK).
• Assessing whether the judgements made in making accounting estimates
are indicative of a potential bias.
Work on the fraud risks was performed by a combination of component
auditors and the Group audit team.
Experian plc
Financial statements
162
Independent auditor’s report
continued
Laws and regulations – identifying and responding
to risks of material misstatement relating to
compliance with laws and regulations
Laws and regulations risk assessment
We identified areas of laws and regulations that could reasonably be expected
to have a material effect on the financial statements from:
• Our general commercial and sector experience;
• Enquiries with the directors and other management (as required by
auditing standards);
• Inspection of the Group’s key regulatory and legal correspondence;
• Discussions with the directors and inspection of the policies and procedures
regarding compliance with laws and regulations; and
• Relevant discussions with the Group’s internal and external legal counsel.
Our risk assessment also considered instances of non-compliance with laws
and regulations and enforcement actions against the Group during the year
and specifically those that could reasonably be expected to have a material
effect on the financial statements.
As the Group is regulated, our assessment of risks involved gaining an
understanding of the control environment including the entity’s procedures
for complying with regulatory requirements.
Risk communications
We communicated identified laws and regulations throughout our team and
remained alert to any indications of non-compliance throughout the audit.
This included communication from the Group audit team to component audit
teams of relevant laws and regulations identified at the Group level and a
request for component auditors to report to the Group audit team any
instances of non-compliance with laws and regulations that could give
rise to a material misstatement in the Group financial statements.
Direct laws context and link to audit
The potential effect of these laws and regulations on the financial statements
varies considerably. First, the Group is subject to laws and regulations that
directly affect the financial statements including:
• Financial reporting legislation (including related companies legislation);
• Distributable profits legislation;
• Taxation legislation; and
• Pension legislation
We assessed the extent of compliance with these laws and regulations as
part of our procedures on the related financial statement items.
Most significant indirect law/regulation areas
Secondly, the Group is subject to many other laws and regulations where the
consequences of non-compliance could have a material effect on amounts or
disclosures in the financial statements, for instance through the imposition of
fines or litigation.
We identified the following areas as those most likely to have such an effect:
• Data protection legislation;
• Health and safety legislation;
• Anti-bribery and corruption laws;
• Employment law; and
• Certain aspects of company legislation recognising the financial and
regulated nature of the Group’s activities.
Auditing standards limit the required audit procedures to identify non-
compliance with these laws and regulations to enquiry of the directors and
other management and inspection of regulatory and legal correspondence,
if any. Therefore, if a breach of operational regulations is not disclosed to us
or evident from relevant correspondence, an audit will not detect that breach.
Link to KAMs
Further detail in respect of litigations and contingent liabilities is set out in the
key audit matter disclosures in section 4.2 of this report.
Known actual or suspected matters
For the contingent liabilities disclosed in note 43 we assessed disclosures
against our understanding from legal correspondence and procedures
performed in response to the key audit matter set out in section 4.2.
Actual or suspected breaches discussed with the Audit Committee
We discussed with the Audit Committee other matters related to actual or
suspected breaches of laws or regulations, for which disclosure is not
necessary, and considered any implications for our audit.
Context
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that
we may not have detected some material misstatements in the financial
statements, even though we have properly planned and performed our
audit in accordance with auditing standards. For example, the further
removed non-compliance with laws and regulations is from the events
and transactions reflected in the financial statements, the less likely the
inherently limited procedures required by auditing standards would identify
it. In addition, as with any audit, there remained a higher risk of non-detection
of fraud, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal controls. Our audit procedures
are designed to detect material misstatement. We are not responsible for
preventing non-compliance or fraud and cannot be expected to detect
non-compliance with all laws and regulations.
Financial statements
163
Experian plc
Annual Report 2025
6. Our determination of materiality
The scope of our audit was influenced by our application of materiality.
We set quantitative thresholds and overlay qualitative considerations to
help us determine the scope of our audit and the nature, timing and extent
of our procedures, and in evaluating the effect of misstatements, both
individually and in the aggregate, on the financial statements as a whole.
US$73m
(FY24: US$70m)
Materiality for the Group financial statements as a whole
What we mean
A quantitative reference for the purpose of planning and performing our audit.
Basis for determining materiality and judgements applied
Materiality for the Group financial statements as a whole was set at
US$73m (FY24: US$70m). This was determined with reference to a
benchmark of PBTCO.
Consistent with FY24, we determined that PBTCO remains the main
benchmark for the Group considering the sector in which the Group operates,
its ownership and financing structure, and the focus of users of the financial
statements. No adjustments have been made in FY25 to this benchmark
(FY24: no adjustments made).
Our Group materiality of US$73m was determined by applying a percentage
to the PBTCO. When using a benchmark of PBTCO to determine overall
materiality, KPMG’s approach for listed entities considers a guideline range
of 3% - 5% of the measure. In setting overall Group materiality, we applied
a percentage of 4.7% (FY24: 4.5%) to the benchmark.
Materiality for the Parent Company financial statements as a whole was set
at US$25m (FY24: US$25m), determined with reference to a benchmark of
Parent Company total assets, of which it represents 0.1% (FY24: 0.1%).
US$55m
(FY24: US$53m)
Performance materiality
What we mean
Our procedures on individual account balances and disclosures were
performed to a lower threshold, performance materiality, so as to reduce to
an acceptable level the risk that individually immaterial misstatements in
individual account balances add up to a material amount across the financial
statements as a whole.
Basis for determining performance materiality and judgements applied
We have considered performance materiality at a level of 75% (FY24: 75%)
of materiality for Experian plc’s Group financial statements as a whole to
be appropriate.
The Parent Company performance materiality was set at US$19m (FY24:
US$19m), which equates to 75% (FY24: 75%) of materiality for the Parent
Company financial statements as a whole.
We applied this percentage in our determination of performance materiality
because we did not identify any factors indicating an elevated level of risk.
US$3.6m
(FY24: US$3.5m)
Audit misstatement posting threshold
What we mean
This is the amount below which identified misstatements are considered to
be clearly trivial from a quantitative point of view. We may become aware
of misstatements below this threshold which could alter the nature, timing
and scope of our audit procedures, for example if we identify smaller
misstatements which are indicators of fraud.
This is also the amount above which all misstatements identified are
communicated to Experian plc’s Audit Committee.
Basis for determining the audit misstatement posting threshold and
judgements applied
We set our audit misstatement posting threshold at 5% (FY24: 5%) of our
materiality for the Group financial statements. We also report to the Audit
Committee any other identified misstatements that warrant reporting on
qualitative grounds.
The overall materiality for the Group financial statements of US$73m (FY24: US$70m) compares as follows to the main financial statement
caption amounts:
Total Revenue
Total Assets
Net Assets
FY25
FY24
FY25
FY24
FY25
FY24
Financial statement caption
US$7,523m
US$7,097m
US$12,886m
US$11,712m
US$5,090m
US$4,669m
Group Materiality as % of caption
1.0%
1.0%
0.6%
0.6%
1.4%
1.5%
Experian plc
Financial statements
164
Independent auditor’s report
continued
7. The scope of our audit
Group scope
What we mean
How the Group auditor determined the procedures to be performed across
the Group.
This year, we applied the revised group auditing standard in our audit of the
consolidated financial statements. The revised standard changes how an
auditor approaches the identification of components, and how the audit
procedures are planned and executed across components.
In particular, the definition of a component has changed, shifting the focus
from how the entity prepares financial information to how we, as the Group
auditor, plan to perform audit procedures to address Group risks of material
misstatement (“RMMs”). Similarly, the Group auditor has an increased role in
designing the audit procedures as well as making decisions on where these
procedures are performed (centrally and/or at component level) and how
these procedures are executed and supervised. As a result, we assess
scoping and coverage in a different way and comparisons to prior period
coverage figures are not meaningful. In this report we provide an indication
of scope coverage on the new basis.
We performed risk assessment procedures to determine which of the Group’s
components are likely to include risks of material misstatement to the Group
financial statements and which procedures to perform at these components
to address those risks.
In total, we identified 166 components, having considered our evaluation of
the Group’s operational structure, existence of common information systems,
existence of common risk profiles across entities, and the presence of key
audit matters and our ability to perform audit procedures centrally.
Of those, we identified quantitatively significant components which contained
the largest percentages of either total revenue or total assets of the Group,
for which we performed audit procedures. Additionally, having considered
qualitative and quantitative factors, we selected additional components with
accounts and disclosures contributing to the specific RMMs of the Group
financial statements.
The below summarises where we performed audit procedures:
Component type
Number of components
where we performed
audit procedures
Range of materiality applied
Quantitatively significant
components
3
US$21m – US$54m
Other components where
we performed
procedures
1
US$51m
Total
4
We involved component auditors in performing the audit work on three
components. We set the component materialities having regard to the mix
of size and risk profile of the Group across the components. We performed
the audit of the parent Company.
Our audit procedures covered 90% of Group revenue. We performed audit
procedures in relation to components that accounted for 83% of total
profits and losses that made up Group profit before tax and 94% of Group
total assets.
Impact of controls on our Group audit
We identified two key financial IT systems that were relevant to our audit
being the main Enterprise Resource Planning (‘ERP’) finance system and a
global revenue accounting system. These systems are used by all of the
Group’s components that are in scope for the Group audit and are maintained
centrally. Our Group IT auditors assisted us in evaluating general IT controls
for these systems, as well as automated controls and system generated
reports relied upon by management in financial reporting. There are also
local billing platforms that interface with both the global revenue accounting
system and the main ERP system. For the North America business, given the
number of different billing platforms in operation, we did not plan to rely on
controls in relation to our audit of revenue and therefore adopted a fully
substantive approach. For Brazil and the UK, there are fewer billing platforms
and therefore component auditors assessed general IT controls, automated
controls and system generated reports for the local billing systems in the
audit of revenue.
In relation to the Group’s main ERP system and the UK and Brazilian billing
systems, whilst our testing identified certain control deficiencies, we tested
mitigating controls and performed additional procedures where relevant
which enabled us to rely on automated controls and system generated
reports for these systems. This therefore did not lead to significant changes
to our planned audit approach. Given an upgrade of the global revenue
accounting system mid-way through the year, we did not plan to rely on IT
controls for this system. As a result, we expanded the scope of our revenue
substantive testing.
The Group operates five shared service centres in the UK, Malaysia, Costa
Rica, Brazil and Bulgaria which operate both automated and manual controls
on behalf of global components, including for order to cash, purchase to
pay and record to report processes. We identified a subset of key controls
from these processes as part of our audit and evaluated their design and
operation. As a result of our testing, we were able to rely upon the manual
and automated controls over financial reporting in several of the Group’s
key processes for our audit, which enabled us to reduce the scope of our
substantive audit work in these areas; in the other areas the scope of the
audit work performed was fully substantive.
We were able to rely upon the Group’s internal control over financial
reporting in several areas of our audit, where our controls testing supported
this approach, which enabled us to reduce the scope of our substantive
audit work; in the other areas the scope of the audit work performed was
fully substantive.
Group audit team oversight
What we mean
The extent of the Group auditor’s involvement in work performed by
component auditors.
In working with component auditors, we:
• Included the component auditors’ engagement partners and managers in
the Group planning discussions to facilitate inputs from component auditors
in the identification of matters relevant to the Group audit.
• Issued Group audit instructions to component auditors on the scope and
nature of their work.
• Visited two component auditors in person as the audit progressed
to understand and evaluate their work, and organised regular video
conferences with the component auditors. At these video conferences,
the results of the planning procedures and further audit procedures
communicated to us were discussed in more detail and any further
work required by us was then performed by the component auditors.
• We inspected the work performed by the component auditors for the
purpose of the Group audit and evaluated the appropriateness of
conclusions drawn from the audit evidence obtained and consistencies
between communicated findings and work performed, with a particular
focus on work related to key audit matters and significant risks.
Financial statements
165
Experian plc
Annual Report 2025
8. Other information in the Annual Report and Accounts
The directors are responsible for the other information presented in the Annual Report together with the financial statements. Our opinion on the
financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below,
any form of assurance conclusion thereon.
All other information
Our responsibility
Our responsibility is to read the other information and, in doing so, consider whether, based on our
financial statements audit work, the information therein is materially misstated or inconsistent with
the financial statements or our audit knowledge.
Our reporting
Based solely on that work we have not identified
material misstatements or inconsistencies in the
other information.
Strategic report and Directors’ report
Our responsibility and reporting
Based solely on our work on the other information described above we report to you as follows:
• we have not identified material misstatements in the strategic report and the directors’ report;
• in our opinion the information given in those reports for the financial year is consistent with the financial
statements; and
• in our opinion those reports have been prepared in accordance with the UK Companies Act 2006 as if
those requirements applied to the Company.
Directors’ remuneration report
Our responsibility
In addition to our audit of the financial statements, the directors have engaged us to audit the information in the
Report on Directors’ Remuneration that is described as having been audited, which the directors have decided
to prepare as if the Company were required to comply with the requirements of Schedule 8 to The Large and
Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (S.I. 2008 No. 410) made under
the UK Companies Act 2006.
Our reporting
In our opinion the part of the Directors’
Remuneration Report to be audited has been
properly prepared in accordance with the UK
Companies Act 2006, as if those requirements
applied to the Company.
Corporate governance disclosures
Our responsibility
We are required to perform procedures to identify whether there is a material inconsistency between the financial
statements and our audit knowledge, and:
• the directors’ statement that they consider that the annual report and financial statements taken as a
whole is fair, balanced and understandable, and provides the information necessary for shareholders to
assess the Group’s position and performance, business model and strategy;
• the section of the annual report describing the work of the Audit Committee, including the significant
issues that the Audit Committee considered in relation to the financial statements, and how these issues
were addressed; and
• the section of the annual report that describes the review of the effectiveness of the Group’s risk
management and internal control systems.
Our reporting
Based on those procedures, we have concluded
that each of these disclosures is materially
consistent with the financial statements and
our audit knowledge.
We are also required to review the part of the Corporate Governance Statement relating to the Group’s
compliance with the provisions of the UK Corporate Governance Code specified by the UK Listing Rules
for our review.
We have nothing to report in this respect.
Other matters on which we are required to report by exception
Our responsibility
Under the Companies (Jersey) Law 1991, we are required to report to you if, in our opinion:
• proper accounting records have not been kept by the Parent Company, or proper returns adequate for
• our audit have not been received from branches not visited by us; or
• the Parent Company financial statements are not in agreement with the accounting records and
returns; or
• we have not received all the information and explanations we require for our audit.
Our reporting
We have nothing to report in these respects.
Experian plc
Financial statements
166
Independent auditor’s report
continued
9. Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 152, the
directors are responsible for: the preparation of the financial statements
including being satisfied that they give a true and fair view; such internal
control as they determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether
due to fraud or error; assessing the Group and Parent Company’s ability
to continue as a going concern, disclosing, as applicable, matters related
to going concern; and using the going concern basis of accounting unless
they either intend to liquidate the Group or the Parent Company or to
cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities
Our objectives are to obtain reasonable assurance about whether the
financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue our opinion in an auditor’s
report. Reasonable assurance is a high level of assurance, but does not
guarantee that an audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in
aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website
at
www.frc.org.uk/auditorsresponsibilities
.
The Company is required to include these financial statements in an
annual financial report prepared under UK Disclosure Guidance and
Transparency Rules 4.1.17R and 4.1.18R. This auditor’s report provides
no assurance over whether the annual financial report has been prepared
in accordance with those requirements.
10. The purpose of our audit work and to whom
we owe our responsibilities
This report is made solely to the Company’s members, as a body, in
accordance with Article 113A of the Companies (Jersey) Law 1991 and
the terms of engagement by the Company. Our audit work has been
undertaken so that we might state to the Company’s members those
matters we are required to state to them in an auditor’s report, and the
further matters we are required to state to them in accordance with the
terms agreed with the Company, and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company’s members, as a body,
for our audit work, for this report, or for the opinions we have formed.
Zulfikar Walji (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants and Recognized Auditor
15 Canada Square
London
E14 5GL
United Kingdom
13 May 2025
Financial statements
167
Experian plc
Annual Report 2025
Notes
2025
2024
Benchmark
¹
US$m
Non-
benchmark
²
US$m
Total
US$m
Benchmark¹
US$m
Non-
benchmark²
US$m
Total
US$m
Revenue
9, 10
Labour costs
12(a)
(2,520 )
(60 )
(2,580 )
(2,479 )
(14 )
(2,493 )
Data and information technology costs
(1,344 )
(1,344 )
(1,189 )
(1,189 )
Amortisation and depreciation charges
13
(547 )
(211 )
(758 )
(521 )
(193 )
(714 )
Marketing and customer acquisition costs
(536 )
(536 )
(539 )
(539 )
Other operating charges
15(a)
(495 )
(17 )
(512 )
(441 )
(27 )
(468 )
Total operating expenses
(5,442 )
(288 )
(5,730 )
(5,169 )
(234 )
(5,403 )
Operating profit/(loss)
(288 )
(234 )
Finance income
Finance expense
(178 )
(89 )
(267 )
(157 )
(3 )
(160 )
Net finance expense
16
(157 )
(89 )
(246 )
(139 )
(3 )
(142 )
Share of post-tax profit/(loss) of associates
(1 )
(1 )
Profit/(loss) before tax
10
(377 )
(238 )
Tax (charge)/credit
17
(487 )
(379 )
(459 )
(348 )
Profit/(loss) for the financial year
(269 )
(127 )
Attributable to:
Owners of Experian plc
(268 )
(129 )
Non-controlling interests
(1 )
Profit/(loss) for the financial year
(269 )
(127 )
Total Benchmark EBIT
1
10(a)(i)
Notes
US cents
US cents
US cents
US cents
Earnings per share
Basic
18(a)
Diluted
18(a)
Full-year dividend per share
1
19
1
Total Benchmark EBIT, Full-year dividend per share and other Benchmark items are non-GAAP measures, and are defined in note 7.
2
The loss before tax for non-benchmark items of US$377 m (2024: US$238 m) comprises a net charge for Exceptional items of US$39 m (2024: net credit of US$4 m) and a net charge for other adjustments made
to derive Benchmark PBT of US$338 m (2024: US$242 m). Further information is given in note 15.
Group income statement
for the year ended 31 March 2025
Experian plc
Financial statements
168
2025
US$m
2024
US$m
Profit for the financial year
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss:
Remeasurement of post-employment benefit assets and obligations (note 35(b))
Changes in the fair value of investments revalued through OCI
(39 )
(87 )
Deferred tax (charge)/credit
(9 )
Items that will not be reclassified to profit or loss
(42 )
(78 )
Items that are or may be reclassified subsequently to profit or loss:
Currency translation (losses)/gains
(129 )
Cumulative currency translation gain in respect of divestments
Fair value gain on cash flow hedge
Hedging gain reclassified to profit or loss
(12 )
(10 )
Items that are or may be reclassified subsequently to profit or loss
(129 )
Other comprehensive expense for the financial year
1
(171 )
(34 )
Total comprehensive income for the financial year
Attributable to:
Owners of Experian plc
Non-controlling interests
Total comprehensive income for the financial year
1
There is no associated tax on amounts reported within Other comprehensive income (OCI), except as reported for post-employment benefit assets and obligations and changes in the fair value of investments
revalued through OCI. Currency translation items, not reclassified to profit or loss, are recognised in the hedging or translation reserve within other reserves and in non-controlling interests. Other items within
OCI are recognised in retained earnings.
Group statement of comprehensive income
for the year ended 31 March 2025
Financial statements
169
Experian plc
Annual Report 2025
Notes
2025
US$m
2024
US$m
Non-current assets
Goodwill
20
Other intangible assets
21
Property, plant and equipment
22
Investments in associates
23
Deferred tax assets
36(a)
Post-employment benefit assets
35(a)
Trade and other receivables
24(a)
Financial assets revalued through OCI
30(a)
Other financial assets
30(b)
Current assets
Trade and other receivables
24(a)
Current tax assets
36(b)
Financial assets revalued through OCI
30(a)
Other financial assets
30(b)
Cash and cash equivalents – excluding bank overdrafts
25(a)
Current liabilities
Trade and other payables
26(a)
(2,127 )
(2,036 )
Borrowings
27(a)
(774 )
(772 )
Current tax liabilities
36(b)
(76 )
(83 )
Provisions
37
(21 )
(28 )
Other financial liabilities
30(b)
(4 )
(44 )
(3,002 )
(2,963 )
Net current liabilities
(861 )
(885 )
Total assets less current liabilities
Non-current liabilities
Trade and other payables
26(a)
(172 )
(190 )
Borrowings
27(a)
(4,242 )
(3,494 )
Deferred tax liabilities
36(a)
(155 )
(129 )
Post-employment benefit obligations
35(a)
(37 )
(39 )
Provisions
37
(3 )
(3 )
Financial liabilities revalued through OCI
30(a)
(10 )
Other financial liabilities
30(b)
(185 )
(215 )
(4,794 )
(4,080 )
Net assets
Equity
Called-up share capital
38
Share premium account
38
Retained earnings
39(a)
Other reserves
39(b)
(18,679 )
(18,437 )
Attributable to owners of Experian plc
Non-controlling interests
Total equity
Mike Rogers
Group balance sheet
at 31 March 2025
Experian plc
Financial statements
170
Called-up
share
capital
(Note 38)
US$m
Share
premium
account
(Note 38)
US$m
Retained
earnings
(Note 39)
US$m
Other
reserves
(Note 39)
US$m
Attributable
to owners of
Experian plc
US$m
Non-
controlling
interests
US$m
Total
equity
US$m
At 1 April 2024
(18,437 )
Comprehensive income:
Profit for the financial year
Other comprehensive (expense)/income for the financial year
(42 )
(130 )
(172 )
(171 )
Total comprehensive income/(expense)
(130 )
Transactions with owners:
Employee share incentive plans:
– value of employee services
– shares issued on vesting
– purchase of shares by employee trusts
(83 )
(83 )
(83 )
– other vesting of awards and exercises of share options
(73 )
– related tax credit
– other payments
(5 )
(5 )
(5 )
Purchase of shares held as treasury shares
(117 )
(117 )
(117 )
Transactions with non-controlling interests
(2 )
(1 )
Dividends paid
(546 )
(546 )
(2 )
(548 )
Transactions with owners
(482 )
(112 )
(574 )
(4 )
(578 )
At 31 March 2025
(18,679 )
Called-up
share
capital
(Note 38)
US$m
Share
premium
account
(Note 38)
US$m
Retained
earnings
(Note 39)
US$m
Other
reserves
(Note 39)
US$m
Attributable
to owners of
Experian plc
US$m
Non-
controlling
interests
US$m
Total
equity
US$m
At 1 April 2023
(18,413 )
Comprehensive income:
Profit for the financial year
Other comprehensive (expense)/income for the financial year
(78 )
(32 )
(2 )
(34 )
Total comprehensive income
Transactions with owners:
Employee share incentive plans:
– value of employee services
– shares issued on vesting
– purchase of shares by employee trusts
(56 )
(56 )
(56 )
– other vesting of awards and exercises of share options
(43 )
– related tax credit
– other payments
(4 )
(4 )
(4 )
Purchase of shares held as treasury shares
(69 )
(69 )
(69 )
Transactions with non-controlling interests
(1 )
Dividends paid
(509 )
(509 )
(1 )
(510 )
Transactions with owners
(413 )
(70 )
(462 )
(2 )
(464 )
At 31 March 2024
(18,437 )
Group statement of changes in equity
for the year ended 31 March 2025
Financial statements
171
Experian plc
Annual Report 2025
Notes
2025
US$m
2024
US$m
Cash flows from operating activities
Cash generated from operations
40(a)
Interest paid
(179 )
(160 )
Interest received
Tax paid
(447 )
(544 )
Net cash inflow from operating activities
Cash flows from investing activities
Purchase of other intangible assets
40(c)
(603 )
(600 )
Purchase of property, plant and equipment
(48 )
(40 )
Disposal of property, plant and equipment
Disposal of assets classified as held-for-sale
Purchase of other financial assets
(69 )
(11 )
Disposal of other financial assets
Acquisition of subsidiaries, net of cash acquired
40(d)
(1,158 )
(462 )
Disposal of operations
Net cash flows used in investing activities
(1,847 )
(1,099 )
Cash flows from financing activities
Cash inflow in respect of shares issued
40(e)
Cash outflow in respect of share purchases
40(e)
(199 )
(120 )
Other payments on vesting of share awards
(5 )
(4 )
Transactions in respect of non-controlling interests
40(d)
(1 )
Acquisition of additional interest in subsidiary undertaking
40(d)
(22 )
New borrowings
Repayment of borrowings
(621 )
(7 )
Net (payments)/receipts from issuing commercial paper
(4 )
Principal lease payments
(41 )
(48 )
Net receipts for derivative contracts
Dividends paid
(548 )
(510 )
Net cash flows used in financing activities
(62 )
(551 )
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Exchange movements on cash and cash equivalents
(30 )
Cash and cash equivalents at 31 March
40(f)
Group cash flow statement
for the year ended 31 March 2025
Experian plc
Experian plc
Financial statements
Financial statements
172
172
Notes to the Group financial statements
for the year ended 31 March 2025
Experian group of companies (Experian or the Group). Experian is a
The Company is incorporated and registered in Jersey as a public
registered office is at 22 Grenville Street, St Helier, Jersey
London Stock Exchange’s Regulated Market as equity shares
(commercial companies).
the year ended 31 March 2024, save for a revision of the listing segment
classification, following changes to the UK Financial Conduct Authority’s
The Group financial statements are:
• prepared in accordance with the Companies (Jersey) Law 1991 and
IFRS Accounting Standards as adopted pursuant to Regulation (EC)
No 1606/2002 as it applies in the European Union (EU-IFRS),
UK-adopted international accounting standards (UK-IFRS) and IFRS as
issued by the International Accounting Standards Board (IASB-IFRS).
EU-IFRS, UK-IFRS and IASB-IFRS all differ in certain respects from
each other, however the differences have no material impact for the
• prepared on the going concern basis and under the historical cost
convention, as modified for the revaluation of certain financial assets
and financial liabilities
• presented in US dollars, the most representative currency of the
• prepared using the principal exchange rates set out in note 11
• designed to voluntarily include disclosures in line with those parts of
the UK Companies Act 2006 applicable to companies reporting under
that law.
There has been no change in the basis of preparation of the Group
financial statements since the Annual Report for the year ended
The use of critical accounting estimates and management judgment is
required in applying the accounting policies. Areas involving a higher
degree of judgment or complexity, or where assumptions and estimates
are significant to the Group financial statements, are highlighted in
In adopting the going concern basis for preparing these financial
statements, the directors have considered the business activities, the
principal risks and uncertainties and the other matters discussed in
connection with the Viability statement.
At 31 March 2025, the Group had undrawn committed bank borrowing
facilities of US$2.4bn (2024: US$2.4.bn) which have an average
remaining tenor of four years (2024: four years).
The directors believe that the Group and the Company are well placed
to manage their financing and other business risks satisfactorily, and
have a reasonable expectation that the Group and the Company will
have adequate resources to continue their operational existence for at
least 12 months from the date of signing these financial statements.
The directors therefore consider it appropriate to adopt the going
concern basis of accounting in preparing the financial statements.
In reaching this conclusion, the directors noted the Group’s strong
cash performance in the year, and its resilience in the face of a viability
As an information services business, our main environmental impact
is the carbon footprint generated from our operations and value chain.
The majority of our footprint is made up of greenhouse gas emissions
from Purchased Goods and Services and Upstream Leased Assets,
including third-party data centres. We are committed to reducing our
carbon emissions and we continue to develop our plans to decarbonise
our business further and reduce energy consumption at our data centres
and across the Group.
We recognise the importance of identifying and effectively managing
the physical and transitional risks that climate change poses to our
operations and consider the impact of climate-related matters, including
legislation, on our business.
The following climate change considerations have been made in
preparing the Group financial statements:
• The impact in the going concern period or on the viability of the Group
over the next three years, as referenced in the Strategic report.
• The impact on factors such as residual values, useful lives and
depreciation methods that determine the carrying value of non-current
assets (notes 20 to 22).
• The impact on forecasts of cash flows used in impairment
assessments for the value-in-use of non-current assets including
goodwill (notes 20 to 22).
• The impact on forecasts of cash flows used in the fair value
measurement of assets and liabilities (note 31).
• The impact on post-employment benefit assets (note 35).
At present, there is no material impact of climate-related matters on the
There have been no accounting standards, amendments or
interpretations effective for the first time in these financial statements
which have had a material impact on the Group’s consolidated results or
financial position.
On 9 April 2024 the IASB issued IFRS 18 ‘Presentation and Disclosure
in Financial Statements’, which is expected to be effective for Experian
for the year ending 31 March 2028, subject to EU and UK endorsement.
IFRS 18 sets out requirements for the presentation and disclosure of
information in general purpose financial statements and replaces IAS 1
‘Presentation of Financial Statements’.
Our assessment of the impact of IFRS 18 on the Group financial
statements has commenced; areas of potential change have been noted
and are undergoing further review.
There are no other new standards, amendments to existing standards,
or interpretations that are not yet effective, that are expected to have a
material impact on the Group’s financial results. None have been early
adopted. Accounting developments are routinely reviewed by the Group
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
173
173
Financial statements
Financial statements
The material accounting policies applied are summarised below. They
have been applied consistently to both years presented. The explanations
of these policies focus on areas where judgment is applied or which are
particularly important in the financial statements. For ease of reference,
the content within this note is arranged as follows:
• sections (a) to (d) – content that applies generally to the preparation of
these financial statements
• sections (e) to (p) – balance sheet policies, to be read in conjunction with
specific notes as indicated
• sections (q) to (w) – income statement policies, to be read in conjunction
with specific notes as indicated
• section (x) – the policy and presentation principles adopted for
disclosing segment information, in accordance with IFRS 8
‘Operating Segments’.
The Group financial statements incorporate the financial statements of
the Company and its subsidiary undertakings.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group and cease to be consolidated from the date
that the Group no longer has control. All business combinations are
accounted for using the acquisition method.
Intra-Group transactions, balances and unrealised gains on transactions
between Group companies are eliminated on consolidation. Unrealised
losses are also eliminated unless the transaction provides evidence of an
impairment of the asset transferred.
Accounting policies of subsidiaries and segments are consistent with
the policies adopted by the Group for the purposes of the Group’s
consolidation. The Group financial statements incorporate the financial
statements of the Company and its subsidiary undertakings for the year
ended 31 March 2025. A full list of subsidiary undertakings is given in
Interests in associates are accounted for using the equity method.
They are initially recognised at cost, which includes transaction costs.
Subsequent to initial recognition, the Group financial statements include
the Group’s share of the profit or loss and other comprehensive income
of equity-accounted investees, until the date on which significant
influence ceases. Gains or losses on disposal are recognised within
operating profit.
Investments in associates are assessed for possible impairment when
triggers are identified that could have an impact on future cash flows
received from the associate. Any resulting adjustments to the carrying
The non-controlling interests in the Group balance sheet represent the
share of net assets of subsidiary undertakings held outside the Group.
The movement in the year comprises the profit attributable to such
interests together with any dividends paid, movements in respect of
corporate transactions and related exchange differences.
The Group treats transactions with non-controlling interests that do
not result in a loss of control as transactions with equity owners of the
Group. For purchases from non-controlling interests, the difference
between any consideration paid and the relevant share acquired of the
carrying value of the net assets of the subsidiary is recorded in equity.
Gains or losses on disposals to non-controlling interests are also
recorded in equity.
Where put option agreements are in place in respect of shares held by
non-controlling shareholders, the liability is stated at the present value
of the expected future payments. Such liabilities are shown as financial
liabilities in the Group balance sheet. The change in the value of such
options in the year is recognised in the Group income statement within
net finance expense, while any change in that value attributable to
exchange rate movements is recognised directly in Other comprehensive
income (OCI).
Where put option agreements are in place the Group adopts the
‘anticipated acquisition’ approach, recording the other side of the put
liability against goodwill, with no subsequent profits attributed to
Transactions and balances
Transactions in foreign currencies are recorded in the functional
currency of the relevant Group undertaking at the exchange rate
prevailing on the date of the transaction. At each balance sheet date,
monetary assets and liabilities denominated in foreign currencies are
retranslated at the exchange rate prevailing at the balance sheet date.
Translation differences on monetary items are taken to the Group income
statement except when recognised in OCI, as qualifying net investment
hedges or cash flow hedges. Translation differences on non-monetary
financial assets revalued through OCI are reported as part of the fair
value gains or losses in OCI.
Group undertakings
The results and financial position of Group undertakings whose
functional currencies are not the US dollar are translated into US dollars
as follows:
• Income and expenses are generally translated at the average exchange
rate for the year. Where this average is not a reasonable approximation
of the cumulative effect of the rates prevailing on the transaction dates,
income and expenses are translated at the rates on the dates of the
transactions.
• Assets and liabilities are translated at the closing exchange rate on the
balance sheet date.
• All resulting exchange differences are recognised in OCI and as a
separate component of equity.
On consolidation, exchange differences arising from the translation of the
net investment in Group undertakings whose functional currencies are
not the US dollar, and of borrowings and other currency instruments
designated as hedges of such investments, are recognised in OCI to the
extent that such hedges are effective. Tax attributable to those exchange
differences is taken directly to OCI. When such undertakings are sold,
these exchange differences are recognised in the Group income
statement as part of the gain or loss on sale. Goodwill and fair value
adjustments arising on the acquisition of such undertakings are treated
as assets and liabilities of the entities and are translated into US dollars
The fair values of derivative financial instruments and other financial
assets and liabilities are determined by using market data and
established estimation techniques such as discounted cash flow and
option valuation models. The fair value of foreign exchange contracts is
based on a comparison of the contractual and year-end exchange rates.
The fair values of other derivative financial instruments are estimated
by discounting the future cash flows to net present values, using
Notes to the Group financial statements
continued
Experian plc
Experian plc
Financial statements
Financial statements
174
174
5. Material accounting policies continued
Assets that are not subject to amortisation or depreciation are tested
annually for impairment. Assets that are subject to amortisation or
depreciation are reviewed for impairment when there is an indication
that the carrying amount may not be recoverable. Climate-related
matters are considered to identify whether any are an indicator of
impairment. An impairment charge is recognised for the amount by
which an asset’s carrying amount exceeds its recoverable amount,
which is the higher of an asset’s fair value less costs of disposal and
value-in-use. For the purposes of assessing impairment, assets are
grouped into cash generating units (CGUs), determined by the lowest
Goodwill is stated at cost less any accumulated impairment, where
cost is the excess of the fair value of the consideration payable for an
acquisition over the fair value at the date of acquisition of the Group’s
share of identifiable net assets of a subsidiary or associate acquired.
Fair values are attributed to the identifiable assets, liabilities and
contingent liabilities that existed at the date of acquisition, reflecting their
condition at that date. Adjustments are made where necessary to align
the accounting policies of acquired businesses with those of the Group.
frequently if there is an indication that it may be impaired. An impairment
charge is recognised in the Group income statement for any amount by
Goodwill is allocated to CGUs and monitored for internal management
purposes by operating segment. The allocation is made to those CGUs
or groups of CGUs that are expected to benefit from the business
combination in which the goodwill arose.
Gains and losses on the disposal of an undertaking take account of the
carrying amount of goodwill relating to the undertaking sold, allocated
where necessary on the basis of relative fair value, unless another
Acquisition intangibles
Intangible assets acquired as part of a business combination are
capitalised on acquisition at fair value and separately from goodwill,
if those assets are identifiable (separable or arising from legal rights).
Such assets are referred to as acquisition intangibles in these financial
statements. Amortisation is charged on a straight-line basis as follows:
• Customer and other relationships – over three to 20 years, based on
management’s estimates of the average lives of such relationships,
and reflecting their long-term nature.
• Acquired software development – over three to ten years, based on
the asset’s expected life.
• Marketing-related assets (trademarks and licences) – over their
contractual lives, up to a maximum of 20 years.
• Marketing-related assets (trade names) – over one to 15 years,
based on management’s expected retention of trade names within
Other intangibles
Other intangibles are capitalised at cost. Certain costs incurred in the
developmental phase of an internal project are capitalised provided
that a number of criteria are satisfied. These include the technical
feasibility of completing the asset so that it is available for use or sale,
the availability of adequate resources to complete the development and
to use or sell the asset, and how the asset will generate probable future
economic benefit.
The cost of such assets with finite useful economic or contractual lives is
amortised on a straight-line basis over those lives. The carrying values
are reviewed for impairment when events or changes in circumstances
indicate that the carrying values may not be recoverable. If impaired, the
carrying values are written down to the higher of fair value less costs of
disposal and value-in-use, which is determined by reference to projected
future income streams using assumptions in respect of profitability
and growth.
Further details on the capitalisation and amortisation policy for the key
asset classifications within other intangibles are:
• Databases – capitalised databases, which comprise the data purchase
and capture costs of internally developed databases, are amortised
over three to seven years.
• Computer software (internal use) – computer software licences
purchased for internal use are capitalised on the basis of the costs
incurred to purchase and bring into use the specific software.
These costs are amortised over three to ten years.
• Computer software (internally generated) – costs directly associated
with producing identifiable and unique software products controlled by
the Group, and that will generate economic benefits beyond one year,
are recognised as intangible assets. These costs are amortised over
three to ten years.
maintaining computer software programs or databases, and
configuration and customisation costs incurred in Software as a
Service (SaaS) arrangements, are recognised in the Group income
Purchased items of property, plant and equipment are held at cost less
accumulated depreciation and any impairment in value. Cost includes
the original purchase price of the asset and amounts attributable to
bringing the asset to its working condition for its intended use.
• Freehold properties – over 50 years.
• Leasehold improvements to short leasehold properties – over the
remaining period of the lease.
• Plant and equipment – over three to ten years, according to the
asset’s estimated useful life. Technology-based assets are typically
depreciated over three to five years, motor vehicles over four to
five years, with other infrastructure assets depreciated over five
The Group has reviewed the useful lives of its data centres and main
plant and equipment assets to determine if any are affected by
Financial statements
Financial statements
5. Material accounting policies continued
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
175
175
Trade receivables and contract assets are initially recognised at fair value
and subsequently measured at this value less loss allowances. Where
the time value of money is material, receivables are then carried at
amortised cost using the effective interest method, less loss allowances.
credit loss approach. Expected credit losses are determined using a
combination of historical experience and forward-looking information.
Impairment losses or credits in respect of trade receivables and contract
assets are recognised in the Group income statement, within other
Cash and cash equivalents include cash in hand, term and call deposits
held with banks and other short-term, highly liquid investments with
original maturities of three months or less. Bank overdrafts are shown
within borrowings in current liabilities in the Group balance sheet. For the
purposes of the Group cash flow statement, cash and cash equivalents
We classify our financial assets into the following measurement
categories, with the classification determined on initial recognition
and dependent on the purpose for which such assets are acquired:
• those subsequently measured at fair value (either through OCI or
through profit or loss), and
• those measured at amortised cost.
carried at ‘fair value through profit or loss’ (FVPL) and added to the fair
entirety when determining whether their cash flows are solely a payment
Debt instruments
Measurement of debt instruments depends on the Group’s business
model for managing the asset and the cash flow characteristics of the
asset. There are three measurement categories into which the Group
classifies debt instruments:
• Amortised cost: Assets that are held for collection of contractual cash
flows, where those cash flows are solely repayments of principal and
interest, are measured at amortised cost. Interest income from these
financial assets is recognised using the effective interest method.
Any impairment or gain or loss on derecognition is recognised directly
in the Group income statement.
are held both for the collection of contractual cash flows and for their
sale, where the asset’s cash flows solely represent payments of
principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, however recognition of
impairment gains or losses, interest income and foreign exchange
gains or losses are recognised in the Group income statement.
are measured at FVPL. A gain or loss on a debt instrument that is
subsequently measured at FVPL is recognised in the Group income
statement and presented net within other gains or losses in the period
Equity instruments
We measure all equity instruments at fair value. Where we have elected
to present fair value gains or losses on equity investments in OCI, there
is no subsequent reclassification of fair value gains or losses to the
Group income statement following the derecognition of the investment.
Dividends from such investments are normally recognised as other
income when the Group’s right to receive payments is established.
and reversals of impairment losses, on equity investments measured at
Impairment
The loss allowances for financial assets are based on assumptions
about significant increases in credit risk and subsequent risk of default.
We use judgment in making these assumptions and selecting the inputs
to the impairment calculation, based on the Group’s history, existing
market conditions and forward-looking estimates at the end of each
the effective interest method or at FVPL. Financial liabilities are classified
at FVPL when the financial liability is held for trading, it is a derivative
or it is designated at FVPL on initial recognition. Financial liabilities at
FVPL are measured at fair value, with any net gains or losses arising on
changes in fair value, including any interest expense, recognised in the
Other financial liabilities are subsequently measured at amortised cost
using the effective interest method. Interest expense, foreign exchange
gains and losses and any gain or loss on derecognition are recognised in
the Group income statement.
The effective interest method is a method of calculating the amortised
cost of a financial liability and of allocating interest expense over the
relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments, including all fees that form
an integral part of the effective interest rate, transaction costs and other
premiums or discounts, through the expected life of the financial liability,
The Group uses derivative financial instruments to manage its
exposures to fluctuations in foreign exchange rates, interest rates and
certain obligations relating to share incentive plans, including social
security obligations. Instruments used include interest rate swaps,
cross-currency swaps, foreign exchange contracts and equity swaps.
These are recognised as assets or liabilities as appropriate and are
classified as non-current, unless they mature within one year of the
balance sheet date.
Derivatives are initially recognised at their fair value on the date the
contract is entered into, and are subsequently remeasured at their fair
value. The method of recognising the resulting gain or loss depends on
whether the derivative is designated as a hedging instrument and, if so,
the nature of the hedge relationship.
The Group designates certain derivatives as either fair value hedges
or cash flow hedges. Fair value hedges are hedges of the fair value
of a recognised asset or liability. Cash flow hedges are hedges of
highly probable future foreign currency cash flows. The Group
does not currently apply hedge accounting under IFRS 9 for net
investment hedges.
Experian plc
Experian plc
Financial statements
Financial statements
176
176
5. Material accounting policies continued
Notes to the Group financial statements
continued
We document the relationship between hedging instruments and hedged
items, and our risk management objective and strategy for undertaking
hedge transactions, at the hedge inception. We also document our
assessment of whether the derivatives used in hedging meet the hedge
effectiveness criteria set out in IFRS 9. This assessment is performed
at every reporting date throughout the life of the hedge to confirm that
the hedge continues to meet the hedge effectiveness criteria. Hedge
accounting is discontinued when the hedging instrument expires, is sold,
terminated or exercised, or no longer qualifies for hedge accounting.
Amounts payable or receivable in respect of interest rate swaps, together
with the interest differentials reflected in foreign exchange contracts,
are recognised in net finance expense over the period of the contract.
Changes in the fair value of derivatives that are designated and qualify
as fair value hedging instruments are recognised in the Group income
statement, together with any changes in the fair value of the hedged
asset or liability that are attributable to the hedged risk. The ineffective
portion of a fair value hedge is recognised in net finance expense in the
Group income statement.
The effective portion of changes in the fair value of derivatives that are
designated and qualify as cash flow hedging instruments is recognised
in OCI, while any ineffective part is recognised in the Group income
statement. Amounts recorded in OCI are recycled to the Group income
statement in the same period in which the underlying foreign currency
Changes in the fair value of derivative instruments which are used to
manage exposures, but are not part of a documented hedge relationship
under IFRS 9, are recognised immediately in the Group income
statement. Cost and income amounts in respect of derivatives entered
into in connection with social security obligations on employee share
incentive plans, other than amounts of a financing nature, are charged
or credited within labour costs. Other costs and changes in the fair value
of such derivatives are charged or credited within financing fair value
Trade payables and contract liabilities are recognised initially at fair
value. Where the time value of money is material, payables and
contract liabilities are then carried at amortised cost using the
Borrowings are recognised initially at fair value, net of any transaction
costs incurred. Borrowings are subsequently stated at amortised cost,
except where they are hedged by an effective fair value hedge, in which
case the carrying value is adjusted to reflect the fair value movements
associated with the hedged risk.
Borrowings are classified as non-current to the extent that the Group has
an unconditional right to defer settlement of the liability for at least one
The Group undertakes an assessment of whether a contract is or
contains a lease at its inception. The assessment establishes whether
the Group obtains substantially all the economic benefits from the use
of an asset and whether we have the right to direct its use.
Low-value lease payments are recognised as an expense, on a
straight-line basis over the lease term. For other leases we recognise
both a right-of-use asset and a lease liability at the commencement
date of a lease contract.
The right-of-use asset is initially measured at cost, comprising the initial
amount of the lease liability adjusted for payments made at or before the
commencement date, plus initial direct costs and an estimate of the cost
of any obligation to refurbish the asset or site, less lease incentives.
Subsequently, right-of-use assets are measured at cost less
accumulated depreciation and impairment losses and are adjusted for
any remeasurement of the lease liability. Depreciation is calculated on a
straight-line basis over the shorter of the lease period or the estimated
useful life of the right-of-use asset, which is determined on a basis
The lease term comprises the non-cancellable period of a lease, plus
periods covered by an extension option, if it is reasonably certain to be
exercised, and periods covered by a termination option if it is reasonably
certain not to be exercised.
The lease liability is initially measured at the present value of lease
payments that are outstanding at the commencement date, discounted
at the interest rate implicit in the lease or, if that rate cannot be easily
determined, the Group’s incremental borrowing rate.
Lease payments comprise payments of fixed principal, less any lease
incentives, variable elements linked to an index, guaranteed residuals or
buyout options that are reasonably certain to be exercised. They include
payments in respect of optional renewal periods where these are
reasonably certain to be exercised or early termination payments
where the lease term reflects such an option.
The lease liability is remeasured when there is a change in future lease
payments arising from a change in an index or rate, if there is a change
in the Group’s estimate of the amount expected to be payable under a
residual value guarantee, or if the Group changes its assessment of
whether it will exercise a purchase, extension or termination option.
When a lease liability is remeasured, a corresponding adjustment is
made to the carrying amount of the right-of-use asset or is recognised
in the Group income statement if the asset is fully depreciated.
The Group presents right-of-use assets within property, plant and
equipment and lease obligations within borrowings in the Group
obligations (note 35)
Defined benefit pension arrangements – funded plans
The post-employment benefit assets and obligations recognised in the
Group balance sheet in respect of funded plans comprise the fair value of
plan assets of funded plans less the present value of the related defined
benefit obligation at that date. The defined benefit obligation is calculated
annually by independent qualified actuaries, using the projected unit
credit method.
The present value of the defined benefit obligation is determined by
discounting the estimated future cash outflows, using market yields
on high-quality corporate UK pound sterling bonds with maturity
terms consistent with the estimated average term of the related
pension liability.
Actuarial gains and losses arising from experience adjustments, and
changes in actuarial assumptions, are recognised immediately in the
Group statement of comprehensive income.
The pension cost recognised in the Group income statement comprises
the cost of benefits accrued plus interest on the opening net defined
benefit asset or obligation. Service costs and financing income and
expenses are recognised separately in the Group income statement.
Plan expenses are deducted from the expected return on the plan assets
over the year.
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
177
177
5. Material accounting policies continued
Financial statements
Financial statements
Defined contribution pension arrangements
The assets of defined contribution plans are held separately in
independently administered funds. The pension cost recognised in the
Group income statement represents the contributions payable by the
(note 43)
A contingent liability is disclosed where the likelihood of a loss arising
is possible rather than probable. A provision is recognised when it is
probable that an outflow of resources will be required to settle an
obligation, and a reliable estimate can be made of the amount.
The provision is measured at the best estimate of the expenditure
required to settle the obligation at the reporting date, discounted at a
pre-tax rate reflecting current market assessments of the time value of
money and risks specific to the liability. The unwinding of the discount
is recognised as a finance expense in the Group income statement.
In making its estimates, management takes into account the advice
The Group has a number of equity-settled, share-based employee
incentive plans. In connection with these, shares in the Company are
held by The Experian plc Employee Share Trust and the Experian UK
Approved All-Employee Share Plan. The assets of these entities mainly
comprise Experian plc shares, which are shown as a deduction from
equity at cost.
Shares in the Company purchased and held as treasury shares, in
connection with the above plans and any share purchase programme,
are also shown as a deduction from equity at cost. The par value of
shares in the Company that are purchased and cancelled, in connection
with any share purchase programme, is accounted for as a reduction
in called-up share capital with any cost in excess of that amount being
Revenue is stated net of any sales taxes, rebates and discounts and
reflects the amount of consideration we expect to receive in exchange
for the transfer of promised goods and services.
Total consideration from contracts with customers is allocated to the
performance obligations identified based on their standalone selling
price, and is recognised when those performance obligations are
satisfied and the control of goods or services is transferred to the
customer, either over time or at a point in time.
Total consideration only includes variable consideration if it is highly
probable a significant reversal will not occur. Estimates of variable
consideration are not typically included within recognised revenue,
as the uncertainty surrounding variable consideration is normally
resolved once the performance obligation is satisfied or begins to be
satisfied. Inflationary increases based on external indices are treated as
variable consideration and only recognised when they become certain.
• The provision and processing of transactional data and associated
services is distinguished between contracts that:
– provide a service on a per unit basis, where the transfer to the
customer of each completed unit is considered satisfaction of
a single performance obligation. Revenue is recognised on the
transfer of each unit
– provide a service to the customer over the contractual term, normally
between one and five years, where revenue is recognised on the
transfer of this service to customers. For the majority of contracts this
means revenue is spread evenly over the contract term, as customers
simultaneously receive and consume the benefits of the service
– require an enhanced service in the initial contract period, where
revenue is recognised to reflect the upfront benefit the customer
simultaneously receives and consumes over the period the service
is provided. Revenue for such contracts is recognised proportionally,
in line with the incremental costs of providing the service, as this
reflects Experian’s progress of performance.
• Revenue from referral fees for credit products and white-label
partnerships is recognised as transactional revenue.
• Revenue from transactional batch data arrangements that include
an ongoing update service is apportioned across each delivery to the
customer and is recognised when the delivery is complete, and control
of the batch data passes to the customer. Performance obligations are
determined based on the frequency of data refresh: one-off, quarterly,
monthly, or real-time.
• Subscription and membership fees for continuous access to a service
are recognised over the period to which they relate, usually 1, 12 or
24 months. Customers simultaneously receive and consume the
benefits of the service; therefore, revenue is recognised evenly over
the subscription or membership term.
• Revenue for one-off credit reports is recognised when the report is
delivered to the consumer.
• Software licence and implementation services are primarily accounted
for as a single performance obligation, with revenue recognised when
the combined offering is delivered to the customer. Contract terms
normally vary between one and five years. These services are
distinguished between:
– Experian-hosted or SaaS solutions, where the customer has the right
to access a software solution over a specified time period. Customers
simultaneously receive and consume the benefits of the service and
revenue is spread evenly over the period that the service is available.
– On-premise software licence arrangements, where the software
solution is installed in an environment controlled by the customer.
The arrangement represents a right to use licence and so the
performance obligation is considered to be fulfilled on delivery
completion, when control of the configured solution is passed to
the customer. Revenue is recognised at that point in time.
• The delivery of support and maintenance agreements is generally
considered to be a separate performance obligation to provide a
technical support service including minor updates. Contract terms are
often aligned with licence terms. Customers simultaneously receive
and consume the benefits of the service, therefore revenue is spread
evenly over the term of the maintenance period.
• The provision of distinct standalone consultancy and professional
services is distinguished between:
– Professional consultancy services where the performance obligation
is the provision of personnel. Customers simultaneously receive and
consume the benefits of the service, and revenue is recognised over
time, in line with hours provided.
– The provision of analytical models and analyses, where the
performance obligation is a deliverable, or a series of deliverables,
and revenue is recognised on delivery when control is passed to
the customer.
Notes to the Group financial statements
continued
Experian plc
Experian plc
Financial statements
Financial statements
178
178
5. Material accounting policies continued
Sales are typically invoiced in the geographic area in which the
customer is located. As a result, the geographic location of the invoicing
undertaking is used to attribute revenue to individual countries.
Accrued income balances, which represent the right to consideration in
exchange for goods or services that we have transferred to a customer,
are assessed as to whether they meet the definition of a contract asset:
• When the right to consideration is conditional on something other
than the passage of time, a balance is classified as a contract asset.
This arises where there are further performance obligations to be
satisfied as part of the contract with the customer and typically
includes balances relating to software licencing contracts.
• When the right to consideration is conditional only on the passage of
time, the balance does not meet the definition of a contract asset and
is classified as an unbilled receivable. This typically arises where
the timing of the related billing cycle occurs in a period after the
performance obligation is satisfied.
Costs incurred prior to the satisfaction or partial satisfaction of a
performance obligation are first assessed to see if they are within
the scope of other standards. Where they are not, certain costs are
recognised as an asset providing they relate directly to a contract (or an
anticipated contract), generate or enhance resources that will be used in
satisfying (or to continue to satisfy) performance obligations in the future
and are expected to be recovered from the customer. Costs which meet
these criteria are deferred as contract costs and these are amortised on
a systematic basis consistent with the pattern of transfer of the related
goods or services.
• Costs to obtain a contract predominantly comprise sales commissions.
• Costs to fulfil a contract predominantly comprise labour costs directly
relating to the implementation services provided.
If evidence emerges that a contract is loss making, no further costs are
capitalised and any related contract assets are reviewed for impairment.
A provision for future losses is established when the unavoidable costs of
the contract exceed the economic benefits expected to be received.
Contract liabilities arise when we have an obligation to transfer
future goods or services to a customer for which we have received
consideration, or the amount is due from the customer and includes
Operating charges are reported by nature in the Group income
statement, reflecting the Group’s cost-management control structure.
Details of the types of charges within labour costs in respect of share
incentive plans are set out in note 5(u). Those for post-employment
benefits are set out in note 5(n).
Details of the Group’s amortisation and depreciation policy are given in
notes 5(f), 5(g) and 5(m). The principles upon which impairment charges
of tangible and intangible assets are recognised are set out in notes 5(d),
issue of debt are capitalised and amortised over the expected life of
the borrowing, using the effective interest method. All other borrowing
costs are charged in the Group income statement in the year in which
Amounts payable or receivable in respect of interest rate swaps are
taken to net finance expense over the periods of the contracts, together
with the interest differentials reflected in foreign exchange contracts.
Details of the nature of movements in the fair value of derivatives which
are reported as financial fair value remeasurements are included in
note 5(j). The change in the year in the present value of put option
agreements, in respect of shares held by non-controlling shareholders,
is recognised as a financing fair value remeasurement within net
The tax charge or credit for the year is recognised in the Group income
statement, except for tax on items recognised in OCI or directly in equity.
Current tax is calculated on the basis of the tax laws substantively
enacted at the balance sheet date in the countries where the Group
operates. Current tax assets and liabilities are offset where there is a
legally enforceable right of offset.
Uncertain tax positions are considered on an individual basis. Where
management considers it probable that an additional outflow will
result from any given position, a provision is made. Such provisions
are measured using management’s best estimate of the most
likely outcome.
the tax bases of assets and liabilities and their carrying amounts in the
Group financial statements. Deferred tax is not recognised on taxable
temporary differences arising on the initial recognition of goodwill.
Deferred tax is not accounted for when it arises from the initial
recognition of an asset or liability in a transaction, other than a business
combination, that at the time of the transaction affects neither accounting
nor taxable profit or loss. Deferred tax assets and liabilities are
calculated at the tax rates that are expected to apply when the asset is
realised or the liability settled, based on the tax rates and laws that have
been enacted or substantively enacted by the balance sheet date in the
countries where the Group operates.
Deferred tax assets are recognised in respect of tax losses carried
forward and other temporary differences, to the extent that it is probable
that the related tax benefit will be realised through future taxable profits.
Deferred tax is provided on temporary differences arising on investments
in subsidiaries and associates, except where the Group controls the
timing of the reversal of the temporary difference and it is probable
that the temporary difference will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset where there is a legally
enforceable right to offset current tax assets and liabilities and where
The fair value of share incentives granted in connection with the Group’s
equity-settled, share-based employee incentive plans is recognised as
an expense on a straight-line basis over the vesting period. Fair value is
measured using whichever of the Black-Scholes model, Monte Carlo
model or closing market price is most appropriate. The Group takes
into account the best estimate of the number of awards and options
expected to vest and revises such estimates at each balance sheet date.
Non-market performance conditions are included in the vesting
estimates. Market-based performance conditions are included in the
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
179
179
Financial statements
Financial statements
5. Material accounting policies continued
The initially recorded cost of an acquisition includes a reasonable
estimate of the fair value of any contingent amounts expected to be
payable in the future. Any cost or benefit arising when such estimates
are revised is recognised in the Group income statement (note 15).
Where part or all of the amount of disposal consideration is contingent
on future events, the disposal proceeds initially recorded include a
reasonable estimate of the value of the contingent amounts expected
to be receivable and payable in the future. The proceeds and profit or
loss on disposal are adjusted when revised estimates are made, with
corresponding adjustments made to receivables and payables as
appropriate, until the ultimate outcome is known and the related
Earnings per share are reported in accordance with IAS 33 ‘Earnings
principles (note 10)
We are organised into, and managed on, a worldwide basis through the
following four operating segments, which are based on geographic areas
and supported by central functions:
• North America
• Latin America
• UK and Ireland
• EMEA and Asia Pacific.
The chief operating decision maker makes operating decisions, allocates
resources and assesses the performance of these operating segments
on the basis of Benchmark EBIT, as defined in note 7.
We separately present information equivalent to segment disclosures in
respect of the costs of our central functions, under the caption ‘Central
Activities’, as management believes that this information is helpful to
users of the financial statements. Costs reported for Central Activities
include those arising from finance, treasury and other global functions.
Inter-segment transactions are entered into under the normal
commercial terms and conditions that would be available to third parties.
Such transactions do not have a material impact on the Group’s results.
Segment assets consist primarily of property, plant and equipment,
intangible assets including goodwill, derivatives designated as hedges
of future commercial transactions, contract assets and receivables.
They exclude tax assets, cash and cash equivalents, and derivatives
designated as hedges of borrowings. Segment liabilities comprise
operating and contract liabilities, including derivatives designated
as hedges of future commercial transactions and lease obligations.
They exclude tax liabilities, borrowings, other than lease obligations,
and related hedging derivatives. Net assets reported for Central Activities
comprise corporate head office assets and liabilities, including certain
post-employment benefit assets and obligations, tax assets and
liabilities, and derivative assets and liabilities. Capital expenditure
comprises additions to property, plant and equipment and intangible
assets, other than additions through business combinations or to
right-of-use assets.
Information required to be presented also includes analysis of the
Group’s revenues by groups of service lines. This is supplemented by
voluntary disclosure of the profitability of those groups of service lines.
For ease of reference, we use the term ‘business lines’ when discussing
the results of groups of service lines. Our two business lines, details of
which are given in the Strategic report section of this Annual Report, are:
• Business-to-Business
• Consumer Services
The North America, Latin America and the UK and Ireland operating
segments derive revenues from both of the Group’s business lines.
The EMEA and Asia Pacific segment does not currently derive revenue
from the Consumer Services business line.
Reportable segment information for the full year provided to the chief
and judgments
(a) Critical accounting estimates and assumptions
In preparing these financial statements, management is required to
make estimates and assumptions that affect the reported amount
of revenues, expenses, assets and liabilities and the disclosure of
contingent liabilities. The resulting accounting estimates, which are
based on management’s best assessment at the date of these financial
statements, will seldom equal the subsequent actual amounts. The
estimates and assumptions that have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities
within the next financial year are summarised below, with further
information provided within the Financial review in the Strategic report.
Revenue recognition is excluded from this summary on the grounds
that the policy adopted in this area is sufficiently objective.
Goodwill (note 20)
The Group tests goodwill for impairment annually, or more frequently if
there is an indication that it may be impaired. The recoverable amount of
each group of CGUs is generally determined on the basis of value-in-use
calculations, which require the use of cash flow projections based on
financial forecasts looking forward five years. Three-year growth
expectations are reviewed as part of the annual strategic planning
process and forecasts for years beyond this are extrapolated based on
management’s best estimates. Corporate balances are allocated to the
groups of CGUs on the basis of expected consumption by each group.
Management determines budgeted profit margin based on past
performance and its expectations for the market’s development.
Cash flows after the five-year forecast period are extrapolated using
estimated growth rates that do not exceed the long-term average
growth rate for the CGU’s markets. The discount rates used reflect the
Group’s pre-tax weighted average cost of capital (WACC), as adjusted for
region-specific risks and other factors.
6. Critical accounting estimates, assumptions and
judgments continued
Notes to the Group financial statements
continued
Experian plc
Experian plc
Financial statements
Financial statements
180
180
Intangible assets (note 21)
On acquisition, specific intangible assets are identified and recognised
separately from goodwill and then amortised over their estimated useful
lives. These include items such as customer lists, to which value is first
attributed at the time of acquisition. The capitalisation of these assets
and the related amortisation charges are based on estimates of the value
and economic life of such items.
We evaluate sensitivities relating to assets acquired during a year and
determine if there is any material estimation uncertainty relating to
the fair value or economic life of individual assets acquired from any
reasonably possible change to the inputs and assumptions used in
their determination.
The economic lives of intangible assets are estimated at between three
and ten years for internal projects and between one and 20 years for
acquisition intangibles. Amortisation methods, useful lives and residual
values are reviewed at each reporting date and adjusted if appropriate.
Post-employment benefits (note 35)
Accounting for the Group’s post-employment benefit obligations requires
management to exercise judgment and make a number of assumptions
about uncertain events. The key sources of estimation uncertainty are the
discount rate applied to future cash flows, the expected rate of future
inflationary increases and the life expectancy of the schemes’ members.
The estimates in respect of these critical assumptions are made after
seeking advice from independent qualified actuaries. The discount rate,
inflation rate and mortality assumptions may have a material effect in
determining the defined benefit pension obligations and the amounts
reported in the Group financial statements.
Information regarding actuarial assumptions and sensitivities to changes
in the critical accounting estimates are provided in note 35.
Contingent consideration and put option liabilities (note 30(h))
The calculation of the fair value of the Group’s acquisition-related
contingent consideration and put option liabilities requires management
to estimate the outcome of uncertain future events. These liabilities
are typically linked to the future financial performance of the acquired
business, with the key area of estimation uncertainty being the
estimation of the relevant financial metrics. We engage with third-party
experts to assist with the valuation process for all significant or complex
acquisition-related contingent consideration and put option liabilities.
Further detail is provided in note 41 regarding the liabilities recognised
(b) Critical judgments
In applying the Group’s accounting policies, management has made
judgments that have a significant effect on the amounts recognised in
the Group financial statements and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to estimates are recognised prospectively.
The most significant of these judgments are in respect of intangible
assets and contingencies:
Intangible assets (note 21)
Certain costs incurred in the developmental phase of an internal project,
which include the development of databases, internal use software and
internally generated software, are capitalised as intangible assets if a
number of criteria are met. Management has made judgments and
assumptions when assessing whether a project meets these criteria, and
on measuring the costs and the economic life attributed to such projects.
Further details of the amounts of, and movements in, such assets are
given in note 21.
Contingencies (note 43)
In the case of pending and threatened litigation claims, management
has formed a judgment as to the likelihood of ultimate liability. No liability
has been recognised where the likelihood of any loss arising is possible
financial statements
As detailed below, the Group has identified and defined certain measures
that it uses to understand and manage its performance. The measures
are not defined under IFRS and they may not be directly comparable with
other companies’ adjusted performance measures. These non-GAAP
measures are not intended to be a substitute for any IFRS measures of
performance but management considers them to be key measures used
for assessing the underlying performance of our business.
(a) Benchmark profit before tax (Benchmark PBT)
(note 10(a)(i))
Benchmark PBT is disclosed to indicate the Group’s underlying
profitability. It is defined as profit before amortisation and impairment
of acquisition intangibles, impairment of goodwill, acquisition expenses,
adjustments to contingent consideration, Exceptional items, financing
fair value remeasurements, tax (and interest thereon) and discontinued
operations. It includes the Group’s share of continuing associates’
Benchmark post-tax results.
An explanation of the basis on which we report Exceptional items is
provided in note 7(l). Other adjustments, in addition to Exceptional items,
made to derive Benchmark PBT are explained as follows:
• Charges for the amortisation and impairment of acquisition intangibles
are excluded from the calculation of Benchmark PBT because these
charges are based on judgments about their value and economic life
and bear no relation to the Group’s underlying ongoing performance.
Impairment of goodwill is similarly excluded from the calculation of
Benchmark PBT.
• Acquisition and disposal expenses (representing the incidental costs
of acquisitions and disposals, one-time integration costs and other
corporate transaction expenses) relating to successful, active or
aborted acquisitions and disposals are excluded from the definition
of Benchmark PBT as they bear no relation to the Group’s underlying
ongoing performance or to the performance of any acquired
businesses. Adjustments to contingent consideration are similarly
excluded from the definition of Benchmark PBT.
• Charges and credits for financing fair value remeasurements within
finance expense in the Group income statement are excluded from
the definition of Benchmark PBT. These include retranslation of
intra-Group funding, and that element of the Group’s derivatives that
is ineligible for hedge accounting, together with gains and losses on put
options in respect of acquisitions. Amounts recognised generally arise
from market movements and accordingly bear no direct relation to the
Group’s underlying performance.
(b) Benchmark earnings before interest and tax
(Benchmark EBIT) and margin (Benchmark EBIT
margin) (note 10(a)(i))
Benchmark EBIT is defined as Benchmark PBT before the net interest
expense charged therein and accordingly excludes Exceptional items as
defined below. Benchmark EBIT margin is Benchmark EBIT from ongoing
activities expressed as a percentage of revenue from ongoing activities.
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
181
181
7. Use of non-GAAP measures in the Group
financial statements continued
Financial statements
Financial statements
(c) Benchmark earnings before interest, tax,
depreciation and amortisation (Benchmark
EBITDA)
Benchmark EBITDA is defined as Benchmark EBIT before the
depreciation and amortisation charged therein (note 13).
(d) Exited business activities
Exited business activities are businesses sold, closed or identified for
closure during a financial year. These are treated as exited business
activities for both revenue and Benchmark EBIT purposes. The results
of exited business activities are disclosed separately with the results of
the prior period re-presented in the segmental analyses as appropriate.
This measure differs from the definition of discontinued operations in
IFRS 5 ‘Non-current Assets Held for Sale and Discontinued Operations’.
(e) Ongoing activities
The results of businesses trading at 31 March 2025, that are not
disclosed as exited business activities, are reported as ongoing activities.
(f) Constant exchange rates
To highlight our organic performance, we discuss our results in
terms of growth at constant exchange rates, unless otherwise stated.
This represents growth calculated after translating both years’
performance at the prior year’s average exchange rates.
(g) Total growth (note 10(a)(ii))
This is the year-on-year change in the performance of our activities at
actual exchange rates. Total growth at constant exchange rates removes
the translational foreign exchange effects arising on the consolidation of
our activities and comprises one of our measures of performance at
constant exchange rates.
(h) Organic revenue growth (note 10(a)(ii))
This is the year-on-year change in the revenue of ongoing activities,
translated at constant exchange rates, excluding acquisitions until the
first anniversary of their consolidation.
(i) Benchmark earnings and Total Benchmark
earnings (note 18)
Benchmark earnings comprises Benchmark PBT less attributable tax
and non-controlling interests. The attributable tax for this purpose
excludes significant tax credits and charges arising in the year which,
in view of their size or nature, are not comparable with previous years,
together with tax arising on Exceptional items and on other adjustments
made to derive Benchmark PBT. Benchmark PBT less attributable tax is
designated as Total Benchmark earnings.
(j) Benchmark earnings per share (Benchmark
EPS) (note 18)
Benchmark EPS comprises Benchmark earnings divided by the
weighted average number of issued ordinary shares, as adjusted for
own shares held.
(k) Benchmark tax charge and rate (note 17(b)(ii))
The Benchmark tax charge is the tax charge applicable to Benchmark
PBT. It differs from the tax charge by tax attributable to Exceptional items
and other adjustments made to derive Benchmark PBT, and exceptional
tax charges. A reconciliation is provided in note 17(b)(ii) to these financial
statements. The Benchmark effective rate of tax is calculated by dividing
the Benchmark tax charge by Benchmark PBT.
The separate reporting of Exceptional items gives an indication of the
Group’s underlying performance. Exceptional items include those
arising from the profit or loss on disposal of businesses, closure costs of
significant operations (including onerous global support costs associated
with those operations), costs of significant restructuring programmes
and other financially significant one-off items. All other restructuring
costs are charged against Benchmark EBIT, in the segments in which
(m) Full-year dividend per share (note 19)
Full-year dividend per share comprises the total of dividends per share
announced in respect of the financial year.
(n) Benchmark operating and Benchmark free
cash flow
Benchmark operating cash flow is Benchmark EBIT plus amortisation,
depreciation and charges in respect of share-based incentive plans, less
capital expenditure net of disposal proceeds and adjusted for changes in
working capital, principal lease payments and the Group’s share of the
Benchmark profit or loss retained in continuing associates. Benchmark
free cash flow is derived from Benchmark operating cash flow by
excluding net interest, tax paid in respect of continuing operations and
dividends paid to non-controlling interests.
(o) Cash flow conversion (note 40(g))
Cash flow conversion is Benchmark operating cash flow expressed as
a percentage of Benchmark EBIT.
(p) Net debt and Net funding (note 28)
Net debt is borrowings (and the fair value of derivatives hedging
borrowings) excluding accrued interest, less cash and cash equivalents
and other highly liquid bank deposits with original maturities greater
than three months. Net funding is borrowings (and the fair value of the
effective portion of derivatives hedging borrowings) excluding accrued
interest, less cash held in Group Treasury.
(q) Return on capital employed (ROCE)
(note 10(a)(iv))
ROCE is defined as Benchmark EBIT less tax at the Benchmark rate
divided by a three-point average of capital employed, in continuing
operations, over the year. Capital employed is net assets less
non-controlling interests and right-of-use assets, further adjusted
Notes to the Group financial statements
continued
Experian plc
Experian plc
Financial statements
Financial statements
182
182
(a) Financial risk factors
The Group’s activities expose it to a variety of financial risks. These are
market risk, including foreign exchange risk and interest rate risk, credit
risk, and liquidity risk. These risks are unchanged from those reported in
the 2024 Annual Report. The numeric disclosures in respect of financial
risks are included within later notes to the financial statements, to
provide a more transparent link between financial risks and results.
Financial risks represent part of the Group’s risks in relation to its
strategy and business objectives. There is a full discussion of the most
significant risks in the Risk management section of this Annual Report.
The Group’s financial risk management focuses on the unpredictability
of financial markets and seeks to minimise potentially adverse effects
on the Group’s financial performance. The Group seeks to reduce its
exposure to financial risks and uses derivative financial instruments to
hedge certain risk exposures. Such derivative financial instruments are
also used to manage the Group’s borrowings so that amounts are held in
currencies broadly in the same proportion as the Group’s main earnings.
However, the Group does not, nor does it currently intend to, borrow in
the Brazilian real or the Colombian peso.
The Group also ensures surplus funds are prudently managed
and controlled.
The Group is exposed to foreign exchange risk from future commercial
transactions, recognised assets and liabilities, and investments in, and
loans between, Group undertakings with different functional currencies.
The Group manages such risk, primarily within undertakings whose
functional currencies are the US dollar, by:
• entering into forward foreign exchange contracts in the relevant
currencies in respect of investments in entities with functional
currencies other than the US dollar, whose net assets are exposed
to foreign exchange translation risk
• swapping the proceeds of certain bonds issued in UK pounds sterling
and euros into US dollars
• managing the liquidity of Group undertakings in the functional currency
of those undertakings by using an in-house banking structure and
hedging any remaining foreign currency exposures with forward
foreign exchange contracts
• denominating internal loans in relevant currencies, to match
the currencies of assets and liabilities in entities with different
functional currencies
• using forward foreign exchange contracts to hedge certain future
commercial transactions.
The principal transaction exposures are to the UK pound sterling, the
euro and the Brazilian real. An indication of the sensitivity to foreign
exchange risk is given in note 11.
Interest rate risk
The Group’s interest rate risk arises principally from components of its
Net debt that are at variable rates.
The Group has a policy of normally maintaining between 50% and 100%
of Net funding at rates that are fixed for more than six months. The Group
manages its interest rate exposure by:
• using fixed and floating rate borrowings, interest rate swaps and
cross-currency interest rate swaps to adjust the balance between
the two
• mixing the duration of borrowings and interest rate swaps to smooth
the impact of interest rate fluctuations.
Further information in respect of the Group’s net finance expense for
the year and an indication of the sensitivity to interest rate risk is given
In the case of derivative financial instruments, deposits, contract assets
and trade receivables, the Group is exposed to credit risk from the
non-performance of contractual agreements by the contracted party.
Credit risk is managed by:
• only entering into contracts for derivative financial instruments and
deposits with banks and financial institutions with strong credit ratings,
within limits set for each organisation
• closely controlling dealing activity and regularly monitoring
counterparty positions.
The credit risk on derivative financial instruments and deposits held by
the Group is therefore not considered to be significant. The Group does
not anticipate that any losses will arise from non-performance by its
chosen counterparties. Further information on the Group’s derivative
financial instruments at the balance sheet dates is given in note 30 and
that in respect of amounts recognised in the Group income statement
is given in note 16. Further information on the Group’s cash and cash
equivalents at the balance sheet dates is given in note 25.
To minimise credit risk for trade receivables, the Group has implemented
policies that require appropriate credit checks on potential clients before
granting credit. The maximum credit risk in respect of such financial
assets is their carrying value. Further information in respect of the
Group’s trade receivables is given in note 24.
Debt investments
All of the Group’s debt investments at amortised cost and FVOCI are
considered to have low credit risk; the loss allowance is therefore limited
to 12 months’ expected losses. Management considers ‘low credit risk’
for listed bonds to be an investment-grade credit rating with at least one
major rating agency. Other instruments are considered to be low credit
risk when they have a low risk of default and the issuer has a high
capacity to meet its contractual cash flow obligations in the near term.
Financial assets at FVPL
The Group is also exposed to credit risk in relation to debt investments
that are measured at FVPL. The maximum exposure at the balance sheet
The Group manages liquidity risk by:
• issuing long-maturity bonds and notes
• entering into long-term committed bank borrowing facilities, to
ensure the Group has sufficient funds available for operations and
planned growth
• spreading the maturity dates of its debt
• monitoring rolling cash flow forecasts, to ensure the Group has
adequate, unutilised committed bank borrowing facilities.
Details of such facilities are given in note 27. A maturity analysis of
contractual undiscounted future cash flows for financial liabilities is
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
183
183
8. Financial risk management continued
Financial statements
Financial statements
The Group’s definition and management of capital focuses on
capital employed:
• The Group’s capital employed is reported in the net assets summary
table set out in the Financial review and analysed by segment in
note 10(a)(iv).
• As part of its internal reporting processes, the Group monitors capital
employed by operating segment.
The Group’s objectives in managing capital are to:
• safeguard its ability to continue as a going concern, in order to provide
returns for shareholders and benefits for other stakeholders
• maintain an optimal capital structure and cost of capital.
The Group’s policy is to have:
• a prudent but efficient balance sheet
• a target leverage ratio of 2.0 to 2.5 times Benchmark EBITDA,
consistent with the intention to retain strong investment-grade
credit ratings.
To maintain or adjust its capital structure, the Group may:
• adjust the amount of dividends paid to shareholders
• return capital to shareholders
• issue or purchase its own shares
The Group has a progressive dividend policy which aims to increase
the dividend over time broadly in line with the underlying growth in
Benchmark EPS. This aligns shareholder returns with the underlying
profitability of the Group. In determining the level of dividend in any one
year, in accordance with the policy, the Board also considers a number of
other factors, including the outlook for the Group, the opportunities for
organic investment, the opportunities to make acquisitions and disposals,
the cash flow generated by the Group, and the level of dividend cover.
Further detail on the distributable reserves of the Company can be found
Experian plc
Experian plc
Financial statements
Financial statements
184
184
Notes to the Group financial statements
continued
Total | |||||
North | Latin | UK and | EMEA and | operating | |
America | America | Ireland | Asia Pacific | segments | |
Year ended 31 March 2025 | US$m | US$m | US$m | US$m | US$m |
Revenue from external customers | |||||
Data | 2,470 | 610 | 431 | 358 | 3,869 |
Decisioning | 959 | 206 | 251 | 168 | 1,584 |
Business-to-Business | 3,429 | 816 | 682 | 526 | 5,453 |
Consumer Services | 1,617 | 250 | 187 | — | 2,054 |
Ongoing activities | 5,046 | 1,066 | 869 | 526 | 7,507 |
Exited business activities | — | 9 | — | 7 | 16 |
Total | 5,046 | 1,075 | 869 | 533 | 7,523 |
Total | |||||
North | Latin | UK and | EMEA and | operating | |
America | America | Ireland | Asia Pacific | segments | |
Year ended 31 March 2024 1 | US$m | US$m | US$m | US$m | US$m |
Revenue from external customers | |||||
Data | 2,231 | 669 | 423 | 304 | 3,627 |
Decisioning | 889 | 212 | 244 | 137 | 1,482 |
Business-to-Business | 3,120 | 881 | 667 | 441 | 5,109 |
Consumer Services | 1,539 | 225 | 173 | — | 1,937 |
Ongoing activities | 4,659 | 1,106 | 840 | 441 | 7,046 |
Exited business activities | — | 21 | 4 | 26 | 51 |
Total | 4,659 | 1,127 | 844 | 467 | 7,097 |
1
Revenue for the year ended 31 March 2024 of US$10m has been re-presented for the reclassification to exited business activities of certain B2B businesses.
Revenue in respect of exited business activities comprises Latin America, UK and Ireland and EMEA and Asia Pacific Data revenue of US$8m
(2024: US$20m), US$nil (2024: US$4m) and US$4m (2024: US$11m), and Latin America and EMEA and Asia Pacific Decisioning revenue of US$1m
(2024: US$1m) and US$3m (2024: US$15m) respectively.
Data is predominantly transactional revenue with a portion from licence fees.
Decisioning revenue is derived from:
• software and system sales, and includes recurring licence fees, consultancy and implementation fees, and transactional charges
• credit score fees which are primarily transactional
• analytics income comprising a mix of consultancy and professional fees as well as transactional revenue.
Consumer Services revenue primarily comprises monthly subscriptions and one-off fees, and referral fees for financial products and white-label
partnerships.
The timing of recognition of these revenue streams is discussed in note 5(q).
(b) Significant changes in contract balances
Contract assets predominantly relate to software licence services, where revenue recognition for on-premise arrangements occurs as the solution
is transferred to the customer, whereas the invoicing pattern is often annually over the contract period. Contract assets recognised during the year
totalled US$109m (2024: US$86m). The contract asset balance for work completed but not invoiced on satisfaction of a performance obligation
unwinds over the contract term. Contract assets are transferred to receivables when the right to consideration becomes unconditional, or conditional
only on the passage of time. Contract assets of US$98m (2024: US$78m) were reclassified to receivables during the year. An impairment charge of
The majority of software licences are invoiced annually in advance. Where these licences relate to Experian-hosted solutions, revenue is recognised
over the period that the service is available to the customer, creating a contract liability. Delivery services are generally invoiced during the delivery
period, creating a contract liability for the consideration received in advance, until the delivery is complete. Where the delivery relates to Experian-
hosted solutions, revenue is recognised over the period that the service is available to the customer, reducing the contract liability over time. Where
the delivery relates to an on-premise solution, the contract liability is released on delivery completion. Support and maintenance agreements are
often invoiced annually in advance, creating a contract liability, which is released over the term of the maintenance period as revenue is recognised.
Revenue recognised in the year of US$381m (2024: US$396m) was included in the opening contract liability. Cash received in advance not recognised
as revenue in the year was US$312m (2024: US$368m). The decrease in contract liabilities resulting from disposals during the year was US$nil
(2024: US$1m). The increase in contract liabilities from acquisitions during the year was US$8m (2024: US$2m).
Foreign exchange accounts for a US$1m and a US$3m decrease (2024: US$1m decrease and a US$1m increase) in contract asset and contract
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
185
185
9. Revenue continued
Financial statements
Financial statements
(c) Contract costs
The carrying amount of assets recognised from costs to obtain, and costs to fulfil, contracts with customers at 31 March 2025 was US$19m and
US$67m (2024: US$24m and US$70m) respectively.
Amortisation of contract costs in the year was US$51m (2024: US$75m); there were no recognised impairment losses in the current or prior year.
Contract costs are amortised on a systematic basis consistent with the pattern of transfer of the related goods or services. A portfolio approach has
been applied to calculate contract costs for contracts with similar characteristics, where the Group reasonably expects that the effects of applying a
portfolio approach does not differ materially from calculating the amounts at an individual contract level.
The aggregate amount of the transaction price from non-cancellable contracts with customers with expected durations of 12 months or more,
allocated to the performance obligations that are unsatisfied, or partially satisfied, at 31 March 2025 was US$6.1bn (2024: US$5.1bn). We expect to
recognise approximately 42% (2024: 47%) of this value within one year, 34% (2024: 31%) within one to two years, 14% (2024: 13%) within two to three
years and 10% (2024: 9%) thereafter.
The aggregate amount of the transaction price allocated to unsatisfied, or partially satisfied, performance obligations which are transactional in nature
includes estimates of variable consideration. These estimates are based on forecast transactional volumes and do not take into account all external
market factors which may have an impact on the future revenue recognised from such contracts.
A portfolio approach has been applied to calculate the aggregate amount of the transaction price allocated to the unsatisfied, or partially satisfied,
performance obligations for contracts with similar characteristics, where the Group reasonably expects that the effects of applying a portfolio
approach does not differ materially from calculating the amounts at an individual contract level.
We apply the practical expedient in paragraph 121(a) of IFRS 15 ‘Revenue from Contracts with Customers’ and do not disclose information about
remaining performance obligations that have original expected durations of one year or less. This excludes contracts across a number of business
units which have revenue due to be recognised in the financial year ending 31 March 2026; it also excludes the majority of our direct-to-consumer
(a) IFRS 8 disclosures
(i) Income statement
Total | |||||||
North | Latin | UK and | EMEA and | operating | Central | Total | |
America | America | Ireland | Asia Pacific | segments | Activities | Group | |
Year ended 31 March 2025 | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
Revenue from external customers | |||||||
Ongoing activities | 5,046 | 1,066 | 869 | 526 | 7,507 | — | 7,507 |
Exited business activities | — | 9 | — | 7 | 16 | — | 16 |
Total | 5,046 | 1,075 | 869 | 533 | 7,523 | — | 7,523 |
Reconciliation from Benchmark EBIT to profit/(loss) before tax | |||||||
Benchmark EBIT | |||||||
Ongoing activities | 1,686 | 341 | 202 | 22 | 2,251 | (144) | 2,107 |
Exited business activities | — | (5) | 1 | (20) | (24) | — | (24) |
Total | 1,686 | 336 | 203 | 2 | 2,227 | (144) | 2,083 |
Net interest expense included in Benchmark PBT (note 16(b)) | (3) | (1) | 3 | (1) | (2) | (155) | (157) |
Benchmark PBT | 1,683 | 335 | 206 | 1 | 2,225 | (299) | 1,926 |
Exceptional items (note 15(a)) | (13) | (3) | (15) | (5) | (36) | (3) | (39) |
Amortisation of acquisition intangibles (note 21) | (123) | (21) | (6) | (61) | (211) | — | (211) |
Acquisition and disposal expenses | (10) | (9) | (1) | (17) | (37) | — | (37) |
Adjustment to the fair value of contingent consideration | 4 | (5) | — | — | (1) | — | (1) |
Interest on uncertain tax provisions | — | — | — | — | — | (4) | (4) |
Financing fair value remeasurements (note 16(c)) | — | — | — | — | — | (85) | (85) |
Profit/(loss) before tax | 1,541 | 297 | 184 | (82) | 1,940 | (391) | 1,549 |
Experian plc
Experian plc
Financial statements
Financial statements
186
186
10. Segment information continued
(i) Income statement continued
Notes to the Group financial statements
continued
Total | |||||||
North | Latin | UK and | EMEA and | operating | Central | Total | |
America | America | Ireland | Asia Pacific | segments | Activities | Group | |
Year ended 31 March 2024¹ | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
Revenue from external customers | |||||||
Ongoing activities | 4,659 | 1,106 | 840 | 441 | 7,046 | — | 7,046 |
Exited business activities | — | 21 | 4 | 26 | 51 | — | 51 |
Total | 4,659 | 1,127 | 844 | 467 | 7,097 | — | 7,097 |
Reconciliation from Benchmark EBIT to profit/(loss) before tax | |||||||
Benchmark EBIT | |||||||
Ongoing activities before transfer pricing and other adjustments | 1,551 | 359 | 173 | 4 | 2,087 | (143) | 1,944 |
Transfer pricing and other allocation adjustments | (20) | — | 8 | 13 | 1 | (1) | — |
Ongoing activities | 1,531 | 359 | 181 | 17 | 2,088 | (144) | 1,944 |
Exited business activities | — | (5) | 1 | (12) | (16) | — | (16) |
Total | 1,531 | 354 | 182 | 5 | 2,072 | (144) | 1,928 |
Net interest expense included in Benchmark PBT (note 16(b)) | (3) | (2) | (2) | (1) | (8) | (131) | (139) |
Benchmark PBT | 1,528 | 352 | 180 | 4 | 2,064 | (275) | 1,789 |
Exceptional items (note 15(a)) | (1) | — | — | 5 | 4 | — | 4 |
Amortisation of acquisition intangibles (note 21) | (112) | (21) | (7) | (53) | (193) | — | (193) |
Acquisition and disposal expenses | (1) | (17) | (7) | (16) | (41) | — | (41) |
Adjustment to the fair value of contingent consideration | 10 | (15) | — | — | (5) | 1 | (4) |
Non-benchmark share of post-tax loss of associates | — | — | (1) | — | (1) | — | (1) |
Interest on uncertain tax provisions | — | — | — | — | — | 20 | 20 |
Financing fair value remeasurements (note 16(c)) | — | — | — | — | — | (23) | (23) |
Profit/(loss) before tax | 1,424 | 299 | 165 | (60) | 1,828 | (277) | 1,551 |
1
Revenue of US$10m and the regional allocation of Benchmark EBIT for the year ended 31 March 2024 have been re-presented for the reclassification to exited business activities of certain B2B businesses.
Additional information by operating segment, including that on total and organic growth at constant exchange rates, is provided in the Strategic report.
(ii) Reconciliation of revenue from ongoing activities
Total | |||||
North | Latin | UK and | EMEA and | ongoing | |
America | America | Ireland | Asia Pacific | activities | |
US$m | US$m | US$m | US$m | US$m | |
Revenue for the year ended 31 March 2024 1 | 4,659 | 1,106 | 840 | 441 | 7,046 |
Adjustment to constant exchange rates | — | (1) | (4) | — | (5) |
Revenue at constant exchange rates for the year ended 31 March 2024 | 4,659 | 1,105 | 836 | 441 | 7,041 |
Organic revenue growth | 352 | 65 | 11 | 37 | 465 |
Revenue from acquisitions | 35 | 26 | 4 | 56 | 121 |
Revenue at constant exchange rates for the year ended 31 March 2025 | 5,046 | 1,196 | 851 | 534 | 7,627 |
Adjustment to actual exchange rates | — | (130) | 18 | (8) | (120) |
Revenue for the year ended 31 March 2025 | 5,046 | 1,066 | 869 | 526 | 7,507 |
Organic revenue growth at constant exchange rates | 8% | 6% | 1% | 8% | 7% |
Revenue growth at constant exchange rates | 8% | 8% | 2% | 21% | 8% |
1
Revenue of US$10m for the year ended 31 March 2024 has been re-presented for the reclassification to exited business activities of certain B2B businesses.
The table above demonstrates the application of the methodology set out in note 7 in determining organic and total revenue growth at constant
exchange rates. Revenue at constant exchange rates is reported for both years using the average exchange rates applicable for the year ended
31 March 2024.
10. Segment information continued
Financial statements
Financial statements
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
187
187
(iii) Reconciliation of Benchmark EBIT from ongoing activities
Total | Total | ||||||
North | Latin | UK and | EMEA and | operating | Central | ongoing | |
America | America | Ireland | Asia Pacific | segments | Activities | activities | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
Benchmark EBIT for the year ended 31 March 2024 1 | 1,531 | 359 | 181 | 17 | 2,088 | (144) | 1,944 |
Adjustment to constant exchange rates | — | — | (1) | 1 | — | — | — |
Benchmark EBIT at constant exchange rates for FY24 | 1,531 | 359 | 180 | 18 | 2,088 | (144) | 1,944 |
Benchmark EBIT growth | 155 | 31 | 17 | 6 | 209 | 2 | 211 |
Benchmark EBIT at constant exchange rates for FY25 | 1,686 | 390 | 197 | 24 | 2,297 | (142) | 2,155 |
Adjustment to actual exchange rates | — | (49) | 5 | (2) | (46) | (2) | (48) |
Benchmark EBIT for the year ended 31 March 2025 | 1,686 | 341 | 202 | 22 | 2,251 | (144) | 2,107 |
Benchmark EBIT growth at constant exchange rates | 10% | 9% | 10% | 36% | 10% | n/a | 11% |
Benchmark EBIT growth at actual exchange rates | 10% | (5)% | 12% | 29% | 8% | n/a | 8% |
Benchmark EBIT margin at constant exchange rates FY24 | 32.9% | 32.5% | 21.5% | 4.1% | 29.7% | n/a | 27.6% |
Benchmark EBIT margin at actual exchange rates FY24 | 32.9% | 32.5% | 21.5% | 3.9% | 29.6% | n/a | 27.6% |
Benchmark EBIT margin at constant exchange rates FY25 | 33.4% | 32.6% | 23.1% | 4.5% | 30.1% | n/a | 28.3% |
Benchmark EBIT margin at actual exchange rates FY25 | 33.4% | 32.0% | 23.2% | 4.2% | 30.0% | n/a | 28.1% |
1
The regional allocation of Benchmark EBIT for the year ended 31 March 2024 has been re-presented for the reclassification to exited business activities of certain B2B businesses.
2
Growth rates and margins are calculated using exact numbers.
(iv) Balance sheet
Net assets/(liabilities)
Total | Central | ||||||
North | Latin | UK and | EMEA and | operating | Activities | Total | |
America | America | Ireland | Asia Pacific | segments | and other | Group | |
At 31 March 2025 | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
Goodwill | 4,170 | 904 | 763 | 817 | 6,654 | — | 6,654 |
Investments in associates | 4 | — | 9 | — | 13 | — | 13 |
Right-of-use assets | 43 | 14 | 35 | 17 | 109 | 5 | 114 |
Other assets | 2,829 | 900 | 611 | 643 | 4,983 | 1,122 | 6,105 |
Total assets | 7,046 | 1,818 | 1,418 | 1,477 | 11,759 | 1,127 | 12,886 |
Lease obligations | (56) | (17) | (42) | (17) | (132) | (4) | (136) |
Other liabilities | (1,353) | (408) | (307) | (255) | (2,323) | (5,337) | (7,660) |
Total liabilities | (1,409) | (425) | (349) | (272) | (2,455) | (5,341) | (7,796) |
Net assets/(liabilities) | 5,637 | 1,393 | 1,069 | 1,205 | 9,304 | (4,214) | 5,090 |
Total | Central | ||||||
North | Latin | UK and | EMEA and | operating | Activities | Total | |
America | America | Ireland | Asia Pacific | segments | and other | Group | |
At 31 March 2024 | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
Goodwill | 3,841 | 901 | 742 | 478 | 5,962 | — | 5,962 |
Investments in associates | 4 | — | 7 | — | 11 | — | 11 |
Right-of-use assets | 56 | 14 | 37 | 18 | 125 | 6 | 131 |
Other assets | 2,578 | 898 | 565 | 441 | 4,482 | 1,126 | 5,608 |
Total assets | 6,479 | 1,813 | 1,351 | 937 | 10,580 | 1,132 | 11,712 |
Lease obligations | (71) | (17) | (39) | (19) | (146) | (5) | (151) |
Other liabilities | (1,301) | (478) | (298) | (207) | (2,284) | (4,608) | (6,892) |
Total liabilities | (1,372) | (495) | (337) | (226) | (2,430) | (4,613) | (7,043) |
Net assets/(liabilities) | 5,107 | 1,318 | 1,014 | 711 | 8,150 | (3,481) | 4,669 |
Experian plc
Experian plc
Financial statements
Financial statements
188
188
Notes to the Group financial statements
continued
10. Segment information continued
(iv) Balance sheet continued
Central Activities and other comprises:
| 2025 | 2024 | |||||
Net assets/ | Net assets/ | |||||
Assets | Liabilities | (liabilities) | Assets | Liabilities | (liabilities) | |
US$m | US$m | US$m | US$m | US$m | US$m | |
Central Activities | 602 | (155) | 447 | 666 | (179) | 487 |
Net debt 1 | 402 | (4,955) | (4,553) | 314 | (4,222) | (3,908) |
Tax | 123 | (231) | (108) | 152 | (212) | (60) |
1,127 | (5,341) | (4,214) | 1,132 | (4,613) | (3,481) | |
1
Net debt comprises amounts reported within Central Activities plus lease obligations in operating segments, net of interest of US$131m (2024: US$145m).
Capital employed
2025 | 2024 | |
US$m | US$m | |
North America | 5,637 | 5,107 |
Latin America | 1,393 | 1,318 |
UK and Ireland | 1,069 | 1,014 |
EMEA and Asia Pacific | 1,205 | 711 |
Total operating segments | 9,304 | 8,150 |
Central Activities | 447 | 487 |
Add: lease obligations in operating segments | 132 | 146 |
Less: accrued interest on lease obligations in operating segments | (1) | (1) |
Less: right-of-use assets | (114) | (131) |
Less: non-controlling interests | (36) | (35) |
Capital employed attributable to owners | 9,732 | 8,616 |
The three-point average capital employed figure of US$9,355m (2024: US$8,406m), used in our calculation of ROCE, is determined by calculating the
arithmetic average of capital employed at 31 March 2025, 30 September 2024 and 31 March 2024.
(v) Capital expenditure, amortisation and depreciation
Capital expenditure | Right-of-use asset additions | Amortisation | Depreciation | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
North America | 342 | 340 | 8 | 13 | 218 | 193 | 46 | 52 |
Latin America | 140 | 140 | 8 | 5 | 97 | 100 | 14 | 17 |
UK and Ireland | 66 | 70 | 8 | 33 | 47 | 44 | 19 | 21 |
EMEA and Asia Pacific | 49 | 37 | 6 | 8 | 39 | 31 | 15 | 14 |
Total operating segments | 597 | 587 | 30 | 59 | 401 | 368 | 94 | 104 |
Central Activities | 54 | 53 | 1 | 1 | 49 | 47 | 3 | 2 |
Total Group | 651 | 640 | 31 | 60 | 450 | 415 | 97 | 106 |
Amortisation and depreciation above only include amounts charged to Benchmark PBT.
(vi) Revenue by country
2025 | 2024 | |
US$m | US$m | |
USA | 5,044 | 4,658 |
Brazil | 936 | 991 |
UK | 866 | 839 |
Other | 677 | 609 |
7,523 | 7,097 |
Revenue is primarily attributable to countries other than Ireland. No single client accounted for 10% or more of revenue in the current or prior year.
Revenue from the USA, Brazil and the UK in aggregate comprises 91% (2024: 91%) of Group revenue. Other comprises a number of other countries,
none of which has revenue that is individually material.
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
189
189
10. Segment information continued
Financial statements
Financial statements
(vii) Non-current assets by country
2024 | ||
2025 | (Re-presented) | |
US$m | US$m | |
USA | 1,859 | 1,680 |
UK | 432 | 388 |
Brazil | 536 | 504 |
Australia | 300 | 27 |
Germany | 103 | 127 |
Other | 244 | 274 |
Segment non-current assets by country | 3,474 | 3,000 |
Goodwill | 6,654 | 5,962 |
Central Activities | 546 | 617 |
Deferred tax | 71 | 55 |
10,745 | 9,634 |
To add clarity to the presentation of this information, non-current assets for Central Activities and deferred tax have been excluded from the analysis
by country. Goodwill is allocated and monitored based on regional groups of CGUs, this allocation is shown in note 20. The Group has no significant
non-current assets located in Ireland.
The comparative disclosure has been re-presented to separately analyse non-current assets allocated to Australia, following the acquisition of illion
(see note 41), and also to adjust the allocation of goodwill balances. Goodwill is allocated to groups of CGUs (see note 5e) and is not monitored at a
country level.
(b) Information on business lines (including non-GAAP disclosures)
Business-to- | Consumer | Total business | Central | Total | |
Business | Services | lines | Activities | Group | |
Year ended 31 March 2025 | US$m | US$m | US$m | US$m | US$m |
Revenue from external customers | |||||
Ongoing activities | 5,453 | 2,054 | 7,507 | — | 7,507 |
Exited business activities | 16 | — | 16 | — | 16 |
Total | 5,469 | 2,054 | 7,523 | — | 7,523 |
Reconciliation from Benchmark EBIT to profit/(loss) before tax | |||||
Benchmark EBIT | |||||
Ongoing activities | 1,689 | 562 | 2,251 | (144) | 2,107 |
Exited business activities | (25) | 1 | (24) | — | (24) |
Total | 1,664 | 563 | 2,227 | (144) | 2,083 |
Net interest expense included in Benchmark PBT (note 16(b)) | (1) | (1) | (2) | (155) | (157) |
Benchmark PBT | 1,663 | 562 | 2,225 | (299) | 1,926 |
Exceptional items (note 15(a)) | (27) | (9) | (36) | (3) | (39) |
Amortisation of acquisition intangibles (note 21) | (183) | (28) | (211) | — | (211) |
Acquisition and disposal expenses | (36) | (1) | (37) | — | (37) |
Adjustment to the fair value of contingent consideration | 1 | (2) | (1) | — | (1) |
Interest on uncertain tax provisions | — | — | — | (4) | (4) |
Financing fair value remeasurements (note 16(c)) | — | — | — | (85) | (85) |
Profit/(loss) before tax | 1,418 | 522 | 1,940 | (391) | 1,549 |
Experian plc
Experian plc
Financial statements
Financial statements
190
190
10. Segment information continued
Notes to the Group financial statements
continued
Business-to- | Consumer | Total business | Central | Total | |
Business | Services | lines | Activities | Group | |
Year ended 31 March 2024¹ | US$m | US$m | US$m | US$m | US$m |
Revenue from external customers | |||||
Ongoing activities | 5,109 | 1,937 | 7,046 | — | 7,046 |
Exited business activities | 51 | — | 51 | — | 51 |
Total | 5,160 | 1,937 | 7,097 | — | 7,097 |
Reconciliation from Benchmark EBIT to profit/(loss) before tax | |||||
Benchmark EBIT | |||||
Ongoing activities before transfer pricing and other adjustments | 1,601 | 486 | 2,087 | (143) | 1,944 |
Transfer pricing and other allocation adjustments | 8 | (7) | 1 | (1) | — |
Ongoing activities | 1,609 | 479 | 2,088 | (144) | 1,944 |
Exited business activities | (16) | — | (16) | — | (16) |
Total | 1,593 | 479 | 2,072 | (144) | 1,928 |
Net interest expense included in Benchmark PBT (note 16(b)) | (6) | (2) | (8) | (131) | (139) |
Benchmark PBT | 1,587 | 477 | 2,064 | (275) | 1,789 |
Exceptional items (note 15(a)) | 4 | — | 4 | — | 4 |
Amortisation of acquisition intangibles (note 21) | (163) | (30) | (193) | — | (193) |
Acquisition and disposal expenses | (29) | (12) | (41) | — | (41) |
Adjustment to the fair value of contingent consideration | — | (5) | (5) | 1 | (4) |
Non-benchmark share of post-tax loss of associates | — | (1) | (1) | — | (1) |
Interest on uncertain tax provisions | — | — | — | 20 | 20 |
Financing fair value remeasurements (note 16(c)) | — | — | — | (23) | (23) |
Profit/(loss) before tax | 1,399 | 429 | 1,828 | (277) | 1,551 |
1
Revenue of US$10m for the year ended 31 March 2024 has been re-presented for the reclassification to exited business activities of certain B2B businesses.
(a) Principal exchange rates used
Average | Closing | ||||
2025 | 2024 | 2025 | 2024 | 2023 | |
US dollar : Brazilian real | 5.61 | 4.94 | 5.76 | 5.01 | 5.08 |
UK pound sterling : US dollar | 1.28 | 1.26 | 1.29 | 1.26 | 1.24 |
Euro : US dollar | 1.07 | 1.08 | 1.08 | 1.08 | 1.09 |
US dollar : Australian dollar | 1.53 | 1.52 | 1.60 | 1.53 | 1.49 |
US dollar : Colombian peso | 4,142 | 4,113 | 4,199 | 3,852 | 4,623 |
(b) Foreign exchange risk
(i) Brazilian real intra-Group funding
A Group company whose functional currency is not the Brazilian real provides Brazilian real intra-Group funding to Serasa S.A. Foreign exchange gains
or losses on this funding are recognised in the Group income statement.
As a result of the weakening of 15% in the Brazilian real against the US dollar in the year ended 31 March 2025, a charge of US$58m has been
recognised within financing fair value remeasurements. Although the Brazilian real strengthened by 1% against the US dollar in the year ended
31 March 2024, a charge of US$1m was recognised within financing fair value remeasurements due to an internal re-financing in that year (note 16(c)).
The Group is similarly exposed to the impact of the Brazilian real strengthening or weakening against the US dollar in the future. A movement of 8%
would result in a US$39m impact on profit before tax. There is no effect on total equity as a result of this exposure, since it arises on intra-Group
funding and there would be a related equal but opposite foreign exchange movement recognised in the translation reserve within equity.
(ii) Other exposures
On the basis of the profile of foreign exchange exposures, and an assessment of reasonably possible changes in such exposures, there are no other
material sensitivities to foreign exchange risk at the balance sheet dates. In making these assessments, actual data on movements in the principal
currencies over the most recent three-year period has been considered together with exposures at the balance sheet dates. This methodology has
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
191
191
Financial statements
Financial statements
2025 | 2024 | ||
Notes | US$m | US$m | |
Wages and salaries | 1,710 | 1,675 | |
Social security costs | 332 | 312 | |
Share incentive plans | 33(a) | 138 | 139 |
Pension costs – defined benefit plans | 35(a) | 3 | 3 |
Pension costs – defined contribution plans | 75 | 79 | |
Other employee benefit costs | 35 | 35 | |
Employee benefit costs | 2,293 | 2,243 | |
Other labour costs | 287 | 250 | |
2,580 | 2,493 |
Other labour costs include those in respect of severance, external contractors, outsourcing and the recruitment, development and training of
(b) Average monthly number of employees (including executive directors)
2025 | 2024 | |
North America | 9,207 | 9,110 |
Latin America | 6,071 | 5,874 |
UK and Ireland | 3,790 | 3,853 |
EMEA and Asia Pacific | 3,964 | 3,712 |
Total operating segments | 23,032 | 22,549 |
Central Activities | 265 | 264 |
23,297 | 22,813 |
The average monthly number of employees for FY24 has been re-presented to show the aggregated total number of full-time and part-time
2025 | 2024 | |
US$m | US$m | |
Benchmark: | ||
Amortisation of other intangible assets | 450 | 415 |
Depreciation of property, plant and equipment | 97 | 106 |
547 | 521 | |
Non-benchmark: | ||
Amortisation of acquisition intangibles | 211 | 193 |
758 | 714 |
An analysis by segment of amounts charged within Benchmark PBT is given in note 10(a)(v). Analyses by asset type are given in notes 21 and 22.
2025 | 2024 | |
US$m | US$m | |
Audit of the Company and Group financial statements | 1.2 | 1.2 |
Audit of the financial statements of the Company's subsidiaries | 6.4 | 6.0 |
Audit-related assurance services | 1.3 | 0.7 |
Other assurance services | 0.1 | 0.4 |
Total fees payable to the Company's auditor and its associates | 9.0 | 8.3 |
Summary of fees by nature: | ||
Fees for audit services | 7.6 | 7.2 |
Fees for audit-related assurance services | 1.3 | 0.7 |
Fees for other assurance services | 0.1 | 0.4 |
9.0 | 8.3 |
The guidelines covering the use of the Company’s auditor for non-audit services are set out in the Audit Committee report. Fees for other assurance
services were capped at 30% (2024: 30%) of the fees for audit services. In the year ended 31 March 2025, fees payable for non-audit services, were
18% (2024: 15%) of fees payable for audit services. Such fees are reported within Other operating charges.
The fees for audit-related assurance services relate to the Group’s half-yearly financial report and bond issuance related reports. Fees charged for
Experian plc
Experian plc
Financial statements
Financial statements
192
192
Notes to the Group financial statements
continued
(a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
2025 | 2024 | ||
Notes | US$m | US$m | |
Exceptional items: | |||
Loss/(profit) on disposal of operations 1 | 15(b), 41(d) | 4 | (5) |
Restructuring costs | 15(c) | 50 | — |
Legal provisions movements 1 | 15(d) | (15) | 1 |
Net charge/(credit) for Exceptional items | 39 | (4) | |
Other adjustments made to derive Benchmark PBT: | |||
Amortisation of acquisition intangibles | 13, 21 | 211 | 193 |
Acquisition and disposal expenses 2 | 37 | 41 | |
Adjustment to the fair value of contingent consideration 1 | 30(h) | 1 | 4 |
Non-benchmark share of post-tax loss of associates | 23 | — | 1 |
Interest on uncertain tax provisions | 16(c) | 4 | (20) |
Financing fair value remeasurements | 16(c) | 85 | 23 |
Net charge for other adjustments made to derive Benchmark PBT | 338 | 242 | |
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT | 377 | 238 | |
By income statement caption: | |||
Labour costs | 60 | 14 | |
Amortisation and depreciation charges | 211 | 193 | |
Other operating charges | 17 | 27 | |
Within operating profit | 288 | 234 | |
Within share of post-tax loss of associates | — | 1 | |
Within finance expense | 16(a) | 89 | 3 |
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT | 377 | 238 |
1
Included in other operating charges.
2
Acquisition and disposal expenses represent professional fees and expenses associated with completed, ongoing and terminated acquisition and disposal processes, as well as the integration and
separation costs associated with completed deals. Of the total, US$10m (2024: US$14m) is recorded within labour costs and US$27m (2024: US$27m) is included within other operating charges in the
Group income statement.
(b) Loss/(profit) on disposal of operations
The loss on the disposal of operations of US$4m (2024: profit on disposal of US$5m) relates to the disposal of interests in a number of small subsidiary
undertakings in EMEA and Asia Pacific.
(c) Restructuring costs
During FY25, we have made good progress in executing on the final stages of our technology transformation and cloud migration, realigning our
staff resources to our new technology architecture and accelerating the shift to our global development centres to drive productivity. Severance costs
of US$50m (2024: US$nil) were recognised in the year in relation to this programme, with an associated cash outflow of US$30m (2024: US$nil).
Following the identification of new opportunities within the current programme, we expect to incur an exceptional charge of c.US$20m-US$30m
in FY26.
(d) Legal provisions movements
Movements have occurred in provisions held for a number of historical legal claims, and reflect insurance recoveries in North America of US$15m
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
193
193
Financial statements
Financial statements
2025 | 2024 | |
US$m | US$m | |
Interest income: | ||
Bank deposits, short-term investments and loan notes | (14) | (11) |
Interest on pension plan assets (note 35(a)(ii)) | (7) | (7) |
Interest income | (21) | (18) |
Finance expense: | ||
Eurobonds and notes | 104 | 93 |
Bank loans, commercial paper, overdrafts and other | 40 | 32 |
Commitment and facility fees | 5 | 5 |
Interest on leases | 7 | 8 |
Interest differentials on derivatives | 22 | 19 |
Interest expense | 178 | 157 |
Net non-benchmark finance expense (note 16(c)) | 89 | 3 |
Finance expense | 267 | 160 |
Net finance expense included in profit before tax | 246 | 142 |
2025 | 2024 | |
US$m | US$m | |
Interest income | (21) | (18) |
Interest expense | 178 | 157 |
Net interest expense included in Benchmark PBT | 157 | 139 |
(c) Analysis of net non-benchmark finance expense
2025 | 2024 | |
US$m | US$m | |
Fair value losses on borrowings – attributable to interest rate risk | 14 | 26 |
Fair value losses on borrowings – attributable to currency risk | 43 | 12 |
(Gains)/losses on interest rate swaps – fair value hedges | (9) | 6 |
Gains on cross-currency swaps – fair value hedges | (39) | (24) |
Foreign currency gains on cross-currency swaps designated as a cash flow hedge – transfer from OCI | (12) | (10) |
(Gains)/losses on items in hedging relationships – hedge ineffectiveness | (3) | 10 |
Fair value losses/(gains) on non-hedging derivatives | 34 | (20) |
Foreign exchange losses on Brazilian real intra-Group funding | 58 | 1 |
Other foreign exchange losses on financing activities | 8 | 5 |
Monetary loss on hyperinflation | — | 1 |
(Decrease)/increase in present value of put options | (5) | 31 |
Movement in Other financial assets at FVPL | (6) | — |
Movement in connection with commitments to purchase own shares | (1) | (5) |
Net charge for financing fair value remeasurements | 85 | 23 |
Interest on uncertain tax provisions | 4 | (20) |
89 | 3 |
Experian plc
Experian plc
Financial statements
Financial statements
194
194
Notes to the Group financial statements
continued
16. Net finance expense continued
(d) Interest rate risk
The following table shows the sensitivity to interest rate risk, on the basis of the profile of Net debt at the balance sheet dates and an assessment
of reasonably possible changes in the principal interest rates, with all other variables held constant. In making this assessment, actual movements
in relevant interest rates over the most recent three-year period have been considered and a consistent methodology applied. An indication of the
primary cause of the reported sensitivity is included.
2025 | 2024 | |
Gain/(loss) | US$m | US$m |
Impact on profit for the financial year: | ||
Effect of an increase of 1.8% (2024: 1.7%) on US dollar-denominated Net debt: | ||
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest | ||
income on cash and cash equivalents | 43 | 72 |
Effect of an increase of 1.8% (2024: 1.6%) on UK pound sterling-denominated Net debt: | ||
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest | ||
income on cash and cash equivalents | 4 | (4) |
Effect of an increase of 3.5% (2024: 4.2%) on Brazilian real-denominated Net debt: | ||
Due to higher interest income on cash and cash equivalents | 5 | 4 |
Effect of an increase of 1.6% (2024: 1.4%) on euro-denominated Net debt: | ||
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest | ||
income on cash and cash equivalents | (10) | — |
Impact on other components of equity: | ||
Effect of an increase of 1.8% (2024: 1.7%): | ||
On the fair value of the US dollar leg of cross-currency swaps treated as a cash flow hedge | 4 | 9 |
Effect of an increase of 1.8% (2024: 1.6%): | ||
On the fair value of the UK pound sterling leg of cross-currency swaps treated as a cash flow hedge | (4) | (9) |
2025 | 2024 | |
US$m | US$m | |
Current tax: | ||
Tax on income for the year | 503 | 513 |
Global minimum top-up tax | 7 | — |
Adjustments in respect of earlier years | (10) | (72) |
Total current tax charge | 500 | 441 |
Deferred tax: | ||
Origination and reversal of temporary differences | (111) | (101) |
Adjustments in respect of earlier years | (10) | 8 |
Total deferred tax credit | (121) | (93) |
Tax charge | 379 | 348 |
The tax charge comprises: | ||
UK tax | 18 | 22 |
Non-UK tax | 361 | 326 |
379 | 348 |
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
195
195
17. Tax charge continued
Financial statements
Financial statements
(b) Tax reconciliations
(i) Reconciliation of the tax charge
As the Group is subject to the tax rates of more than one country, it has chosen to present its reconciliation of the tax charge using the main rate of
corporation tax in the UK. The effective rate of tax based on profit before tax is lower (2024: lower) than the main rate of corporation tax in the UK,
with the differences explained in note 17(c).
2025 | 2024 | |
US$m | US$m | |
Profit before tax | 1,549 | 1,551 |
Profit before tax multiplied by the main rate of UK corporation tax of 25% (2024: 25%) | 387 | 388 |
Effects of: | ||
Adjustments in respect of earlier years 1 | (20) | (64) |
Income not taxable | (11) | (14) |
Losses not recognised | 9 | 10 |
Expenses not deductible | 62 | 59 |
Different effective tax rates in non-UK businesses | (64) | (59) |
Local taxes 2 | 61 | 61 |
Current year movement in uncertain tax positions | 20 | 14 |
Recognition of previously unrecognised tax losses 3 | (27) | (11) |
Research and development incentive claims | (38) | (36) |
Tax charge | 379 | 348 |
Effective rate of tax based on profit before tax | 24.5% | 22.4% |
1
Refer to note 17(c).
2
Local taxes comprise US state taxes and the current tax expense related to the global minimum top-up tax, reflected in note17(a) above.
3
Recognition of previously unrecognised tax losses relates to tax losses supported by the acquisition of the illion Group.
(ii) Reconciliation of the tax charge to the Benchmark tax charge
2025 | 2024 | |
US$m | US$m | |
Tax charge | 379 | 348 |
Tax relief on Exceptional items and other adjustments made to derive Benchmark PBT | 108 | 111 |
Benchmark tax charge | 487 | 459 |
Benchmark PBT | 1,926 | 1,789 |
Benchmark tax rate | 25.3% | 25.7% |
(c) Factors that affect the tax charge
The Group’s tax rate reflects its internal financing arrangements in place to fund non-UK businesses.
Expenses not deductible include acquisition and disposal expenses and financing fair value remeasurements which are not allowable for tax purposes.
Adjustments in respect of earlier years reflect adjustments for matters that have been substantively agreed with local tax authorities. In the prior year,
adjustments in respect of earlier years reflected the net movement on uncertain tax positions as well as adjustments for matters that had been
substantively agreed with local tax authorities.
At 31 March 2025, the Group held current and deferred tax liabilities of US$76m (2024: US$61m) in respect of uncertain tax positions. The net increase
in provisions recognised during the year reflects the Group’s assessment of open and judgmental matters and whether additional taxes will be due,
after taking into account external advice where appropriate. In the year ended 31 March 2024, the net decrease in provisions was driven by the
agreement of open tax issues in North America.
While the timing of developments in resolving these matters is inherently uncertain, the Group does not expect to materially increase its uncertain tax
provisions in the next 12 months.
(d) Other factors that affect the future tax charge
The Group is subject to the global minimum top-up tax under OECD Pillar Two tax legislation. As previously reported, the impact of this legislation does
not materially impact the Group’s effective tax rate in the current period nor is it expected to materially impact in future periods. The Group has applied
a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred.
In FY25, the Group recognised a current tax expense of US$7m (2024: n/a) related to the top-up tax, which is levied on Experian plc.
Experian plc
Experian plc
Financial statements
Financial statements
196
196
Notes to the Group financial statements
continued
(a) Earnings per share
Basic | Diluted | |||
2025 | 2024 | 2025 | 2024 | |
US cents | US cents | US cents | US cents | |
EPS | 127.6 | 131.3 | 126.5 | 130.2 |
Add: Exceptional items and other adjustments made to derive Benchmark PBT, | ||||
net of related tax | 29.3 | 14.2 | 29.0 | 14.0 |
Benchmark EPS (non-GAAP measure) | 156.9 | 145.5 | 155.5 | 144.2 |
Adjustment to constant exchange rates | 3.9 | (0.2) | 3.9 | (0.1) |
Benchmark EPS at constant exchange rates (non-GAAP measure) | 160.8 | 145.3 | 159.4 | 144.1 |
(b) Analysis of earnings
(i) Attributable to owners of Experian plc
2025 | 2024 | |
US$m | US$m | |
Profit for the financial year attributable to owners of Experian plc | 1,166 | 1,199 |
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax | 268 | 129 |
Benchmark earnings attributable to owners of Experian plc (non-GAAP measure) | 1,434 | 1,328 |
Adjustment to constant exchange rates | 36 | (1) |
Benchmark earnings attributable to owners of Experian plc at constant FX (non-GAAP measure) | 1,470 | 1,327 |
(ii) Attributable to non-controlling interests
2025 | 2024 | |
US$m | US$m | |
Profit for the financial year attributable to non-controlling interests | 4 | 4 |
Add/(deduct): Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax | 1 | (2) |
Benchmark earnings attributable to non-controlling interests (non-GAAP measure) | 5 | 2 |
(c) Reconciliation of Total Benchmark earnings to profit for the financial year
2025 | 2024 | |
US$m | US$m | |
Total Benchmark earnings (non-GAAP measure) | 1,439 | 1,330 |
Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax: | ||
– attributable to owners of Experian plc | (268) | (129) |
– attributable to non-controlling interests | (1) | 2 |
Profit for the financial year | 1,170 | 1,203 |
(d) Weighted average number of ordinary shares
2025 | 2024 | |
million | million | |
Weighted average number of ordinary shares | 914 | 913 |
Add: dilutive effect of share incentive awards, options and share purchases | 8 | 8 |
Diluted weighted average number of ordinary shares | 922 | 921 |
2025
2024
US cents
US cents
per share
US$m
per share
US$m
Amounts recognised and paid during the financial year:
First interim – paid in February 2025 (2024: February 2024)
19.25
176
18.00
164
Second interim – paid in July 2024 (2024: July 2023)
40.50
370
37.75
345
Dividends paid on ordinary shares
546
509
Full-year dividend for the financial year
571
534
A second interim dividend in respect of the year ended 31 March 2025 of 43.25 US cents per ordinary share will be paid on 18 July 2025, to
shareholders on the register at the close of business on 20 June 2025. This dividend is not included as a liability in these financial statements. This
second interim dividend and the first interim dividend paid in February 2025 comprise the full-year dividend for the financial year of 62.50 US cents
per ordinary share. Further administrative information on dividends is given in the Shareholder and corporate information section. Dividend amounts
are quoted gross.
In the year ended 31 March 2025, the employee trusts waived their entitlements to dividends of US$3m (2024: US$3m). There is no entitlement to
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
197
197
Financial statements
Financial statements
(a) Movements in goodwill
2025 | 2024 | |
US$m | US$m | |
Cost | ||
At 1 April | 6,208 | 5,821 |
Differences on exchange | (121) | 19 |
Additions through business combinations (note 41(a)) | 815 | 368 |
At 31 March | 6,902 | 6,208 |
Accumulated impairment | ||
At 1 April | 246 | 246 |
Differences on exchange | 2 | — |
At 31 March | 248 | 246 |
Net book amount at 1 April | 5,962 | 5,575 |
Net book amount at 31 March | 6,654 | 5,962 |
(b) Goodwill by group of CGUs
2025 | 2024 | |
US$m | US$m | |
North America | 4,170 | 3,841 |
Latin America | 904 | 901 |
UK and Ireland | 763 | 742 |
EMEA and Asia Pacific | 817 | 478 |
At 31 March | 6,654 | 5,962 |
(c) Key assumptions for value-in-use calculations by group of CGUs
2025 | 2024 | |||
Long-term | Long-term | |||
Discount rate | growth rate | Discount rate | growth rate | |
% p.a. | % p.a. | % p.a. | % p.a. | |
North America | 9.7 | 3.5 | 10.6 | 3.6 |
Latin America | 17.6 | 5.2 | 19.1 | 5.1 |
UK and Ireland | 10.7 | 2.8 | 11.7 | 3.1 |
EMEA and Asia Pacific | 12.2 | 4.1 | 13.8 | 4.1 |
As indicated in note 6(a), value-in-use calculations are underpinned by financial forecasts, which continue to reflect our current assessment of the
impact of climate change and associated commitments the Group has made. Management’s key assumptions for the initial five-year period in the
value-in-use calculations were as follows:
• Forecast revenue growth rates were based on past experience, adjusted for the strategic opportunities within each group of CGUs; the forecasts used
average nominal growth rates of up to 19%, with rates of up to 11% in EMEA and Asia Pacific.
• Benchmark EBIT was forecast based on historical margins and expectations of future performance. Margins were expected to improve modestly
throughout the period in the mature CGUs and improve annually by an absolute mid-single-digit amount in EMEA and Asia Pacific.
• Forecast Benchmark operating cash flow conversion rates were based on historical conversion rates achieved and performance expectations in the
respective CGUs, with long-term conversion rates of 95% used in EMEA and Asia Pacific.
Further details of the principles used in determining the basis of allocation by CGU and annual impairment testing are given in note 6(a).
Notes to the Group financial statements
continued
Experian plc
Experian plc
Financial statements
Financial statements
198
198
20. Goodwill continued
(d) Results of annual impairment reviews for the year ended 31 March 2025
Solutions Pty Ltd and its subsidiary undertakings (illion) was reported as a separate group of CGUs at 30 September 2024. As indicated at the time,
that goodwill has now been allocated to the EMEA and Asia Pacific group of CGUs, being the group of CGUs expected to benefit from the synergies of
the combination. Consequently, a further impairment review of the goodwill allocated to the EMEA and Asia Pacific group of CGUs was undertaken
as at 31 March 2025 to include the goodwill acquired in the annual period. There have been no other significant changes in the key modelling
assumptions discussed in note 20(c) that would trigger a further review to be required at 31 March 2025.
value-in-use in excess of that amount would result in the recognition of an impairment charge. The sensitivities, which result in the recoverable
amount being equal to the carrying value, are summarised as follows:
• an absolute increase of 2.8 percentage points in the discount rate, from 12.2% to 15.0%; or
• an absolute reduction of 4.2 percentage points in the long-term growth rate, from growth of 4.1% to a decline of 0.1%; or
• a reduction of 8.2 percentage points in the forecast FY30 profit margin, from 24.4% to 16.2%. A reduction in the annual margin improvement of
approximately 1.6 percentage points per year over the five-year forecast period would also reduce the recoverable amount to the carrying value; or
• an absolute reduction of 34% in the forecast FY30 profit.
The recoverable amounts of all other groups of CGUs exceeded their carrying value, on the basis of the assumptions set out in the table in note 20(c)
and any reasonably possible changes thereof.
The impairment review considered the potential impact of climate change by considering the results of the scenario analysis performed consistent
Acquisition intangibles | |||||||
Customer | Acquired | Marketing- | Internally | ||||
and other | software | related | Internal use | generated | |||
relationships | development | assets | Databases | software | software | Total | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
Cost | |||||||
At 1 April 2024 | 1,645 | 544 | 98 | 1,655 | 395 | 1,773 | 6,110 |
Differences on exchange | (41) | (13) | (5) | (90) | (13) | (13) | (175) |
Additions through business combinations (note 41) | 318 | 200 | 7 | 11 | 1 | 26 | 563 |
Other additions | — | — | — | 203 | 60 | 340 | 603 |
Other disposals | (159) | (84) | (40) | (111) | (39) | (78) | (511) |
At 31 March 2025 | 1,763 | 647 | 60 | 1,668 | 404 | 2,048 | 6,590 |
Accumulated amortisation and impairment | |||||||
At 1 April 2024 | 907 | 357 | 84 | 1,159 | 296 | 870 | 3,673 |
Differences on exchange | (12) | (6) | (3) | (69) | (10) | (1) | (101) |
Charge for the year | 145 | 63 | 3 | 178 | 33 | 239 | 661 |
Impairment charge | — | — | — | 4 | — | 9 | 13 |
Other disposals | (159) | (84) | (40) | (111) | (39) | (78) | (511) |
At 31 March 2025 | 881 | 330 | 44 | 1,161 | 280 | 1,039 | 3,735 |
Net book amount at 31 March 2025 | 882 | 317 | 16 | 507 | 124 | 1,009 | 2,855 |
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
199
199
21. Other intangible assets continued
Financial statements
Financial statements
Acquisition intangibles | |||||||
Customer | Acquired | Marketing- | Internally | ||||
and other | software | related | Internal use | generated | |||
relationships | development | assets | Databases | software | software | Total | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
Cost | |||||||
At 1 April 2023 | 1,643 | 489 | 101 | 1,504 | 355 | 1,433 | 5,525 |
Differences on exchange | 3 | (3) | 2 | 7 | (4) | 22 | 27 |
Additions through business combinations | 68 | 76 | 3 | 3 | 3 | 6 | 159 |
Other additions | — | — | — | 201 | 50 | 349 | 600 |
Disposal of businesses | (6) | — | — | — | — | — | (6) |
Other disposals | (63) | (18) | (8) | (60) | (9) | (37) | (195) |
At 31 March 2024 | 1,645 | 544 | 98 | 1,655 | 395 | 1,773 | 6,110 |
Accumulated amortisation and impairment | |||||||
At 1 April 2023 | 834 | 318 | 88 | 1,036 | 272 | 688 | 3,236 |
Differences on exchange | 8 | 2 | — | 7 | 3 | 10 | 30 |
Charge for the year | 134 | 55 | 4 | 176 | 30 | 209 | 608 |
Disposal of businesses | (6) | — | — | — | — | — | (6) |
Other disposals | (63) | (18) | (8) | (60) | (9) | (37) | (195) |
At 31 March 2024 | 907 | 357 | 84 | 1,159 | 296 | 870 | 3,673 |
Net book amount at 1 April 2023 | 809 | 171 | 13 | 468 | 83 | 745 | 2,289 |
Net book amount at 31 March 2024 | 738 | 187 | 14 | 496 | 99 | 903 | 2,437 |
Within the above are the following individually material assets at 31 March 2025:
• Credit Data Solutions Pty Ltd (illion) core customer relationships acquired in the year with a net book value of US$163m and a remaining
amortisation period of 16 years.
• Tapad, Inc. customer relationships with a net book value of US$115m (2024: US$124m) and a remaining amortisation period of 13 (2024: 14) years.
• Predictive Pop, Inc. (Audigent) acquired software development with a net book value of US$97m and a remaining amortisation period of six years.
• North America Healthcare customer relationships with a net book value of US$75m (2024: US$104m) and a remaining amortisation period of three
(2024: four) years.
The impairment charge in the year includes US$6m in relation to exited businesses and US$7m for the fair value write-down of technology due to
Experian plc
Experian plc
Financial statements
Financial statements
200
200
Notes to the Group financial statements
continued
| Right-of-use assets | |||||||
Freehold | Leasehold | Plant and | Land and | Motor | Plant and | ||
properties | improvements | equipment | buildings | vehicles | equipment | Total | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
Cost | |||||||
At 1 April 2024 | 84 | 154 | 652 | 210 | 31 | 33 | 1,164 |
Differences on exchange | — | (3) | (5) | (2) | — | — | (10) |
Additions through business combinations | — | 1 | 1 | 3 | — | — | 5 |
Other additions | — | 7 | 41 | 15 | 12 | 4 | 79 |
Disposals | (1) | (21) | (111) | (30) | (10) | (21) | (194) |
At 31 March 2025 | 83 | 138 | 578 | 196 | 33 | 16 | 1,044 |
Accumulated depreciation and impairment | |||||||
At 1 April 2024 | 22 | 87 | 533 | 105 | 15 | 23 | 785 |
Differences on exchange | — | — | (3) | (1) | (1) | 1 | (4) |
Charge for the year | 2 | 5 | 47 | 29 | 9 | 5 | 97 |
Impairment charge | 2 | — | — | — | — | — | 2 |
Disposals | (1) | (21) | (110) | (26) | (8) | (20) | (186) |
At 31 March 2025 | 25 | 71 | 467 | 107 | 15 | 9 | 694 |
Net book amount at 31 March 2025 | 58 | 67 | 111 | 89 | 18 | 7 | 350 |
Right-of-use assets | |||||||
Freehold | Leasehold | Plant and | Land and | Motor | Plant and | ||
properties | improvements | equipment | buildings | vehicles | equipment | Total | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
Cost | |||||||
At 1 April 2023 | 73 | 150 | 644 | 201 | 26 | 36 | 1,130 |
Differences on exchange | 2 | 1 | 4 | 1 | — | — | 8 |
Additions through business combinations | — | — | 1 | — | — | — | 1 |
Other additions | — | 3 | 37 | 40 | 11 | 9 | 100 |
Transfer from assets held-for-sale | 9 | — | — | — | — | — | 9 |
Disposal of business | — | — | (1) | — | — | — | (1) |
Other disposals | — | — | (33) | (32) | (6) | (12) | (83) |
At 31 March 2024 | 84 | 154 | 652 | 210 | 31 | 33 | 1,164 |
Accumulated depreciation and impairment | |||||||
At 1 April 2023 | 20 | 81 | 512 | 99 | 12 | 24 | 748 |
Differences on exchange | — | 1 | 4 | — | — | — | 5 |
Charge for the year | 2 | 5 | 50 | 32 | 8 | 9 | 106 |
Disposal of business | — | — | (1) | — | — | — | (1) |
Other disposals | — | — | (32) | (26) | (5) | (10) | (73) |
At 31 March 2024 | 22 | 87 | 533 | 105 | 15 | 23 | 785 |
Net book amount at 1 April 2023 | 53 | 69 | 132 | 102 | 14 | 12 | 382 |
Net book amount at 31 March 2024 | 62 | 67 | 119 | 105 | 16 | 10 | 379 |
There were no indicators of material impairment as a result of climate-related matters in the current or prior year. The disposal of right-of-use assets
2025 | 2024 | |
US$m | US$m | |
At 1 April | 11 | 12 |
Share of profit after tax | 2 | — |
Impairment charge | — | (1) |
At 31 March | 13 | 11 |
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
201
201
Financial statements
Financial statements
2025 | 2024 | |
US$m | US$m | |
Trade and unbilled receivables | 1,508 | 1,419 |
Credit note provision | (41) | (51) |
Trade receivables – after credit note provision | 1,467 | 1,368 |
Contract assets | 153 | 146 |
Trade receivables and contract assets | 1,620 | 1,514 |
Loss allowance | (46) | (27) |
Net trade receivables and contract assets | 1,574 | 1,487 |
VAT and equivalent taxes recoverable | 11 | 8 |
Prepayments | 239 | 267 |
Contract costs | 86 | 94 |
1,910 | 1,856 | |
As reported in the Group balance sheet: | ||
Current trade and other receivables | 1,684 | 1,660 |
Non-current trade and other receivables | 226 | 196 |
1,910 | 1,856 |
There is no material difference between the fair value and the book value stated above. Non-current trade and other receivables comprise
prepayments, contract assets, unbilled receivables and contract costs. The increase in FY25, of the aggregate loss allowance and credit note
provision reflects the ageing of balances in certain business lines and specific reserves for a small number of customers.
At 31 March 2023, the value of trade and unbilled receivables was US$1,237m and contract assets was US$141m.
2025 | 2024 | |||
Gross carrying | Gross carrying | |||
Loss allowance | amount | Loss allowance | amount | |
US$m | US$m | US$m | US$m | |
Not past-due | (6) | 1,246 | (6) | 1,116 |
Up to three months past-due | (1) | 201 | (1) | 262 |
Three to six months past-due | (2) | 40 | (1) | 44 |
Over six months past-due | (37) | 133 | (19) | 92 |
Trade receivables and contract assets | (46) | 1,620 | (27) | 1,514 |
Loss allowance (note 24(c)) | (46) | (27) | ||
Net trade receivables and contract assets | 1,574 | 1,487 | ||
(c) Movements in the loss allowance
2025 | 2024 | |
US$m | US$m | |
At 1 April | 27 | 26 |
Increase in the loss allowance recognised in the Group income statement | 31 | 9 |
Receivables written off in the year as uncollectable | (12) | (9) |
Differences on exchange | — | 1 |
At 31 March | 46 | 27 |
(d) Analysis by currency denomination
Contract assets | Trade receivables | |||
2025 | 2024 | 2025 | 2024 | |
US$m | US$m | US$m | US$m | |
US dollar | 76 | 80 | 822 | 762 |
Brazilian real | 3 | 4 | 276 | 283 |
UK pound sterling | 38 | 26 | 195 | 169 |
Euro | 15 | 17 | 50 | 54 |
Other | 21 | 19 | 78 | 73 |
153 | 146 | 1,421 | 1,341 | |
Experian plc
Experian plc
Financial statements
Financial statements
202
202
Notes to the Group financial statements
continued
(a) Analysis by nature
2025 | 2024 | |
US$m | US$m | |
Cash at bank and in hand | 129 | 171 |
Short-term investments 1 | 239 | 141 |
368 | 312 |
1
Short term investments were elevated at 31 March 2025 due to the timing of the ClearSale acquisition (note 41(b)(iii)).
The effective interest rate for cash and cash equivalents held at 31 March 2025 was 7.4% (2024: 5.2%). There is no material difference between the
fair value and the book value stated above.
(b) Analysis by external credit rating
2025 | 2024 | |
US$m | US$m | |
Counterparty holding of more than US$2m: | ||
A rated | 223 | 219 |
B rated | 133 | 81 |
Counterparty holding of more than US$2m | 356 | 300 |
Counterparty holding of less than US$2m | 12 | 12 |
368 | 312 |
2025 | 2024 | |||
Current | Non-current | Current | Non-current | |
US$m | US$m | US$m | US$m | |
Trade payables | 358 | — | 341 | — |
VAT and other equivalent taxes payable | 36 | — | 37 | — |
Social security costs | 145 | — | 147 | — |
Accruals | 949 | 8 | 845 | 7 |
Contract liabilities | 392 | 61 | 437 | 83 |
Other payables | 247 | 103 | 229 | 100 |
2,127 | 172 | 2,036 | 190 | |
There is no material difference between the fair value and the book value stated above. Other payables include interest payable of US$15m
(2024: US$19m), employee benefits of US$136m (2024: US$124m) and deferred and contingent consideration of US$140m (2024: US$92m).
At 31 March 2023, the value of contract liabilities was US$546m.
2025 | 2024 | |
US$m | US$m | |
Financial instruments | 963 | 869 |
VAT and other equivalent taxes payable | 36 | 37 |
Social security costs | 145 | 147 |
Amounts within accruals and contract liabilities | 1,155 | 1,173 |
Items other than financial instruments | 1,336 | 1,357 |
2,299 | 2,226 |
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
203
203
Financial statements
Financial statements
(a) Analysis by carrying amounts and fair value
Carrying amount | Fair value | |||
2025 | 2024 | 2025 | 2024 | |
US$m | US$m | US$m | US$m | |
Current: | ||||
Bonds: | ||||
£400m 2.125% Euronotes 2024 | — | 505 | — | 498 |
£400m 0.739% Euronotes 2025 | 519 | — | 505 | — |
Commercial paper | 214 | 218 | 214 | 218 |
Bank overdrafts | 2 | 12 | 2 | 12 |
Lease obligations (note 29) | 39 | 37 | 39 | 37 |
774 | 772 | 760 | 765 | |
Non-current: | ||||
Bonds: | ||||
£400m 0.739% Euronotes 2025 | — | 506 | — | 473 |
€500m 1.375% Euronotes 2026 | 538 | 520 | 533 | 515 |
US$500m 4.25% Notes 2029 | 502 | 501 | 495 | 484 |
US$750m 2.75% Notes 2030 | 718 | 708 | 686 | 656 |
€500m 1.56% Euronotes 2031 | 545 | 544 | 495 | 480 |
£400m 3.25% Euronotes 2032 | 530 | 517 | 460 | 463 |
€500m 3.51% Euronotes 2033 | 536 | — | 535 | — |
€650m 3.375% Euronotes 2034 | 692 | — | 683 | — |
Bank loans | 84 | 84 | 84 | 84 |
Lease obligations (note 29) | 97 | 114 | 97 | 114 |
4,242 | 3,494 | 4,068 | 3,269 | |
Total borrowings | 5,016 | 4,266 | 4,828 | 4,034 |
The effective interest rates for bonds approximate to the coupon rates indicated above. Other than lease obligations, borrowings are unsecured.
Further information on the methodology used in determining fair values is given in note 31.
(b) Analysis by maturity
2025 | 2024 | |
US$m | US$m | |
Less than one year | 774 | 772 |
One to two years | 652 | 540 |
Two to three years | 24 | 628 |
Three to four years | 515 | 19 |
Four to five years | 726 | 511 |
Over five years | 2,325 | 1,796 |
5,016 | 4,266 |
(c) Analysis by currency
2025 | 2024 | |
US$m | US$m | |
US dollar | 4,001 | 3,305 |
Euro | 547 | 575 |
UK pound sterling | 297 | 362 |
Australian dollar | 126 | 1 |
Other | 45 | 23 |
5,016 | 4,266 |
The above analysis takes account of the effect of cross-currency swaps and forward foreign exchange contracts and reflects the way in which the
Group manages its exposures.
Experian plc
Experian plc
Financial statements
Financial statements
204
204
Notes to the Group financial statements
continued
27. Borrowings continued
(d) Undrawn committed bank borrowing facilities
2025 | 2024 | |
US$m | US$m | |
Facilities expiring in: | ||
One to two years | 316 | 100 |
Two to three years | — | 216 |
Three to four years | 2,050 | 150 |
Four to five years | — | 1,900 |
2,366 | 2,366 |
These facilities are at variable interest rates and are in place for general corporate purposes, including the financing of acquisitions and the refinancing
of other borrowings.
(e) Covenants and leverage ratio
There is one financial covenant in connection with the borrowing facilities. Benchmark EBIT must exceed three times net interest expense before
financing fair value remeasurements. The calculation of the financial covenant excludes the effects of IFRS 16. The Group monitors this, and the
Net debt to Benchmark EBITDA leverage ratio, and has complied with this covenant throughout the year.
(a) Analysis by nature
2025 | 2024 | |
US$m | US$m | |
Cash and cash equivalents (net of overdrafts) | 366 | 300 |
Debt due within one year – bonds and notes | (518) | (499) |
Debt due within one year – commercial paper | (214) | (218) |
Debt due within one year – lease obligations | (38) | (36) |
Debt due after more than one year – bonds and notes | (4,031) | (3,279) |
Debt due after more than one year – bank loans | (84) | (84) |
Debt due after more than one year – lease obligations | (97) | (114) |
Derivatives hedging loans and borrowings | (68) | (123) |
Net debt | (4,684) | (4,053) |
(b) Analysis by balance sheet caption
2025 | 2024 | |
US$m | US$m | |
Cash and cash equivalents | 368 | 312 |
Current borrowings | (774) | (772) |
Non-current borrowings | (4,242) | (3,494) |
Borrowings | (5,016) | (4,266) |
Total of Group balance sheet line items | (4,648) | (3,954) |
Accrued interest reported within borrowings excluded from Net debt | 32 | 24 |
Derivatives reported within Other financial assets | 34 | 2 |
Derivatives reported within Other financial liabilities | (102) | (125) |
Net debt | (4,684) | (4,053) |
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
205
205
28. Net debt (non-GAAP measure) continued
Financial statements
Financial statements
(c) Analysis of movements in Net debt (non-GAAP measure)
Derivatives | Liabilities | ||||||
hedging | from | Cash | |||||
loans and | Current | Non-current | financing | Accrued | and cash | ||
borrowings | borrowings | borrowings | activities | interest | equivalents | Net debt | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 2024 | (123) | (772) | (3,494) | (4,389) | 24 | 312 | (4,053) |
Cash flow | (34) | 41 | — | 7 | — | 400 | 407 |
Borrowings cash flow | — | 625 | (1,321) | (696) | — | — | (696) |
Reclassification of borrowings | — | (637) | 637 | — | — | — | — |
Net interest paid | — | — | — | — | — | (165) | (165) |
Movement on accrued interest | — | 4 | (12) | (8) | 8 | — | — |
Net cash flow | (34) | 33 | (696) | (697) | 8 | 235 | (454) |
Non-cash lease obligation additions and disposals 1 | — | (6) | (18) | (24) | — | — | (24) |
Principal lease payments | — | — | — | — | — | 41 | 41 |
Net share purchases | — | — | — | — | — | (179) | (179) |
Additions through business combinations | — | (1) | (2) | (3) | — | — | (3) |
Fair value gains/(losses) | 49 | (5) | (8) | 36 | — | — | 36 |
Exchange and other movements | 40 | (23) | (24) | (7) | — | (41) | (48) |
At 31 March 2025 | (68) | (774) | (4,242) | (5,084) | 32 | 368 | (4,684) |
Derivatives | Liabilities | ||||||
hedging | from | Cash | |||||
loans and | Current | Non-current | financing | Accrued | and cash | ||
borrowings | borrowings | borrowings | activities | interest | equivalents | Net debt | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 2023 | (154) | (156) | (3,943) | (4,253) | 21 | 202 | (4,030) |
Cash flow | (10) | 48 | — | 38 | — | 303 | 341 |
Borrowings cash flow | — | (102) | — | (102) | — | — | (102) |
Reclassification of borrowings | — | (537) | 537 | — | — | — | — |
Net interest paid | — | — | — | — | — | (149) | (149) |
Movement on accrued interest | — | (6) | 3 | (3) | 3 | — | — |
Net cash flow | (10) | (597) | 540 | (67) | 3 | 154 | 90 |
Non-cash lease obligation additions and disposals 1 | — | (5) | (45) | (50) | — | — | (50) |
Principal lease payments | — | — | — | — | — | 48 | 48 |
Net share purchases | — | — | — | — | — | (100) | (100) |
Additions through business combinations | — | (7) | — | (7) | — | — | (7) |
Fair value (losses)/gains | 14 | — | (17) | (3) | — | — | (3) |
Exchange and other movements | 27 | (7) | (29) | (9) | — | 8 | (1) |
At 31 March 2024 | (123) | (772) | (3,494) | (4,389) | 24 | 312 | (4,053) |
1
Experian plc
Experian plc
Financial statements
Financial statements
206
206
Notes to the Group financial statements
continued
The Group’s lease portfolio consists of 39 (2024: 38) significant property leases across the countries in which we operate. In addition, we lease
approximately 57 (2024: 67) smaller properties, 865 (2024: 889) motor vehicles, and a small number of hardware assets. The average remaining
lease term is 3.2 years (2024: 3.7 years) for significant property leases, 1.3 years (2024: 1.0 years) for other minor property leases and 1.9 years
(2024: 1.8 years) for motor vehicles and plant and equipment. Extension and termination options are included within a number of property and
equipment leases across the Group. These are used to maximise operational flexibility in terms of managing assets and lease exposures.
The majority of extension and termination options are exercisable only by the Group and not by the respective lessor.
(a) Amounts recognised in the Group balance sheet
2025 | 2024 | ||
Notes | US$m | US$m | |
Right-of-use assets: | |||
Land and buildings | 22 | 89 | 105 |
Motor vehicles | 22 | 18 | 16 |
Plant and equipment | 22 | 7 | 10 |
At 31 March | 114 | 131 | |
Lease obligations: | |||
Current | 27 | 39 | 37 |
Non-current | 27 | 97 | 114 |
At 31 March | 136 | 151 |
Sublease receivables at 31 March 2025 were US$6m (2024: US$7m), of which US$4m (2024: US$6m) falls due after more than one year.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for
leases in the Group, the incremental borrowing rate is used. The incremental borrowing rate is unique to each country and class of assets therein
and is based on the Group’s cost of debt, adjusted for factors specific to individual lessees and their borrowing capacity.
The Group is exposed to potential future increases in variable lease payments based on an index or a rate, which are not included in the lease
obligation until they take effect.
(b) Maturity of lease obligations – contractual undiscounted cash flows
2025 | 2024 | |
US$m | US$m | |
Less than one year | 44 | 44 |
One to two years | 34 | 38 |
Two to three years | 27 | 27 |
Three to four years | 15 | 21 |
Four to five years | 9 | 12 |
Over five years | 26 | 32 |
Total undiscounted lease obligations at 31 March | 155 | 174 |
(c) Amounts recognised in the Group income statement
2025 | 2024 | ||
Notes | US$m | US$m | |
Depreciation charge for right-of-use assets: | |||
Land and buildings | 22 | 29 | 32 |
Motor vehicles | 22 | 9 | 8 |
Plant and equipment | 22 | 5 | 9 |
Total depreciation charge for right-of-use assets | 43 | 49 | |
Interest expense | 16 | 7 | 8 |
Expense relating to the lease of low-value assets | 2 | 4 | |
Total | 52 | 61 |
We had no material sublease income in the current or prior year.
(d) Amounts recognised in the Group cash flow statement
During the year lease payments of US$48m (2024: US$56m) comprised US$41m (2024: US$48m) for repayments of principal and US$7m
(2024: US$8m) for payments of interest.
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
207
207
Financial statements
Financial statements
(a) Financial assets and liabilities revalued through OCI
| 2025 | 2024 | |||||
Current | Non-current | Total | Current | Non-current | Total | |
Assets | US$m | US$m | US$m | US$m | US$m | US$m |
Cash flow hedge of borrowings (cross-currency swaps) 1 | 1 | — | 1 | — | — | — |
Listed investments 2 | — | 54 | 54 | — | 67 | 67 |
Trade investments | — | 167 | 167 | — | 167 | 167 |
1 | 221 | 222 | — | 234 | 234 | |
| 2025 | 2024 | |||||
Current | Non-current | Total | Current | Non-current | Total | |
Liabilities | US$m | US$m | US$m | US$m | US$m | US$m |
Cash flow hedge of borrowings (cross-currency swaps) 1 | — | — | — | — | 10 | 10 |
1
Derivatives designated as a cash flow hedge are in a documented hedge accounting relationship and consequently are revalued through OCI.
2
(i) Summary
| 2025 | 2024 | |||||
Current | Non-current | Total | Current | Non-current | Total | |
Assets | US$m | US$m | US$m | US$m | US$m | US$m |
Financial assets held at amortised cost | 17 | — | 17 | — | — | — |
Derivative financial instruments: | ||||||
Fair value hedge of borrowings (cross-currency swaps) 1 | — | 26 | 26 | — | — | — |
Non-hedging derivatives (interest rate swaps) | 2 | 118 | 120 | 3 | 158 | 161 |
Non-hedging derivatives (foreign exchange contracts) | 10 | — | 10 | 2 | — | 2 |
Non-hedging derivatives (equity swaps) | 2 | 1 | 3 | 4 | 2 | 6 |
Derivative financial instruments | 14 | 145 | 159 | 9 | 160 | 169 |
Other financial assets at fair value through profit or loss 2 | 5 | 8 | 13 | — | 14 | 14 |
Assets at fair value through profit or loss | 19 | 153 | 172 | 9 | 174 | 183 |
Other financial assets | 36 | 153 | 189 | 9 | 174 | 183 |
| 2025 | 2024 | |||||
Current | Non-current | Total | Current | Non-current | Total | |
Liabilities | US$m | US$m | US$m | US$m | US$m | US$m |
Derivative financial instruments: | ||||||
Fair value hedge of borrowings (cross-currency swaps) | — | 59 | 59 | 20 | 45 | 65 |
Fair value hedge of borrowings (interest rate swaps) | — | 31 | 31 | — | 40 | 40 |
Derivatives used for hedging 1 | — | 90 | 90 | 20 | 85 | 105 |
Non-hedging derivatives (interest rate swaps) | — | 11 | 11 | — | 18 | 18 |
Non-hedging derivatives (foreign exchange contracts) | 4 | — | 4 | 3 | — | 3 |
Derivative financial instruments 3 | 4 | 101 | 105 | 23 | 103 | 126 |
Put options | — | 84 | 84 | 21 | 112 | 133 |
Other financial liabilities | 4 | 185 | 189 | 44 | 215 | 259 |
1
Derivatives used for hedging are in documented hedge accounting relationships.
2
Other financial assets at fair value through profit or loss comprise convertible loan notes purchased when acquiring interests in associates or minority investments.
3
Amounts recognised in the Group income statement in connection with the Group’s hedging instruments are disclosed in note 16. There is no material
difference between the fair values and the book values stated above.
Experian plc
Experian plc
Financial statements
Financial statements
208
208
Notes to the Group financial statements
continued
30. Financial assets and liabilities continued
| 2025 | 2024 | |||||||
Assets | Liabilities | Assets | Liabilities | |||||
Fair value | Notional | Fair value | Notional | Fair value | Notional | Fair value | Notional | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
Cross-currency swaps | 27 | 1,029 | 59 | 1,222 | — | — | 75 | 1,414 |
Interest rate swaps | 120 | 1,350 | 42 | 550 | 161 | 1,550 | 58 | 550 |
Foreign exchange contracts | 10 | 402 | 4 | 608 | 2 | 256 | 3 | 461 |
Equity swaps | 3 | 33 | — | — | 6 | 30 | — | — |
160 | 2,814 | 105 | 2,380 | 169 | 1,836 | 136 | 2,425 | |
Notional principal amounts are the amount of principal underlying the contracts at the reporting dates.
Assets | Liabilities | |||
2025 | 2024 | 2025 | 2024 | |
US$m | US$m | US$m | US$m | |
Reported in the Group balance sheet | 160 | 169 | 105 | 136 |
Related amounts not offset in the Group balance sheet | (86) | (90) | (86) | (90) |
Net amount | 74 | 79 | 19 | 46 |
(c) Hedge accounting
(i) Fair value and cash flow hedges
We use interest rate swaps to hedge the interest rate risk arising on fixed rate borrowings, and cross-currency swaps to hedge the currency and
interest rate risk arising on foreign currency fixed rate borrowings. Our risk management strategy for interest rate risk and currency risk is outlined
in note 8.
We determine the existence of an economic relationship between the hedging instruments and hedged items by comparing the currency, reference
interest rates, duration, repricing and maturity dates and the notional amounts of the hedging instruments to those of the hedged items.
We have established a hedge ratio of 1:1 for the hedging relationships, as the underlying risk of interest rate swaps and cross-currency swaps is
identical to the hedged risk components.
The main sources of ineffectiveness in the hedge accounting relationships are:
• The application of different interest rate curves to discount the cash flows of the hedged item and those of the hedging instrument, due to currency
basis spread.
• Differences in timing of cash flows of the hedged item and hedging instrument.
• The different impact of the counterparty’s credit risk on the fair value movements of the hedging instrument compared to the hedged item.
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
209
209
30. Financial assets and liabilities continued
Financial statements
Financial statements
(ii) Analysis of hedging instruments
The Group held the following instruments to hedge exposures to changes in foreign currency and interest rates.
| Maturity | ||||||
Less than | One to | Two to | Three to | Four to | Over | |
At 31 March 2025 | one year | two years | three years | four years | five years | five years |
Fair value hedges | ||||||
Interest rate risk | ||||||
Interest rate swaps: | ||||||
Notional amount (US$m) | — | — | — | — | 300 | — |
Weighted average fixed interest rate | — | — | — | — | 1.66% | — |
Cross-currency swaps: | ||||||
Notional amount (US$m) | — | 504 | — | — | — | 1,232 |
Weighted average fixed interest rate | — | 1.38% | — | — | — | 3.43% |
Foreign currency risk | ||||||
Cross-currency swaps: | ||||||
Notional amount (US$m) | — | 504 | — | — | — | 1,232 |
EUR:USD forward contract rate | — | 1.12 | — | — | — | 1.07 |
Cash flow hedge | ||||||
Foreign currency risk | ||||||
Cross-currency swaps: | ||||||
Notional amount (US$m) | 515 | — | — | — | — | — |
GBP:USD forward contract rate | 1.29 | — | — | — | — | — |
| Maturity | ||||||
Less than | One to | Two to | Three to | Four to | Over | |
At 31 March 2024 | one year | two years | three years | four years | five years | five years |
Fair value hedges | ||||||
Interest rate risk | ||||||
Interest rate swaps: | ||||||
Notional amount (US$m) | — | — | — | — | — | 300 |
Weighted average fixed interest rate | — | — | — | — | — | 1.66% |
Cross-currency swaps: | ||||||
Notional amount (US$m) | 395 | — | 504 | — | — | — |
Weighted average fixed interest rate | 2.13% | — | 1.38% | — | — | — |
Foreign currency risk | ||||||
Cross-currency swaps: | ||||||
Notional amount (US$m) | 395 | — | 504 | — | — | — |
EUR:USD forward contract rate | — | — | 1.12 | — | — | — |
GBP:USD forward contract rate | 1.32 | — | — | — | — | — |
Cash flow hedge | ||||||
Foreign currency risk | ||||||
Cross-currency swaps: | ||||||
Notional amount (US$m) | — | 515 | — | — | — | — |
GBP:USD forward contract rate | — | 1.29 | — | — | — | — |
Experian plc
Experian plc
Financial statements
Financial statements
210
210
Notes to the Group financial statements
continued
30. Financial assets and liabilities continued
(d) Impact of hedging instruments
2025 | ||||
Changes in fair value | ||||
used for calculating | ||||
Notional amount of | Carrying amount of hedging instrument | hedge ineffectiveness | ||
hedging instrument | Assets | Liabilities | (Note 16(c)) | |
US$m | US$m | US$m | US$m | |
Fair value hedges | ||||
Interest rate risk | ||||
Cross-currency swaps | 1,736 | 26 | (59) | (3) |
Interest rate swaps | 300 | — | (31) | (9) |
Foreign exchange risk | ||||
Cross-currency swaps | 1,736 | 26 | (59) | (36) |
Cash flow hedge | ||||
Foreign exchange risk | ||||
Cross-currency swaps | 515 | 1 | — | (11) |
2024 | ||||
Changes in fair value | ||||
used for calculating | ||||
Notional amount of | Carrying amount of hedging instrument | hedge ineffectiveness | ||
hedging instrument | Assets | Liabilities | (Note 16(c)) | |
US$m | US$m | US$m | US$m | |
Fair value hedges | ||||
Interest rate risk | ||||
Cross-currency swaps | 899 | — | (65) | (22) |
Interest rate swaps | 300 | — | (40) | 6 |
Foreign exchange risk | ||||
Cross-currency swaps | 899 | — | (65) | (2) |
Cash flow hedge | ||||
Foreign exchange risk | ||||
Cross-currency swaps | 515 | — | (10) | (14) |
Except for the cash flow hedge, interest rate and cross-currency swaps are reported within Other financial assets and Other financial liabilities in the
Group balance sheet. Cross-currency swaps in respect of the cash flow hedge are reported within Financial assets revalued through OCI or Financial
liabilities revalued through OCI, in the Group balance sheet.
(e) Impact of hedged items
| 2025 | 2024 | |||||
Accumulated | ||||||
amount of fair | Accumulated | |||||
value hedge | amount of fair | |||||
adjustments | value hedge | |||||
included in | adjustments | |||||
the carrying | included in | |||||
| Carrying amount | amount of the | Changes in fair value | the carrying | Changes in fair value | ||
of hedged item | hedged item | used for calculating | Carrying amount of | amount of the | used for calculating | |
hedge ineffectiveness | hedged item | hedged item | hedge ineffectiveness | |||
Liabilities | (Note 16(c)) | Liabilities | (Note 16(c)) | |||
| US$m | US$m | US$m | US$m | US$m | US$m | |
Fair value hedges | ||||||
Interest rate risk | ||||||
Borrowings | (1,983) | (52) | 14 | (1,103) | (67) | 26 |
Foreign exchange risk | ||||||
Borrowings | (1,712) | (13) | 31 | (842) | (34) | 2 |
Cash flow hedge | ||||||
Foreign exchange risk | ||||||
Borrowings | (519) | n/a | 11 | (506) | n/a | 14 |
The hedging reserve at 31 March 2025 included a debit of US$1m (2024: US$nil) in respect of the cash flow hedge. Borrowings are reported within
Borrowings in the Group balance sheet.
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
211
211
30. Financial assets and liabilities continued
Financial statements
Financial statements
(f) Impact of hedge ineffectiveness
2025 | 2024 | |
Fair value hedges (Note 16(c)) | US$m | US$m |
Interest rate risk | 2 | 10 |
Foreign exchange risk | (5) | — |
(Gains)/losses on items in hedging relationships – hedge ineffectiveness | (3) | 10 |
Hedge ineffectiveness is reported within Net finance expense in the Group income statement.
| 2025 | 2024 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
Financial assets: | ||||||||
Derivatives used for hedging – fair value hedges | — | 26 | — | 26 | — | — | — | — |
Non-hedging derivatives | — | 133 | — | 133 | — | 169 | — | 169 |
Other financial assets at fair value through profit or loss | — | — | 13 | 13 | — | — | 14 | 14 |
Financial assets at fair value through profit or loss (note 30(b)) | — | 159 | 13 | 172 | — | 169 | 14 | 183 |
Derivatives used for hedging – cash flow hedge 1 | — | 1 | — | 1 | — | — | — | — |
Listed and trade investments | 54 | — | 167 | 221 | 67 | — | 167 | 234 |
Financial assets revalued through OCI (note 30(a)) | 54 | 1 | 167 | 222 | 67 | — | 167 | 234 |
54 | 160 | 180 | 394 | 67 | 169 | 181 | 417 | |
Financial liabilities: | ||||||||
Derivatives used for hedging – fair value hedges | — | (90) | — | (90) | — | (105) | — | (105) |
Non-hedging derivatives | — | (15) | — | (15) | — | (21) | — | (21) |
Other liabilities at fair value through profit or loss | — | — | (140) | (140) | — | — | (92) | (92) |
Financial liabilities at fair value through profit or loss (note 30(b)) | — | (105) | (140) | (245) | — | (126) | (92) | (218) |
Derivatives used for hedging – cash flow hedge 1 | — | — | — | — | — | (10) | — | (10) |
Put options | — | — | (84) | (84) | — | — | (133) | (133) |
— | (105) | (224) | (329) | — | (136) | (225) | (361) | |
Net financial assets/(liabilities) | 54 | 55 | (44) | 65 | 67 | 33 | (44) | 56 |
1
The analysis by level is a requirement of IFRS 13 ‘Fair Value Measurement’ and the definitions are summarised here for completeness:
• assets and liabilities whose valuations are based on unadjusted quoted prices in active markets for identical assets and liabilities are classified as
Level 1
• assets and liabilities which are not traded in an active market, and whose valuations are derived from available market data that is observable for
the asset or liability, are classified as Level 2
• assets and liabilities whose valuations are derived from inputs not based on observable market data are classified as Level 3.
Level 3 items principally comprise minority shareholdings in unlisted businesses, trade investments, contingent consideration and put options
associated with corporate transactions.
Unlisted equity investments, initially measured at cost, are revalued where sufficient indicators are identified that a change in the fair value has
occurred. The inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee’s
equity and estimated discounted cash flows that will arise from the investment.
The calculation of the fair value of the Group’s acquisition-related contingent consideration and put option liabilities requires management to estimate
the outcome of uncertain future events. These liabilities are typically linked to the future financial performance of the acquired business, with the key
area of estimation uncertainty being the estimation of the relevant financial metrics. Material valuations are based on Monte Carlo simulations using
the most recent management expectations of relevant business performance, reflecting the different contractual arrangements in place.
The range of the put option exercise price on the FY24 acquisition of MOVA Sociedade de Empréstimo Entre Pessoas S.A. (MOVA) is set out in
note 30(h).
There would be no material effect on the other amounts stated from any reasonably possible change in inputs at 31 March 2025. There were no
transfers between levels during the current or prior year.
Experian plc
Experian plc
Financial statements
Financial statements
212
212
Notes to the Group financial statements
continued
30. Financial assets and liabilities continued
(h) Analysis of movements in Level 3 financial assets/(liabilities)
Year ended 31 March 2025 | Year ended 31 March 2024 | |||||||||
Financial | Financial | |||||||||
assets | Other | assets | Other | |||||||
revalued | financial | revalued | financial | |||||||
through | assets | Contingent | Put | through | assets | Contingent | Put | |||
OCI | at FVPL | consideration | options | Total | OCI | at FVPL | consideration | options | Total | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April | 167 | 14 | (92) | (133) | (44) | 252 | 16 | (139) | (33) | 96 |
Additions 1,2 | 46 | 6 | (56) | — | (4) | 9 | 2 | (56) | (71) | (116) |
Disposals | (5) | (11) | — | — | (16) | (1) | — | — | — | (1) |
Conversion of convertible debt to equity | ||||||||||
investments | 3 | (3) | — | — | — | 5 | (5) | — | — | — |
Settlement of contingent consideration | ||||||||||
(note 41(b)(ii)) | — | — | 8 | — | 8 | — | — | 112 | — | 112 |
Adjustment to the fair value of | ||||||||||
contingent consideration 3 | — | — | (1) | — | (1) | — | — | (4) | — | (4) |
Valuation gains/(losses) recognised in | ||||||||||
the Group income statement 4 | — | 6 | — | 5 | 11 | — | — | — | (31) | (31) |
Settlement of put options 5 | — | — | — | 22 | 22 | — | — | — | — | — |
Transfer of put option liability to | ||||||||||
contingent consideration 5 | — | — | (9) | 9 | — | — | — | — | — | — |
Valuation losses recognised in OCI 6 | (44) | — | — | — | (44) | (98) | — | — | — | (98) |
Currency translation gains/(losses) | ||||||||||
recognised directly in OCI | — | — | 10 | 13 | 23 | — | — | (2) | 2 | — |
Other | — | 1 | — | — | 1 | — | 1 | (3) | — | (2) |
At 31 March | 167 | 13 | (140) | (84) | (44) | 167 | 14 | (92) | (133) | (44) |
1
Additions to contingent consideration comprised US$56m (2024: US$56m) in respect of acquisitions (note 41). Of the FY25 addition, US$40m relates to the acquisition of Salt Participações S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
Additions to put options in the year ended 31 March 2024 comprised US$71m in respect of the MOVA acquisition.
3
Contingent consideration liabilities are revalued at each reporting date based on current projections of the associated targets, with any fair value remeasurements recognised as a non-benchmark item in the
Group income statement (note 15(a)).
4
Movements in the present value of expected future payments for put options are unrealised and are recognised in financing fair value remeasurements in the Group income statement.
In the year ended 31 March 2025, a valuation gain of US$20m (2024: loss of US$12m) was recorded on the put option recognised on the acquisition of MOVA in FY24, together with losses on other put
option liabilities. The exercise price of this put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, we expect the likely range of the
undiscounted option exercise price to be between US$49m and US$131m (2024: between US$66m and US$283m). We have determined the fair value of the put option liability at 31 March 2025 to be US$50m
(2024: US$81m). If the discount rate used in this determination increased or decreased by a percentage point, the put option liability would decrease or increase by approximately US$2m. There is also a
corresponding call option in place, the fair value of which is US$nil.
5
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Soluções de Tecnologia Digital Ltda. (Brain) for a cash consideration of US$22m. An additional amount may be
payable in future years, which is contingent on the financial performance of Brain. Contingent consideration of US$9m is recognised in respect of this unpaid element.
6
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
213
213
Financial statements
Financial statements
31. Fair value methodology
Information in respect of the carrying amounts and the fair value of borrowings is included in note 27(a). There are no material differences between the
carrying value of the Group’s other financial assets and liabilities not measured at fair value and their estimated fair values. The following assumptions
and methods are used to estimate the fair values:
• the fair values of receivables, financial assets held at amortised cost, cash and cash equivalents and payables are considered to approximate to the
carrying amounts
• the fair values of short-term borrowings, other than bonds, are considered to approximate to the carrying amounts due to the short maturity terms of
such instruments
• the fair value of that portion of bonds carried at amortised cost is based on quoted market prices, employing a valuation methodology falling within
Level 1 of the IFRS 13 fair value hierarchy
• the fair value of listed investments is based on quoted market prices, employing a valuation methodology falling within Level 1 of the IFRS 13 fair
value hierarchy
• the fair values of long-term variable rate bank loans and lease obligations are considered to approximate to the carrying amount
• the fair values of other financial assets and liabilities are calculated based on a discounted cash flow analysis, using a valuation methodology falling
within Level 2 of the IFRS 13 fair value hierarchy, apart from the fair values of trade investments and contingent consideration which are determined
using a valuation methodology falling within Level 3 of the IFRS 13 fair value hierarchy.
The Group considers the impact of climate-related matters, including legislation, on the fair value measurement of assets and liabilities. At present,
Less than | One to | Two to | Three to | Four to | Over | ||
one year | two years | three years | four years | five years | five years | Total | |
At 31 March 2025 | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
Borrowings | 898 | 776 | 137 | 625 | 848 | 2,588 | 5,872 |
Net settled derivative financial instruments – interest rate swaps | 15 | 15 | 15 | 15 | 9 | — | 69 |
Gross settled derivative financial instruments: | |||||||
Outflows for derivative contracts | 359 | 555 | 44 | 44 | 44 | 928 | 1,974 |
Inflows for derivative contracts | (315) | (517) | (24) | (24) | (24) | (821) | (1,725) |
Gross settled derivative financial instruments | 44 | 38 | 20 | 20 | 20 | 107 | 249 |
Options in respect of non-controlling interests | — | — | 27 | — | 108 | — | 135 |
Trade and other payables | 853 | 56 | 71 | 5 | 2 | 4 | 991 |
Cash outflows | 1,810 | 885 | 270 | 665 | 987 | 2,699 | 7,316 |
Less than | One to | Two to | Three to | Four to | Over | ||
one year | two years | three years | four years | five years | five years | Total | |
At 31 March 2024 | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
Borrowings | 868 | 621 | 725 | 88 | 579 | 1,939 | 4,820 |
Net settled derivative financial instruments – interest rate swaps | 20 | 19 | 19 | 20 | 20 | 12 | 110 |
Gross settled derivative financial instruments: | |||||||
Outflows for derivative contracts | 911 | 555 | 512 | — | — | — | 1,978 |
Inflows for derivative contracts | (856) | (516) | (492) | — | — | — | (1,864) |
Gross settled derivative financial instruments | 55 | 39 | 20 | — | — | — | 114 |
Options in respect of non-controlling interests | — | 22 | 27 | — | — | 156 | 205 |
Trade and other payables | 762 | 104 | 5 | 7 | — | — | 878 |
Cash outflows | 1,705 | 805 | 796 | 115 | 599 | 2,107 | 6,127 |
The table above analyses financial liabilities into maturity groupings, based on the period from the balance sheet date to the contractual maturity date.
As the amounts disclosed are the contractual undiscounted cash flows, they differ from the carrying values and fair values. Contractual undiscounted
Experian plc
Experian plc
Financial statements
Financial statements
214
214
Notes to the Group financial statements
continued
(a) Cost of share-based compensation
2025 | 2024 | |
US$m | US$m | |
Share awards | 114 | 122 |
Share options | 13 | 10 |
Expense recognised (all equity-settled) | 127 | 132 |
Charge for associated social security obligations | 11 | 7 |
Total expense recognised in the Group income statement | 138 | 139 |
The Group has a number of equity-settled, share-based employee incentive plans. Further information on share award arrangements is given in
note 33(b). As the numbers of share options granted or outstanding and the related charge to the Group income statement are not significant,
no further disclosures are included in these financial statements.
(b) Share awards
(i) Summary of arrangements and performance conditions
There are three plans under which share awards are currently granted – the two Experian Co-investment Plans (the CIP) and the Experian
Performance Share Plan (the PSP). Awards typically take the form of a grant of free shares which vest over a service period of three years, with a
maximum term generally of the same length, and are settled by share distribution. The assumption at grant date for employee departures prior to
vesting is 20% for certain unconditional awards, which are only made under the PSP. Other details in respect of conditional awards are given below.
During the year ended 31 March 2021, a one-off award was made under the PSP to employees who are not eligible to participate in existing share
award schemes. These awards had no service or performance conditions attached and vested immediately. Participants who held the shares received
for three years were entitled to receive two matching shares for each share they originally received and these matching awards vested in the year.
CIP
For the purposes of IFRS 2 ‘Share-based Payment’, the grant date for these plans is the start of the financial year in which performance is assessed.
This is before the number of shares to be awarded is determined but the underlying value of the award is known, subject to the outcome of the
performance condition. The value of awarded shares reflects the performance outcome assumed at the date of their issue to participants and is
recognised over a four-year period.
The range of performance conditions for awards under these plans is set out below. In order for granted awards to vest, the Profit performance
condition (Profit condition) requires adjusted Benchmark EPS growth at the stated percentages over a three-year period. The cumulative Benchmark
operating cash flow performance condition (Cash flow condition) is based on cumulative Benchmark operating cash flow over a three-year period.
The period of assessment commences at the beginning of the financial year of grant. These are not market-based performance conditions as defined
by IFRS 2.
PSP
The range of Profit performance conditions for conditional awards under this plan is the same as that for the CIP described above. For granted awards
to vest, the Return on Capital Employed condition (ROCE condition) requires average ROCE over the period at the percentages stated below. Both these
conditions are not market-based performance conditions as defined by IFRS 2 and are also measured over a three-year period commencing at the
beginning of the financial year of grant.
The TSR performance condition is considered a market-based performance condition as defined by IFRS 2. In valuing the awarded shares, TSR is
evaluated using a Monte Carlo simulation, with historical volatilities and correlations for comparator companies measured over the three-year period
preceding valuation and an implied volatility for Experian plc ordinary shares.
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
215
215
33. Share incentive plans continued
(i) Summary of arrangements and performance conditions continued
Financial statements
Financial statements
Year ended | 31 March 2025 | 31 March 2024 | 31 March 2023 | |||
CIP | PSP | CIP | PSP | CIP | PSP | |
Profit condition: | ||||||
Proportion of awards subject | ||||||
to condition | 50% | 50% | 50% | 50% | 50% | 50% |
Minimum payout requirement | 5% per annum | 5% per annum | 5% per annum | 5% per annum | 6% per annum | 6% per annum |
Target payout requirement | 7% per annum | 7% per annum | 7% per annum | 7% per annum | 8% per annum | 8% per annum |
Maximum payout requirement | 9% per annum | 9% per annum | 9% per annum | 9% per annum | 10% per annum | 10% per annum |
Assumed outcome at grant date | 50% | 50% | 50% | 50% | 75% | 75% |
Cash flow condition: | ||||||
Proportion of awards subject | ||||||
to condition | 50% | 50% | 50% | |||
Minimum payout requirement | US$5.9bn | US$5.5bn | US$5.0bn | |||
Target payout requirement | US$6.15bn | US$5.75bn | US$5.2bn | |||
Maximum payout requirement | US$6.4bn | US$6.0bn | US$5.4bn | |||
Assumed outcome at grant date | 57% | 53% | 77% | |||
ROCE condition: | ||||||
Proportion of awards subject | ||||||
to condition | 25% | 25% | 25% | |||
Minimum payout requirement | 14.5% per annum | 14.5% per annum | 14.5% per annum | |||
Target payout requirement | 15.4% per annum | 15.4% per annum | 15.4% per annum | |||
Maximum payout requirement | 16.0% per annum | 16.0% per annum | 16.0% per annum | |||
Assumed outcome at grant date | 100% | 75% | 64% | |||
TSR condition: | ||||||
Proportion of awards subject | ||||||
to condition | 25% | 25% | 25% | |||
Assumed outcome at grant date | 48% | 62% | 62% | |||
(ii) Information on share grant valuations
Share grants are valued by reference to the market price on the day of award, with no modification for dividend distributions or other factors,
as participants are entitled to dividend distributions on awarded shares. Market-based performance conditions are included in the fair value
measurement on the grant date and are not revised for actual performance. Awards granted in the year ended 31 March 2025 had a weighted
average fair value per share of £36.11 (2024: £28.56).
(iii) Share awards outstanding
2025 | 2024 | |
million | million | |
At 1 April | 12.4 | 12.2 |
Grants | 3.4 | 4.1 |
Forfeitures | (1.7) | (0.7) |
Lapse of awards | (0.1) | (0.2) |
Vesting | (3.7) | (3.0) |
At 31 March | 10.3 | 12.4 |
Analysis by plan: | ||
CIP | 2.9 | 3.7 |
PSP – conditional awards | 2.2 | 2.9 |
PSP – unconditional awards | 5.2 | 5.8 |
At 31 March | 10.3 | 12.4 |
Experian plc
Experian plc
Financial statements
Financial statements
216
216
Notes to the Group financial statements
continued
An overview of the Group's post-employment benefit plans and the related risks is given below. The additional information required by IAS 19
'Employee Benefits', which relates only to the Group's defined benefit pension plans and post-employment medical benefits obligations, is set out
in note 35.
(a) Funded pension plans
The Group’s principal defined benefit plan is the Experian Pension Scheme in the UK. The plan was closed to new entrants in 2009 and to the future
accrual of new benefits from 1 April 2022. Active member benefits were crystallised as deferred pensions and all UK employees were offered
membership of the Group’s UK defined contribution plan from that date.
The Experian Pension Scheme has rules which specify the benefits to be paid, with the level of pension benefit payable on retirement dependent on
age, length of service and salary. At 31 March 2025 there were 1,063 (2024: 1,132) deferred and 2,411 (2024: 2,391) pensioner members of the plan.
A full actuarial funding valuation of the Experian Pension Scheme is carried out every three years, with interim reviews in the intervening years.
The latest full valuation was carried out as at 31 March 2022 by independent qualified actuaries Mercer Limited, using the projected unit credit
method and there was a moderate funding surplus. The next full valuation will be carried out as at 31 March 2025, and is expected to be agreed by
31 March 2026.
The Experian Pension Scheme is governed by a trust deed, which ensures that its finances and governance are independent from those of the Group.
Trustees are responsible for overseeing the investments and funding of the plans and plan administration. The UK pensions environment is regulated
by The Pensions Regulator whose statutory objectives and regulatory powers are described on its website at
thepensionsregulator.gov.uk
.
The majority of the Group’s employees have the option to join local defined contribution plans and under the plans employee and employer
contributions are paid into independently administered funds, which are used to provide retirement benefits for members. The Group’s obligation
is limited to the contributions made and details of amounts paid to defined contribution plans are set out in note 12(a). There are no other material
funded pension arrangements.
(b) Unfunded pension arrangements
The Group's unfunded pension arrangements are designed to ensure that certain senior managers who are affected by the earnings cap, which was
introduced by the UK government some years ago to set a ceiling on the amount of benefits that could be paid by defined benefit pension plans, were
placed in broadly the same position as those who were not. There are also unfunded arrangements for certain former directors and employees of,
the subsidiary undertakings, Experian Finance plc and Experian Limited. Certain of these unfunded arrangements in the UK have been secured by
the grant to an independent trustee of charges over an independently managed portfolio of marketable securities owned by the Group and reported
as financial assets revalued through OCI (note 30(a)). Benefit accrual under the unfunded arrangements ceased from 1 April 2022.
(c) Post-employment medical benefits
The Group operates a plan which provides post-employment medical benefits to eligible former UK employees who retired prior to 1 April 1994 and
their dependant relatives.
(d) Related risks
Through its defined benefit pension plans and post-employment medical benefits plan, the Group is exposed to a number of risks that are inherent in
such plans and arrangements, which can be summarised as follows:
• asset value volatility, with the associated impact on the assets held in connection with the funding of pension obligations and the related cash flows
• changes in bond yields, with any reduction resulting in an increase in the present value of pension obligations, mitigated by an increase in the value of
plan assets
• inflation, as pension obligations are generally linked to inflation and the prevailing rate of inflation experienced for medical benefits is typically higher
than other inflation measures in the UK
• life expectancy, as pension and medical benefits are generally provided for the life of beneficiaries and their dependants.
There are no unusual, entity-specific or plan-specific risks, and no significant concentrations of risk.
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
217
217
Financial statements
Financial statements
35. Post-employment benefits – IAS 19 information
(a) Post-employment benefit amounts recognised in the Group financial statements
(i) Balance sheet assets/(obligations)
2025 | 2024 | |
US$m | US$m | |
Retirement benefit assets/(obligations) – funded defined benefit plans: | ||
Fair value of funded plans' assets | 828 | 871 |
Present value of funded plans' obligations | (626) | (685) |
Assets in the Group balance sheet for funded defined benefit pensions | 202 | 186 |
Obligations for unfunded post-employment benefits: | ||
Present value of defined benefit pensions – unfunded plans | (35) | (37) |
Present value of post-employment medical benefits | (2) | (2) |
Liabilities in the Group balance sheet | (37) | (39) |
Net post-employment benefit assets | 165 | 147 |
Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as, under the rules of the
UK Experian Pension Scheme, future economic benefits are available to the Group in the form of reductions in any future contribution requirements or
refunds of surplus.
(ii) Income statement credit
2025 | 2024 | |
US$m | US$m | |
By nature of expense: | ||
Administration expenses | 3 | 3 |
Charge within labour costs and operating profit | 3 | 3 |
Interest income (note 16(a)) | (7) | (7) |
Total net credit to the Group income statement | (4) | (4) |
The income statement charge and the remeasurement recognised in the Statement of comprehensive income relate to defined benefit pension plans.
(b) Movements in net post-employment benefit assets/(obligations) recognised in the Group
balance sheet
Present value of obligations | ||||||
Defined | Defined | Post- | ||||
benefit | benefit | employment | ||||
Fair value of | pensions | pensions | medical | Movements in | ||
plan assets | – funded | – unfunded | benefits | Total | net position | |
US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 2024 | 871 | (685) | (37) | (2) | (724) | 147 |
Income statement credit/(charge): | ||||||
Administration expenses | (3) | — | — | — | — | (3) |
Interest income/(expense) | 42 | (33) | (2) | — | (35) | 7 |
Total credit/(charge) to the Group income statement | 39 | (33) | (2) | — | (35) | 4 |
Remeasurements: | ||||||
Return on plan assets other than interest | (64) | — | — | — | — | (64) |
Gains from change in demographic assumptions | — | 2 | — | — | 2 | 2 |
Gains from change in financial assumptions | — | 68 | 2 | — | 70 | 70 |
Experience losses | — | (2) | — | — | (2) | (2) |
Remeasurement of post-employment benefit assets | ||||||
and obligations | (64) | 68 | 2 | — | 70 | 6 |
Differences on exchange | 21 | (15) | (1) | — | (16) | 5 |
Contributions paid by the Group | 3 | — | — | — | — | 3 |
Benefits paid | (42) | 39 | 3 | — | 42 | — |
At 31 March 2025 | 828 | (626) | (35) | (2) | (663) | 165 |
Experian plc
Experian plc
Financial statements
Financial statements
218
218
Notes to the Group financial statements
continued
35. Post-employment benefits – IAS 19 information continued
Present value of obligations | ||||||
Defined | Defined | Post- | ||||
benefit | benefit | employment | ||||
Fair value of | pensions | pensions | medical | Movements in | ||
plan assets | – funded | – unfunded | benefits | Total | net position | |
US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 2023 | 866 | (692) | (36) | (3) | (731) | 135 |
Income statement credit/(charge): | ||||||
Administration expenses | (3) | — | — | — | — | (3) |
Interest income/(expense) | 42 | (33) | (2) | — | (35) | 7 |
Total credit/(charge) to the Group income statement | 39 | (33) | (2) | — | (35) | 4 |
Remeasurements: | ||||||
Return on plan assets other than interest | (11) | — | — | — | — | (11) |
Gains from change in demographic assumptions | — | 12 | — | — | 12 | 12 |
Gains from change in financial assumptions | — | 4 | 1 | — | 5 | 5 |
Experience losses | — | (3) | (1) | — | (4) | (4) |
Remeasurement of post-employment benefit assets | ||||||
and obligations | (11) | 13 | — | — | 13 | 2 |
Differences on exchange | 17 | (13) | (1) | — | (14) | 3 |
Contributions paid by the Group | 3 | — | — | — | — | 3 |
Benefits paid | (43) | 40 | 2 | 1 | 43 | — |
At 31 March 2024 | 871 | (685) | (37) | (2) | (724) | 147 |
(c) Actuarial assumptions and sensitivities
The accounting valuations at 31 March 2025 have been based on the most recent actuarial valuations, updated to take account of the requirements
of IAS 19. The assumptions for the real discount rate, pension increases and mortality, used to calculate the present value of the defined benefit
obligations, all have a significant effect on the accounting valuation.
The assumed single equivalent margin between RPI and CPI has been reduced to 40 basis points from 45 basis points at 31 March 2024, consistent
with our continued assumption of a 100 basis point margin prior to 2030, with a ten basis point margin assumed thereafter.
The single equivalent differential is expected to reduce over time towards 2030. This results in an increase in retirement benefit obligations at
31 March 2025 of approximately US$1m.
The other methods and assumptions used are consistent with those used in the prior year. Changes to these assumptions in the light of prevailing
conditions may have a significant impact on future valuations. Indications of the sensitivity of the amounts reported at 31 March 2025 to changes in
the real discount rate, pension increases, life expectancy and medical costs are included below.
The absolute sensitivity numbers are stated on a basis consistent with the methodology used in determining the accounting valuation as at 31 March
2025. The methodology evaluates the effect of a change in each assumption on the relevant obligations, while holding all other assumptions constant.
(i) Financial actuarial assumptions
2025 | 2024 | |
% p.a. | % p.a. | |
Discount rate | 5.8 | 4.9 |
Inflation rate – based on the UK Retail Prices Index (the RPI) | 3.2 | 3.3 |
Inflation rate – based on the UK Consumer Prices Index (the CPI) | 2.8 | 2.8 |
Increase for pensions in payment – element based on the RPI (where cap is 5%) | 3.0 | 3.1 |
Increase for pensions in payment – element based on the CPI (where cap is 2.5%) | 1.9 | 1.9 |
Increase for pensions in payment – element based on the CPI (where cap is 3%) | 2.2 | 2.2 |
Increase for pensions in deferment | 2.8 | 2.8 |
Inflation in medical costs | 6.5 | 6.3 |
The principal financial assumption is the real discount rate, which is the excess of the discount rate over the rate of inflation. The discount rate is based
on the market yields of high-quality corporate bonds of a currency and term appropriate to the defined benefit obligations. The Experian Pension
Scheme obligations are in UK pounds sterling and have a maturity on average of 12 years. If the real discount rate increased/decreased by 0.25%, the
defined benefit obligations at 31 March 2025 would decrease/increase by approximately US$17m and the fair value of plan assets would decrease/
increase by approximately US$20m.
The rates of increase for pensions in payment reflect the separate arrangements applying to different groups of Experian’s pensioners. If the inflation
rate underlying the pension increases (both in payment and in deferment) increased/decreased by 0.1%, the defined benefit obligations at 31 March
2025 would increase/decrease by approximately US$5m.
Financial statements
Financial statements
35. Post-employment benefits – IAS 19 information continued
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
219
219
(ii) Mortality assumptions – average life expectancy on retirement at age 65 in normal health
2025 | 2024 | |
years | years | |
For a male currently aged 65 | 22.1 | 22.2 |
For a female currently aged 65 | 24.2 | 24.2 |
For a male currently aged 50 | 23.1 | 23.1 |
For a female currently aged 50 | 25.3 | 25.3 |
The accounting valuation assumes that mortality will be in line with standard tables adjusted to reflect the expected experience of the Experian
Pension Scheme membership, based on analysis carried out for the 2022 actuarial valuation. A specific allowance for anticipated future improvements
in life expectancy is also incorporated.
The Group has also considered the potential impact of climate change and, at the present time, we do not believe that there is sufficient evidence to
require a change in the long-term mortality assumptions. We will continue to monitor any potential future impact on the mortality assumptions used.
An increase in assumed life expectancy of 0.1 years would increase the defined benefit obligations at 31 March 2025 by approximately US$2m.
(iii) Post-employment medical benefits
The accounting valuation in respect of post-employment medical benefits assumes a rate of increase for medical costs. If this rate increased/
decreased by 1.0% per annum, the obligations at 31 March 2025 and the finance expense would remain unchanged.
(d) Assets of the Group's defined benefit plans at fair value
2025 | 2024 | |||
US$m | % | US$m | % | |
Equities | 116 | 14 | 105 | 12 |
Index-linked gilts/Liability Driven Investments | 227 | 28 | 262 | 30 |
Global corporate bonds | 276 | 33 | 290 | 33 |
Secured credit | 146 | 18 | 142 | 17 |
Senior private debt | 20 | 2 | 37 | 4 |
Other | 43 | 5 | 35 | 4 |
828 | 100 | 871 | 100 | |
The funded defined benefit pension plans hold a range of assets including global equities, global corporate bonds, secured credit, senior private debt
and a Liability Driven Investment strategy which is used to hedge the interest rate and inflation sensitivities of the obligations. Collateral levels within
the Liability Driven Investment strategy are closely monitored and remain robust.
The primary drivers impacting the fair value of the plans’ funded assets and obligations are changes to expectations for future UK pound sterling
interest rates and inflation expectations, as well as the retranslation of assets and obligations into US dollars.
The Experian Pension Scheme investment strategy aims to reduce investment risk and funding volatility. With the exception of the allocation to senior
private debt, all other assets are regarded as being marketable and regularly traded. Over time, the Scheme is expected to increase its allocation to
liability matching assets, to provide cash flows to match expected benefit payments.
Other assets listed above mainly relate to cash held for benefit payments, together with a small with-profits investment.
The Trustee believes that sustainability factors may have a material impact on investment risk and return outcomes. Sustainability factors, including
climate change and stewardship, are increasingly integrated within investment processes both in appointing new investment managers and in
monitoring existing investment managers. Monitoring is undertaken and documented on a regular basis, making use of the investment consultant’s
rating framework.
The Group’s defined benefit plans have no holdings of ordinary shares or debt of the Company.
(e) Virgin Media case
In June 2023, the English High Court issued a judgment involving the Virgin Media NTL Pension Plan which held that amendments to the plan’s rules in
relation to benefit changes were invalid in the absence of a confirmation from the scheme actuary under Section 37 of the UK Pension Schemes Act
1993. Virgin Media appealed the judgment. The Court of Appeal heard the case on 25 July 2024 and dismissed the appeal.
While the ruling applied only to the specific pension plan in question, it could be expected to apply across other ‘UK contracted out’ pension plans.
The Trustees of the Experian Pension Scheme continue to receive legal advice regarding this matter and, subject to further legal clarity in the case of
Verity Trustees Limited v (1) Katherine Anne Wood (2) Save the Children Fund which has been recently heard in the High Court, are of the view that at
this stage there are no potential issues with the deeds that would require a change in benefits. The defined benefit obligation has been calculated on
the basis of the pension benefits currently being administered, and at this stage the Group does not consider it necessary to make any adjustments
as a result of the Virgin Media Court Ruling. Any subsequent developments following the Court of Appeal’s judgment will be monitored by the Group.
(f) Future payments
Experian plc
Experian plc
Financial statements
Financial statements
220
220
Notes to the Group financial statements
continued
(i) Net deferred tax assets/(liabilities)
The net deferred tax liability at the end of the year is presented in the Group balance sheet as:
2025 | 2024 | |
US$m | US$m | |
Deferred tax assets | 71 | 55 |
Deferred tax liabilities | (155) | (129) |
Net deferred tax liability | (84) | (74) |
(ii) Movements in net deferred tax assets/(liabilities)
Other | |||||||||
intangible | Retirement | ||||||||
assets | Share | benefit | Accounting | ||||||
(excluding | Tax losses | incentive | Accelerated | assets/ | provisions | Deferred | |||
goodwill) | Goodwill | and credits | plans | depreciation | (obligations) | and accruals | interest | Total | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 2024 | (109) | (394) | 72 | 60 | 151 | (32) | 154 | 24 | (74) |
Differences on exchange | 1 | 21 | (2) | (1) | — | — | (6) | — | 13 |
Credit/(charge) recognised in the Group | |||||||||
income statement | 55 | (8) | 16 | 4 | 42 | (1) | 14 | (1) | 121 |
Additions through business | |||||||||
combinations | (146) | — | — | — | — | — | 3 | — | (143) |
Charge recognised within OCI | — | — | — | — | — | (7) | (2) | — | (9) |
Credit recognised directly in equity on | |||||||||
transactions with owners | — | — | — | 5 | — | — | — | — | 5 |
Transfers | — | — | — | — | — | — | 3 | — | 3 |
At 31 March 2025 | (199) | (381) | 86 | 68 | 193 | (40) | 166 | 23 | (84) |
Other | |||||||||
intangible | Retirement | ||||||||
assets | Share | benefit | Accounting | ||||||
(excluding | Tax losses | incentive | Accelerated | assets/ | provisions | Deferred | |||
goodwill) | Goodwill | and credits | plans | depreciation | (obligations) | and accruals | interest | Total | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 2023 | (158) | (377) | 65 | 47 | 83 | (32) | 162 | 24 | (186) |
Differences on exchange | 3 | — | 2 | — | — | — | — | — | 5 |
Credit/(charge) recognised in the Group | |||||||||
income statement | 44 | (22) | (3) | 4 | 68 | (5) | 7 | — | 93 |
Additions through business | |||||||||
combinations | (6) | — | 4 | — | — | — | — | — | (2) |
Credit recognised within OCI | — | — | — | — | — | 5 | 2 | — | 7 |
Credit recognised directly in equity on | |||||||||
transactions with owners | — | — | — | 9 | — | — | — | — | 9 |
Transfers | 8 | 5 | 4 | — | — | — | (17) | — | — |
At 31 March 2024 | (109) | (394) | 72 | 60 | 151 | (32) | 154 | 24 | (74) |
(iii) Other information on deferred tax assets and liabilities
Judgment is required when assessing the recognition of deferred tax assets. The Group has not recognised deferred tax on losses of US$431m
(2024: US$521m) that could be utilised against future taxable income or on US$209m (2024: US$215m) of capital losses that could be utilised against
future taxable gains. While these losses are available indefinitely, they have arisen in undertakings in which it is not currently anticipated that future
benefit will be available from their use.
No deferred tax liability has been recognised on temporary differences of US$9,212m (2024: US$8,500m) relating to the unremitted earnings of
overseas subsidiaries. The Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse
in the foreseeable future. In addition, tax legislation and double tax treaties provide for exemptions from tax for most repatriated profits, subject to
certain exceptions.
During the year the main rate of UK corporation tax was 25% (2024: 25%). Deferred tax is recognised at the rate prevailing when temporary differences
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
221
221
36. Deferred and current tax continued
Financial statements
Financial statements
2025 | 2024 | ||
Notes | US$m | US$m | |
At 1 April | 14 | (85) | |
Differences on exchange | (2) | 4 | |
Tax charge in the Group income statement | 17(a) | (500) | (441) |
Tax recognised directly in equity on transactions with owners | 9 | 1 | |
Other tax paid | 447 | 544 | |
Transfers | 8 | (9) | |
At 31 March | (24) | 14 | |
Presented in the Group balance sheet as: | |||
Current tax assets | 52 | 97 | |
Current tax liabilities | (76) | (83) | |
(24) | 14 |
| 2025 | 2024 | |||||||
North | North | |||||||
America | Other | America | Other | |||||
legal claims | Restructuring | liabilities | Total | legal claims | Restructuring | liabilities | Total | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April | 4 | 7 | 20 | 31 | 25 | 13 | 21 | 59 |
Differences on exchange | — | — | (1) | (1) | — | — | 1 | 1 |
Amounts charged in the year | — | — | — | — | 1 | — | 4 | 5 |
Utilised | — | (4) | (2) | (6) | (22) | (6) | (6) | (34) |
At 31 March | 4 | 3 | 17 | 24 | 4 | 7 | 20 | 31 |
Presented in the Group balance sheet as: | ||||||||
Current provisions | 4 | 3 | 14 | 21 | 4 | 7 | 17 | 28 |
Non-current provisions | — | — | 3 | 3 | — | — | 3 | 3 |
4 | 3 | 17 | 24 | 4 | 7 | 20 | 31 | |
A charge for legal costs of US$nil (2024: US$1m) was recognised in respect of a number of historical legal claims in North America.
The restructuring provision held, primarily relates to restructuring activity in the EMEA and Asia Pacific region.
At 31 March 2025, there were 973.0m shares in issue (2024: 972.2m). During the year ended 31 March 2025, 0.8m (2024: 0.8m) shares were issued
and none (2024: none) were cancelled. Further information on share capital is contained in note Q to the Company financial statements.
The difference between the amounts shown in the Group and Company financial statements in respect of called-up share capital and the share
(a) Retained earnings
Retained earnings comprise net profits retained in the Group after the payment of equity dividends. There are no significant statutory, contractual or
exchange control restrictions on distributions by Group undertakings.
Experian plc
Experian plc
Financial statements
Financial statements
222
222
Notes to the Group financial statements
continued
39. Retained earnings and other reserves continued
(b) Other reserves
Merger | Hedging | Translation | Own shares | Total other | |
reserve | reserve | reserve | reserve | reserves | |
US$m | US$m | US$m | US$m | US$m | |
At 1 April 2024 | (15,682) | 11 | (1,423) | (1,343) | (18,437) |
Purchase of shares by employee trusts | — | — | — | (83) | (83) |
Purchase of shares held as treasury shares | — | — | — | (117) | (117) |
Other vesting of awards and exercises of share options | — | — | — | 88 | 88 |
Change in the fair value of hedging instruments recognised in OCI | — | 11 | — | — | 11 |
Amounts reclassified from OCI to the Group income statement | — | (12) | — | — | (12) |
Currency translation losses | — | — | (129) | — | (129) |
At 31 March 2025 | (15,682) | 10 | (1,552) | (1,455) | (18,679) |
Merger | Hedging | Translation | Own shares | Total other | |
reserve | reserve | reserve | reserve | reserves | |
US$m | US$m | US$m | US$m | US$m | |
At 1 April 2023 | (15,682) | 7 | (1,465) | (1,273) | (18,413) |
Purchase of shares by employee trusts | — | — | — | (56) | (56) |
Purchase of shares held as treasury shares | — | — | — | (69) | (69) |
Other vesting of awards and exercises of share options | — | — | — | 55 | 55 |
Change in the fair value of hedging instruments recognised in OCI | — | 14 | — | — | 14 |
Amounts reclassified from OCI to the Group income statement | — | (10) | — | — | (10) |
Currency translation gains | — | — | 42 | — | 42 |
At 31 March 2024 | (15,682) | 11 | (1,423) | (1,343) | (18,437) |
(ii) Nature of reserves
The merger reserve arose on the demerger from GUS plc in 2006 and is the difference between the share capital and share premium of GUS plc and
the nominal value of the share capital of the Company before a share offer at that date.
Movements on the hedging reserve and the position at the balance sheet date reflect hedging transactions, originating from the management of
foreign exchange risk, which are not charged or credited to the Group income statement, net of related tax.
Movements on the translation reserve and the position at the balance sheet date reflect foreign currency translations since 1 April 2004 which are not
charged or credited to the Group income statement, net of related tax. The movement in the year ended 31 March 2025 comprises currency translation
losses of US$129m (2024: gains of US$42m) recognised directly in Other comprehensive income.
between the amounts shown in the Group and Company financial statements in respect of this reserve arose due to translation of UK pound sterling
amounts into US dollars at different exchange rates on different translation dates.
(iii) Movements in own shares held and own shares reserve
Number of own shares held | Cost of own shares held | |||||
Treasury | Trusts | Total | Treasury | Trusts | Total | |
million | million | million | US$m | US$m | US$m | |
At 1 April 2024 | 53 | 6 | 59 | 1,076 | 267 | 1,343 |
Purchase of shares by employee trusts | — | 1 | 1 | — | 83 | 83 |
Purchase of shares held as treasury shares 1 | 3 | — | 3 | 117 | — | 117 |
Other vesting of awards and exercises of share options | (1) | (3) | (4) | (16) | (72) | (88) |
At 31 March 2025 | 55 | 4 | 59 | 1,177 | 278 | 1,455 |
1
Treasury share purchases include those acquired by a subsidiary undertaking in connection with the acquisition of Clear Sale S.A.
Number of own shares held | Cost of own shares held | |||||
Treasury | Trusts | Total | Treasury | Trusts | Total | |
million | million | million | US$m | US$m | US$m | |
At 1 April 2023 | 52 | 7 | 59 | 1,023 | 250 | 1,273 |
Purchase of shares by employee trusts | — | 2 | 2 | — | 56 | 56 |
Purchase of shares held as treasury shares | 2 | — | 2 | 69 | — | 69 |
Other vesting of awards and exercises of share options | (1) | (3) | (4) | (16) | (39) | (55) |
At 31 March 2024 | 53 | 6 | 59 | 1,076 | 267 | 1,343 |
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
223
223
Financial statements
Financial statements
(a) Cash generated from operations
2025 | 2024 | ||
Notes | US$m | US$m | |
Profit before tax | 1,549 | 1,551 | |
Share of post-tax (profit)/loss of associates | (2) | 1 | |
Net finance expense | 246 | 142 | |
Operating profit | 1,793 | 1,694 | |
Profit on disposal of property, plant and equipment | — | (1) | |
Loss/(profit) on disposal of operations | 15(b) | 4 | (5) |
Impairment of other intangible assets | 21 | 13 | — |
Impairment of property, plant and equipment | 2 | — | |
Impairment of held-for-sale assets | — | 1 | |
Amortisation and depreciation 1 | 13 | 758 | 714 |
Charge in respect of share incentive plans | 33(a) | 127 | 132 |
Increase in working capital | 40(b) | (54) | (32) |
Acquisition expenses – difference between income statement charge and amounts paid | (2) | 1 | |
Acquisition employee incentives – difference between income statement charge and amounts paid | (24) | (10) | |
Adjustment to the fair value of contingent consideration | 1 | 4 | |
Movement in Exceptional and other non-benchmark items included in working capital | (1) | (58) | |
Cash generated from operations | 2,617 | 2,440 |
1
Amortisation and depreciation includes amortisation of acquisition intangibles of US$211m (2024: US$193m) which is excluded from Benchmark PBT.
(b) (Increase)/decrease in working capital
2025 | 2024 | |
US$m | US$m | |
Trade and other receivables | (63) | (155) |
Trade and other payables | 9 | 123 |
Increase in working capital | (54) | (32) |
(c) Purchase of other intangible assets
2025 | 2024 | |
US$m | US$m | |
Databases | 203 | 201 |
Internally generated software | 340 | 349 |
Internal use software | 60 | 50 |
Purchase of other intangible assets | 603 | 600 |
(d) Cash flows on acquisitions (non-GAAP measure)
2025 | 2024 | |
US$m | US$m | |
Purchase of subsidiaries (note 41(a)) | 1,198 | 366 |
Less: net cash acquired with subsidiaries (note 41(a)) | (48) | (17) |
Settlement of deferred and contingent consideration | 8 | 113 |
As reported in the Group cash flow statement | 1,158 | 462 |
Acquisition expenses paid | 39 | 33 |
Acquisition employee incentives paid | 24 | 17 |
Transactions in respect of non-controlling interests | 1 | — |
Acquisition of additional interest in subsidiary undertaking | 22 | — |
Cash outflow for acquisitions (non-GAAP measure) | 1,244 | 512 |
Experian plc
Experian plc
Financial statements
Financial statements
224
224
Notes to the Group financial statements
continued
40. Notes to the Group cash flow statement continued
(e) Cash outflow in respect of net share purchases (non-GAAP measure)
2025 | 2024 | |
US$m | US$m | |
Issue of ordinary shares | (20) | (20) |
Purchase of shares by employee trusts | 83 | 56 |
Purchase of shares held as treasury shares | 116 | 64 |
Cash outflow in respect of net share purchases (non-GAAP measure) | 179 | 100 |
As reported in the Group cash flow statement: | ||
Cash inflow in respect of shares issued | (20) | (20) |
Cash outflow in respect of share purchases | 199 | 120 |
Cash outflow in respect of net share purchases (non-GAAP measure) | 179 | 100 |
Consideration of US$1m for shares issued was outstanding at 31 March 2024.
(f) Analysis of cash and cash equivalents
2025 | 2024 | |
US$m | US$m | |
Cash and cash equivalents in the Group balance sheet | 368 | 312 |
Bank overdrafts | (2) | (12) |
Cash and cash equivalents in the Group cash flow statement | 366 | 300 |
(g) Reconciliation of Cash generated from operations to Benchmark operating cash flow (non-GAAP
measure)
2025 | 2024 | ||
Notes | US$m | US$m | |
Cash generated from operations | 40(a) | 2,617 | 2,440 |
Purchase of other intangible assets | 40(c) | (603) | (600) |
Purchase of property, plant and equipment | (48) | (40) | |
Disposal of property, plant and equipment | 1 | 1 | |
Disposal of assets classified as held-for-sale | — | 2 | |
Principal lease payments | (41) | (48) | |
Acquisition expenses paid | 40(d) | 39 | 33 |
Acquisition employee incentives paid | 40(d) | 24 | 17 |
Cash flows in respect of Exceptional and other non-benchmark items | 36 | 59 | |
Benchmark operating cash flow (non-GAAP measure) | 2,025 | 1,864 |
Cash flow conversion for the year ended 31 March 2025 was 97% (2024: 97%). Benchmark free cash flow for the year ended 31 March 2025,
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
225
225
Financial statements
Financial statements
(a) Acquisitions in the year
The Group made eight acquisitions during the year ended 31 March 2025, including the acquisition on 30 September 2024 of the entire share capital of
Credit Data Solutions Pty Ltd and its subsidiary undertakings (illion), a leading consumer and commercial credit bureau in Australia and New Zealand.
On 4 December 2024, we acquired 100% of Predictive Pop, Inc. (Audigent), a leading US data activation and identity platform, and on 12 August 2024
we acquired 100% of Neuro-ID, Inc. (NeuroID) in the USA, an industry leader in behavioural analytics, supplementing Experian’s fraud risk suite.
The net assets acquired, goodwill and acquisition consideration are analysed below:
illion | Audigent | NeuroID | Other 1 | Total | |
US$m | US$m | US$m | US$m | US$m | |
Intangible assets: | |||||
Customer and other relationships | 228 | 62 | 8 | 20 | 318 |
Software development | 36 | 103 | 30 | 31 | 200 |
Marketing-related assets | 3 | 3 | 1 | — | 7 |
Other intangibles | 27 | 8 | — | 3 | 38 |
Intangible assets | 294 | 176 | 39 | 54 | 563 |
Property, plant and equipment | 3 | 1 | — | 1 | 5 |
Deferred tax assets | 4 | — | — | (7) | (3) |
Trade and other receivables | 13 | 16 | 2 | 2 | 33 |
Cash and cash equivalents (note 40(d)) | 21 | 12 | 12 | 3 | 48 |
Trade and other payables | (25) | (13) | (9) | (12) | (59) |
Borrowings | (2) | (1) | — | — | (3) |
Deferred tax liabilities | (72) | (44) | (10) | (14) | (140) |
Total identifiable net assets | 236 | 147 | 34 | 27 | 444 |
Goodwill | 349 | 216 | 111 | 139 | 815 |
Total | 585 | 363 | 145 | 166 | 1,259 |
Satisfied by: | |||||
Cash and cash equivalents (note 40(d)) | 585 | 358 | 145 | 110 | 1,198 |
Trade investment | — | 5 | — | — | 5 |
Contingent consideration | — | — | — | 56 | 56 |
Total | 585 | 363 | 145 | 166 | 1,259 |
1
Other comprises the Group’s other five acquisitions made during the year ended 31 March 2025, alongside adjustments made to provisional fair values related to prior year acquisitions, made within one year of
the date of acquisition.
These fair values are determined by using established estimation techniques.
Acquisition intangibles are valued using discounted cash flow models. For the year ended 31 March 2025, the most significant inputs to these
calculations are the proportion of earnings attributable to customer and other relationships and software development for illion. We have evaluated
sensitivities relating to assets acquired during the year and have determined that there is no material estimation uncertainty relating to the fair value
or economic life of individual assets acquired from any reasonably possible change to the inputs and assumptions used in their determination.
The fair value of material contingent consideration is determined using a Monte Carlo simulation model applied to the forecast performance of the
relevant metric linked to each liability. The contingent consideration payable for Salt Participações S.A. and its subsidiary undertakings (SalaryFits) in
Brazil, which the Group acquired on 2 September 2024, is linked to the revenue and Benchmark EBIT margin performance of the business for the year
ending 31 March 2027. Providing that certain minimum thresholds are satisfied, we expect the earnout payment to be within an undiscounted range
of US$20m to US$117m. We have determined the fair value of the contingent consideration at acquisition to be US$40m, which is included in the
US$56m of Other contingent consideration above.
We engage with third-party valuation experts to assist with the valuation process for all significant or complex acquisitions, including for the valuation
of contingent consideration and put option liabilities. Provisional fair values contain amounts which will be finalised no later than one year after the
date of acquisition. Provisional amounts, predominantly for intangible assets, associated tax balances and contingent consideration have been included
at 31 March 2025, as a consequence of the timing and complexity of these acquisitions.
Goodwill represents the synergies, skills and technical expertise of assembled workforces and future growth potential of the acquired businesses.
Goodwill of US$15m, in relation to two acquisitions is currently expected to be deductible for tax purposes.
Experian plc
Experian plc
Financial statements
Financial statements
226
226
Notes to the Group financial statements
continued
41. Acquisitions and disposals continued
(b) Additional information
(i) Current year acquisitions
illion | Audigent | NeuroID | Other | Total | |
US$m | US$m | US$m | US$m | US$m | |
Increase/(decrease) in book value of net assets due to provisional fair | |||||
value adjustments: | |||||
Intangible assets | 267 | 168 | 39 | 51 | 525 |
Deferred tax assets | (19) | — | — | (7) | (26) |
Trade and other payables | (2) | — | (1) | (8) | (11) |
Deferred tax liabilities | (72) | (44) | (10) | (14) | (140) |
Increase in book value of net assets due to provisional fair value | |||||
adjustments | 174 | 124 | 28 | 22 | 348 |
Gross contractual amounts receivable in respect of trade and other | |||||
receivables | 13 | 16 | 2 | 3 | 34 |
Pro forma revenue from 1 April 2024 to date of acquisition | 58 | 102 | 4 | 21 | 185 |
Revenue from date of acquisition to 31 March 2025 | 54 | 18 | 5 | 11 | 88 |
Loss before tax from date of acquisition to 31 March 2025 | (5) | (8) | (12) | (3) | (28) |
The loss before tax from the date of acquisition to 31 March 2025 includes the amortisation of acquisition intangibles and one-time integration costs. If
the transactions had occurred on the first day of the financial year, the estimated additional contribution to profit before tax would have been US$14m.
At the dates of acquisition, the gross contractual amounts receivable in respect of trade and other receivables of US$34m were expected to be
collected in full.
(ii) Prior years' acquisitions
Contingent consideration of US$8m (2024: US$112m) was settled in the year in respect of acquisitions made in earlier years. The cash outflow in the
year ended 31 March 2024 principally comprised US$40m relating to the FY22 acquisition of Tax Credit Co, LLC (TCC), and US$60m relating to the
acquisition of BrScan Processamento de Dados e Tecnologia Ltda. (BrScan) in FY21. Further detail on contingent consideration fair value adjustments
recognised in the year is provided in note 30(h).
The Group made seven acquisitions in the year ended 31 March 2024, including that of WaveHDC LLC in the USA. A cash outflow of US$349m was
reported in the Group cash flow statement for that year, after deduction of US$17m in respect of net cash acquired.
There have been no other material gains, losses, corrections or other adjustments recognised in the year ended 31 March 2025 that relate to
acquisitions in the current or earlier years.
(iii) Post balance sheet acquisition
On 1 April 2025, we acquired the entire share capital of Clear Sale S.A. (ClearSale), a leading provider of digital fraud prevention solutions in Brazil, for
R$1,948m (US$338m), plus the delivery of 125,344 Experian plc treasury shares at market value. The acquisition of ClearSale allows us to access a
new growth avenue for Identity and Fraud and strengthens our Onboarding solutions in Brazil.
Our acquisition accounting is in progress, and the provisional fair values will be disclosed in full in the Group’s condensed consolidated interim
financial statements for the six months ending 30 September 2025. We expect to recognise acquisition intangibles for developed technology, customer
relationships, and marketing related assets. Initial indications show that the fair value of these assets may be c.44% of the total consideration paid,
with other identifiable net assets and residual goodwill being c.56%.
Goodwill represents the synergies, skills and technical expertise of assembled workforces and future growth potential of ClearSale. The goodwill is not
expected to be deductible for tax purposes.
(c) Acquisition of additional interest in subsidiary undertaking
On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Soluções de Tecnologia Digital Ltda. (Brain). A put
During the year we disposed of one small subsidiary undertaking in EMEA and Asia Pacific. The loss on disposal was US$4m (2024: profit US$5m).
There was no related cash flow (2024: inflow US$6m). The profit in FY24 arose on the disposal of interests in a number of small subsidiary
Experian plc
Experian plc
Annual Report 2025
Annual Report 2025
227
227
Financial statements
Financial statements
2025 | 2024 | |
US$m | US$m | |
Capital expenditure for which contracts have been placed: | ||
Other intangible assets | 38 | 48 |
Property, plant and equipment | 9 | 7 |
47 | 55 |
Capital commitments at 31 March 2025 included commitments of US$28m not expected to be incurred before 31 March 2026. Capital commitments at
(a) Latin America tax
As previously indicated, Serasa S.A. has been advised that the Brazilian tax authorities are challenging the deduction for tax purposes of goodwill
amortisation arising from its acquisition by Experian in 2007. The Brazilian administrative courts have ultimately upheld Experian’s position in respect
of the tax years from 2007 to 2012 with no further right of appeal. The Brazilian tax authorities continue to pursue similar assessments in respect of
the 2013 to 2018 tax years, in relation to the goodwill amortisation related to both the original acquisition of a majority shareholding in Serasa S.A. in
2007 and the acquisition of the remaining holding in 2012, and also in relation to the acquisition of Virid Interatividade Digital Ltda in 2011. Experian has
claimed a tax deduction for goodwill amortisation of US$196m across these years. During FY25, and consistent with all prior cases, Experian has been
successful at the first-level administrative court in defending the position that US$140m of this goodwill arising in years 2013 to 2016 is deductible,
but Brazilian tax authorities may appeal this decision and may also raise similar claims in respect of other years. The possibility of this resulting in
a liability (which may consist of underpaid tax, interest and penalties), to the Group is considered to be remote, based on the advice of external legal
counsel, success in all cases to date and other factors in respect of the claims.
(b) Other litigation and claims
We continue to see regulatory activity, involving the Group across most of its major geographies which are in various stages of investigation or
enforcement, and which are being vigorously defended. These include a lawsuit filed in January 2025 by the US Consumer Financial Protection Bureau
related to the consumer dispute process in our US Credit Reference business, which we are defending vigorously and believe to be without merit.
There also continues to be some rulemaking and federal and state-level legislation which could impact our Credit Reference, Consumer Services and
Marketing Services businesses in the USA. The directors do not believe that the outcome of any litigation, rulemaking or regulatory investigation or
enforcement will have a materially adverse effect on the Group’s financial position.
We also continue to see General Data Protection Regulation (GDPR) investigation and enforcement activity in the European Union (EU), including a claim
from the Dutch Data Protection Authority (the AP) claiming that our Credit Reference business in the Netherlands (c.US$7m annual turnover) cannot
process credit reference data based on legitimate interest and is not sufficiently transparent under GDPR, and asserting an associated fine which could
range as high as 4% of global turnover under GDPR. The AP’s position is contrary to well established regulatory positions in our other EU markets.
Based on external legal opinions, relevant precedents, and the facts of the underlying matter, we believe the AP’s position is legally wrong, we will
contest the matter and we do not believe it will have a materially adverse effect on the Group’s financial position.
There also continue to be individual consumer and class action litigation matters in Brazil and the USA related to our Marketing Services, Consumer
Services and Credit Reference businesses. Some of these class action litigation matters in the USA allege willful misconduct under the US Fair Credit
Reporting Act and, if proven, carry the potential for liability which includes statutory damages between US$100 to US$1,000 per consumer. The
directors do not believe that the outcome of any individual litigation matter would have a materially adverse effect on the Group’s financial position.
As is inherent in legal, regulatory and administrative proceedings, there is a risk of outcomes that may be unfavourable to the Group. In the case of
Experian plc
Experian plc
Financial statements
Financial statements
228
228
Notes to the Group financial statements
continued
(a) Related undertakings
A full list of the Company's related undertakings, including subsidiary and associate undertakings, is given in note U to the Company financial
statements. There are no significant non-controlling interests.
Transactions with associates are made on normal market terms and in the year ended 31 March 2025 comprised the receipt of services of US$9m
(2024: US$10m). At 31 March 2025 US$2m (2024: US$1m) was owed to associates.
(c) Transactions with other related undertakings
The Group transacts with a number of related undertakings in connection with the operation of its share incentive plans, pension arrangements, and
the provision of medical cover in the UK. These undertakings are listed in note U(v) to the Company financial statements.
• The assets, liabilities and expenses of the Experian UK Approved All-Employee Share Plan and The Experian plc Employee Share Trust are included
in these financial statements.
• Details of the Group’s post-employment benefit plans are set out in notes 34 and 35. During the year ended 31 March 2025, US$3m (2024: US$3m)
was paid to Experian Medical Plan Limited, in connection with the provision of healthcare benefits.
2025 | 2024 | |
US$m | US$m | |
Salaries and short-term employee benefits | 10 | 12 |
Share incentive plans | 6 | 14 |
16 | 26 |
Key management personnel comprises the Company’s executive and non-executive directors and further details of their remuneration are given in
the audited parts of the Report on directors’ remuneration. The charge in the year for share incentive plans includes a one-time credit arising on the
forfeiture of shares, due to key management personnel leaving the business. There were no other material transactions with the Group in which the
Details of the second interim dividend announced since the end of the reporting period are given in note 19.
On 1 April 2025, we acquired the entire share capital of Clear Sale S.A. (ClearSale), a leading provider of digital fraud prevention solutions in Brazil,
Financial statements
for the year ended 31 March 2025
2025 | 2024 | ||
Notes | US$m | US$m | |
Other operating income | F | 96.9 | 108.5 |
Staff costs | G | (4.8) | (4.4) |
Depreciation | M | (0.7) | (0.7) |
Other operating charges | F | (124.2) | (142.5) |
Operating loss | (32.8) | (39.1) | |
Dividend income from subsidiary undertakings | H | 75.0 | 1,500.0 |
Interest receivable and similar income | I | 5.7 | 7.6 |
Interest payable and similar expenses | J | (0.2) | (0.3) |
Profit before tax | 47.7 | 1,468.2 | |
Tax on profit | K | (4.7) | 3.3 |
Profit after tax and for the financial year | 43.0 | 1,471.5 |
Company statement of comprehensive income
for the year ended 31 March 2025
The Company has no recognised items of income and expenditure other than those included in the profit and loss account. Total comprehensive
income for the financial year is therefore equal to the profit for the financial year.
Experian plc
Annual Report 2025
229
Experian plc
Financial statements
230
Company balance sheet
at 31 March 2025
2025 | 2024 | ||
Notes | US$m | US$m | |
Fixed assets | |||
Tangible assets | M(i) | 4.0 | 4.7 |
Investments – shares in Group undertakings | N | 22,087.0 | 21,960.1 |
Deferred tax assets | K | 2.9 | 2.9 |
22,093.9 | 21,967.7 | ||
Current assets | |||
Debtors – amounts falling due within one year | O | 82.4 | 254.2 |
Cash at bank and in hand | 0.1 | 0.6 | |
Current liabilities | |||
Creditors – amounts falling due within one year | P | (27.0) | (19.8) |
Net current assets | 55.5 | 235.0 | |
Total assets less current liabilities | 22,149.4 | 22,202.7 | |
Creditors – amounts falling due after more than one year | P | (13.4) | (16.3) |
Net assets | 22,136.0 | 22,186.4 | |
Equity | |||
Called-up share capital | Q | 73.4 | 73.3 |
Share premium account | Q | 1,510.4 | 1,490.2 |
Profit and loss account reserve | R | 20,552.2 | 20,622.9 |
Total shareholders’ funds | 22,136.0 | 22,186.4 |
These financial statements were approved by the Board on 13 May 2025 and were signed on its behalf by:
Mike Rogers
Director
Financial statements
Experian plc
Annual Report 2025
231
Company statement of changes in equity
for the year ended 31 March 2025
Called-up | Share | |||||
share | premium | Profit and loss account reserve | ||||
capital | account | Profit and | Own shares | Total | Total | |
(Note Q) | (Note Q) | loss account | reserve | (Note R) | equity | |
US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 2024 | 73.3 | 1,490.2 | 21,934.5 | (1,311.6) | 20,622.9 | 22,186.4 |
Profit and Total comprehensive income for the financial year | — | — | 43.0 | — | 43.0 | 43.0 |
Transactions with owners: | ||||||
Employee share incentive plans: | ||||||
– value of employee services | — | — | 126.9 | — | 126.9 | 126.9 |
– shares issued on vesting | 0.1 | 20.2 | — | — | — | 20.3 |
– purchase of shares by employee trusts | — | — | — | (82.6) | (82.6) | (82.6) |
– other vesting of awards and exercises of share options | — | — | (88.0) | 88.0 | — | — |
Purchase of shares held as treasury shares | — | — | — | (117.6) | (117.6) | (117.6) |
Shares delivered to a subsidiary in connection with an | ||||||
acquisition | — | — | — | 5.9 | 5.9 | 5.9 |
Dividends paid | — | — | (46.3) | — | (46.3) | (46.3) |
Transactions with owners | 0.1 | 20.2 | (7.4) | (106.3) | (113.7) | (93.4) |
At 31 March 2025 | 73.4 | 1,510.4 | 21,970.1 | (1,417.9) | 20,552.2 | 22,136.0 |
Called-up | Share | |||||
share | premium | Profit and loss account reserve | ||||
capital | account | Profit and | Own shares | Total | Total | |
(Note Q) | (Note Q) | loss account | reserve | (Note R) | equity | |
US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 2023 | 73.2 | 1,469.1 | 20,431.9 | (1,241.2) | 19,190.7 | 20,733.0 |
Profit and Total comprehensive income for the financial year | — | — | 1,471.5 | — | 1,471.5 | 1,471.5 |
Transactions with owners: | ||||||
Employee share incentive plans: | ||||||
– value of employee services | — | — | 132.3 | — | 132.3 | 132.3 |
– shares issued on vesting | 0.1 | 21.1 | — | — | — | 21.2 |
– purchase of shares by employee trusts | — | — | — | (56.0) | (56.0) | (56.0) |
– other vesting of awards and exercises of share options | — | — | (54.9) | 54.9 | — | — |
Purchase of shares held as treasury shares | — | — | — | (69.3) | (69.3) | (69.3) |
Dividends paid | — | — | (46.3) | — | (46.3) | (46.3) |
Transactions with owners | 0.1 | 21.1 | 31.1 | (70.4) | (39.3) | (18.1) |
At 31 March 2024 | 73.3 | 1,490.2 | 21,934.5 | (1,311.6) | 20,622.9 | 22,186.4 |
Experian plc
Financial statements
232
Notes to the Company financial statements
for the year ended 31 March 2025
A. Corporate information
Corporate information for Experian plc (the Company) is set out in note 1
to the Group financial statements, with further information given in the
Strategic report and the Corporate governance report.
B. Basis of preparation
The separate financial statements of the Company are:
• prepared on the going concern basis, under the historical cost
convention, and in accordance with UK accounting standards
• presented in US dollars, the Company’s functional currency, and
• designed to include disclosures in line with those required by those
parts of the UK Companies Act 2006 applicable to companies
reporting under UK accounting standards even though the Company
is incorporated and registered in Jersey.
The directors opted to prepare the financial statements for the year
ended 31 March 2025 in accordance with FRS 101 ‘Reduced Disclosure
Framework’. The Company intends to continue to use this accounting
framework until further notice.
Going concern
The directors continue to adopt the going concern basis of accounting
in preparing the financial statements. Details of the going concern
assessment for the Group and the Company are provided in note 2 to
the Group financial statements.
C. FRS 101 exemptions
FRS 101 allows certain exemptions from the requirements of IFRS to
avoid the duplication of information provided in the Group financial
statements and to provide more concise financial reporting in entity
financial statements. The following exemptions have therefore been
applied in the preparation of these financial statements:
• Paragraphs 45(b) and 46 to 52 of IFRS 2 ‘Share-based Payment’,
exempting the Company from providing details of share options and
of how the fair value of services received was determined.
• IFRS 7 ‘Financial Instruments: Disclosures’.
• Paragraphs 91 to 99 of IFRS 13 ‘Fair Value Measurement’, exempting
the Company from disclosing valuation techniques and inputs used for
the measurement of assets and liabilities.
• Paragraph 38 of IAS 1 ‘Presentation of Financial Statements’,
exempting the Company from disclosing comparative information
required by:
– paragraph 79(a)(iv) of IAS 1 – shares outstanding at the beginning
and at the end of the period
– paragraph 73(e) of IAS 16 ‘Property, Plant and Equipment’ –
reconciliations between the carrying amount at the beginning
and end of the period.
• The following paragraphs of IAS 1:
– paragraphs 10(d) and 111, exempting the Company from providing
a cash flow statement and information
– paragraph 16, exempting the Company from providing a statement
of compliance with all IFRS
– paragraph 38A, exempting the Company from the requirement for a
minimum of two of each primary statement and the related notes
– paragraphs 38B to D, exempting the Company from the requirement
to provide additional comparative information
– paragraphs 134 to 136, exempting the Company from presenting
capital management disclosures.
• IAS 7 ‘Statement of Cash Flows’.
• Paragraphs 30 and 31 of IAS 8 ‘Accounting Policies, Changes in
Accounting Estimates and Errors’, exempting the Company from
disclosing information where it has not applied a new IFRS which has
been issued but is not yet effective.
• Paragraph 17 of IAS 24 ‘Related Party Disclosures’, exempting the
Company from disclosing details of key management compensation.
• The requirements in IAS 24 to disclose related party transactions with
wholly-owned members of the Group.
The use of critical accounting estimates and management judgment is
required in applying the accounting policies. Areas involving a higher
degree of judgment or complexity, or where assumptions and estimates
are significant to the Company financial statements, are highlighted in
note E.
D. Material accounting policies
The material accounting policies applied are summarised below.
They have been consistently applied to both years presented.
The explanations of these policies focus on areas where judgment is
applied or which are particularly important in the financial statements.
There are no new standards, amendments to existing standards or
interpretations that are effective for the year ended 31 March 2025
that have had a material impact on the Company’s results or financial
position. Content from accounting standards, amendments and
interpretations is excluded where there is no policy choice under
UK accounting standards.
(i) Foreign currency
Transactions in foreign currencies are recorded at the exchange rate
prevailing at the transaction date. Monetary assets and liabilities
denominated in foreign currencies are retranslated at the exchange
rate prevailing at the balance sheet date. All differences are taken to
the profit and loss account in the year in which they arise.
(ii) Investments – shares in Group undertakings
Investments in Group undertakings are stated at cost less any provisions
for impairment. The fair value of share incentives issued by the Company
to employees of Group undertakings is accounted for as a capital
contribution and recognised as an increase in the Company’s investment
in Group undertakings, with a corresponding increase in equity.
(iii) Debtors and creditors
Debtors are initially recognised at fair value and subsequently measured
at this value. Where the time value of money is material, they are then
carried at amortised cost using the effective interest method. Creditors
are initially recognised at fair value. Where the time value of money is
material, they are then carried at amortised cost using the effective
interest method.
Experian plc
Financial statements
Annual Report 2025
233
D. Material accounting policies continued
(iv) Accounting for derivative financial instruments
The Company uses forward foreign exchange contracts to manage
its exposures to fluctuations in foreign exchange rates. The interest
differential reflected in forward foreign exchange contracts is taken to
interest receivable and similar income or interest payable and similar
expenses. Forward foreign exchange contracts are recognised at fair
value, based on forward foreign exchange market rates at the balance
sheet date. Gains or losses on forward foreign exchange contracts are
taken to the profit and loss account in the year in which they arise.
(v) Tax
Current tax is calculated on the basis of the tax laws enacted or
substantively enacted at the balance sheet date in Ireland, where the
Company is resident.
Deferred tax is provided in respect of temporary differences that have
originated but not reversed at the balance sheet date and is determined
using the tax rates that are expected to apply when the temporary
differences reverse. Deferred tax assets are recognised only to the
extent that they are expected to be recoverable.
(vi) Own shares
The Group has a number of equity-settled, share-based employee
incentive plans. In connection with these, shares in the Company are
held by The Experian plc Employee Share Trust and the Experian UK
Approved All-Employee Share Plan. The assets, liabilities and expenses
of these separately administered trusts are included in the financial
statements as if they were the Company’s own. The trusts’ assets mainly
comprise Experian shares, which are shown as a deduction from total
shareholders’ funds at cost.
Experian shares purchased and held as treasury shares, in connection
with the above plans and any share purchase programme, are also
shown as a deduction from total shareholders’ funds at cost. The par
value of shares that are purchased and cancelled, in connection with any
share purchase programme, is accounted for as a reduction in called-up
share capital with any cost in excess of that amount being deducted from
the profit and loss account. The Company is not required to recognise the
par value of cancelled shares in a capital redemption reserve.
Contractual obligations to purchase own shares are recognised at the
net present value of expected future payments. Gains and losses in
connection with such obligations are recognised in the profit and loss
account. Gains and losses which arise on financial instruments created
by advance instructions to trade in own shares are recognised directly
in equity.
(vii) Profit and loss account format
Income and expenses, which are recognised on an accruals basis, are
reported by nature in the profit and loss account, as this reflects the
composition of the Company’s income and cost base.
(viii) Financial guarantee contracts
Financial guarantees are provided by the Company to subsidiary
undertakings for certain debt instruments. The Company considers these
to be within the scope of IFRS 9 ‘Financial Instruments’ and accounts
for them as such. Where the Company receives a fee in respect of these
guarantees, income is recognised in the profit and loss account in the
period to which it relates. Where the guarantee is provided for no
consideration, the fair value of the guarantee is recognised as a capital
contribution within investments in Group undertakings, with the
associated deferred income recognised on a straight-line basis over
the life of the guarantee.
(ix) Dividend income
Dividend income is recognised in the Company profit and loss account on
the date on which the Company’s right to receive payment is established.
Liquidation dividends are treated as a return of capital to the extent they
are used to recover the carrying value of the investment in the liquidated
entity. Any amount received in excess of the investment value is treated
as income in the Company profit and loss account.
E. Critical accounting estimates, assumptions
and judgments
(i) Critical accounting estimates and assumptions
In preparing the financial statements, management is required to make
estimates and assumptions that affect the reported amount of income,
costs and charges, assets and liabilities and the disclosure of contingent
liabilities. The resulting accounting estimates, which are based on
management’s best judgment at the date of the financial statements
will, by definition, seldom equal the related actual results.
There are no estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial year.
(ii) Critical judgments
In applying the Company’s accounting policies, management may make
judgments that have a significant effect on the amounts recognised in
the Company financial statements. These judgments may include the
classification of transactions between the Company profit and loss
account and the Company balance sheet. There are no such judgments
applicable to these financial statements.
F. Other operating income and charges
Other operating income and expenses principally comprise charges to
and from other Group undertakings in respect of Group management
services and guarantees provided during the year. The increase in
other operating income and charges in the year ended 31 March 2025
compared to the prior year is due to underlying growth of the business
and an increase in the overall cost of providing management services.
Other operating charges include a fee of US$0.1m (2024: US$0.1m)
payable to the Company's auditor and its associates for the audit of
the Company financial statements.
Experian plc
Financial statements
234
Notes to the Company financial statements
continued
G. Staff costs
2025 | 2024 | |
US$m | US$m | |
Directors' fees | 2.9 | 2.9 |
Wages and salaries | 1.7 | 1.3 |
Social security costs | 0.1 | 0.1 |
Other pension costs | 0.1 | 0.1 |
4.8 | 4.4 |
Executive directors of the Company are employed by other Group undertakings and details of their remuneration, together with that of the
non-executive directors, are given in the audited part of the Report on directors’ remuneration. The Company had three employees on average
in the current and prior year.
H. Dividend income from subsidiary undertakings
During the year subsidiary undertakings paid dividends of US$75.0m (2024: US$1,500.0m) to the Company.
I. Interest receivable and similar income
2025 | 2024 | |
US$m | US$m | |
Interest income: | ||
Interest receivable on amounts owed by subsidiary undertakings | 5.1 | 2.5 |
Foreign exchange gains | 0.6 | 5.1 |
5.7 | 7.6 |
J. Interest payable and similar expenses
2025 | 2024 | |
US$m | US$m | |
Interest payable on lease obligation | 0.2 | 0.3 |
K. Tax on profit
(i) Analysis of tax charge/(credit) in the profit and loss account
2025 | 2024 | |
US$m | US$m | |
Current tax: | ||
Irish corporation tax charge/(credit) on profit for the financial year | 5.2 | (4.4) |
Adjustments in respect of earlier years | (0.5) | 1.2 |
Total current tax charge/(credit) | 4.7 | (3.2) |
Deferred tax: | ||
Adjustments in respect of earlier years | — | (0.1) |
Total deferred tax credit | — | (0.1) |
Tax charge/(credit) for the year | 4.7 | (3.3) |
(ii) Factors affecting the tax charge/(credit) for the financial year
The tax charge/(credit) for the year is at a rate lower (2024: lower) than the main rate of Irish corporation tax of 25% (2024: 25%) with the differences
explained below.
2025 | 2024 | |
US$m | US$m | |
Profit before tax | 47.7 | 1,468.2 |
Profit before tax multiplied by the applicable rate of tax | 11.9 | 367.1 |
Effects of: | ||
Income not taxable 1 | (18.9) | (376.9) |
Expenses not deductible | 3.4 | 1.0 |
Global minimum top-up tax 2 | 7.0 | — |
Adjustments in respect of earlier years | (0.5) | 1.1 |
Losses recognised at a lower rate of tax (12.5%) | 1.8 | 4.4 |
Tax charge/(credit) for the year | 4.7 | (3.3) |
1
The reduction in income not taxable is due to the lower dividend received from subsidiary undertakings in FY25.
2
The Experian Group is subject to the global minimum top-up tax under OECD Pillar Two tax legislation and a related current tax expense of US$7m (2024: n/a) was levied on the Company..
The Company's tax charge will continue to be influenced by the nature of its income and expenditure and prevailing Irish and Jersey tax laws.
Experian plc
Financial statements
Annual Report 2025
235
K. Tax on profit continued
(iii) Deferred tax asset
The deferred tax asset is in respect of tax losses and the movements thereon are as follows:
2025 | 2024 | |
US$m | US$m | |
At 1 April | 2.9 | 2.8 |
Tax credit in the profit and loss account | — | 0.1 |
At 31 March | 2.9 | 2.9 |
The Company has no unrecognised deferred tax (2024: US$nil).
L. Dividends
Total gross dividends of US$546.4m (2024: US$509.4m) were paid to Experian shareholders during the year. The Company paid interim dividends of
US$46.3m (2024: US$46.3m) to those shareholders who did not elect to receive dividends under the Income Access Share arrangements. The balance
of US$500.1m (2024: US$463.1m) was paid by a subsidiary undertaking, Experian (UK) Finance Limited (EUKFL), under the Income Access Share
arrangements. The Company’s profit and loss account reserve is available for distribution by way of dividend. At 31 March 2025, the distributable
reserves of EUKFL as determined under UK company law were US$4,287.0m (2024: US$6,558.7m).
Since the balance sheet date, the directors have announced a second interim dividend of 43.25 US cents per ordinary share for the year ended
31 March 2025. No part of this dividend is included as a liability in these financial statements. Further details of payment arrangements, including
the Income Access Share arrangements, are given in the Shareholder and corporate information section of the Annual Report.
M. Leases
The Company leases its offices and payments are reset periodically to reflect market rental rates.
(i) Tangible assets
Right-of-use | |||
Leasehold | assets | ||
improvements | Buildings | Total | |
US$m | US$m | US$m | |
Cost | |||
At 1 April 2024 and 31 March 2025 | 2.2 | 3.7 | 5.9 |
Accumulated depreciation | |||
At 1 April 2024 | 0.4 | 0.8 | 1.2 |
Charge for the year | 0.3 | 0.4 | 0.7 |
At 31 March 2025 | 0.7 | 1.2 | 1.9 |
Net book amount at 31 March 2024 | 1.8 | 2.9 | 4.7 |
Net book amount at 31 March 2025 | 1.5 | 2.5 | 4.0 |
There were no additions to right-of-use assets in the year ended 31 March 2024.
(ii) Lease obligation
2025 | 2024 | |
US$m | US$m | |
Current | 0.4 | 0.4 |
Non-current | 2.8 | 3.2 |
At 31 March | 3.2 | 3.6 |
(iii) Maturity of lease obligation – contractual undiscounted cash flows
2025 | 2024 | |
US$m | US$m | |
Less than one year | 0.5 | 0.5 |
One to two years | 0.5 | 0.5 |
Two to three years | 0.5 | 0.5 |
Three to four years | 0.5 | 0.5 |
Four to five years | 0.5 | 0.5 |
Over five years | 1.3 | 1.9 |
Total undiscounted lease obligation at 31 March | 3.8 | 4.4 |
Experian plc
Financial statements
236
Notes to the Company financial statements
continued
M. Leases continued
(iv) Amounts recognised in the Company profit and loss account
2025 | 2024 | |
US$m | US$m | |
Depreciation charge for right-of-use assets | 0.4 | 0.4 |
Interest expense | 0.2 | 0.3 |
0.6 | 0.7 |
(v) Lease cash flow
Lease payments in the year were US$0.7m (2024: US$0.5m), of which US$0.2m (2024: US$0.2m) related to payments of interest and US$0.5m
(2024: US$0.3m) was for repayments of principal.
N. Investments – shares in Group undertakings
2025 | 2024 | |
US$m | US$m | |
Cost | ||
At 1 April | 21,960.1 | 20,688.6 |
Additions – fair value of share incentives issued to Group employees | 126.9 | 132.3 |
Additions – fair value of financial guarantees to subsidiary undertakings | — | 18.2 |
Additional investment in direct subsidiary undertakings | — | 1,200.0 |
Disposal through Group reorganisation | — | (79.0) |
At 31 March | 22,087.0 | 21,960.1 |
Accumulated impairment | ||
At 1 April | — | 79.0 |
Disposal through Group reorganisation | — | (79.0) |
At 31 March | — | — |
Net book amount at 31 March | 22,087.0 | 21,960.1 |
During the year ended 31 March 2024, Experian plc undertook a number of transactions as a result of Group restructuring, including the subscription
for additional shares in existing subsidiary undertakings of US$1,200.0m and the disposal of its direct investment in Experian Ireland Investments
Limited, transferring that shareholding to a subsidiary undertaking at the net book amount.
A list of the Company's subsidiary undertakings is given in note U(i). The Company directly holds interests in the whole of the issued share capital of
the following undertakings:
Company | Country of incorporation |
Experian Group Services Limited | Ireland |
Experian Holdings Ireland Limited | Ireland |
O. Debtors – amounts falling due within one year
2025 | 2024 | |
US$m | US$m | |
Amounts owed by Group undertakings | 81.7 | 248.8 |
Other debtors | 0.7 | 1.0 |
Corporation tax asset | — | 4.4 |
82.4 | 254.2 |
Amounts owed by Group undertakings are primarily unsecured, interest bearing and repayable on demand.
P. Creditors
Due within | Due after more | Due within | Due after more | |
one year | than one year | one year | than one year | |
2025 | 2025 | 2024 | 2024 | |
US$m | US$m | US$m | US$m | |
Amounts owed to Group undertakings | 13.3 | — | 12.0 | — |
Lease obligation (note M) | 0.4 | 2.8 | 0.4 | 3.2 |
Corporation tax | 5.2 | — | — | — |
Accruals and deferred income | 8.1 | 10.6 | 7.4 | 13.1 |
27.0 | 13.4 | 19.8 | 16.3 |
Amounts owed to Group undertakings are primarily unsecured, interest free and repayable on demand.
Experian plc
Financial statements
Annual Report 2025
237
Q. Called-up share capital and share premium account
2025 | 2024 | |
Allotted and fully paid | US$m | US$m |
972,976,312 (2024: 972,189,047) ordinary shares of 10 US cents | 73.4 | 73.3 |
20 (2024: 20) deferred shares of 10 US cents | — | — |
73.4 | 73.3 |
At 31 March 2025 and 31 March 2024, the authorised share capital of the Company was US$200m, divided into 1,999,999,980 ordinary shares and
20 deferred shares, each of 10 US cents. The ordinary shares carry the rights (i) to dividend, (ii) to attend or vote at general meetings and (iii) to
participate in the assets of the Company beyond repayment of the amounts paid up or credited as paid up on them. The deferred shares carry no
such rights.
During the year ended 31 March 2025, the Company issued 787,265 (2024: 813,567) ordinary shares for a consideration of US$20.3m
(2024: US$21.2m) in connection with the Group’s share incentive arrangements, details of which are given in note 33 to the Group financial
statements. The difference between the consideration and the par value of the shares issued is recorded in the share premium account.
During the year the Company purchased 2,588,150 (2024: 2,077,909) of its own shares for a consideration of US$116.7m (2024: US$64.5m),
retaining them as treasury shares.
R. Profit and loss account reserve
The profit and loss account reserve is stated after deducting the balance on the own shares reserve from that on the profit and loss account.
The balance on the profit and loss account comprises net profits retained in the Company after the payment of equity dividends. The balance on
the own shares reserve is the cost of ordinary shares in the Company and further details are given below.
| Number of shares held | Cost of shares held | |||||
Treasury | Trusts | Total | Treasury | Trusts | Total | |
million | million | million | US$m | US$m | US$m | |
At 1 April 2024 | 53.4 | 5.7 | 59.1 | 1,074.3 | 237.3 | 1,311.6 |
Purchase of shares by employee trusts | — | 1.8 | 1.8 | — | 82.6 | 82.6 |
Purchase of shares held as treasury shares | 2.6 | — | 2.6 | 117.6 | — | 117.6 |
Shares delivered to a subsidiary in connection | ||||||
with an acquisition | (0.1) | — | (0.1) | (5.9) | — | (5.9) |
Other vesting of awards and exercises of | ||||||
share options | (1.0) | (3.1) | (4.1) | (15.5) | (72.5) | (88.0) |
At 31 March 2025 | 54.9 | 4.4 | 59.3 | 1,170.5 | 247.4 | 1,417.9 |
| Number of shares held | Cost of shares held | |||||
Treasury | Trusts | Total | Treasury | Trusts | Total | |
million | million | million | US$m | US$m | US$m | |
At 1 April 2023 | 52.3 | 6.7 | 59.0 | 1,020.8 | 220.4 | 1,241.2 |
Purchase of shares by employee trusts | — | 1.5 | 1.5 | — | 56.0 | 56.0 |
Purchase of shares held as treasury shares | 2.1 | — | 2.1 | 69.3 | — | 69.3 |
Other vesting of awards and exercises of | ||||||
share options | (1.0) | (2.5) | (3.5) | (15.8) | (39.1) | (54.9) |
At 31 March 2024 | 53.4 | 5.7 | 59.1 | 1,074.3 | 237.3 | 1,311.6 |
S. Contingencies and guarantees
The Company has guaranteed:
• borrowings of Group undertakings of US$4,580m (2024: US$3,801m)
• the liabilities of The Experian plc Employee Share Trust and the Experian UK Approved All-Employee Share Plan
• the retirement benefit obligations of Group undertakings that participate in the Experian Pension Scheme and of a Group undertaking that
participates in a small UK defined benefit pension plan (note 35(a)(i)).
T. Events occurring after the end of the reporting period
Details of the second interim dividend announced since the end of the reporting period are given in note L.
Experian plc
Financial statements
238
Notes to the Company financial statements
continued
(i) Subsidiary undertakings
Company | Country of incorporation |
Experian Strategic Solutions SA | Argentina |
Avention Australia Pty Ltd | Australia |
CLI Lawyers Pty Ltd | Australia |
CLI Lawyers SA Pty Ltd | Australia |
Credit Data Solutions Acquisition Pty Ltd | Australia |
Credit Data Solutions Finance Pty Ltd | Australia |
Credit Data Solutions Pty Ltd | Australia |
Experian Asia Pacific Pty Ltd | Australia |
Experian Australia Credit Services Pty Ltd | Australia |
Experian Australia Fraud Services Pty Ltd | Australia |
Experian Australia Holdings Pty Ltd | Australia |
Experian Australia Pty Ltd | Australia |
illion (Nominees) Pty Limited | Australia |
illion Australia Pty Ltd | Australia |
illion Australia Unit Trust ** | Australia |
illion Consumer Marketing Unit Trust** | Australia |
illion Data Registries Pty Ltd | Australia |
illion Decisioning Pty Ltd | Australia |
illion Decisioning Technologies Pty Ltd | Australia |
illion Financial Viability Reports Pty Ltd | Australia |
illion Group Holdings Pty Ltd | Australia |
illion Marketing Pty Ltd | Australia |
illion Marketplaces (Australia) Pty Ltd | Australia |
illion Open Data Solutions Holdings Pty Ltd | Australia |
illion Open Data Solutions IP Pty Ltd | Australia |
illion Open Data Solutions Pty Ltd | Australia |
illion Risk Solutions Pty Ltd | Australia |
illion Services Pty Ltd | Australia |
Perceptive Communication Holdings Pty Ltd | Australia |
Perceptive Communication Pty Ltd | Australia |
Experian Austria GmbH | Austria |
Experian Österreichische Verwaltungsgesellschaft | |
mbH* | Austria |
Financeira Veloz Holding Financeira S.A. | Brazil 1 |
Holding Veloz Investimentos e Participações S.A. | Brazil 2 |
Mova Sociedade de Empréstimo Entre Pessoas S.A. | Brazil 3 |
Pagueveloz Instituição de Pagamento Ltda. | Brazil 4 |
Salaryfits Sistemas Ltda. | Brazil 5 |
Salt Participações S.A. | Brazil 5 |
Salt Tecnologia Ltda. | Brazil 5 |
Serasa S.A. | Brazil 6 |
SÓFacil Tecnologia Ltda. | Brazil 7 |
Experian Bulgaria EAD | Bulgaria |
Experian Canada Inc. | Canada |
Experian Chile S.A. | Chile 1 |
Experian Holdings Chile SpA | Chile 2 |
Experian Services Chile S.A. | Chile 3 |
Beijing Yiboruizhi Technology Co., Ltd | China 1 |
Experian Credit Service (Beijing) Company Limited | China 2 |
Experian Hong Kong Holdings Limited | China 3 |
Experian Hong Kong Limited | China 3 |
Experian Information Technology (Beijing) Company | |
Limited | China 4 |
Experian Colombia S.A. | Colombia |
Experian Services Costa Rica, S.A. | Costa Rica |
Experian A/S | Denmark 1 |
Noitso A/S | Denmark 2 |
Company | Country of incorporation |
CCN UK 2005 Limited | England and Wales |
CCN UK Unlimited | England and Wales |
Chatsworth Investments Limited | England and Wales |
EHI 2005 Limited | England and Wales |
EHI UK Unlimited | England and Wales |
EIS 2005 Limited | England and Wales |
EIS UK Unlimited | England and Wales |
Experian (UK) Finance Limited | England and Wales |
Experian (UK) Holdings 2006 Limited | England and Wales |
Experian CIS Limited | England and Wales |
Experian Colombia Investments Limited | England and Wales |
Experian Corporate Services Limited | England and Wales |
Experian Europe and Middle East Limited | England and Wales |
Experian Europe Unlimited | England and Wales |
Experian Finance 2012 Unlimited* | England and Wales |
Experian Finance plc | England and Wales |
Experian Group Limited | England and Wales |
Experian Holdings (UK) Unlimited | England and Wales |
Experian Holdings Limited | England and Wales |
Experian International Unlimited | England and Wales |
Experian Investment Holdings Limited | England and Wales |
Experian Latam Holdings Unlimited | England and Wales |
Experian Limited | England and Wales |
Experian NA Holdings Unlimited* | England and Wales |
Experian Nominees Limited | England and Wales |
Experian SURBS Investments Limited | England and Wales |
Experian Technology Limited | England and Wales |
Experian US Holdings Unlimited | England and Wales |
G.U.S. Property Management Limited* | England and Wales |
GUS 1998 Unlimited* | England and Wales |
GUS 2000 Finance Unlimited | England and Wales |
GUS 2004 Limited | England and Wales |
GUS Catalogues Unlimited* | England and Wales |
GUS Finance (2004) Limited | England and Wales |
GUS Holdings (2004) Limited | England and Wales |
GUS Holdings Unlimited | England and Wales |
GUS International Holdings Limited* | England and Wales |
GUS Ireland Holdings Limited* | England and Wales |
GUS Overseas Holdings Limited* | England and Wales |
GUS Overseas Investments Limited* | England and Wales |
GUS US Holdings 2024 Limited* | England and Wales |
illion Digital Tech Solutions UK Limited | England and Wales |
International Communication & Data Limited | England and Wales |
Intozetta Holdings Limited* | England and Wales |
Intozetta Limited* | England and Wales |
Pay Dashboard Limited* | England and Wales |
Paylink Outsource Services Limited | England and Wales |
Paylink Solutions Limited | England and Wales |
Serasa Finance Limited | England and Wales |
Tallyman Limited* | England and Wales |
Tapad UK Limited* | England and Wales |
The Royal Exchange Company (Leeds) Unlimited* | England and Wales |
The Witney Mattress, Divan & Quilt Co. Unlimited* | England and Wales |
Compuscan (Pty) Ltd | eSwatini |
Experian France S.A.S. | France |
3 C Deutschland GmbH | Germany 1 |
Boniversum GmbH | Germany 2 |
Experian plc
Financial statements
Annual Report 2025
239
U. Related undertakings at 31 March 2025 continued
(i) Subsidiary undertakings continued
Company | Country of incorporation |
Experian GmbH (formerly Informa Solutions GmbH) | Germany 3 |
Informa HIS GmbH | Germany 4 |
Infoscore Consumer Data GmbH | Germany 3 |
Tapad Germany GmbH | Germany 5 |
GHU Insurance Company Limited | Guernsey |
Experian Account Aggregator Private Limited | India 1 |
Experian Credit Information Company of India Private | |
Limited | India 2 |
Experian Services India (Private Limited) | India 2 |
PT. Experian Decision Analytics Indonesia* | Indonesia |
Experian Europe Designated Activity Company | Ireland |
Experian Foundation Company Limited by Guarantee | Ireland |
Experian Group Services Limited | Ireland |
Experian Holdings Ireland Limited | Ireland |
Experian Ireland Investments Limited* | Ireland |
Experian Ireland Limited | Ireland |
GUS Finance Ireland Unlimited Company* | Ireland |
GUS Investments 2003 Unlimited Company | Ireland |
Experian Holding Italia S.r.l. | Italy |
Experian Italia S.p.A. | Italy |
Experian Japan Co., Ltd | Japan |
Experian Lesotho (Pty) Ltd | Lesotho |
Experian Information Services (Malaysia) Sdn. Bhd. | Malaysia |
Experian (Malaysia) Sdn. Bhd. | Malaysia |
Experian Marketing Services (Malaysia) Sdn Bhd | Malaysia |
Experian de Mexico S. de R.L. de C.V. | Mexico |
Scorex S.A.M. | Monaco |
Experian Sistema de Informacao de Credito S.A.* | Mozambique |
Experian Micro Analytics B.V. | The Netherlands |
Experian Nederland B.V. | The Netherlands |
Experian Scorex Russia B.V. | The Netherlands |
GUS Europe Holdings B.V. | The Netherlands |
GUS Holdings B.V. | The Netherlands |
GUS Treasury Services B.V. | The Netherlands |
CDS Holdings (NZ) Limited | New Zealand 1 |
Experian New Zealand Limited | New Zealand 1 |
illion Digital Tech Solutions (AUS) Limited | New Zealand 1 |
illion Digital Tech Solutions Holdings Limited | New Zealand 1 |
illion Digital Tech Solutions Limited | New Zealand 1 |
illion Marketplaces (New Zealand) Limited | New Zealand 1 |
illion New Zealand Limited | New Zealand 1 |
illion New Zealand Marketing Services Limited | New Zealand 2 |
illion Tenancy Limited | New Zealand 1 |
illion Tenderlink Limited | New Zealand 1 |
Experian AS | Norway 1 |
Experian Gjeldsregister AS | Norway 1 |
Tapad Norway AS | Norway 2 |
APC Buró, S.A. | Panama |
Experian Perú S.A.C. | Peru |
Experian Philippines, Inc | The Philippines |
Experian Polska spółka z ograniczoną | |
odpowiedzialnością* | Poland |
Gabi Polska spółka z ograniczoną odpowiedzialnością | Poland |
DP Management Pte. Ltd. | Singapore |
Experian Asia-Pacific Holdings Pte. Ltd. | Singapore |
Company | Country of incorporation |
Experian Credit Services Singapore Pte. Ltd. | Singapore |
Experian Singapore Pte. Ltd. | Singapore |
Compuscan Holdings International (Pty) Ltd | South Africa 1 |
CSH Group (Pty) Ltd | South Africa 1 |
Experian South Africa (Pty) Limited | South Africa 2 |
Axesor Business Process Outsourcing S.L.U. | Spain 1 |
Axesor Conocer Para Decidir, S.A. | Spain 1 |
Experian Bureau de Crédito, S.A. | Spain 2 |
Experian España, S.L.U. | Spain 2 |
Experian Holdings España, S.L.U. | Spain 2 |
Experian Latam España Inversiones, S.L. | Spain 3 |
Experian Switzerland AG | Switzerland |
Experian (Thailand) Co., Ltd* | Thailand |
Experian Bilgi Hizmetleri Limited Şirketi | Türkiye |
Auto I.D., Inc. | USA 1 |
BillFixers, LLC | USA 2 |
CIC Plus, LLC | USA 3 |
ClarityBlue Inc. | USA 3 |
Clarity Services, Inc. | USA 2 |
ConsumerInfo.com, Inc. | USA 4 |
CSIdentity Corporation | USA 2 |
CSIdentity Insurance Services, Inc. | USA 6 |
Employment Tax Servicing, LLC | USA 4 |
Experian Background Data, Inc. | USA 2 |
Experian Credit Advisors, Inc. | USA 2 |
Experian Data Corp | USA 2 |
Experian Employer Services, Inc. | USA 5 |
Experian Fraud Prevention Solutions, Inc. | USA 2 |
Experian Health, Inc. | USA 2 |
Experian Holdings, Inc. | USA 2 |
Experian Information Solutions, Inc. | USA 7 |
Experian Marketing Solutions, LLC | USA 2 |
Experian Reserved Response, Inc. | USA 2 |
Experian Services Corp. | USA 2 |
Frontline eSolutions, LLC | USA 8 |
Gabi Personal Insurance Agency, Inc. | USA 2 |
illion Digital Tech Solutions (US) LLC | USA 3 |
illion Digital Tech Solutions Canada Ltd | USA 3 |
MyExperian, Inc. | USA 2 |
My Health Direct, Inc. | USA 2 |
Neuro-ID, Inc. | USA 3 |
Predictive Pop, Inc. | USA 3 |
RewardStock, Inc. | USA 2 |
Statschedules India, LLC | USA 2 |
String Automotive Solutions, Inc. | USA 2 |
String Enterprises, Inc. | USA 2 |
Tapad, Inc. | USA 2 |
Tax Credit Co, LLC | USA 2 |
Tayvah, LLC | USA 4 |
TCC Arizona, LLC | USA 9 |
TCC Services, LLC | USA 10 |
The 41st Parameter, Inc. | USA 2 |
WaveHDC LLC | USA 2 |
Waveland Technologies LLC | USA 3 |
Numeric superscripts refer to registered office addresses given in note U(ii).
* In voluntary liquidation
** Unincorporated trust, the country of incorporation provided is the principal place of business.
Experian plc
Financial statements
240
Notes to the Company financial statements
continued
U. Related undertakings at 31 March 2025 continued
(ii) Addresses of registered offices of subsidiary
undertakings
Country of incorporation | Address of registered office |
Argentina | Olga Cossettini 363, Piso 3, Edificio Yacht VI, Ciudad de |
Buenos Aires | |
Australia | Level 26, 2 Southbank Boulevard, Southbank, VIC 3006 |
Austria | Strozzigasse 10/14, 1080 Vienna |
Brazil 1 | Rua Dr. Léo de Carvalho, No.74, 5th Floor, Suite 505, |
Room 2, Ibiza Building, Velha, Blumenau, Santa | |
Catarina, 89036-239 | |
Brazil 2 | Rua Hermann Huscher, 113, sala 01 subsala 06, |
District: Vila Formosa, Blumenau, Santa Catarina, | |
89.023-000 | |
Brazil 3 | Avenida Brigadeiro Faria Lima, No. 1306, 6th floor, São |
Paulo, 01451-914 | |
Brazil 4 | Rua Dr. Léo de Carvalho, No. 74, 5th Floor, Suites 505, |
506 and 507, Ibiza Building, Velha, Blumenau, Santa | |
Catarina, 89036-239 | |
Brazil 5 | Alameda Oscar Niemeyer, No. 132, Room 1102, Nova |
Lima, Minas Gerais, 34.006-049 | |
Brazil 6 | Avenida das Nações Unidas, 14401 – Torre C-1 Parque |
da Cidade Complex, Suites 191, 192, 201, 202, 211, | |
212, 221, 222, 231, 232, 241 e 242, Chácara Santo | |
Antônio, São Paulo/SP, 04794-000 | |
Brazil 7 | Rua Tapajós, 941, 1st floor, Bairro Barcelona, São |
Caetano do Sul, São Paulo, 09551-230 | |
Bulgaria | 86 Tsarigradsko shose boul., Mladost region, 1784 |
Sofia | |
Canada | 199 Bay Street, Suite 4000, Toronto, Ontario M5L 1A9 |
Chile 1 | Av. Andrés Bello 2457, Piso 34 C, Santiago |
Chile 2 | Av el Golf 40 piso, 20 Santiago |
Chile 3 | Avenida Presidente Riesco #5561, Oficina #402, Las |
Condes, Santiago, 7561127 | |
China 1 | Room 604 6F, One Indigo, 20 Jiuxianqiao Road, |
Chaoyang District, Beijing, 100015 | |
China 2 | Room 05D, 20th Floor, NO.77, Jianguo Road, Chaoyang |
District, Beijing | |
China 3 | 31/F., Tower Two, Times Square, 1 Matheson Street, |
Causeway Bay, Hong Kong | |
China 4 | Room 05C, 20th Floor, NO.77, Jianguo Road, Chaoyang |
District, Beijing | |
Colombia | Carrera 7, No. 76 -35 Floor 10, Bogota |
Costa Rica | Edificio Oller Abogados, Provincia de 5551007, Av. 18, |
San José Province, San José | |
Denmark 1 | Lyngbyvej 2, DK-2100, Copenhagen |
Denmark 2 | Krumstappen 4, St. 2500 VALBY |
England and Wales | The Sir John Peace Building, Experian Way, NG2 |
Business Park, Nottingham, NG80 1ZZ | |
eSwatini | c/o PricewaterhouseCoopers, Rhus Office Park, Kal |
Grant Street, Mbabane | |
France | 19 boulevard Malesherbes, 75008 Paris |
Germany 1 | Edisonstraße 19, 74076, Heilbronn |
Germany 2 | Hammfelddamm 13, 41460 Neuss |
Germany 3 | Rheinstraße 99, 76532, Baden-Baden |
Germany 4 | Kreuzberger Ring 68, 65205, Wiesbaden |
Germany 5 | Walther-von-Cronberg-Platz 13, 60594 Frankfurt a. |
Main | |
Guernsey | PO Box 155, Mill Court, La Charroterie, St Peter Port, |
GY1 4ET | |
India 1 | 1108 Hubtown Solaris, N. S. Phadke Road, Andheri |
(East), Mumbai 400069 | |
India 2 | 5th Floor, East Wing, Tower 3, Equinox Business Park, |
LBS Marg, Kurla (West), Mumbai, 400070 |
Country of incorporation | Address of registered office |
Indonesia | World Trade Centre 3 Lantai 27, Jl. Jendral Sudirman |
Kav. 29-31, Kelurahan Karet, Kecamatan Setiabudi, | |
Kota Adm. Jakarta Selatan, DKI Jakarta | |
Ireland | 2 Cumberland Place, Fenian Street, Dublin 2, D02 HY05 |
Italy | Piazza dell’Indipendenza No 11/B, 00185, Rome |
Japan | 1-1-1 Otemachi, Chiyoda-ku, Tokyo |
Lesotho | Plot No. 582, Ha Hoohlo Extension, Maseru |
Malaysia | Level 13, Menara 1 Sentrum, 201, Jalan Tun |
Sambanthan, Brickfields, 50470 Kuala Lumpur | |
Mexico | Calle Pedregal 24 S 300 P 3 Col. Molino del Rey, Miguel |
Hidalgo, Ciudad de México, CP 11040 | |
Monaco | Athos Palace 2, Rue de la Lujerneta 6eme etage – lots |
27 et 30, MC98000 | |
Mozambique | Edifício Millennium Park, Avenida Vladimir Lenine, 174, |
13°, Maputo | |
The Netherlands | Grote Marktstraat 49, 2511BH’s-Gravenhage |
New Zealand 1 | Bell Gully, Deloitte Centre, Level 5, 1 Queen Street, |
Auckland, 1010 | |
New Zealand 2 | Level 9, 4 Williamson Avenue, Grey Lynn, Auckland, |
1021 | |
Norway 1 | Professor Kohts vei 9, 1366 Lysaker, Bærum |
Norway 2 | 5.etg. Edvard Storms gate, 20166, Oslo |
Panama | Panamá Pacífico, International Business Park, Edif. |
3845, 4to Piso, Ciudad de Panamá | |
Peru | Av. Canaval y Moreyra Nº 480, Piso 19, San Isidro, Lima |
The Philippines | 25th Floor Philam Life Tower, 8767 Paseo de Roxas, |
Makati City | |
Poland | Henryk Sienkiewicz street 82/84; 90-318, Łódź |
Singapore | 10 Kallang Avenue, #05-18 Aperia Tower 2, Singapore, |
339510 | |
South Africa 1 | Experian House, 3 Neutron Avenue, Techno Park, |
Stellenbosch, 7600 | |
South Africa 2 | Experian House, Ballyoakes Office Park, 35 Ballyclare |
Drive, Bryanston, Sandton, 2021 | |
Spain 1 | Calle Graham Bell, s/n, Edificio Axesor, Parque |
Empresarial San Isidro, C.P. 18100, Armilla | |
Spain 2 | C/Principe de Vergara 132, 2a Planta, 28002, Madrid |
Spain 3 | Principe de Vergara 131 1°, Madrid |
Switzerland | Thurgauerstrasse 101a, CH-8152, Opfikon |
Thailand | No. 9, G Tower Building, 33rd Floor, Rama 9 Road, Huai |
Kwang, Bangkok | |
Türkiye | River Plaza Büyükdere Cad.Bahar Sok.No:13 K:8 |
Levent 34394 İstanbul | |
USA 1 | The Corporation Trust Company, 1209 Orange Street, |
Wilmington DE 19801 | |
USA 2 | C T Corporation, 300 Montvue Road, Knoxville TN |
37919-5546 | |
USA 3 | 475 Anton Boulevard, Costa Mesa, CA 92626 |
USA 4 | C T Corporation System, 818 West 7th Street, Los |
Angeles, CA 90017 | |
USA 5 | C T Corporation System, 155 Federal Street, Ste 700, |
Boston Massachusetts 02110 | |
USA 6 | 208 South LaSalle St., Ste 814 Chicago IL 60604 |
USA 7 | 4400 Easton Commons Way, Ste 125, Columbus Ohio |
43219 | |
USA 8 | 3026 Woodbridge Lane, Canton, GA 30114 |
USA 9 | 2711 Centerville Rd Ste 400, Wilmington DE 19808 |
USA 10 | 255 W Sunset Blvd. Ste, 2200 Los Angeles CA 90028 |
Numeric superscripts refer to subsidiary undertakings given in note U(i).
Experian plc
Financial statements
Annual Report 2025
241
U. Related undertakings at 31 March 2025
continued
(iii) Additional information on subsidiary
undertakings
Summary
The results of the undertakings listed at note U(i) are included in the
Group financial statements. Except as indicated below, the Company
has direct or indirect interests in the whole of the issued equity shares
of these undertakings. Undertakings which are direct subsidiaries of
the Company are detailed in note N to these financial statements.
Since demerger from GUS plc in 2006, the Company has
eliminated dormant and inactive companies through an ongoing
internal programme.
Holdings comprising less than 100%
Interests of less than 100% of the issued equity of subsidiary
undertakings are:
APC Buró, S.A. – 70.0%
DP Management Pte Ltd – 51.0%
Experian Australia Credit Services Pty Ltd – 99.89%
Experian Chile S.A. – 66.7%
Experian Colombia S.A. – 99.9%
Experian Credit Information Company of India Private Limited – 66.72%
Experian Italia S.p.A. – 95.35%
Experian Information Services (Malaysia) Sdn. Bhd. – 74.0%
Experian Sistema de Informacao de Credito S.A. – 90.0%
Experian South Africa (Pty) Limited – 87.5%
Mova Sociedade de Empréstimo Entre Pessoas S.A. – 51.0%
Serasa S.A. – 99.8%
Holdings comprising other than ordinary shares, common stock or
common shares
The Company’s equity interests comprise direct or indirect holdings
of ordinary shares, common stock or common shares only, except as
listed below:
Experian Europe and Middle East Limited, Experian Soluciones de
Informacion, S.A. de C.V., GUS 2004 Limited and GUS Investments 2003
Unlimited Company – A ordinary and B ordinary shares
GUS International – B ordinary shares
GUS 2000 Unlimited – X ordinary and Y ordinary shares
Experian Holdings, Inc. – class A and B common stock
Experian Information Solutions Inc. – common no par value shares
Country of | ||
Company | Holding | incorporation |
Simple KYC Pty Ltd | 20.0% | Australia |
London & Country Mortgages Limited | 25.0% | England and Wales |
Who Owns Whom (Pty) Limited | 32.9% | South Africa |
Online Data Exchange LLC | 25.0% | USA |
Opt-Out Services, LLC | 25.0% | USA |
Central Source LLC | 33.3% | USA |
New Management Services, LLC | 33.3% | USA |
VantageScore Solutions, LLC | 33.3% | USA |
Country of incorporation | |
Undertaking | or operation |
Brigstock Finance Limited* | England and Wales |
Experian Medical Plan Limited | England and Wales |
Experian Pension Scheme | England and Wales |
Experian Retirement Savings Plan | England and Wales |
Experian Retirement Savings Trustees Limited | England and Wales |
Experian Trustees Limited | England and Wales |
Experian UK Approved All-Employee Share Plan | England and Wales |
The Pension and Life Assurance Plan of Sanderson | |
Systems Limited | England and Wales |
Versorgungsordnung der Barclays Industrie Bank | |
GmbH vom April 1988 (incl. amendments) | Germany |
The Experian Ireland Limited Pension Plan | Ireland |
The Experian plc Employee Share Trust | Jersey |
* In voluntary liquidation
These undertakings are not subsidiaries or associates. Brigstock
Finance Limited is a finance company. The other undertakings
operate in connection with the Group’s share incentive plans, pension
arrangements in Germany, Ireland and the UK, and the provision of
Shareholder and corporate information
Analysis of share register at 31 March 2025
By size of shareholding
Number of
shareholders
%
Number of
shares
%
Over 1,000,000
137
0.8
798,376,462
82.1
100,001 to 1,000,000
388
2.1
133,500,536
13.7
10,001 to 100,000
710
3.9
24,857,592
2.6
5,001 to 10,000
465
2.6
3,205,046
0.3
2,001 to 5,000
1,606
8.9
4,867,915
0.5
1 to 2,000
14,771
81.7
8,168,761
0.8
Total
18,077
100.0
972,976,312
100.0
By nature of shareholding
Number of
shareholders
%
Number of
shares
%
Corporates
2,398
13.3
901,962,059
92.7
Individuals
15,678
86.7
16,198,240
1.7
Treasury shares
1
—
54,816,013
5.6
Total
18,077
100.0
972,976,312
100.0
Company website
A full range of investor information is available at
experianplc.com
.
Details of the 2025 AGM, to be held in Dublin, Ireland on Wednesday
16 July 2025, are given on the website and in the notice of meeting.
Information on the Company’s share price is available on the website.
Electronic shareholder communication
Shareholders may register for Share Portal, an electronic
communication service provided by MUFG Corporate Markets (Jersey)
Limited, via the Company website at
experianplc.com/shares
. The
service is free and it facilitates the use of a comprehensive range of
shareholder services online.
When registering for Share Portal, shareholders can select their
preferred communication method – email or post. Shareholders will
receive a written notification of the availability on the Company’s website
of shareholder documents, such as the Annual Report, unless they have
elected to either: (i) receive such notification by email; or (ii) receive paper
copies of shareholder documents, where such documents are available
in that format.
Dividend information
Dividends for the year ended 31 March 2025
A second interim dividend in respect of the year ended 31 March 2025
of 43.25 US cents per ordinary share will be paid on 18 July 2025, to
shareholders on the register of members at the close of business on
20 June 2025. Unless shareholders elect by 20 June 2025 to receive
US dollars, their dividends will be paid in UK pounds sterling at a rate
per share calculated on the basis of the exchange rate from US dollars
to UK pounds sterling on 27 June 2025. A first interim dividend of
19.25 US cents per ordinary share was paid on 7 February 2025.
Income Access Share arrangements
As its ordinary shares are listed on the London Stock Exchange, the
Company has a large number of UK resident shareholders. In order that
shareholders may receive Experian dividends from a UK source, should
they wish, the Income Access Share arrangements (IAS arrangements)
have been put in place. The purpose of the IAS arrangements is to
preserve the tax treatment of dividends paid to Experian shareholders
in the UK, in respect of dividends paid by the Company. Shareholders
who elect, or are deemed to elect, to receive their dividends via the IAS
arrangements will receive their dividends from a UK source (rather than
directly from the Company) for UK tax purposes.
Shareholders who hold 50,000 or fewer Experian plc shares on the first
dividend record date after they become shareholders, unless they elect
otherwise, will be deemed to have elected to receive their dividends
under the IAS arrangements.
Shareholders who hold more than 50,000 shares and who wish to
receive their dividends from a UK source must make an election to
receive dividends via the IAS arrangements. All elections remain in
force indefinitely unless revoked.
Unless shareholders have made an election to receive dividends via
the IAS arrangements, or are deemed to have made such an election,
dividends will be received from an Irish source and will be taxed
accordingly. The final date for submission of elections to receive
UK-sourced dividends via the IAS arrangements is 20 June 2025.
Dividend Reinvestment Plan (DRIP)
The DRIP enables those shareholders who receive their dividends
under the IAS arrangements to use their cash dividends to buy more
shares in the Company. Eligible shareholders, who wish to participate
in the DRIP in respect of the second interim dividend for the year ended
31 March 2025, to be paid on 18 July 2025, should return a completed
and signed DRIP application form, to be received by the registrars by no
later than 20 June 2025. Shareholders should contact the registrars for
further details.
242
Experian plc
Shareholder and corporate information
Shareholder security
Shareholders are advised to be wary of any unsolicited advice,
offers to buy shares at a discount or offers of free reports about the
Company. More detailed information on such matters can be found at
moneyhelper.org.uk.
Details of any share dealing facilities that the
Company endorses will be included on the Company’s website or in
Company mailings.
American Depositary Receipts (ADR)
Experian has a sponsored Level 1 ADR programme, for which
J.P. Morgan Chase Bank, N.A. acts as Depositary. This ADR programme
is not listed on a stock exchange in the USA and trades on the highest
tier of the US over-the-counter market, OTCQX, under the symbol
EXPGY. Each ADR represents one Experian plc ordinary share.
Further information can be obtained by contacting:
Shareowner Services
J.P. Morgan Chase Bank, N.A.
PO Box 64504
St. Paul, MN 55164-0504
USA
T +1 651 453 2128 (from the USA: 1 800 990 1135)
E
Visit shareowneronline.com
,
then select ‘Contact Us’
W
adr.com
Brazilian Depositary Receipts (BDR)
Experian has a sponsored Level 1 BDR programme, for which Itaú
Unibanco S.A. acts as Depositary. This BDR programme is listed on B3
(Brasil, Bolsa, Balcão), the stock exchange of Brazil, under the trading
name EXPERIAN PLC and negotiation code EXPB31. Each BDR represents
one Experian plc ordinary share. Further information can be obtained
by contacting:
Itaú Unibanco S.A.
Avenida do Estado, No. 5533 – Block A – 1st floor
CEP 03105-003, São Paulo/SP, Brazil
T +55 3003 9285
E
dr.itau@itau-unibanco.com.br
W
itau.com.br/investmentservices-en/registrar/bdr
Financial calendar
Second interim ex-dividend date
19 June 2025
Second interim dividend record date
20 June 2025
Second interim ex-dividend and record date for
American Depositary Receipts (ADRs)
20 June 2025
Second interim ex-dividend and record date for
Brazilian Depositary Receipts (BDRs)
20 June 2025
Trading update, first quarter
15 July 2025
AGM
16 July 2025
Second interim dividend payment date
18 July 2025
Half-yearly financial report
12 November 2025
Trading update, third quarter
21 January 2026
Preliminary announcement of full-year results
May 2026
Contact information
Corporate headquarters
Experian plc
2 Cumberland Place
Fenian Street
Dublin 2
D02 HY05
Ireland
T +353 (0) 1 846 9100
Investor relations
E
investors@experian.com
Registered office
Experian plc
22 Grenville Street
St Helier
Jersey
JE4 8PX
Channel Islands
Registered number – 93905
ISIN – GB00B19NLV48
Registrars
MUFG Corporate Markets (Jersey) Limited
12 Castle Street
St Helier
Jersey
JE2 3RT
Channel Islands
T 0371 664 9245
T (for calls from outside the UK) +44 800 141 2952
E
experian@cm.mpms.mufg.com
Calls are charged at the standard geographic rate and will vary by
provider. Calls from outside the United Kingdom will be charged
at the applicable international rate. Lines are open from 8.30am to
5.30pm (UK time) Monday to Friday excluding public holidays in
England and Wales.
Stock exchange listing information
Exchange: London Stock Exchange, Equity shares (commercial
companies)
Index: FTSE 100
Symbol: EXPN
243
Experian plc
Annual Report 2025
Shareholder and corporate information
Glossary
The following abbreviations are used in this Annual Report, and are taken to have the following meanings:
Abbreviation
Meaning
AGM
Annual General Meeting
AI
Artificial Intelligence
A/NZ
Australia and New Zealand
APAC
Asia Pacific
API
Application Programming Interface
B2B
Business-to-Business
B2C
Business-to-Consumer
BEIS
Business, Energy and Industrial Strategy
Benchmark EBIT
Benchmark earnings before interest and tax. See note 7 to the Group financial statements
Benchmark EBITDA
Benchmark earnings before interest, tax, depreciation and amortisation. See note 7 to the Group financial statements
Benchmark EPS
Benchmark earnings per share. See note 7 to the Group financial statements
Benchmark operating cash flow
See note 7 to the Group financial statements
Benchmark PBT
Benchmark profit before tax. See note 7 to the Group financial statements
CAGR
Compound annual growth rate
CCPA
California Consumer Privacy Act
CDP
Formerly known as Carbon Disclosure Project, a non-profit charity that runs the global environmental disclosure system
CEO
Chief Executive Officer
CFO
Chief Financial Officer
CFPB
Consumer Financial Protection Bureau
CGU
Cash-generating unit
CIP
Co-investment Plans
Code
The UK Corporate Governance Code 2018
Company
Experian plc
COO
Chief Operating Officer
CPRA
California Privacy Rights Act
DRIP
Dividend Reinvestment Plan
ECS
Experian Consumer Services
EITS
Experian Information Technology Services
EMEA
Europe, Middle East and Africa
EPS
Earnings per share
ERMC
Executive Risk Management Committee
ESEF
European Single Electronic Format
FBU
Fair, balanced and understandable
FCA
The UK Financial Conduct Authority
FCRA
US Fair Credit Reporting Act
FRC
The UK Financial Reporting Council
FRS
Financial Reporting Standard
FTC
US Federal Trade Commission
FTE
Full-time equivalent
FVOCI
Fair value through Other comprehensive income
FVPL
Fair value through profit or loss
FX
Foreign exchange rate(s)
FY21
Year ended 31 March 2021
FY22
Year ended 31 March 2022
FY23
Year ended 31 March 2023
FY24
Year ended 31 March 2024
FY25
Year ended 31 March 2025
FY26
Year ending 31 March 2026
FY27
Year ending 31 March 2027
GAAP
Generally Accepted Accounting Practice
GDP
Gross Domestic Product
GDPR
General Data Protection Regulation
GenAI
Generative Artificial Intelligence
GHGs
Greenhouse gas emissions
H1
The first half of Experian’s financial year, being the six months ending 30 September
Experian plc
Glossary
244
Abbreviation
Meaning
H2
The second half of Experian’s financial year, being the six months ending 31 March
HMRC
The UK’s ‘His Majesty’s Revenue and Customs’
IAS
International Accounting Standard
IAS arrangement
Income Access Share arrangement for the payment of dividends from a UK source
IASB
International Accounting Standards Board
ID&F
Identity and Fraud
IFRIC
International Financial Reporting Standards Interpretations Committee
IFRS or IFRSs
International Financial Reporting Standards
IP
Intellectual property
IPO
Initial public offering
IRS
The US Internal Revenue Service
ISO
International Organization for Standardization
KPI
Key performance indicator
Last year
Year ended 31 March 2024
LGPD
Brazil General Data Protection Law
MSCIP
Marketing Services Consumer Information Portal
NED
Non-executive director
NGO
Non-governmental organisation
NPS
Net Promoter Score
OCI
Other comprehensive income
OECD
Organisation for Economic Co-operation and Development
OpCo
Group Operating Committee
PAYE
Pay As You Earn, the HMRC system to collect Income Tax and National Insurance from employment in the UK
The Policy
Directors’ remuneration policy
PSP
Performance Share Plan
Q1
The first quarter of Experian’s financial year, being the three months ending 30 June
Q2
The second quarter of Experian’s financial year, being the three months ending 30 September
Q3
The third quarter of Experian’s financial year, being the three months ending 31 December
Q4
The fourth quarter of Experian’s financial year, being the three months ending 31 March
ROCE
Return on capital employed
SaaS
Software as a Service
SBTi
Science Based Target initiative
STEM
Science, technology, engineering, and mathematics
TCFD
Task Force on Climate-related Financial Disclosures
TD
EU’s Transparency Directive
This year
Year ended 31 March 2025
TSR
Total shareholder return
UK&I
UK and Ireland
UN SDGs
United Nations’ Sustainable Development Goals
WACC
The Group’s pre-tax weighted average cost of capital
Glossary
245
Experian plc
Annual Report 2025
Notes
Experian plc
Notes
246
Designed and produced by
Friend
www.friendstudio.com
Print: Pureprint Group
This report has been printed on Amadeus Silk
which is FSC® certified and made from 100%
Elemental Chlorine Free (ECF) pulp. The mill
and the printer are both certified to ISO 14001
environmental management. The report
was printed using vegetable based inks
by a CarbonNeutral® printer.
This publication is produced by a CarbonNeutral®
company and the paper is Carbon Balanced with
World Land Trust.
Balancing is delivered by World Land Trust, an
international conservation charity, who offset
carbon emissions through the purchase and
preservation of high conservation value land.
Through protecting standing forests, under
threat of clearance, carbon is locked in that
would otherwise be released. These protected
forests are then able to continue absorbing
carbon from the atmosphere, referred to as
REDD (Reduced Emissions from Deforestation
and forest Degradation). This is now recognised
as one of the most cost-effective and swiftest
ways to arrest the rise in atmospheric CO
2
and global warming effects. Additional to the
carbon benefits is the flora and fauna this
land preserves, including a number of species
identified at risk of extinction on the IUCN Red
List of Threatened Species.
Annual Report 2025
www.experianplc.com/Experian-Annual-Report-2025
Experian plc website
www.experianplc.com
Corporate
headquarters
Experian plc
2 Cumberland Place
Fenian Street
Dublin 2
D02 HY05
Ireland
T +353 (0) 1 846 9100
www.experianplc.com
Operational
headquarters
Experian
475 Anton Boulevard
Costa Mesa
CA 92626
United States
T +1 714 830 7000
www.experian.com
Serasa Experian
Av. Doutor Heitor
José Reali 360
CEP 13571-385
São Carlos
Brazil
T +55 11 3004 7728
www.serasaexperian.com.br
Experian
The Sir John Peace Building
Experian Way
NG2 Business Park
Nottingham
NG80 1ZZ
United Kingdom
T +44 (0) 115 941 0888
www.experian.co.uk