Equifax (EFX) investor relations material

Strategic transformation and growth outlook

• Completed a $3 billion cloud transformation, now enabling a pivot to innovation and growth, with over 90% of revenue on the new platform.

• Raised long-term organic growth targets to 7–10% (8–12% with M&A) and margin expansion to 50 bps per year, reflecting increased confidence in operating leverage.

• Vitality Index, measuring new product revenue, consistently exceeds 10%, highlighting innovation momentum.

• Cloud and AI investments are seen as key differentiators, supporting higher product performance and stability.

• Growth framework is achievable even with a flat mortgage market; mortgage recovery would provide further upside.

Mortgage market dynamics and financial impact

• Mortgage market has been a significant headwind, with $1 billion in lost revenue over four years; 2025 expected to be down 10%.

• Full mortgage recovery could add $1.2 billion in revenue, $700 million in EBITDA, and $4/share in EPS by 2030.

• No ceiling on margin expansion; upside from pricing, product rollouts, and share gains not fully modeled.

• Capital allocation prioritizes investment in growth, disciplined bolt-on M&A, dividend growth, and buybacks.

Workforce Solutions and government vertical

• Workforce Solutions targets a $15 billion TAM, with current revenue just above $2.5 billion, mainly competing against manual processes.

• Four growth levers: pricing, new products, record additions, and penetration, with government vertical expected to outpace 13%+ growth.

• Government business ($800 million) is poised for rapid growth due to new federal requirements (OB-3 bill) and focus on reducing $160 billion in improper payments.

• Instant income verification delivers speed, productivity, and integrity, supporting expansion in social services and new programs like Earned Income Tax Credit.