Equifax : April 2026 Investor Relations Presentation Q1 2026

Published: 2026-04-21 10:50:10 ET EFX

Published on 04/21/2026 at 10:50 am EDT

April 21, 2026

Non-GAAP Disclosure Statement

This presentation contains certain non-GAAP financial measures, including Adjusted EPS, Adjusted EBITDA, and Cash Conversion, which reflect adjustments for certain items that affect the comparability of our underlying operational performance.

Adjusted EPS is defined as net income adjusted for acquisition-related amortization expense of certain acquired intangibles, accrual for legal and regulatory matters related to the 2017 cybersecurity incident, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, realignment of resources and other costs and antitrust litigation costs

Adjusted EBITDA is defined as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items.

Adjusted Net Income is defined as net income adjusted for certain one-time items.

Free Cash Flow is defined as the cash provided by operating activities less capital expenditures. Cash Conversion is defined as the ratio of Free Cash Flow to adjusted net income.

Local currency is calculated by conforming the current period results to the comparable prior period exchange rates. Local currency can be presented for numerous GAAP measures, but is most commonly used by management to analyze operating revenue without the impact of changes in foreign currency exchange rates.

These non-GAAP measures are detailed in reconciliation tables which are included with our earnings release and are also posted at https://www.equifax.com under "Investor Relations/Financial Results/Non-GAAP Financial Measures."

Other Disclosures

Diversified Markets represents all Equifax businesses excluding Equifax Mortgage businesses.

PROPRIETARY | 3

STRATEGIC PRIORITIES

1Q revenue1 up 14% reported, 13% C$, 10% R$ ex FICO... $37M above Feb Guide midpoint... Adj EPS of $1.86 / share… $0.18 above Feb Guide midpoint… 1Q Adj EBITDA Margin ex FICO up 80 bps, 110 bps above Feb Guide midpoint and 60% above 50 bps LT Framework

EWS revenue up 10%… Government up MDD exceeding expectations from strong state performance… Talent revenue up HSD outperforming weak hiring market… Mortgage up MDD…continued strong record growth… 211M Active records up 11%

USIS revenue up 21%... strong 60% Mortgage revenue growth / up 24% ex FICO from TWN Indicator share gains and better market performance … hard credit inquiries up 2%... Diversified Markets up 3%... Core Online FI and Auto up MSD

International… C$ revenue up 4% led by Canada and ANZ… cloud transformation progressing… providing tailwind for margins

Continued strong NPI… 17% VI in 1Q… EFX.AI solutions, TWN indicator

Over 240 mortgage originators testing VantageScore 4.0… VantageScore $1 to drive adoption… over 50 mortgage originators in production with VS

Strong FCF…returned $327M cash to shareholders in 1Q… repurchased 1.3M shares for $260M… $67M dividends

(1) Revenue from Vault Verify acquisition immaterial in the First Quarter

Returned $327M of Cash to Shareholders in 1Q26

Note: This slide contains forward-looking information, including 2026 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

PROPRIETARY | 4

Strong 1Q Revenue and EPS Beat from Mortgage Strength Early in 1Q, 80 bps Adj EBITDA Margin Expansion Ex FICO

EWS Revenue +10%... Strong Diversified Markets Verifier Growth +14%... Adj EBITDA Margins up 220 bps

Verifier

Revenue Growth

+14%

Verifier Diversified Markets

+14%

Government + MDD

Talent + HSD

Consumer Lending + MDD

Verifier Mortgage +14%

Government

Revenue Growth

+MDD

State Penetration

Enhanced Focus on Reducing Error Rates

Verification of Income, Hours Worked

Records

211M Active Records

+11% YTY

120M Current Records on 105M SSNs

823M Total Records

5M companies contributing

Big opportunity to grow TWN records from 105M current to 250M earners

52% Adj EBITDA

Margin

EWS +10%

1Q Revenue Growth

Employer -4%

PROPRIETARY | 5

$5B Government TAM

$5B

Tightening Eligibility

Requirements

State cost sharing with error rates over 6%... 80%+(1) of states over 6%

New work / community engagement requirements

Tighter income verification requirements

12 months to 6 months redeterminations

State penetration opportunities

Federal Opportunities

IRS EITC, OT

Do Not Pay Portal

DOL: Unemployment Insurance

Rolling Out NPIs to Support

Continuous Evaluation for SNAP

Provides agencies monthly life changes (e.g., income) to reduce SNAP error rates

Launched 4Q25… 3 states activated

Medicaid Community Engagement

Enables agencies to verify new community engagement requirements (e.g., hours worked, education)

Launching 2H26

Complete Income

Enables caseworkers to verify both traditional and alternative income sources (e.g., Gig jobs) through a single workflow

In production

$5B TAM for EWS Government Growth to Address $160B Improper Payments

Improper Payments Source: GAO analysis of Office of Management and Budget PaymentAccuracy.gov data | GAO-25-107753

1. 2024 State SNAP error rates available on USDA.gov website.

PROPRIETARY | 6

Federal and State Engagement Ramping Post OB3… 2027+ Revenue Driver

USIS Revenue Up 21%… Mortgage Up Very Strong 24% ex FICO from TWN Indicator and Share Gains... Diversified Markets up 3%

Mortgage

+60%

Revenue Growth

Mtg revenue growth ex FICO up 24%

38% Adj EBITDA Margin (ex FICO)

+21% 1Q Revenue Growth

~$35M Margin Upside to Convert FICO to Vantage

TWN Indicator driving share gains

Diversified Markets

+3%

Revenue Growth

B2B (Total) +2%

Online +LSD

Oﬄine / Batch flat

B2C +9%

Online B2B Consumer Resilient

Core FI Revenue Up MSD

Core Auto Revenue Up MSD

Mortgage Industry Ready for VantageScore… 2026 Guidance Assumes No VantageScore Conversion

Revenue Guidance Midpoint

$6.7B

FICO Mortgage Scores

~6%

EBITDA

Guidance Midpoint

$2.1B

FICO Mortgage Scores

Mortgage Scores Update

Reprice VantageScore to $1 to drive conversion

~$1 billion annual savings opportunity expected to accelerate lender adoption

Over 240 mortgage lenders currently testing free VantageScore offering alongside paid FICO scores… over 50 lenders in production with VS

2026 Guidance assumes 100% of mortgage scores delivered will be FICO scores through the credit reporting agencies… consistent with Feb Guidance methodology

~$35M margin upside from VantageScore conversion

~0%

2026 USIS Mortgage Scores Revenue ~ 6% EFX Revenue

Note: This slide contains forward-looking information, including 2026 guidance. Actual results may differ materially from our historical experience and our present expectations or projections. We

International C$ Revenue Up 4%… Led by Canada and ANZ… Adj EBITDA Margins Up 80 bps

CANADA +8%

Highlights

EUROPE +1%

Canada up +8% driven by ID & Fraud, B2C, Commercial

LATAM +4%

ASIA PACIFIC

+6%

Asia Pac up +6% driven by Online B2B and Commercial

Adj EBITDA Margins 25%... up 80 bps YTY

Strong NPI execution

Leveraging New EFX Cloud Capabilities for NPIs and Growth

Direct to Consumer

Commercial

B2B Core Credit

~90% EFX Rev from Proprietary Data

Other(1)

90%

EFX

Revenue

Income & Employment

Proprietary Data

Proprietary data at the core of differentiated solutions, analytics, decisioning… highly regulated

US proprietary data includes EWS income & employment, USIS B2B & B2C core credit, USIS commercial credit, and USIS alternative data assets… NCTUE (cell phone, utility, pay tv), DataX, Teletrack, and IXI (consumer wealth)

Almost 90% of US revenue generated from proprietary data

Intl proprietary data includes B2B & B2C core credit, commercial credit, and recovery mgmt

90%+ of Intl revenue generated from proprietary data

Leveraging Proprietary EFX Data and EFX.AI For Growth And Share Gains

Note: Based on 2025 revenue

Includes data sources such as Incarceration, Identity & Fraud, Alternative Credit Data and others

PROPRIETARY | 10

Strong EFX AI Data Moat from Proprietary Data and Regulatory Requirements

EFX Advantage

$3B Cloud Investment

Global Platforms Built Cloud Native in GCP

Ignite / Interconnect

Proprietary Data

~1,900 Developers Using AI

400+ AI Patents

EFX Agentic AI Platform

Innovation Accelerating(1)

Products in NPI funnel up 4x

Time to market down ~50%

Product launches up 2x

Year 3 NPI revenue up ~70%

% of products that leverage global platforms up 4x to 90%+

~50% of products contain multiple data sources

100% of new models, scores built using AI

Results reflect growth from 2019 to 2025

~90% EFX Revenue from Proprietary Data

New EFX Cloud and EFX.AI Driving Innovation, New Products, and Growth

Strong 17% 1Q Vitality Index

2026

Guide

10% LTFF

TWN Indicator

Differentiates EFX Credit File

Lenders can segment work flows, faster approval process for lenders and consumers

No additional cost to lenders

Large Mortgage originator went live in 1Q26

Auto Lender and P-Loan in production… adding to Auto Dealer and Card solutions

Delivering share gains

Strong TWN Indicator Momentum in Mortgage, Auto, Card, and P-Loan

Note: Vitality index is percentage of revenue in a given year derived from new product releases over the prior three years and the current year.

Note: This slide contains forward-looking information. Actual results may differ materially from our historical experience and our present expectations or projections. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

PROPRIETARY | 12

Strong 17% NPI Vitality in 1Q Leveraging Cloud and EFX.AI

Guidance

2026

vs 2025

% vs 2025

Revenue1

$6,685M - $6,805M

$610M - $730M

10.0% - 12.0%1

Adjusted EPS

$8.34 - $8.74 / share

$0.69 - $1.09 / share

9.0% - 14.2%

Adjusted EBITDA

$2,095M - $2,165M

$160M - $230M

8.2% - 11.9%

Adj. EBITDA Margin %

31.3% - 31.8%

(-60 bps) - (10 bps)

Guidance Specifics

US Mortgage Market Originations down LSD EFX Mortgage Revenue +20%+, +MSD% ex FICO EFX Diversified Markets Revenue +HSD%

Free Cash Flow $1.0B+, 100%+ Cash Conversion

Business Units

Revenue Growth

Adj EBITDA Margin %

Workforce Solutions

up HSD

~51.2% - 51.7%

US Information Solutions

up Mid-Teens %

~32.4% - 32.9%

International

up MSD2

~28.6% - 29.1%

Other Info (Not Guidance)

EFX

USIS

Revenue1 Growth ex FICO Mtg Royalty

7% - 9%

up MSD

Adj EBITDA Margin % ex FICO Mtg Royalty

~33.5% - 34.0%

39.6% - 40.1%

2026 FX based on March 2026 rates. FX impact is favorable to revenue by 0.9% and Adj EPS by $0.04/share. There is minimal M&A revenue benefit in 2026.

Figures in constant currency

Strong Operating Leverage with Margins up 75 BPs Ex FICO

FY 2026 Guidance (Constant Currency) Unchanged Due To Economic and Market Uncertainty

Revenue1

$1,680M - $1,710M

$143M - $173M

9.3% - 11.3%1

Adjusted EPS

$2.15 - $2.25 / share

$0.15 - $0.25 / share

7.6% - 12.6%

Adjusted EBITDA

$537M - $554M

$38M - $55M

7.5% - 11.0%

Adj EBITDA Margin % 32.0% - 32.4% (50) bps - (10) bps

Guidance Specifics

Total US Mortgage Revenue

Up 20%+ / Up HSD % ex FICO

Diversified Mkts C$ Revenue

Up Mid Single Digits

(1)

2Q26 FX based on March 2026 rates

FX impact is favorable to revenue by ~0.9%. There is minimal M&A revenue impact.

Other Info (Not Guidance) EFX

Revenue1 Growth ex FICO Mtg Royalties 5.5% - 7.5%

Adj EBITDA Margin % ex FICO Mtg Royalties 34.3% - 34.7%

Guidance 2Q 2026 vs 2Q 2025 % vs 2Q 2025

Strong 1Q Results… Adj EBITDA Margins Ex FICO Up 80 bps… TWN Indicator Driving Share Gains

Revenue up 10% ex FICO

Adj EBITDA Margins up 80 bps ex FICO

EFX.AI integration across the organization driving product innovation, operational efficiency, cost savings

17% Vitality…TWN Indicator next chapter of Equifax Returned $327M cash to shareholders in 1Q26 2026 FCF $1.0B+...100%+ Cash Conversion

Strong Start to 2026 in Uncertain Environment

New EFX

in 2026

11% Revenue Growth, 7% Ex-FICO

75 BPs Margin Expansion Ex-FICO

15%+ Vitality Index

EFX.AI driving products and productivity

Bolt-on M&A

~$1B Mortgage market recovery ex FICO w/ VS conversion upside

PROPRIETARY | 15

PROPRIETARY | 16

Trevor Burns • Investor Relations • [email protected]

Molly Clegg • Investor Relations • [email protected]

Investor Relations

April 2026

The New EFX

Workforce Solutions Overview Supplemental Financial Information

Pages

20-32

33-39

40-49

PROPRIETARY | 19

PROPRIETARY | 20

LTFF Rev Growth1

EWS 13-15%

USIS 6-8%

INTL 7-9%

VI 10%

PROPRIETARY | 21

1. Mtg market grows on average 2-3%

EFX Growth Drivers

Long Term Financial Framework

New EFX

Organic revenue growth

7-10%

M&A contribution

1-2%

Total growth

8-12%

EBITDA% margin improvement

+50 bps (ex FICO)

Cash EPS growth

12-16%

Dividend yield

~1%

Annual shareholder return

13-18%

Cash Conversion

95%+

EFX Cloud / EFX.AI

Differentiated proprietary data

Single data fabric

EWS growth… Government supporting program integrity

NPI acceleration / VI… TWN Indicator for Mortgage, Card, Auto, P-Loan

Bolt-on M&A

Mortgage Market recovery

Deliver LT Growth Framework without Mortgage Market Recovery

PROPRIETARY

Brazil

US - Empl. Svcs /HR

US - Govt US - Talent

ID&F

EFX TAM

Up 3x

$50B+

+~$2B Div Mkts Rev thru 2025

~$6.7B

$6.1B

$5.3B $5.7B

$3.5B

$4.3B

$4.6B

$4.8B

$2.8B

Mtg

Traditional Credit Bureau

Diversified Markets

Note: This slide contains forward-looking information, including 2026 guidance. Actual results may differ materially from our historical experience and our present expectations or projections

PROPRIETARY | 22

EFX Cloud

What's Next for EFX Cloud

Share gains from always-on and speed

NPI and Vitality

EFX.AI powered solutions

Multi-data and multi-market solutions

More data and faster ingestion

Industry leading security

Future-proof

Diversified and differentiated sources of data exist today in all geographies

Data fabric for easier ingestion of new data, facilitating diversification and differentiation

Keying and Linking to maximize use of the data, create unique insights, and drive revenue

CANADA

SPAIN

INDIA

LATAM

BRAZIL

AUSTRALIA / NZ

Combining Unique Data Sources to Deliver Differentiated Insights

Consumer Credit

Commercial Credit

Employment & Income

ID & Fraud

Analytics

Collections

Leveraging the EFX Cloud and our differentiated data assets, we are applying an AI-first approach across the enterprise

Cloud Foundation

$3B global investment to modernize infrastructure…cloud native, Data Fabric

97% of our infrastructure as code

~1,900 software developers using AI coding tools

~8M lines of code generated using AI

Higher Score / Model Performance

All new models built in 2025 using EFX.AI… new models generating 25%+ performance increases

EFX Global Agentic AI platform to scale the deployment of AI agents

ML Ops pipelines for fast deployment in proprietary scoring platforms

400+ AI patents, added 40+

in 2025, 10 in 1Q26

NPIs

Accelerating

Data Fabric & Ignite accelerating AI implementation / NPI

EFX Ignite AI Advisor NPI providing personalized experience with insights and actionable recommendations for customers

Operations Productivity

Reimagining labor intensive work flows driving quality and reducing cost

Redesigned, AI-integrated processes

Improved contact center experience with conversational AI agents and human AI assistance

~90% of EFX Team Leveraging AI Tools

EFX.AI Driving Higher Score, Model, And Product Performance for Customers … and EFX.AI Across EFX Driving Productivity, Speed, and Accuracy

2025 Business Mix

2025 Revenue Growth (Constant $)

+6%

2025 Adjusted

EBITDA Margin

International

28.5%

Information Solutions

+10%

35.2%

Workforce Solutions

+6%

51.5%

Note: Figures may not foot due to rounding.

2025 Vertical Mix

Other 10%

Mortgage 21%

ID&F 5%

Consumer 5%

Financial 19%

Auto 6%

Talent

8% Government

13%

Commercial

Healthcare

Resellers

Telco 2%

Financial 7%

Auto 3%

Employer Services 16%

Government 31%

Talent Solutions 19%

Mortgage 23%

2025 Revenue Mix - $2,582M Focus Areas

Data HUB

Grow TWN records (W2, pension, 1099, gig, non-traditional)

Integrate alternative data assets into Data Hub… incarceration, eduction

Innovation

AI powered new solutions enabled by unique data assets at scale

Seamless integration with employers, partners

Acquisitions

Augment Employer Services capabilities

Acquire unique data to drive innovative new solutions

Mortgage

Only EFX solutions to help lenders gain deeper insights into credit worthiness

Increase penetration of closed loans

Expand value chain… new Prequalification solutions

Government

Drive Federal and State penetration supporting program integrity

Innovative solutions across the value chain… Continuous Evaluation for CMS & SNAP, Complete Income

Talent Solutions

Launch enhanced, multi-data and industry-specific solutions

Drive VOE utilization and leverage ATS integrations

Trended data solutions

EFX Cloud / EFX.AI

Note: Figures may not foot due to rounding.

Accelerating growth through The Work Number expansion, advanced analytical solutions, and vertical expertise across direct and indirect channels

The Work Number® record growth thru direct clients, strategic partnerships and alternative data

Growth in new verticals: Government, Talent

Robust set of growth levers: hit rate, NPI, penetration, price-value, EFX.AI

Bolt-on M&A to broaden EWS

Data hub and use case expansion

LTFF Growth Drivers

Organic Revenue Growth %

9-11%

Prior LTFF

Markets

Verifier

Records Cloud & NPI

Employer Services

Pricing & Employer Penetration Services

New EFX

13-15%

New LTFF

Note: as of November 2021.

2025 Revenue Mix - $2,078M

Government 1%

Insurance 3%

Telco 3%

TWN Indicator

Focus Areas

Other 4%

Resellers 6%

Commercial 7%

ID&F 8%

Consumer 11%

Auto 11%

Mortgage 32%

Financial 15%

Unique OnlyEFX solutions… credit alongside TWN

Core Markets

Fuel growth in FI / Auto

Multi-data products driven by EFX.AI and proprietary data

Continue Diversified Markets expansion in Digital Banking and FinTech

Lender productivity, faster approvals

No cost to drive share gains

Mortgage, Auto, Card, P-Loan launched

Innovation

New Product Innovation… Vitality Index goal of 10%

Data Fabric and EFX.AI driving multi-data asset products

Leverage cloud environment to expand Equifax Ignite (analytics) and InterConnect (decisioning)

Mortgage

Drive adoption of higher performing, higher margin VantageScore… $35M profit opportunity at current volumes

Drive adoption of new TWN Indicator solutions at no cost for share gains

Note: Figures may not foot due to rounding.

EFX Cloud / EFX.AI

Strengthen our foundation of assets and capabilities while investing in solutions and adjacencies that accelerate sustainable growth in existing and new markets

New product innovation enabled by differentiated data, EFX Cloud, EFX.AI, Only EFX… TWN Indicator, NCTUE

Enable the digital client experience: "Say Yes More" and frictionless, personalized experiences

Be the leader in Identity solutions

Above-market Mortgage growth… drive higher margin VantageScore adoption

Bolt-on M&A to broaden USIS

LTFF Growth Drivers

Organic Revenue Growth %

New EFX

5-7%

~2%

2-3%

6-8%

~1%

Prior LTFF

Markets

ID & Fraud

Cloud & NPI

Pricing & Penetration

New LTFF

Note: as of November 2021.

Healthcare <1%

2025 Revenue Mix - $1,414M

Focus Areas

Innovation

AI powered new solutions enabled by unique data assets at scale

Seamless integration with employers, partners

Consumer B2B

Own the end-to-end consumer lending journey

Innovate with alternative lending, consented data,

new-to-credit solutions

Enhance commercial excellence to amplify growth

Data & Insights

Leverage Data Fabric

Drive innovation with differentiated data & analytics fueled by AI

Address new use cases (affordability, consented data analytics, regulatory requirements)

Mortgage 2%

Auto 3%

Reseller 4%

Insurance 1%

Retail 3%

Other 6%

Telco 4%

Consumer 7%

Government 7%

Commercial 7%

ID&F 8%

Financial 48%

EFX Cloud / EFX.AI

Identity & Fraud

Insights for digital fraud use cases (APP, scams, takeovers)

Verification solutions for compliance / AML

Orchestrated solutions to simplify customer experience

Commercial B2B

Strategic partnerships to accelerate growth

Third party risk management solutions

Data Fabric to enable global commercial risk solutions

Consumer B2C

Most consumer-friendly CRA

B2B2C strategies to broaden reach

Solutions to consumers achieve and maintain commercial health

Note: Figures may not foot due to rounding.

Address customer needs through unique data assets to drive insights delivered via strategic technology platforms complemented by M&A for geographic and domain expansion

EFX Cloud-enabled innovation… EFX.AI

Differentiated data and insights

NPI acceleration across INTL platforms… multi-market NPI

Global platforms in local markets… Ignite, Interconnect

Bolt-on M&A to strengthen portfolio

LTFF Growth Drivers

Organic1 Revenue Growth %

New EFX

8-10%

1.0-1.5%

7-9%

1.5-2.0%

2.5-3.0%

Regions range

2.0-2.5%

between 5-10%

Prior LTFF

Markets

Cloud & NPI

Price

Penetration

New LTFF

Note: as of November 2021.

1. Organic excludes the impact of FX and acquisitions.

PROPRIETARY | 33

Supply Networks

Dual-sided Business Model

Demand Networks

823M

4.9M

TWN

records

Record contributors

Employer services

Alliance partners

Insights and analytics

Employment

Verification services

TWN

500M+ inquiries

System-to-System

37%

63%

Records via direct contributors

Records via partner contributors

Contributors

Income

Data Hub

Workforce

Education & Certification

Verifications

API

Unique Hubs Web Portals

Delivery channels

92%

770M+

Real time incarceration coverage

Incarceration and court records

Identity & Authentication

Solutions

Assets & Collateral

Incarceration & Sanctions

70M+

~100M

New hires

Government benefit recipients

Helping people live their best!

PROPRIETARY | 34

Verifications Powered by The Work Number

The Work Number provides an

FCRA-governed and frictionless process that delivers significant value for all stakeholders

Count on The Work Number to Deliver

Speed to decision-making

Accuracy harnessing payroll data

Productivity for lenders, background screeners and government agencies

Consumer-Employee

Consumer Application

Verifier Inquiry

Verification from The Work Number

Verifier Decision

High coverage, with increasing number of records available

The Work Number Delivers Speed, Accuracy, and Productivity

Compelling Contributor Value Prop: Security, Privacy, Control at No Cost

(Millions)

Number of Active Records

TWN Record Growth

Penetration, More Pulls

New Products / Use Cases

Data Hub Expansion

New Record Sources… Pension, Gig, Government Benefits, Investment Income

2026 Growth Drivers

+20M increase

1Q26 vs. 1Q25

146M Unique SSNs

Note:

1Q '26 Current Records: 120M 4Q '25 Current Records: 120M 3Q '25 Current Records: 113M 2Q '25 Current Records: 113M 1Q '25 Current Records: 111M 4Q '24 Current Records: 110M 3Q '24 Current Records: 106M

Equifax

Manual / No Verifications / Other Players

~16%

85%

~12%

90%

~20%

80%

~40%

60%

~20% 80%

Government $5.0B Talent Solutions $5.0B

EWS Revenue Opportunity

$2.6B

$15B

Employer Services

Mortgage & Housing1

$2.0B

$1.5B

~$12B+

Lending2 $1.5B

Total $15B

PROPRIETARY

~$12B+ EWS Growth Opportunity

Equifax market share is on the basis of transactions we were able to fulfill / for which had the specific record

Includes Mortgage and Rental

Includes Auto, Consumer Lending, Card, Other

| 37

Growth Verticals in Big TAMs - Government and Talent

2024 SNAP State Error Rates(1)

Majority of States Impacted: 44 of 53 States/Territories are currently over the 6% error rate threshold

<6%

Count: 9

6-8%

Count: 6

Benefit cost share takes effect in FY2028 but will be based on error rates from 2025 or 2026

10%+

Count: 21

Impact is Significant: Error Rate Impact (based on error rates released June 2025):

$12B in benefit payments will shift to states

21 States will pay 15% of benefit payments (73% of the $12B)

8-10%

Count: 17

Value Equifax Can Bring to States:

CONFIDENTIAL &

If Equifax can help states shift down 1 error rate category tier (e.g., 10% to 5%), the estimated savings to States is ~$4B

At Current Levels, Nearly $12B in Costs Will Transfer from the Federal Government to States

State SNAP error rates available on USDA.gov

PROPRIETARY | 38

SNAP Error Rates >6% Will Increase State Share of Benefit Costs

Frequency of Redeterminations

Work Requirements

Increase Frequency of Redeterminations, and Implement Address Verifications

Redeterminations every 6 months for Medicaid expansion population (~20M people), for redeterminations after the Q1'27

Requires states to obtain and verify address information for Medicaid enrollees using reliable data sources - 1/1/2027

Requires states to submit enrollee data to a federal system to prevent enrollment in multiple states - 1/1/2029

Implement Work Requirements

Establishes community engagement requirements as a condition of eligibility for non-disabled, working-age adults; go into effect January 2027

Work, education, community service, or a combo = 80/hours per month, or meets minimum income amounts

Supports verifications using "reliable information available to the State (such as payroll data or payments …)"

$400M provided to support implementation

OB3 - Key Medicaid Policy Changes, Impact in 2027

PROPRIETARY | 40

Disclaimer

Equifax Inc. published this content on April 21, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2026 at 14:49 UTC.