Powering
opportunities
Experian Annual Report 2026
Year ended 31 March 2026
Strategic report
04
Year in review
06
Experian at a glance
08
Chair’s letter
09
Our investment case
10
Our business model
18
Our markets
20
Our strategy
30
Chief Executive’s review
38
Stakeholder engagement
44
Key performance indicators
Sustainable business
48
Sustainability
48
Improving financial health
49
Treating data with respect
52
Inspiring and supporting our people
54
Working with integrity
54
Protecting the environment
Compliance information
61
Non-financial and sustainability
information statement
62
Financial review
70
Risk management and principal risks
79
Viability and going concern
Governance
82
Chair’s introduction
85
Board of directors
88
Corporate governance report
100 Nomination and Corporate
Governance Committee report
105 Audit Committee report
113 Report on directors’ remuneration
130 Directors' Remuneration Policy
136 Directors’ report
Financial statements
140 Financial statements contents
141 Independent auditor’s report
Group financial statements
154 Group income statement
155 Group statement of comprehensive
income
156 Group balance sheet
157 Group statement of changes in equity
158 Group cash flow statement
159 Notes to the Group financial
statements
Contents
Company financial statements
217 Company financial statements
220 Notes to the Company financial
statements
230
Shareholder and corporate
information
232
Glossary
Financial highlights
To download this Annual Report and
our other corporate literature visit
experianplc.com
Statutory
Growth % at
actual FX
rates
Benchmark
Growth % at
actual FX
rates
Growth % at
constant FX
rates
Revenue
Revenue – ongoing activities
US$
8,445
m
(2025: US$7,523m)
+12%
US$
8,425
m
(2025: US$7,475m)
+13%
+11%
Operating profit
Benchmark EBIT
1
US$
2,045
m
(2025: US$1,793m)
+14%
US$
2,407
m
(2025: US$2,102m)
+15%
+13%
Profit before tax
Benchmark profit before tax
US$
1,951
m
(2025: US$1,549m)
+26%
US$
2,212
m
(2025: US$1,926m)
+15%
+14%
Basic EPS
Benchmark EPS
USc
164.5
(2025: USc127.6)
+29%
USc
179.8
(2025: USc156.9)
+15%
+13%
1
From ongoing activities.
The results for the year ended 31 March 2025 have been re-presented for the reclassification to exited business activities of
certain B2B businesses.
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 1.34 (2025: 1.28).
Reconciliation of statutory to Benchmark measures, page 63
00
Experian plc
Annual Report 2026
03
Experian plc
Annual Report 2026
FY26 has been a record year for Experian. We delivered
strong financial performance and further strengthened
our strategic position.
Our markets are large, dynamic and expanding. Organisations
need ever more sophisticated ways to manage risk and unlock
growth. They must understand customers faster and more
precisely, competing relentlessly to win new relationships
while maintaining rigorous control of fraud and risk.
In today’s digitised, AI-led world, consumer expectations
are higher than ever. Consumers demand services that
are personalised, intelligent and deeply relevant to their
circumstances. They expect not just products, but guidance
–
support that helps them navigate their financial lives
with great confidence.
At the heart of this is data. Data fuels insight and drives
better outcomes. It underpins trust. The quality, depth
and diversity of our proprietary data, built over decades
of responsible stewardship, are a powerful competitive
advantage. We manage some of the deepest and scarcest
data assets in the world, assets that sit at the crux of the
global economy and financial system.
AI represents a generational opportunity, one that will
disproportionately reward those best positioned to harness
it. In this environment, the strategic value of data only
increases. We are embedding AI more deeply across our
products, platforms and operations, accelerating innovation
to create meaningful new value for our clients and consumer
members. As we do so, we strengthen the trust we have
earned and continue to build a powerful, relevant global brand.
Our priorities are clear and unchanged. We will deliver
disciplined growth. We will invest in innovation. We will
expand across our five ecosystems. We will allocate capital
selectively to execute our strategy while consistently returning
value to shareholders.
Underpinning all of this is our culture and our people. I am
immensely proud that we have once again been recognised
as a Great Place to Work®, a reflection of the inclusive,
high-performance environment we have built and the
calibre of talent we attract.
Looking ahead, our ambition is clear. Experian will continue
to lead in a world where data and analytics matter more than
ever. With our assets, our strategy and our people, we are
well positioned to create lasting value for clients, consumers,
shareholders and society.
Brian Cassin
Chief Executive Officer
Taking advantage
of new opportunities
We help lenders see potential,
not just history
Taking the hassle out of fraud
checks in Brazil with the
Serasa Pass
We help financial institutions
navigate regulatory complexity
Introducing EVA: our agentic
financial co-pilot
Talk to Vinny to find out whether
the vehicle you’re buying is in good
shape – we eliminate blind spots
throughout the automotive journey
Powering opportunities
See pages 16 to 17
See pages 36 to 37
See pages 42 to 43
See pages 46 to 47
See pages 28 to 29
Strategic report
Experian plc
Strategic report
04
Year in review
The milestones and achievements that
shaped our year
Beyond credit
#YourBigFinancialFriend
Latin America had a standout year,
with organic revenue in Consumer Services
growing by a record 23%. Limpa Nome, our
debt renegotiation business, continues to
help millions of consumers with US$19.4bn
of consumer debt renegotiated in FY26.
In the USA, we launched a new full-scale brand campaign
to showcase Experian’s evolution beyond a traditional credit
bureau. Experian Consumer Services now supports over
215 million members globally with tools to help them
potentially save on car insurance, find the right credit
card, lower bills and cancel subscriptions, manage
budgets, protect their identity and more.
23
%
#LatinAmerica #LimpaNome
#FinancialInclusion
14
th
10
bn
We were again named one of the
World’s Best Workplaces™ 2025
by Fortune and Great Place To
Work®, ranking 14th for the
second year running.
We acquired US-based data intelligence
business AtData and added more than
10 billion email addresses to our data
assets. This strengthens our identity
infrastructure and enhances the
support we provide to clients across
digital channels.
Watch
the
video
05
Experian plc
Annual Report 2026
Best First-Party
Fraud Innovation
2026 BIG
Innovation Award
#ExperianAssistant #Innovation
#Innovation #Leadership
Experian’s First-Party Fraud Scores
was named Silver Medallist in the 2025
Impact Awards for Best First-Party Fraud
Innovation by Datos Insights, recognising
our strong performance in detecting
first-party fraud across account opening,
credit applications, transaction
authorisation and disputes.
Our AI-powered Experian Assistant
for Model Risk Management has been
recognised with the 2026 BIG Innovation
Award, underscoring how our advanced
AI capabilities enable global financial
institutions to keep regulatory
documentation aligned with the
pace of model innovation.
We launched the Experian Insurance
Marketplace app on ChatGPT, bringing our
trusted insurance comparison platform to
OpenAI’s audience of millions of consumers
and expanding access to smarter, more
confident insurance choices.
Introducing
the ‘1250’
score
#FinancialInclusion
In the UK and Ireland, we have introduced
an enhanced credit score to better reflect
how lenders assess applications, giving
people a clearer view of their borrowing
potential and how to improve it. The
expanded 0-1250 range (previously
0-999) offers a more detailed view of
financial behaviour, making it clearer
how lenders interpret a credit report
and what steps can help improve a score.
3
m+
183
%
Experian Virtual Assistant (EVA), our
agentic consumer AI assistant, has been
helping over three million consumers
since launch in the USA, UK and Colombia
to get personalised interactions.
The capabilities of Experian Assistant are
powerful on their own, but when paired
with the Ascend Platform, they become
transformative. A recent Forrester study
showed that organisations using Ascend
realised a 183% return on investment,
paying for itself in less than a year.
Watch
the
video
Find out more about
how Experian
leverages AI to drive
opportunities
GenAI
Strategic report
Experian plc
Strategic report
06
Experian at a glance
Leading with purpose
What we do
Experian is a global data and technology
company that supports critical financial and
commercial decision-making. We maintain
proprietary, large-scale data assets, advanced
decisioning software, and AI-enabled analytics
that help people and organisations make better
decisions at speed and scale.
Individuals use Experian to understand, protect
and improve their financial position, while
businesses rely on our platforms to assess
risk, detect fraud, comply with regulation,
and engage customers more effectively. From
lending and identity verification to healthcare,
automotive and marketing, our capabilities sit
at the heart of high-frequency, high-integrity
decisions that power modern economies –
increasingly augmented by AI to deliver
faster insights, automation and more
personalised outcomes.
Our business activities
Business-to-Business
Our B2B activities help organisations
make faster and more accurate decisions
by turning complex data into actionable
intelligence. This includes our Financial
Services business and our Verticals
businesses in Automotive, Healthcare
and Marketing Services, where our
data, software, and AI-enabled analytics
integrate directly into client workflows
to support decisioning, risk management,
fraud prevention and customer
engagement at scale.
Consumer Services
Consumer Services helps individuals
understand, protect and improve their
financial health. We bring together credit
information, affordability insights, identity
protection and personalised offers in a
single experience. AI increasingly enhances
how we do this – helping deliver more
relevant insights, proactive guidance and
tailored recommendations. As trust and
engagement deepen, the ecosystem
compounds, creating more value for
consumers and partners.
Where we operate
We operate across four geographic regions, which allows us to tailor our products to local market needs while sharing innovation globally. This
structure helps us serve domestic and international customers effectively, combining local insight with the benefits of a scaled global platform.
Our purpose
Create a better tomorrow
underpins everything
we do. We believe that economic systems
function best when people and organisations
can participate confidently, access opportunities
fairly and make informed choices. Through
our data and technology, we support this
participation and help strengthen the
systems that society relies on.
Argentina
Australia
Austria
Brazil
Bulgaria
Canada
Chile
China
Colombia
Costa Rica
Denmark
Germany
India
Ireland
Italy
Jersey
Lesotho
Malaysia
Mexico
Monaco
Netherlands
New Zealand
Norway
Panama
Peru
Poland
Singapore
South Africa
Spain
Switzerland
Türkiye (Turkey)
United Kingdom
United States of
America
Global revenue by region FY26
Global revenue by business activity FY26
Who we serve
We serve consumers and organisations. Individuals use our services to improve their financial
health, while businesses rely on our data and decisioning platforms to assess risk, prevent fraud
and engage customers. Together, these ecosystems reinforce each other and expand our reach.
A. Financial Services (B2B)
53%
B. Verticals (B2B)
20%
C. Consumer Services (B2C)
27%
North America
67
%
Latin America
15
%
UK and Ireland
11
%
EMEA and Asia Pacific
7
%
See Our business model,
pages 10 to 15
A
B
C
07
Experian plc
Annual Report 2026
Strategic report
We power decisions
with
trusted data and
AI-driven insights
We
invest in our people
because that’s where
great decisions start
How we make a difference
How we add value for stakeholders
We
attract and develop
our employees
We are committed to creating a workplace
where our people feel valued, supported, and
empowered to thrive. By fostering a culture of
inclusion, innovation, and continuous learning,
we enable our employees to realise their full
potential and deliver exceptional outcomes
for our stakeholders.
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™
for the second consecutive year
c.10
m
People reached through
our Social Innovation
programme in FY26
17.2
%
Return on capital employed
4.1
Rating by our employees
on Glassdoor
US$
24.0
m
Total contributions
8.1
%
CAGR of dividend over
the past three years
We
unlock new
possibilities
by pushing
the boundaries of data
and how it is applied
We dive deep into the
value chain to address
new customer needs
as they emerge
See Our business model,
pages 10 to 15
See Our business model,
pages 10 to 15
See Stakeholder engagement,
pages 38 to 41
We harness innovation
to
improve financial
health
worldwide
See Improving financial health,
pages 48 to 49
See Inspiring and supporting our
people, pages 52 to 53
See Our strategy,
pages 20 to 27
We treat data with
respect,
security and
accountability
See Treating data with respect,
pages 49 to 52
See Our strategy,
pages 20 to 27
We connect the dots
across data
and
behaviour to reveal new
needs taking shape
Experian plc
Strategic report
08
Chair’s letter
Reflection on my nine-year journey
with Experian: growth with impact
This is my final letter to you as Chair. I joined the Experian Board in 2017 and took up the role of Chair
in 2019, and these past nine years have been among the most rewarding of my career.
As I prepare to step down following our Annual General Meeting in July, I do so with an immense sense
of pride. This pride stems not just from our strategic and financial achievements, but from how profoundly
Experian has transformed into a truly global powerhouse with a deep sense of purpose.
When I look back to 2017, Experian was largely defined by its strength in financial services. Today, Experian
is far more diversified and resilient. We have become integral to many parts of the global economy, shaping
the future of the US automotive and healthcare sectors, redefining digital marketing, building a world-class
Consumer Services business, and driving financial inclusion in Latin America, the UK and Ireland, and
across many other regions.
This evolution represents a fundamental shift in how we create value. At the heart of Experian lies a simple
but powerful engine. This engine combines unique proprietary data, advanced analytics and platforms to
deliver trusted insights at scale to businesses and consumers.
I have watched different parts of the business increasingly work in harmony to create a unique flywheel
to deliver significant competitive advantage. Experian’s deep B2B expertise, for example in the Ascend
Platform, underpins its consumer marketplaces, helping people to access relevant credit offers in
moments. Our consumer members, in turn, see value in permissioning their data to Experian to
enhance their own eligibility.
A defining characteristic of Experian has always been its capacity to innovate. Much of our growth over
the years has come from continually finding new signals within our data and translating them into valuable
applications for our clients and consumers. This model has proven remarkably durable through many
economic cycles. Over the past two decades, Experian has continued to deliver organic growth each
year, including during periods of deep external dislocation such as the COVID-19 pandemic, and it’s
a testament to the essential role our services play in modern economies.
As Brian highlights in his report, we stand now at the threshold of a generational opportunity. The rise of AI
is a pivotal moment in time, and it ushers in technology which Experian is supremely well positioned to take
advantage of. In a world where trusted data and intelligent decision-making will become more important
than ever, Experian is uniquely positioned to lead the way, and I hope you will enjoy reading more about
how in this report.
While Experian continues to grow, we remain equally focused on our ambition to do good at scale. One way
we are doing this is by expanding the use of non-traditional credit data, including on-time utility and rent
payments, as well as consumer-permissioned bank data. These sources help people who may previously
have been ‘credit invisible’ begin to build a financial identity and gain access to fair and affordable credit.
For us, this reflects a simple belief: that data, when used responsibly, can be a powerful force for good.
I am excited about Experian’s future prospects. I am highly confident that Experian will continue
to deploy capital with discipline, always balancing the investment needs of the business with its duty
to our shareholders
.
The combined US$2 billion share repurchase programme announced in January
and May are a clear reflection of this commitment. Through this judicious approach and a laser focus
on investing for scale, I believe Experian will continue to drive significant value for shareholders.
Over the past nine years, it has been a privilege to work alongside Brian Cassin and his outstanding
leadership team, as well as with a highly experienced and engaged Board. As my time as Chair comes
to an end, I am confident that Experian is exceptionally well positioned for the next phase of its journey.
I would also like to extend my sincere thanks to Caroline Donahue, who joined the Board in the same year
as me and will be stepping down at this year’s AGM. It has been a pleasure to serve together over these
years. I am pleased to welcome Adam Crozier to the Board and wish him every success as he takes on
the role of Chair.
Finally, I want to thank our shareholders, clients, consumers, suppliers, business partners and, most of all,
my colleagues at Experian. It has been an honour to witness this transformation with you. We are building
something that truly matters, and the journey ahead remains full of opportunity.
Mike Rogers
Chair of Experian
09
Experian plc
Annual Report 2026
Strategic report
Our investment case
Why invest in Experian
1. Consistent performance and disciplined
capital allocation
Experian has a proven track record of delivering sustained,
profitable growth and strong cash generation. We combine
attractive revenue growth with resilient margins and high
free cash flow conversion, underpinned by disciplined
capital allocation and a robust balance sheet.
Our Medium-Term Framework targets high single-digit
organic revenue growth and 30-50 basis points of annual
margin expansion, supporting durable earnings growth
and long-term cash compounding.
2. Exposure to structural growth in global
information services
We operate in a structurally expanding global information
services market, characterised by high barriers to entry
created by proprietary data assets, regulatory frameworks
and long-standing client relationships.
Our addressable markets continue to expand, driven by
digitalisation of financial journeys; rising demand for advanced
credit risk, fraud prevention and identity solutions; the need
for productivity gains across vertical markets; and financial
inclusion in emerging economies.
These long-term drivers provide sustained demand for
data-led, mission-critical services.
4. Disciplined strategy with a strong
execution record
We have a long history of strategic delivery, continuously
strengthening our data assets, expanding analytical capabilities
and innovating our propositions in Financial Services.
We are scaling attractive verticals such as Health and Automotive,
now representing over 20% of Group revenue, broadening our
exposure to resilient, data-intensive end markets. In Consumer
Services, we are expanding audiences and enhancing experiences
to deepen engagement and drive monetisation.
This focused, disciplined execution supports sustained organic
growth, ongoing margin progression and long-term value creation.
6. Strong governance and purpose-led culture
Our business is anchored in robust governance and a clear social
purpose: helping people to thrive on their financial journey. This
commitment supports financial inclusion, reinforces stakeholder
trust and underpins long-term sustainability.
5. Positioned to lead in the next phase
of AI-driven growth
Artificial intelligence enhances the strategic value of our data
assets and expands our addressable opportunity. Our differentiated
position is built on irreplicable data sourced from thousands of
contributors, safeguarded within highly regulated, compliance-
intensive markets.
We are embedding AI across our B2B and consumer propositions
to enable faster, more automated credit, fraud and identity decisions,
enhancing both performance and customer experience. At the same
time, we are unlocking adjacent opportunities and new value pools,
while deploying AI internally to increase agility and productivity.
AI strengthens our core strategy, deepening our competitive
advantage.
3. A differentiated global leader with unique
data and scalable platforms
Experian is the clear leader within its peer group, with unmatched
data coverage across consumers and businesses globally. Our
model combines proprietary data, advanced analytics and scalable
technology platforms to deliver embedded, high-value solutions
for clients and consumers.
Our capabilities are deeply integrated into client workflows,
generating recurring revenues and strong retention across
hundreds of thousands of B2B clients. At the same time, we
serve millions of consumer members, helping them manage and
improve their financial health, reinforcing brand strength and trust.
Uniquely, we leverage strengths across both B2B and Consumer
Services, creating powerful network effects and durable
competitive advantage.
Experian plc
Strategic report
10
Our business model
Creating lasting value in a changing world
1
Free memberships only.
We integrate our proprietary data assets with analytical applications which are deeply
embedded in client workflows. Our solutions support critical, high-frequency decisions
across the financial, identity and risk lifecycle, delivering recurring and resilient revenues,
stable across economic cycles.
Over time, deeper workflow integration across our ecosystems – combined with ongoing
data enrichment and AI-driven applications – creates a self-reinforcing flywheel that
expands use cases, deepens customer relationships and strengthens Experian’s
competitive position.
Business-to-Business
Consumer Services
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
• Lenders
• FinTechs
• Health providers
• Retail / eCommerce
• Automotive
• Marketing / Advertising
• Public sector
• Media / Technology
• Insurance
over
215m
1
consumers
Data is the core of our business
Experian is built on some of the broadest and most differentiated
datasets in our markets. We continuously enhance the breadth, depth
and quality of our data through organic contributions, partnerships,
minority investments and targeted acquisitions.
We unlock greater value from this data by combining it with advanced
analytics software, increasingly delivered in a seamless and integrated
way to support decision-making across multiple use cases.
Alongside this, we have built one of the world’s largest consumer
membership platforms, with over 215 million free members. These
trusted consumer relationships enable us to deliver more relevant
services, while allowing individuals to contribute data in a highly
permissioned manner.
Together, our deep data assets, analytics software, and direct consumer
relationships create a combination that is unique in our industry.
11
Experian plc
Annual Report 2026
Strategic report
We turn data into insights to support critical
decisions across customer workflows
Experian serves clients and consumers across a wide range of
industries, organised around five core ecosystems – Financial Services,
Automotive, Health, Marketing Services and Consumer Services. While
customer workflows vary across ecosystems, our data-enabled insights
consistently support the most critical decisions, where accuracy, speed
and confidence matter most.
As customer needs evolve, we adapt and expand our capabilities to
meet those changing needs. This has led to our solutions becoming
increasingly embedded within customer workflows, driving greater
data consumption as part of everyday decision-making.
Financial Services client workflow
Health client workflow
Automotive client workflow
Marketing Services client workflow
Consumer Services client workflow
Financial
Services
1
Automotive
2
Health
3
Marketing
Services
4
Consumer
Services
5
While each ecosystem addresses different customer needs, they benefit
from a shared foundation of data, identity and analytics. Over time, insights
generated in one ecosystem can strengthen decision-making in others,
improving accuracy, resilience and scalability across the Group.
Patient
registered
Vehicle
listed
Check credit
& protect
identity
Identity
confirmed
History
checked
Understand
financial
position
Bill
submitted
Finance
offered
Coverage
checked
Vehicle
valued
Find suitable
financial
options
Payment
received
Sale
completed
Take
action with
confidence
Find
customers
Identify
audience
Check
identity
& fraud
Select who
to target
Approve
or decline
Check
identity &
evaluate risk
Enable
targeting
decisions
Measure
results
Manage
customer
relations
How we support critical decisions across client workflows and consumers’ financial journeys
Experian plc
Strategic report
12
A
B
Financial Services
What we do
We provide AI-enabled data, analytics and model development to help
clients at every step of their customer journey: we help our clients to
find and onboard new customers, assess creditworthiness, prevent
fraud and meet regulatory requirements. Our ambition is to deliver
the majority of these services through modular, integrated capabilities
via our Ascend platform.
Key clients
Our clients are financial institutions such as banks and lenders,
telecommunications, insurance and utility providers, as well as
government and public sector institutions.
Key datasets and capabilities
• Consumer and commercial credit bureau data
• Trended and alternative credit data
• Fraud and identity data
• Income and employment verification data
• Analytical models and workflow capabilities across the credit lifecycle
Revenue model
Revenue is generated via transactional and fixed-term data contracts,
batch data services, recurring licences and recurring support for our
solutions. We also provide consultancy services for analytics and
regulatory governance.
Market position
We are the largest credit bureau operator in the world, with leading
positions in North America, Latin America, the UK and Ireland, and
Australia and New Zealand, supported by a growing presence in other
selected international markets. Our scale, combined with our integrated
platforms and unique consumer-permissioned data, gives us a strong
and defensible leadership position.
Other market participants:
Equifax, TransUnion, and specialist participants such as FICO, LexisNexis
Risk Solutions, CoreLogic.
Financial Services revenue by region
(US$m)
1
Verticals: Automotive, Health and
Marketing Services revenue by region
(US$m)
1
Group revenue (%)
North America
2,363
Latin America
949
UK and Ireland
595
EMEA and Asia Pacific
556
North America
1,510
Latin America
25
UK and Ireland
127
EMEA and Asia Pacific
43
A. Financial Services
53%
B. Verticals
20%
73
%
of Group
revenue
1
Our business model
continued
How we organise our business and how it generates revenue
Our Business-to-Business
segment (B2B)
encompasses Financial
Services and our Verticals
(Automotive, Health and
Marketing Services)
Q: How is AI shaping the opportunity
for Experian’s B2B capabilities?
A:
AI is expanding the opportunity for our B2B business.
It is driving more demand for solutions that are
compliant, scalable, and efficient. As clients adopt AI,
they are placing greater value on high-quality data,
advanced analytics, and strong decisioning.
In practice, turning AI into real outcomes requires
more than just models. It depends on trusted data,
robust decisioning, and the ability to operate in
regulated environments.
That’s where Experian is well positioned. We bring
together data, analytics, and deep regulatory and
integration expertise, and this helps clients move
faster while staying in control.
See our case study on
pages 16 to 17
1
From ongoing activities.
13
Experian plc
Annual Report 2026
Strategic report
Health
What we do
We support US hospitals, physician groups
and insurers by improving patient identity
verification, eligibility checks, claims
processing, and revenue cycle management.
Our tools reduce fraud, improve efficiency,
and help providers get paid faster.
Key clients
Hospitals, physician practices, and revenue
cycle management providers in the USA.
Key datasets
• Patient identity and demographic records
• Insurance eligibility and claims data
• Fraud and identity risk databases
Revenue model
Revenue is primarily generated by software,
underpinned by our proprietary data assets,
through subscription and volume-based
contracts with hospitals and insurers for
identity verification, eligibility checks, and
claims management. Most clients are on
multi-year agreements with high renewal
rates, providing a stable and recurring revenue
base. Growth is driven by new analytics
modules and increased digitalisation of
the US healthcare system.
Market position
We are a leading provider in US healthcare
revenue cycle management, serving over
60% of US hospitals.
Other market participants:
Waystar, Change Healthcare (an Optum
company and a subsidiary of UnitedHealth
Group), FinThrive and other revenue cycle
and claims processing vendors.
Automotive
What we do
We provide automotive manufacturers,
dealers, lenders, and insurers with data
and analytics to better understand vehicles,
marketing opportunities and customers.
Our datasets help with credit decisioning
at point of sale, vehicle history and valuation,
and targeted marketing.
Key clients
Automotive manufacturers, dealer networks,
auto finance providers, and insurers.
Key datasets
• Vehicle ownership data
• Vehicle history
• Loan, lease and finance history
• Consumer demographic and credit data
• Dealer and manufacturer network data
Revenue model
Revenue is derived from data licensing,
subscription access to our vehicle databases,
and transaction-based fees for vehicle history,
valuation, and finance checks. These
relationships are typically multi-year and
embedded in client workflows, generating
resilient and high-margin income.
Market position
We hold leading positions in North American
vehicle identity and history data, with 96%
coverage of the top 50 auto lenders.
We operate one of the only two databases
of vehicle history reports in the USA.
Other market participants:
Transunion, Equifax, S&P Global Mobility.
Marketing Services
What we do
We enable brands and media owners to use
data more effectively in digital advertising.
Through identity insights and privacy-safe
activation, we help clients deliver more
relevant and measurable campaigns.
Key clients
Advertisers, media agencies, publishers
and digital platforms.
Key datasets
• Consumer identity and demographic data
• Digital identity and device graphs
• Audience segments and behavioural data
Revenue model
Revenue is primarily generated by
subscriptions and usage-based fees for access
to our identity graphs, audience segments,
and campaign measurement tools. As the
digital ecosystem shifts towards privacy-first
targeting, demand for our first-party data
and identity solutions continues to expand.
Market position
We are a recognised leader in audience
enrichment and identity resolution for digital
advertising.
Other market participants:
LiveRamp, TransUnion, Acxiom.
Verticals: Automotive, Health and Marketing Services
Our Automotive, Health and Marketing Services verticals address large and complex industries
where data and analytics are increasingly utilised, and where Experian can help clients solve
critical problems.
Across these verticals, revenues are predominantly subscription- and contract-based, with
additional transactional fees depending on usage. These models deliver strong margins and
resilient recurring income streams.
4
3
2
How we organise our business and how it generates revenue
Experian plc
Strategic report
14
Group revenue (%)
Consumer Services
What we do
Through our mobile-first and digital experiences, we provide access to
credit monitoring, identity protection, personalised financial offers and
tools that support better decision-making across the consumer lifecycle.
By combining proprietary data, advanced analytics and AI-driven
capabilities, Consumer Services is evolving into a financial co-pilot –
delivering proactive guidance, tailored product access and embedded
financial solutions that simplify complex financial choices.
Our platform creates value for both consumers and partners
by connecting trusted financial insights with highly personalised
product distribution.
Key consumers
We serve consumers in the USA, Brazil, the UK, Colombia and Peru,
supporting over 215 million free members globally.
At the same time, our platform provides financial institutions, insurers,
and other partners with compliant, data-driven distribution and customer
acquisition capabilities, embedded within trusted consumer journeys.
Key datasets
• Credit monitoring and score tracking
• Eligibility-based financial product matching
• Personal loans, credit cards and insurance marketplaces
• Identity protection and fraud monitoring
• Subscription and bill management tools
• Home and automotive financial insights
• AI-enabled financial assistance (EVA)
Revenue model
We generate revenue through:
• Premium subscriptions
• Marketplace referral and performance-based fees
• Financial product origination partnerships
• Value-added protection services
Market position
We are the market leader in Consumer Financial platforms in the USA,
Brazil and the UK.
Other market participants include:
Credit Karma, Equifax, TransUnion, Gen Digital, LendingTree, NerdWallet,
ClearScore.
Our business model
continued
5
Revenue by region
(US$m)
North America
1,714
Latin America
323
UK and Ireland
220
EMEA and Asia Pacific
–
27
%
of Group
revenue
Our Business-to-Consumer
segment (B2C)
How we organise our business and how it generates revenue
15
Experian plc
Annual Report 2026
Strategic report
Q: How do you expect Experian Consumer
Services to evolve in an AI world?
A:
We expect Experian Consumer Services to play a
leading role in an AI-driven financial ecosystem by
combining our proprietary data, regulatory expertise,
and deep integrations to deliver accurate, compliant,
and actionable financial recommendations at scale.
As generic LLMs often cannot compete in regulated use
cases, we act as the trusted execution layer, embedding
our capabilities into AI platforms to power real-time,
personalised decisioning, underwriting, and fulfilment.
Our diversified distribution model, spanning direct
channels, partners, marketplaces, and emerging AI
interfaces, enables us to capture high-intent demand
and convert it into outcomes.
By expanding into conversational environments such
as ChatGPT, investing in new data assets, and developing
agentic capabilities that move from recommendations
to automated actions, we are extending our reach across
the full consumer journey while reinforcing our role as
the infrastructure underpinning financial decisions in
an AI world.
See our case study on
pages 28 to 29
Experian plc
Strategic report
16
Experian plc
Strategic report
Powering opportunities
We help financial
institutions...
...navigate regulatory
complexity
Powering opportunities
17
Experian plc
Annual Report 2026
Strategic report
Solutions such as Experian
Assistant for Model Risk
Management do solve specific pain
points, but the real value comes
when they work together. Ascend
brings previously disconnected
capabilities into a single
environment, embedding data and
analytics into everyday workflows.
That level of integration is what
truly differentiates us in the market.
Alex Lintner
CEO Experian Technology,
Software Solutions, and Innovation
For me, the models were never
the issue – compliance was. Every
review meant working through
thick stacks of documentation.
Now, what used to take months can
be done in days. That has saved me
a great deal of time and pressure.
Head of Model Risk and Regulatory Compliance
at a Tier 1 international bank
In practice, the decisions are far more complex. A single model used
by a financial institution can include hundreds of variables. Each input
adds insight, but institutions also need to adhere to their responsibilities
and regulations.
No matter how advanced a model becomes, financial institutions must
be able to explain it. Regulators expect banks to show not only what
decision was made, but how it was reached, whether risks were
properly assessed and whether the process is fair and compliant.
This is where some operational friction can arise. Banks may have
strong analytics but deployment can be delayed as teams work
through extensive and often manual governance processes.
The challenge is compounded by differing regulatory requirements
across markets. For global financial institutions, building models that
meet local requirements across multiple jurisdictions can add further
complexity and pressure.
To help address this challenge, Experian introduced an AI-powered
Model Risk Management capability in 2025, called Experian Assistant
for Model Risk Management (EAMRM). This product uses a large
language model (LLM) which has been supplied context on regulatory
requirements across jurisdictions and can be embedded directly into
financial institutions’ model development workflows.
As a result, financial institutions can see in real time how a model under
development aligns with regulatory expectations. Documentation that
previously took weeks to prepare can now be completed in a matter
of days, and to a consistently high quality which meets the regulatory
requirements of the region. Of course, human review remains essential,
and final decisions are still overseen by people. Even so, by reducing
this operational friction, banks can move faster without
compromising governance.
Solutions such as EAMRM, which address specific pain points for
financial institutions, sit alongside many others within the Ascend
platform. Historically, these solutions were often handled in a
disconnected way by different departments using separate systems.
Through the Ascend platform, Experian brings them together within
a single environment, allowing institutions to see and access different
capabilities in one place.
For many financial institutions, the value of the Ascend platform
goes beyond any individual solution. It lies in how Experian’s data
and analytics are embedded directly into their workflows, creating a
connected internal journey that supports how they interact with their
own customers at every stage of the process. This level of integration
is what makes Ascend truly unique in the market.
At Experian, 'model' is a word you will hear
very often. You can think of a model as a decision
formula that turns many different inputs into a
single prediction. In a simplified credit decision,
these inputs may include an applicant’s late
payment record, length of time at their current
address, and their employment history, which
are combined into a score that helps determine
whether an application is approved, declined
or flagged for review.
Experian plc
Strategic report
18
Our markets
Structural trends that shape demand
across our end markets
Long-term structural trends continue to shape client and consumer needs. While
economic cycles can influence activity levels, these underlying forces drive sustained
demand for trusted data, analytics and decisioning solutions, as well as for our
consumer propositions.
Organisations are investing in productivity
and efficiency
Across financial services and other data-intensive sectors,
institutions are under pressure to compete effectively for
new customers, while also managing risk and compliance
requirements at the same time as improving their
operating efficiency.
Processes that were once manual, fragmented or episodic are
increasingly reliant on connecting workflows across the client
enterprise and optimised to render decision-making faster
and more effective. This drives demand for highly accurate
and integrated datasets, analytics and software that can assist
continuous, real-time decision-making to support customer
acquisition, fraud and identity management, underwriting,
customer management and collections.
Implications for Experian:
Our data-driven platforms and decisioning capabilities enable
organisations to automate complex processes, reduce friction
and improve outcomes across the customer lifecycle.
Rising expectations from consumers
and small businesses
Consumers expect more personalised, do-it-for-me experiences.
They increasingly look for solutions which simplify complex
financial decisions and provide proactive guidance rather
than static information.
Small and medium-sized enterprises face similar pressures.
Many require better visibility over cash flow, access to financing
and tools to manage risk in uncertain environments.
Implications for Experian:
There is growing demand for platforms which combine
data, insights and software to support consumers and SMEs
in managing their financial lives and business operations
more effectively.
The importance of data accuracy,
governance and trust
As digital transactions increase and decision-making becomes
more automated, the quality, completeness and governance
of data become even more critical. Errors, bias or weak
controls can have amplified consequences for clients in
real-time environments.
Organisations therefore prioritise partners with proven regulatory
expertise, trusted data stewardship and transparent analytics.
Implications for Experian:
Our scale, proprietary data assets and long-standing compliance
capabilities position us strongly in markets where trust and
explainability are essential.
Managing risk across the full
customer lifecycle
Risk management is becoming broader and more dynamic.
Lenders, insurers and other institutions seek a more
comprehensive view of the consumers and businesses they
interact with, and increasingly combine multiple data sources
to build a complete picture and to predict profitability and
avoid losses.
In parallel, fraud is increasing in scale and sophistication, with
digital channels and AI applications creating new vulnerabilities.
The need to authenticate customers, detect anomalous behaviour
and prevent financial crime is intensifying across markets.
Implications for Experian:
Linked datasets, advanced analytics and identity management
are increasingly critical to help clients verify identities,
detect fraud and make explainable, compliant decisions
in high-stakes environments.
Expansion of banking and FinTech institutions
New bank formation and the emergence of specialised financial
institutions are a feature of some of our geographies, including
the USA and Brazil. These institutions typically have specialised
requirements, often operate a digital-first approach, and they
seek data and technology partners which can support their
needs to expand and manage a growing customer base.
Implications for Experian:
We believe that, as more FinTechs mature, they will utilise
more data, analytics and solutions to support growth and
meet heightened regulatory oversight. This represents another
structural driver for Experian. As institutions scale responsibly
and operate under increased regulatory scrutiny, reliance on
robust data and automated decisioning is expected to grow.
19
Experian plc
Annual Report 2026
Strategic report
The role of AI
Artificial intelligence is accelerating many of these structural trends.
AI enables greater automation, more advanced analytics and more
personalised engagement. It also supports productivity
improvements within organisations.
At the same time, AI raises the bar for fraud detection, governance
and explainability. As AI-driven interactions and transactions
increase, so too does the need for trusted identity verification,
secure data and robust controls.
Implications for Experian:
AI expands the potential number of use cases which can
be deployed into client workflows, increases the speed
and effectiveness of decision automation, and enables more
personalised, agentic consumer experiences. It also supports
entry into adjacent segments. Above all, AI increases reliance
on high-quality proprietary datasets which are needed to train
AI models.
We estimate more than US$155bn of total addressable market (TAM)
across our businesses. This reflects:
• Structural growth in digital financial services
• Expanding fraud prevention and identity needs
• Broader adoption of integrated software platforms
• Increasing consumer and SME audiences, engagement for a wider
array of offers
• The expansion of use cases enabled by AI
As we deepen our role in client workflows and consumer
ecosystems, our opportunity extends beyond point-in-time data
provision towards continuous, embedded decision support.
US$
60
bn+ TAM
c.US$
30
bn TAM
US$
65
bn+ TAM
Financial Services
Open finance and alternative data
Saving and investing
Health
Decisioning
Borrowing
Bureau data
Payments
Automotive
Analytics
Spend management
Identity and Fraud
Protection
Marketing Services
Verification Services
Small and medium businesses
B2B Verticals
Consumer Services
Total addressable market
US$155
bn+
Our total addressable market and how AI is reshaping it
Experian plc
Strategic report
20
Our strategy
Unlocking growth opportunities
Our strategic ambition is to be a global leader in data and technology, recognised for
improving outcomes for businesses and consumers. We aim to be one of the world’s
leaders in B2B for credit risk, identity and fraud prevention management and digital
marketing, and in Consumer Services to be a global leader for consumers to improve
their financial lives and save money.
A unique aspect of our strategy is the opportunity to unlock growth opportunities across
business units, as well as through the interplay between B2B and Consumer Services.
This helps us to build durable competitive advantage and secure new engines of growth.
We start with an intense focus on our
customers’ needs
Guided by our innovation framework, we work closely with customers
to deeply understand their challenges and identify where our data,
analytics and technology can deliver the greatest impact. This
customer-led approach ensures we align with the biggest customer
pain points.
Grounded in these customer insights, our strategic focus areas (SFAs)
define where we focus our product strategy globally. The SFAs provide
a consistent framework to prioritise investment, guide innovation and
manage our portfolio, so that we allocate capital effectively and identify
opportunities with the potential to scale.
Our strategic focus areas (SFAs)
1.
Make credit and lending simpler,
faster and safer for consumers
and businesses,
helping lenders offer frictionless credit
products, make more predictive and
automated lending decisions, and optimally
manage portfolios.
2.
Empower consumers to
improve their financial lives,
gain access to credit, safeguard their
identity, save money, negotiate debt and
improve their financial knowledge through
increasingly personalised, agentic,
AI-enabled experiences.
3.
Help businesses verify
identity and combat fraud,
streamline the authentication of legitimate
parties, and achieve regulatory compliance
in an environment of rising digital and
AI-driven risk.
4.
Help organisations in specialised
verticals harness data,
analytics and software to make smarter,
faster decisions around fraud prevention,
identity, prospecting and other risk-based
processes.
5.
Enable businesses to find,
understand and connect
with audiences,
to market products and services more
effectively, and to remain compliant
with regulations.
21
Experian plc
Annual Report 2026
Strategic report
The fundamental pillars of our strategy are to:
• Secure superior data across several adjacent asset classes
• Develop world-class products, which are increasingly AI-infused
and AI-native
• Deliver superior customer experiences
• Invest in talent and expertise that enable us to innovate, scale
and execute effectively.
We further refine our strategy by setting specific ambitions for our
two business lines, Business-to-Business and Consumer Services.
In Business-to-Business
, we aim to be the world’s most comprehensive
and trusted provider of risk, identity and data-driven insights. Through
unrivalled data assets, advanced analytics, AI-enabled decisioning and
cloud-based solutions, we aim to be central to high-value decisions
across financial services and adjacent sectors, where we become
ingrained through deep partnerships with our clients, helping them
to be successful while also driving our growth.
We achieve our strategic ambitions by applying a consistent approach
Superior data
Industry-leading products
World-class technology
Superior consumer service
Operational
excellence at scale
Best talent. High-performing,
inclusive culture
Key priorities
• Broadest, deepest, highest quality data
• Deliver through scalable, unified platforms
• Leverage advanced technologies and AI
• Scale globally
• Expand in new and under-penetrated markets
– Identity, Fraud, Business Credit, Health,
Automotive, Verifications and Targeting
Key priorities
• Grow and deepen consumer relationships
• Enhance premium products
• Build significant scale in marketplace
• Help consumers daily
• Improve outcomes through consumer-
contributed data
• Selectively expand in more bureau markets
Maximise synergies
Business-to-Business
Lead next phase of credit risk, digital
marketing, fraud and identity
Foundations
Consumer Services
Become pre-eminent consumer
finance platform
Relationships with hundreds
of thousands of businesses
Relationships with hundreds
of millions of consumers
Experian Assistant for Model Risk
Management
In FY26, Experian launched the Experian Assistant for Model Risk
Management to help financial institutions deploy models faster
while maintaining strong governance and regulatory controls.
As model usage grows, financial institutions face increasing
pressure to shorten approval cycles without compromising
compliance rigour or transparency.
The solution streamlines the end-to-end model lifecycle, from
documentation and inventory management through to validation,
monitoring and governance, bringing previously fragmented
activities into a single, integrated workflow. Advanced analytics
and AI are used selectively to reduce manual effort, improve
consistency and support more effective collaboration across
risk, compliance and analytics teams.
See our case study on
pages 16 to 17
SPOTLIGHT:
BUSINESS-TO-BUSINESS
Experian plc
Strategic report
22
Our strategy
continued
Consumer
credit
Automotive
data
Consumer
marketing
Alternative
finance
Business
credit
Consumer-
permissioned data
• 250m+ US consumer
credit records
• c.12,000 furnishers
• 3.3bn displayable
trades
• 1.3bn updates
monthly
• 24 years of raw data
• 99.9% freshness
• Market-leading
consumer market
database
• Process billions
of signals across
Experian data,
self-reported data,
purchased data,
online and mobile
data and public
records
• 4bn+ digital identities
• 120m living units,
over 280m
consumers
• Over 3,500
audiences, over
7,000 attributes
• 72m+ traditional
tradelines
• 35.2m US
businesses
• 2,000+ attributes
• 2,000+ sources
• One of only two
comprehensive
vehicle / owner
databases
• One of only two
comprehensive
vehicle history
databases
• 16m new and 40m
used vehicle
transactions
• c.300m vehicles-in-
operation data
• Clarity is largest
nationwide
FCRA-regulated
specialty credit
bureau in the USA
• 68m+ unique
consumers in Clarity
database
• 30m+ rental files via
RentBureau
• 19m+ connected
consumer accounts
1
Augmented with best-in-class third-party datasets
Proprietary data at the centre: we continue to invest across our US data estate
AI is enabling us to provide personalised
interactions with consumers in new ways
Our Experian Virtual Assistant (EVA) illustrates how AI is enabling
more personalised, intuitive interactions with consumers at
scale. EVA has evolved from a knowledge-based chatbot into
a personalised assistant that understands user context and
intent, delivering tailored insights and recommendations using
consumer-permissioned data. Increasingly, this capability
is becoming an autonomous financial co-pilot, able to help
consumers take actions to improve their financial health.
As EVA continues to scale across the USA, the UK and other
markets, it demonstrates how AI can enhance customer
experiences, increase relevance and support growth – while
remaining grounded in trusted data, responsible governance
and clear consumer benefit.
See our case studies on
pages 28 to 29, and 46 to 47
SPOTLIGHT:
CONSUMER SERVICES
In Consumer Services
, we aim to be a leading global platform
helping consumers improve their financial lives. By building trusted,
permissioned relationships at scale and delivering increasingly
data-driven, personalised, AI-enabled experiences, we aim to expand
our audiences, provide ever richer experiences for our members and
grow our brand recognition as a trusted co-pilot for consumers to
manage their finances.
We believe there is significant potential to
maximise synergies
across
our portfolio, particularly at the intersections of data, platforms and AI,
and we undertake focused strategic work to unlock these opportunities.
Common themes and principles underpinning
our global strategy
A number of common themes and principles underpin our global strategy.
Building on the broadest, most unique datasets in our markets
Experian is founded on large-scale data assets, which fuel many of our
capabilities. A key component of our strategy is to continuously enhance
the breadth, depth and quality of our data assets wherever we operate.
We actively look for ways to achieve this organically, through
partnerships, minority investments and through acquisitions, recognising
that proprietary, high-quality data is a critical strategic advantage.
Our market-leading position in Consumer Services provides critical
advantages. We develop propositions which offer a clear value-exchange
to our 215m+ free member base in return for consumer-permissioned
data. A highly successful example is Experian Boost, which has resulted
in over 19m consumers connecting their US checking accounts to
Experian. Experian Boost is freely available to our membership and
can result in a ‘boosted’ score when additional datasets are taken
into account in the determination of a credit score. In turn, this can
drive enhanced consumer eligibility to credit offers.
1
Over 19 million consumers have connected their accounts via Experian Boost and/or Personal Finance Management.
Government
Economic
Property
Social
User permissioned
Cyber ID/dark web
Health
23
Experian plc
Annual Report 2026
Strategic report
Platforms that deliver comprehensive, seamless,
fully integrated solutions
We continue to build out and expand world-class platforms that bring
together our products and capabilities, enabling us to play a deeper,
more comprehensive role in our clients’ workflows and consumers’
financial lives. The Ascend platform and our Consumer Services
platform are leading examples. They help to interlink our capabilities
and enhance the end-user experience.
The Ascend platform, for example, can automate decision-making for
clients, orchestrate workflows and deliver real-time insights. On our
Consumer Services platform, our members can use tools such as the
Insurance Hub to compare tailored insurance offers, see how their credit
profile influences pricing and take action directly within the platform.
We are executing the same strategy across other vertical markets,
Health, Automotive and Marketing Services.
Becoming a world-class technology and software
organisation
We have executed a multi-year cloud transformation to modernise our
technology foundations and support faster, more scalable innovation.
This has resulted in increased velocity of innovation and speed to market.
This transformation has established a more agile and resilient operating
model. By standardising core capabilities and increasing global re-use,
we are delivering products more efficiently across regions, meeting
sophisticated client needs while maintaining the highest standard of
security, governance and operational resilience.
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!
2026
Email Address
Intelligence
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
Email
Data
Customer
View
TM
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
Buy Now
Pay Later
Banking
Insights
Ascend
platform
Health
Consumer
Services platform
Marketing
Services
Automotive
We have several platforms and ecosystems
We have expanded the breadth and depth of our data assets over time to provide a more
comprehensive financial picture of the US population
Experian plc
Strategic report
24
Our strategy
continued
How our growth strategy is applied across
our operations
While our global SFAs and strategic pillars provide a consistent
framework, our growth priorities reflect the maturity, competitive
dynamics and regulatory context of each region. Across our markets,
we are focused on the following strategic themes:
North America
Financial Services:
we are expanding beyond our roots in credit
origination across the full lending lifecycle, embedding differentiated
data and AI-driven decisioning more deeply into client workflows to
become the enterprise technology platform of choice for financial
institutions.
Consumer Services:
we are evolving into a comprehensive, AI-powered
financial co-pilot, scaling recurring membership and marketplace
revenues while extending distribution through embedded finance
and external digital ecosystems.
Vertical markets:
we are scaling differentiated data and workflow
platforms across key industry ecosystems by deepening integration
into critical processes, expanding into adjacent value chain segments
and embedding AI-driven automation to drive share gains
and durable growth.
Brazil
Identity and Fraud:
we have established clear market leadership
in authentication and transactional fraud prevention by unifying data
assets, and are fully integrating ClearSale’s capabilities into a seamless
platform offering.
Small business ecosystem:
we are building Brazil’s leading small
business financial ecosystem, combining risk insights, payments and
business management tools to deepen engagement and increase
lifetime value.
Consumer Services:
we have created Brazil’s leading consumer
financial platform, integrating credit, debt, payments and protection with
AI-powered personalisation to improve financial outcomes and expand
permissioned data assets.
Agribusiness:
we are positioning Serasa Experian as the central digital
hub for agribusiness by combining credit with environmental analytics
and risk monitoring to support smarter, more sustainable lending and
supply chain decisions.
Spanish Latin America
Credit services:
we are strengthening and enriching our core data
assets, modernising our infrastructure and embedding open data
capabilities to expand financial inclusion and enable more predictive,
automated decisioning.
Software and analytics:
we are scaling Ascend as the core decisioning
and analytics platform, increasing platform adoption and recurring
software revenues across the region.
Consumer Services:
we are building the leading regional digital
consumer financial platform, improving access to credit while growing
data depth, engagement and expanding cross-sell opportunities.
Identity and Fraud:
we are delivering integrated fraud prevention
orchestration across digital journeys, helping clients manage rising
digital and AI-enabled risk.
Ascend Assistant – AI at the heart
of decision workflows
Built directly into the Ascend platform, the Assistant uses
GenAI to provide continuous insight, explain model outcomes
and support faster, more confident decisions across credit,
fraud and risk workflows.
Rather than replacing human expertise, the Assistant augments
decision-makers by automating analysis, surfacing insights in real
time and reducing friction in complex processes. Clients using
AI-enabled decisioning capabilities tend to consume more of
Experian’s data and services, reinforcing platform stickiness
and expanding value across the customer relationship.
Patient Access Curator – transforming
healthcare decisioning
In our Health vertical, the Patient Access Curator (PAC) platform
demonstrates how Experian is moving deeper into provider
workflows beyond traditional reimbursement. PAC replaces
fragmented, manual patient access processes with a single,
integrated enquiry that brings together eligibility, insurance
discovery and co-ordination of benefits in seconds.
By automating decisioning with AI-driven analytics and reducing
human error earlier in the care journey, PAC helps providers reduce
insurance claims denials and accelerate access to care. This has
translated into materially better outcomes for patients and
hospitals, strengthening Experian’s role as a critical technology
partner in healthcare operations.
PAC illustrates the power of a platform approach that combines
data, software and advanced analytics to solve complex,
industry-specific problems at scale. It has expanded Experian’s
addressable market in healthcare and reinforced our ability
to deliver high-value solutions that are embedded at the point
where decisions matter most.
SPOTLIGHT
SPOTLIGHT
25
Experian plc
Annual Report 2026
Strategic report
We continue to focus on our foundations,
culture, clients, technology and data
We also focus on key foundational areas to underpin our success.
Key progress in FY26 has included:
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.
We are immensely proud to have again been certified as a Great Place to
Work® (GPTW) in 26 countries, ranking 14th globally for the second year
running. We were also ranked 10th on Fortune’s Best Workplaces
in Technology in the USA.
Clients
Our client net promoter score (NPS) has increased for the eighth year
in a row since FY18, reflecting the emphasis we place on strengthening
client relationships and growing client loyalty. Our reputation as
a dynamic, innovative leader continues to grow, as illustrated by
a wide range of industry awards.
Technology
We have undertaken a multi-year cloud and technology transformation
to modernise our foundations. In North America (excluding Health) and
Brazil, we have achieved our target to be 85-90% complete in FY26.
These investments will enhance our agility and product innovation
potential in coming years.
Risk management
Strong risk management is key to long-term success. In FY26, we have
established a robust AI governance framework to ensure responsible,
secure and compliant adoption of AI across the Group.
UK and Ireland
Consumer Services:
we are becoming the leading trusted platform
for UK consumers to make smarter financial decisions, strengthening
engagement, membership growth and marketplace participation.
Affordability and Verification:
we are establishing Experian as the
UK’s default income and affordability verification provider, embedded
seamlessly into lending and rental ecosystems.
Analytics and Decisioning:
we have positioned Ascend as the industry
standard for analytics, model development and performance
optimisation.
Identity, Fraud and Financial Crime:
we are expanding our role in
identity verification, fraud prevention and financial crime compliance
to support clients navigating increasing regulatory and digital risk.
Marketing Services:
we are leading in digital identity linkage and
compliant data-driven marketing enablement.
EMEA and Asia Pacific
Data expansion:
we are enhancing the breadth and quality of core
and alternative data assets to strengthen decisioning capabilities
and competitive differentiation.
Scores, Attributes and Decisioning Platforms:
we are scaling
our advanced scores, attributes and identity and fraud prevention
capabilities, and accelerating adoption of AI-enabled, cloud-native
decisioning platforms.
Experian plc
Strategic report
26
Our strategy
continued
Our AI foundations are strong and we are widening our ambition
Our AI priorities
Experian is strongly positioned for the AI era. Our proprietary,
permissioned data on over 1.5 billion consumers and 175 million
businesses forms a powerful and defensible foundation for AI. We
are experts in ensuring data is accurate, compliant, predictive and
actionable. Combined with our modular platforms and deep industry
expertise, this gives us a structural advantage in deploying AI at scale.
We already have AI solutions in market and are accelerating the roll-out
of agentic capabilities, positioning Experian to drive faster innovation,
improved client outcomes, and sustained growth.
Exploration and proof points
2023
2024
2025
2026 and beyond
New AI products launched
Targeted M&A and ventures
AI-enabled features in existing
products
Experian Group adoption and productivity
AI-native products and platforms
Deliver transformational change
in and around our markets
Foundational phase
Empowering
employees with AI tools
Expand total addressable
market (TAM) opportunity
Customer-led product
innovation
Drive productivity
and reinvestment
Leverage existing footprint
and platforms
Embedded AI in everyday
workflows
Higher-impact solutions
Increased efficiencies
and automation
Financial Services
Enhancing client workflows
Verticals
Unlocking new cases
Customer Services
Increasing engagement
Decisioning and insights
Customer engagement
Agentic automation
Platform enablement
Transforming developer velocity,
improving billable coding effort
(BCE) and reducing cost per BCE
Improved service quality and
efficiency in consumer calls,
document page procession,
customer emails automation,
and quality assurance reviews
Acceleration and scale
27
Experian plc
Annual Report 2026
Strategic report
Embed AI in new products
FY26 progress
• Launched AI-enabled products across
Consumer Services, Financial Services,
and Verticals. Key examples include:
– Introduced Consumer AI Assistant (EVA)
to deliver personalised interactions, and
an AI-assisted Model Risk Management
module in Ascend to streamline model
governance.
– Rolled out the AI-powered Patient Access
Curator in Health to transform patient
access workflows.
Reinvent existing markets
FY26 progress
• Reimagined consumer and client
experiences with AI-native assistants
and personalised engagement.
• Redefined risk, verification, and governance
through intelligent automation and
real-time decisioning.
• Embedded AI across our platforms to
modernise workflows, accelerate insights,
and enable agentic automation at scale.
Unlock new growth opportunities
FY26 progress
• Expanded decisively into high-growth
adjacencies, including the SME ecosystem
and housing, where demand for data,
insight and automation is rapidly
accelerating.
• Embedded Experian’s data and
decisioning capabilities into emerging
agentic commerce environments,
positioning us at the centre of AI-mediated
customer journeys.
Drive productivity
FY26 progress
• Equipped all employees with AI
tools to drive productivity at scale.
• Accelerated developer velocity, increased
billable coding effort (BCE), and reduced
cost per BCE.
• Scaled internal AI solutions across
analytics, automation and business
operations.
Embed AI into how Experian operates
FY26 progress
• Achieved c.85–90% cloud migration
in North America (excl. Health) and Brazil.
• Strengthened approach to responsible AI,
evolving from a centralised council model
to an embedded governance model
integrated across product development
and operations, aligned with global risk
oversight.
Our ambition
Leverage AI as a force multiplier to accelerate productivity, expand use cases in our
core markets, and unlock new growth areas previously out of reach for Experian.
Our key strategic focus areas for AI and progress in FY26
Experian plc
Strategic report
28
Introducing EVA:
our agentic
financial co-pilot
When household budgets are tighter, consumers
think more carefully about how they spend.
They are more cautious about taking on new
commitments. They pay closer attention to
their credit position.
Powering opportunities
29
Experian plc
Annual Report 2026
Strategic report
Managing personal finances, however, has rarely been joined
up. A credit score sits in one place. Bank transactions in another.
Insurance renewals somewhere else. It has been up to the individual
to piece everything together and decide what it means.
As early as 2024, Experian introduced the Experian Virtual Assistant
(EVA), a consumer-facing AI capability designed to help people better
understand and manage their credit profile. Instead of viewing a
static score, consumers can ask EVA what factors may be driving
changes in their profile and what steps they could take next. This
shifts the experience from passive observation to more active
financial management.
Since then, EVA has continued to evolve. As Experian connects
more data across its ecosystem, today EVA is able to provide
a more connected view of a consumer’s financial situation.
How does this work in practice?
EVA brings different sources of financial information together,
combining Experian’s proprietary data with permissioned open
banking data from a consumer’s bank accounts. It then analyses
patterns across credit behaviour and everyday spending, highlighting
what matters most and helping explain what may be driving changes.
If a consumer is worried about rising expenses, they can ask EVA to
review recent activity. It may point to recurring subscriptions. It may
highlight higher discretionary spending. It may show where costs
have gradually increased over time. Patterns that were easy to
miss become clearer.
EVA can also suggest practical next steps. It may recommend
exploring alternative vehicle insurance offers to reduce monthly
costs. In other situations, it could highlight credit products available
through the Experian Marketplace that may lower interest expense.
Experian can play this role because both consumers and service
providers place trust in us. Consumers choose to share their data
on a permissioned basis. In return, they receive insights designed
to improve financial outcomes.
Banks and insurance companies also rely on Experian. They trust us
to connect them with relevant customers in a precise and compliant
way. This helps reduce wasted marketing spend and ensures that
offers reach people for whom they are genuinely suitable.
That two-sided exchange of trust and value sits at the centre of how
EVA works.
The future of EVA
As Experian connects more data across its ecosystem – such
as vehicle values, market comparisons and property data – EVA’s
recommendations will become more tailored to each individual’s
circumstances. Over time, they will also become more proactive.
One morning, you might receive a prompt like this: “If you delay changing
your car for 12 months and redirect £300 per month into your offset
mortgage, you could repay your loan 1.8 years earlier over five years.”
With a simple confirmation, EVA could pre-populate the application,
check eligibility in real time, compare lender offers and route you
through to completion. The process could take just a few minutes.
By analysing income, property value, vehicle value, spending patterns
and credit history together, EVA can identify financial capacity that may
not be immediately obvious, helping consumers see options they might
not otherwise consider.
AI makes this possible. But AI on its own is not enough. The quality, depth
and connected nature of Experian’s data underpin the intelligence. That is
what allows EVA to deliver practical value to millions of consumers today.
EVA is a clear example of how we are evolving
Consumer Services, from helping people
understand their data, to helping them act on
it with confidence. By combining Experian’s
proprietary data with AI, we bring together
fragmented financial information so consumers
can see what is happening and what to do next.
Debbie Hsu
EVP Product Experian Consumer Services
North America
Experian plc
Strategic report
30
Chief Executive’s review
1
At actual exchange rates.
2
At constant exchange rates.
Part 1 – Chief Executive Officer’s review
Overview
FY26 was a record year for Experian, with strong revenue growth, margin
expansion and continued strategic progress. Revenue from ongoing
activities grew 13% at actual exchange rates and 8% on an organic basis,
(accelerating to 9% in Q4) with significant margin expansion of 60 basis
points at constant currency, exceeding our guidance. Over the past six
years we have consistently delivered sustained growth in revenue,
Benchmark EBIT and Benchmark EPS reflecting the strength of our
business and the successful execution of our growth strategy.
These results were driven by sustained demand for our solutions
across our B2B and Consumer Services portfolios. In B2B, it was a
very successful year of commercial execution, securing new clients and,
in a significant renewal year, deepening relationships with our largest
strategic accounts. This translated into higher contract values and longer
durations as clients increasingly rely on Experian as a trusted partner
across multiple areas of risk.
In Consumer Services, we continue to grow our membership and
increase engagement, supported by an expanding range of products
that help consumers improve their financial health. Our global
membership base expanded again this year and now exceeds
215 million free members, providing a scaled platform for
continued growth and monetisation.
Our performance also reflects continued improvement in our operating
model and in product innovation. We continue to build new products
that solve business and consumer needs and increasingly drive our
growth. In FY26, we generated US$2bn of revenue from new and scaling
products, including our Ascend modules and consumer marketplaces.
Our cloud technology transformation is now substantially complete,
enabling Experian to operate as a cloud-native organisation with
increased agility and improved capital efficiency. As expected, we
remain on track to deliver material cost savings from FY27 onwards,
as dual-run costs begin to decline. This positions us to accelerate
product development and improve scalability across our platforms.
Artificial Intelligence (AI) is becoming a core driver of how we operate
and grow. We are embedding it across products, platforms and
workflows to improve performance. It is already driving measurable
efficiency gains, with a c.10-15% uplift in coding productivity in FY26, and
select areas achieving gains of over 30%. To put this into context, labour
costs, at 32% of revenue, are over 300 basis points lower than two years
ago. It is also helping us to extend our reach in existing and new markets.
We have already identified over US$15bn of AI-enabled addressable
market opportunities, in Health, agentic commerce, Ascend platform
expansion and embedded consumer marketplaces, and we are
positioning the business to penetrate these emerging areas. We see
accelerating internal and external opportunities as usage scales across
the organisation, which will support continued margin delivery in line
with our Medium-Term Framework expectations, alongside additional
revenue expansion.
We continue to complement this with a disciplined approach to capital
allocation. During the year, we completed four acquisitions totalling
US$792m, focused on strengthening our identity and data assets and
expanding addressable markets. For example, AtData adds significant
depth to our email intelligence, bringing over 10 billion email addresses
into Experian’s data assets. Own Up, an AI-powered mortgage platform,
extends our consumer marketplace into the mortgage space, which,
combined with Experian’s housing data and scaled membership base,
allows the creation of significantly differentiated proposition for
consumers and lenders, simplifying the mortgage journey and
improving access to relevant offers.
Our acquisitions complement our organic growth investments, and we
continue to deliver strong financial returns as we scale our capital base.
We reported a post-tax ROCE of 17.2%, an increase from 16.6% in the
prior year.
Our performance reflects consistent execution against our long-term
strategy which continues to guide our business, shaping how we invest,
innovate and grow. We are well positioned to drive sustainable growth
over the long-term value. This performance, alongside our financial
flexibility, has enabled us to return incremental capital to shareholders,
while retaining significant capacity to continue investing in growth and
operating within our 2-2.5x net debt to EBITDA leverage framework.
We have today announced an additional US$1bn share repurchase
programme adding to the US$1bn programme announced in January.
Highlights
Total revenue growth1
+
13
%
Organic revenue growth
2
+
8
%
Benchmark EPS
growth1
+
15
%
Post-tax return on capital
employed
17.2
%
FY26 was a record year for Experian,
with performance at the upper end of
our expectations and strong strategic
momentum. Given the strength of our
performance, cash generation and
balance sheet flexibility, we have today
announced a further US$1 billion share
repurchase programme, whilst retaining
significant capacity to continue investing
in growth opportunities.
Brian Cassin
Chief Executive
Officer
31
Experian plc
Annual Report 2026
Strategic report
B2B performance and strategic highlights
In our B2B business, we combine differentiated datasets
with advanced analytics to address important client workflows.
Over 90% of our revenue is derived from proprietary data which
provides us with a powerful foundation to embed AI across our
solutions. Through platforms such as Ascend, we bring together
data, analytics and AI-driven capabilities in a connected way, which
strengthens our position as a strategic partner. Across our vertical
markets, our data and solutions help businesses navigate complex
ecosystems and make better decisions; and this approach helped
us gain share this year across our verticals.
In Financial Services, our largest vertical accounting for just over
half of Group revenues, we continued to see very strong momentum
with organic growth of 9% and total growth of 13%.
FY26 was a year of strong commercial progress across Financial
Services. In North America, it was a particularly heavy contract
renewal year among our top strategic accounts, and we had a 100%
renewal rate, with contract durations expanded by nearly 10% to
over four years and contract values uplifted by double-digits on
average for this cohort. This reflects the importance of our data
and solutions to our largest clients and successful progress in
cross-sell of data, analytics and platform products.
The Ascend Platform plays a key role here. We now have over 2,300
client solutions implemented and 37 product capabilities provisioned
globally, supporting growing customer engagement. It is evolving
into the foundation of an agentic AI ecosystem, underpinned by
trusted Experian data and services. We are introducing new agentic
workflows within Ascend that bring together AI, data, analytics and
decisioning to automate and optimise complex client processes,
including fraud referrals, case management and operational review.
This helps us better address client needs and should support
greater use of our data and capabilities as customers adopt agentic
workflows. Many clients are now working through their own proofs
of concept for agentic use cases. As an embedded platform across
many of these institutions, Ascend is well positioned to help clients
scale these capabilities within their existing workflows and we are
seeing strong client engagement.
We are now at a stage where we can further leverage the Ascend
Platform. Recently, we established a new multi-year partnership with
ServiceNow, significantly expanding our reach into its global base of
enterprise customers. Through this collaboration and using Model
Context Protocol (MCP), ServiceNow will deliver high-value outcomes
by embedding Experian’s fraud prevention, identity, and compliance
capabilities into its platform, enabling a broader set of enterprises
to benefit beyond our traditional financial services footprint.
We operate in end markets where accuracy, explainability and
compliance at scale are critical, and anticipate increasing demand
for data. In North America, we saw strong traction in our cashflow
products, with growing client adoption and a robust pipeline. Our
capabilities, trained on millions of daily transactions, are delivering
nearly 6,000 predictive attributes and enabling up to a 25% uplift in
predictive performance when combined with traditional credit data,
supporting more accurate and inclusive lending decisions.
We continue to scale Employer Services and Verification Solutions,
growing our active record count to 66 million. We introduced
enhancements such as Experian Verify Preview to provide mortgage
lenders with earlier visibility into borrower employment data and,
following the financial year-end, broadened distribution through a
new integration with the TazWorks background-screening platform.
We introduced VantageScore 4.0 into the conforming mortgage
market in the USA. Following the recent announcement from the
Federal Housing Finance Agency (FHFA), Fannie Mae and
Freddie Mac are now able to accept VantageScore 4.0, introducing
score competition for the first time. We have begun delivering
VantageScore 4.0 to lenders participating in the initial FHFA pilot
and are supporting the transition across the industry with capabilities
such as the Ascend Platform and Mortgage Loan Performance (MLP)
dataset, enabling faster analysis, validation and execution.
The emerging market of agentic ecommerce will rely on a critical
trust layer of identity data to drive adoption. We recently announced
Experian Agent Trust, a first-of-its-kind framework that establishes a
secure, verifiable link between consumers and AI agents. Developed
alongside leading technology partners including Visa, Cloudflare,
Skyfire and Akamai, it leverages our proprietary data and identity
assets to help enable secure and scalable agentic payments.
In North America, the acquisition of AtData strengthens our email
intelligence and identity capabilities, adding over 10 billion email
addresses globally, and in the UK and Ireland, KYC360 enhances
our financial crime and compliance offering. In Brazil, ClearSale has
strengthened our fraud prevention offering, unlocking new growth
opportunities and translating into clear commercial momentum
across transactional fraud.
In Health, we are already seeing clear evidence of the growth
opportunities provided by AI. Patient Access Curator (PAC), our
AI-native solution, is transforming complex eligibility workflows,
reducing denials and costs. With a single enquiry, proprietary AI
identifies, corrects, and coordinates coverage information to provide
a complete and accurate upfront view of insurance. Patient Access
Curator drives an average 30% reduction in denials, significantly
improves the patient experience and is helping to accelerate
growth in our Health business. We see similar opportunities across
the Health product portfolio and we are embedding AI into other
high-value workflows, including claims and appeals, in a market
where insurance claim denials are rising and healthcare providers
are under increasing pressure to automate.
In Automotive, we had another excellent year. AutoCheck is now
the exclusive vehicle history report provider across almost every
major consumer shopping site in the USA. Credit and value recovery
solutions also delivered solid results, supporting another period of
Automotive growth well ahead of underlying auto sales.
In Brazil B2B, we saw similar trends in win rates, contract value uplift
and extended contract duration as we did in North America, which
accelerated growth as H2 progressed and which will benefit FY27.
In particular, the integration of ClearSale has strengthened our fraud
product portfolio, enhancing our competitive position in both fraud
and credit and supported strong new business performance. We
have also strengthened our position with key telecommunications
partners, while building momentum in new initiatives including
gaming and biometrics that leverage our data assets.
In the UK and Ireland, we made good progress with the Ascend
Sandbox, and, as in our other regions, secured new business
wins and contract extensions, particularly with our largest
strategic clients. We are launching new datasets on Ascend across
commercial and insurance to generate additional opportunities.
In Marketing Services, we drove strong new business growth,
supported by enhanced data assets and an extended identity reach.
In EMEA and Asia Pacific, we have now integrated illion, establishing
a scaled and enhanced position in Australia and New Zealand. We are
encouraged by the progress to date, with the business performing
well, strengthening our regional capabilities and contributing to a
near doubling of regional margins.
Experian plc
Strategic report
32
In Consumer Services, we are building a broad platform to support
consumers across their financial health journey. Our audiences
continue to grow, we are enhancing the consumer experience,
diversifying revenue streams, and improving the quality of earnings.
We delivered a strong performance globally and continued
to make strategic progress. Free membership surpassed
215 million, with further scope to scale through enhanced
products and new distribution partnerships. We are continuing
to expand our capabilities, delivering more personalised
insights to help consumers navigate their financial lives.
At the same time, we are broadening the revenue model, through
expanded marketplaces, new streams such as payments,
and long-term Partner Solutions agreements. Together, these
actions are driving a more diversified and resilient portfolio.
This progress is reflected in our financial performance,
with Consumer Services delivering organic revenue growth
of 9% and margin expansion of 220 basis points in FY26
and nearly 500 basis points over the past two years.
In North America, marketplace growth was strong, supported by
innovations such as No Ding Decline, which improves customer
outcomes and drove strong demand. We also continued to improve
the member experience, with tools such as the Experian Virtual
Assistant (EVA) combining conversational AI and our trusted
data to deliver more personalised and actionable guidance.
Since launch, EVA has delivered nearly 3.5 million consumer
engagements. The recent acquisition of Own Up, an AI-powered
mortgage shopping platform, marks an important next step.
Similar to our expansion into insurance through the acquisition
of Gabi, Own Up gives us an entry point into the large housing
vertical and further strengthens our marketplace capabilities.
In Partner Solutions, two long-term contracts supporting
consumers who suffered large data breaches are drawing to a
conclusion. At the same time, we have signed a significant new
multi-year partnership with a leading USA bank, building on a
strong existing relationship. This agreement will extend premium
credit and identity capabilities to the bank’s customer base and
demonstrates our ability to deliver integrated solutions at scale.
We expect it to build progressively, starting in FY27 and moving
to significant revenue contribution as we move into FY28.
In Brazil, we achieved broad-based growth across the portfolio.
We have seen growth in users, engagement and transactions. Limpa
Nome, our debt renegotiation business, continues to help millions
of consumers, with US$19.4bn of consumer debt renegotiated
in FY26. We also expanded our marketplace capabilities, now
offering auto, theft and income insurance across a growing
number of carriers. Alongside our premium offering, this led
to growth that significantly outpaced the underlying market.
In the UK, we are transforming the consumer experience through
product enhancements, greater personalisation and broader
capabilities, delivering double-digit growth in every quarter of
FY26, driven by strong marketplace performance. We drove strong
engagement through app enhancements and the launch of our
new 1250 credit score. Our next-generation consumer experience
enhances personalisation and customer journeys, while the enriched
score, incorporating data such as rental payments, provides clearer
insights and more actionable ways to improve borrowing potential.
Across our regions, we are expanding into new Large Language
Model (LLM) distribution channels, embedding our unique data
and capabilities. In North America, we launched the Experian
Insurance Marketplace app on ChatGPT, extending our trusted
platform to OpenAI’s audiences. We also integrated into Snapchat’s
AI Sponsored Snaps offering, bringing our unique AI-powered
credit and personal finance information to over 100 million monthly
active users in the USA. In the UK and Ireland, we introduced the
UK’s first credit score app on ChatGPT, while in Brazil we integrated
our financial education content into ChatGPT, delivering insights
through conversational AI. These initiatives extend our reach into
new AI-driven channels and enhance consumer engagement.
Chief Executive's review
continued
Governance and Sustainability
Experian’s success is built on the strength, expertise and commitment
of our 25,200 people. We are pleased to have been recognised again
as one of the World’s Best Workplaces™ 2025, reflecting our
collaborative and high-performing culture.
We have strengthened our approach to responsible AI with the
deployment of our global AI Policy, aligned to the US National Institute
of Standards and Technology’s (NIST’s) Trustworthy AI guidelines.
This reinforces our commitment to treating data with respect, while
we continue to mature our controls and governance in line with the
evolving AI landscape.
We continue to expand positive social impact. In the USA, we launched
the Experian Credit + Cashflow Score, which combines traditional
and alternative data to help lenders assess risk more accurately,
particularly for credit invisibles and consumers with limited credit
profiles. Since 2019, over 360,000 Experian Boosts have helped
previously unscorable US consumers obtain a credit score by adding
positive payment data. In Brazil, our Limpa Nome recovery portal
facilitated the renegotiation of US$19.4bn of debt and supported
the write-off of US$16.1bn.
We are progressing against our science-based targets: Scope 1 and 2
(market-based) emissions fell 44% this year and are now 90% below
our 2019 baseline. For Scope 3, by FY26, 41% of suppliers (by spend)
had science-based targets (FY25: 36%), with a further 7% committed.
Consumer Services performance and strategic highlights
Taken together, our performance over many years and the continued strategic progress positions the Group to benefit from long term structural
growth. We have a strong position, built on proprietary data assets, deeply embedded platforms and differentiated strategy spanning both B2B
and Consumer Services. Combined with strong financial flexibility, underpinned by our cloud transformation, AI-driven efficiencies and operating
scale, this gives us confidence in the opportunities ahead.
33
Experian plc
Annual Report 2026
Strategic report
Part 2 – Financial and regional review for year
ended 31 March 2026
• Revenue growth was strong, with revenue from ongoing activities
increasing by 13% at actual exchange rates and 11% at constant
currency. Organic revenue growth was 8%.
• Growth was consistent through the year. By quarter, organic revenue
growth was 8% in Q1, 9% in Q2, 8% in Q3 and 9% in Q4.
• We delivered growth across all regions, with organic revenue growth
of 10% in North America, 8% in Latin America, 2% in the UK and Ireland,
and 5% in EMEA and Asia Pacific.
• Consumer Services delivered 9% organic revenue growth, as we
scaled our platform to over 215 million free members. Growth was
broad-based across regions, driven by marketplace in North America
and the UK and Ireland, and by Limpa Nome alongside expanding
capabilities in payments, insurance and marketplace in Brazil.
• B2B organic revenue growth was 8%. Growth was strong across both
Financial Services and Verticals, driven by continued demand for our
proprietary data and expanding portfolio of new capabilities.
• We delivered good progress in Benchmark EBIT from ongoing
activities, up 15% at actual exchange rates and 13% at constant rates.
Benchmark EBIT margin increased by 90 basis points organically, 60
basis points at constant rates and 50 basis points at actual exchange
rates to 28.6%. Margin benefitted from continued scaling of Consumer
Services and improving operational efficiency through AI-driven
productivity initiatives.
• We delivered strong growth in Benchmark earnings per share (EPS),
which increased by 15% at actual exchange rates and 13% at constant
rates, driven by solid revenue growth and margin expansion. Basic EPS
was USc164.5 (2025: USc127.6), up 29%, due to non-cash foreign
exchange gains on our Brazilian intercompany funding and lower
non-benchmark restructuring costs, compared to the prior year.
• Cash flow conversion was strong, and we converted 93% of Benchmark
EBIT into Benchmark operating cash flow. Benchmark operating cash
flow at actual exchange rates was US$2.2bn, reflecting 10% growth.
• We continued to invest in proprietary data and product innovation,
enhancing our core capabilities and building the foundations for AI at
scale. Capital expenditure represented 8.6% of revenue and is expected
to trend towards 7% over the coming years.
• We invested US$792m in acquisitions aligned to our strategic priorities,
adding complementary data and capabilities. This included AtData
in North America, enhancing our proprietary email insights, and
differentiated fraud prevention capabilities such as KYC360 in the
UK and Ireland and ClearSale in Brazil. Following the year-end, we
completed the acquisition of Own Up, a leading AI-powered mortgage
platform in North America. We finished the year with net debt to
Benchmark EBITDA of 1.7x.
2026
US$m
2025¹
US$m
Total
growth
%
Organic
growth
%
Revenue
North America
5,587
5,046
11
10
Latin America
1,297
1,066
17
8
UK and Ireland
942
869
3
2
EMEA and Asia Pacific
599
494
17
5
Ongoing activities
8,425
7,475
11
8
Exited business activities
20
48
n/a
Total
8,445
7,523
11
Benchmark EBIT
North America
1,912
1,686
13
Latin America
399
341
11
UK and Ireland
220
202
4
EMEA and Asia Pacific
40
17
116
Total operating segments
2,571
2,246
13
Central Activities – central corporate costs
(164)
(144)
n/a
Benchmark EBIT from ongoing activities
2,407
2,102
13
Exited business activities
(10)
(19)
n/a
Total Benchmark EBIT
2,397
2,083
14
Benchmark EBIT margin – ongoing
activities
28.6%
28.1%
1
Results for FY25 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 and Benchmark EBIT 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
For further information on our other financial developments,
please refer to the Financial Review on pages 62 to 69.
• We executed US$725m in share repurchases during FY26,
including US$196m from the FY26 programme and US$529m from
the additional US$1bn programme announced in January 2026. We are
also announcing a new share repurchase programme of up to US$1bn,
with the programme valid to 30 June 2027.
• We have announced a second interim dividend of USc48.00 per
share, up 11%. This will be paid on 24 July 2026 to shareholders
on the register at the close of business on 26 June 2026. This takes
the full-year dividend up 11% to USc69.25 per ordinary share.
• Our disciplined capital allocation delivered strong returns, with ROCE
of 17.2% in the year (2025: 16.6%).
Benchmark
Year-on-year % change in organic¹ revenue – for the year ended 31 March 2026
EBIT margin
2
% of Group
revenue³
Financial
Services
Verticals
B2B
Consumer
Services
Total
Total
North America
67
14
8
12
6
10
34.2%
Latin America
15
4
(4)
3
23
8
30.8%
UK and Ireland
11
1
(7)
0
12
2
23.4%
EMEA and Asia Pacific
7
5
1
5
n/a
5
6.7%
Total global
100
9
7
8
9
8
28.6%
1
At constant exchange rates.
2
Ongoing activities at actual exchange rates.
3
Percentage of Group revenue from ongoing activities calculated on FY26 revenue at actual exchange rates.
Regional highlights for the year ended 31 March 2026
Experian plc
Strategic report
34
North America
Latin America
North America delivered strong growth with
revenue of US$5,587m, representing organic
revenue growth of 10%. Total revenue growth
was 11% including contributions from the
NeuroID, Audigent and AtData acquisitions.
B2B delivered organic revenue growth of 12%.
Financial Services performed very well,
with organic revenue growth of 14%. Clarity
Services delivered strong performance,
supported by good activity at key clients and
new customer wins. Innovation continues to
drive momentum, with Instant Unlock gaining
traction with large bureau customers and
our cashflow products driving new business,
leveraging our unique proprietary credit and
Latin America performance was solid, with
revenue from ongoing activities of US$1,297m,
increasing by 8% organically, and total constant
currency revenue growing by 17%. Acquisition
contributions included ClearSale, TEx,
SalaryFits, and CCFacil.
B2B organic revenue growth was 3%.
In Brazil, we drove good performance with
notable improvement towards the end of the
year reflecting new business wins. In Identity
and Fraud (ID&F) prevention, we delivered
strong expansion, driven by increasing
penetration across major clients and solid
transaction data. Our platform solutions across
analytics delivered strong growth, supported
by new business and key renewals. Verification
Solutions also contributed to growth, with our
record count increasing to 66 million. Mortgage
profile revenue grew very strongly, primarily
due to higher pricing.
Verticals delivered another year of very good
growth, with organic revenue growth of 8%.
In Health, growth was driven by continued
momentum in Patient Access Curator and
Claims, with PAC now a scaled, AI-native
product and a leading example of how we
are leveraging advanced automation and data
to transform complex healthcare workflows,
reduce denials and improve outcomes for
providers. Automotive had an outstanding year,
with broad-based growth across the portfolio,
supported by new client wins for AutoCheck at
leading consumer automotive marketplaces,
strong performance in value recovery solutions
and solid growth in credit.
Consumer Services delivered organic revenue
growth of 6%.
We continue to scale our platform by growing
our membership base and expanding our
capabilities. We now have over 85 million
free members in North America, up 8%
year-on-year.
demand for our biometrics and digital
onboarding capabilities. Our Gaming vertical
saw good growth in this emerging market,
presenting a developing opportunity for
our identity and fraud solutions to assist, for
example, with age verification. The ClearSale
integration is progressing well, strengthening
our product offering and market position.
Our platform solutions across analytics and
decisioning also performed well, supported by
product enhancements and continued footprint
expansion with existing clients.
Spanish Latin America performance was good,
reflecting solid growth in Colombia, Peru and
Panama, supported by strong activity from
large banks and FinTech clients. We also saw
strong demand for our analytics, ID&F and
decisioning capabilities.
Consumer Services organic revenue grew
23%. We continue to enhance our consumer
platform, expanding our product suite to
serve customers across their financial needs.
Our debt renegotiation service, Limpa Nome,
generated strong demand from major banks
and continues to support consumers in
improving their financial health, with over
30 million credit agreements renegotiated
Marketplace revenue growth was strong.
We saw strong demand for our No Ding Decline
credit card offers and continued to benefit
from our Activate capability, with ongoing
enhancements and growing lender penetration.
Membership revenue grew modestly, driven
by higher subscriptions year-on-year, as
we expanded our feature set, including the
introduction of a high-yield savings account.
Partner Solutions declined for the year,
reflecting the initial wind down of two
long-term mass data breach support contracts.
Partner Solutions, excluding data breach,
performed well, and we continue to deepen our
relationships with strategic long-term partners.
Benchmark EBIT rose 13% to US$1,912m
and Benchmark EBIT margin increased by
80 basis points to 34.2%. Margins benefitted
from operating leverage and enhanced labour
productivity, supported by our technology
transformation and organisational efficiencies.
during the year. Our credit marketplace
and premium businesses both performed
well, supported by growing members, strong
engagement and the increasing value of our
financial product capabilities. Our nascent
insurance propositions are also showing
good momentum, supported by an expanding
product suite and a growing panel of carriers.
Benchmark EBIT from ongoing activities
in Latin America was US$399m, up 11%
at constant exchange rates. The Benchmark
EBIT margin from ongoing activities at actual
exchange rates declined by 120 basis points
to 30.8% primarily due to the temporary effect
of recent acquisitions, partially offset by a
continued benefit from our scaling Consumer
Services business.
Organic revenue growth %
Organic revenue growth %
FY22
FY23
FY24
FY25
FY26
13
7
5
10
8
FY22
FY23
FY24
FY25
FY26
17
16
13
8
6
Chief Executive's review
continued
35
Experian plc
Annual Report 2026
Strategic report
UK and Ireland
EMEA and Asia Pacific
Organic revenue growth %
Organic revenue growth %
FY22
FY23
FY24
FY25
FY26
11
5
2
2
1
FY22
FY23
FY24
FY25
FY26
3
3
7
5
8
Outlook
Looking ahead, we expect another year of strong growth in FY27,
supported by continued expansion of our addressable markets,
successful strategic progress, further productivity gains, and whilst
taking a prudent approach to macroeconomic uncertainties linked
to the Middle East. We expect to deliver another year of double-digit
Benchmark EPS growth, underpinned by total revenue growth of
8–11%, organic growth of 6–8%, and margin expansion at the higher
end of our Medium-Term Framework.
The UK and Ireland region delivered
revenue from ongoing activities of US$942m,
with organic revenue growth of 2%. Total
constant currency growth of 3% includes
the contribution from our KYC360 acquisition.
In B2B, organic revenue was flat, with Financial
Services increasing by 1% year-on-year offset
by a 7% decline in Verticals.
Although the economic environment remains
subdued, Financial Services growth improved
through the year, supported by strong renewals
and a continued shift toward higher-value,
longer-term contracts. The acquisition of
KYC360 strengthened our ID&F capabilities,
enhancing our financial crime prevention
offering and complementing the existing
portfolio. We continued to scale the Ascend
Platform, launching new datasets and use
cases while progressing Sandbox trials into
client relationships. Verticals revenue declined,
reflecting softer new business in Experian Data
Quality, partly offset by strong Marketing
Services performance.
In Consumer Services, organic revenue
grew 12%. We launched a new consumer
app, introduced our new 1250 credit score,
and expanded exclusive product offerings,
driving deeper engagement. This supported
very strong marketplace growth across
cards and loans. Improvements to our
subscription platform also drove membership
growth, with particular strength in our
identity-focused solution.
Benchmark EBIT from ongoing activities
was US$220m, a 4% increase at constant
exchange rates. The Benchmark EBIT margin
from ongoing activities was 23.4%, compared
to 23.2% in the prior year, due to enhanced
cost-base efficiency.
In EMEA and Asia Pacific, revenue from
ongoing activities was US$599m, with organic
growth of 5% and total growth at constant
exchange rates of 17%. The difference
primarily relates to our illion acquisition,
completed on 30 September 2024.
In the region, we are strengthening our position
across core markets and expanding our data
and decisioning capabilities to drive growth.
We delivered solid organic growth across the
region, supported by strong performances in
Southern Europe, India and Southeast Asia,
with Australia/New Zealand benefitting from
the inclusion and integration of illion.
Innovation remained a key driver, led by
scores and attributes and Identity and Fraud
solutions, alongside continued progress in
our platform capabilities.
Benchmark EBIT from ongoing activities
was US$40m, compared to US$17m in FY25.
The Benchmark EBIT margin from ongoing
activities was 6.7% compared to 3.4% in the
prior year.
Medium-Term Framework
Organic revenue growth:
• High single digits
Benchmark EBIT margin
1
:
• Good margin improvement
• +30 to +50 basis points per annum
Capital expenditure:
• Trend to c.7% of revenue
1
At constant exchange rates.
Experian plc
Strategic report
36
RetailCo was keen to complete the transaction, but they knew very little
about Maria. To reduce fraud risk, RetailCo asked Maria to fill in several
forms, upload identification documents and wait for a manual review.
This process was slow and costly for RetailCo, and frustrating for Maria
too. After a while, Maria lost patience and bought her phone from a
physical retailer instead.
Now imagine it is November 2026, eight years after Maria’s unpleasant
experience with RetailCo. She returns to RetailCo’s upgraded website,
this time to buy the latest flagship smartphone.
She sees a simple option on the screen: “Use Serasa Pass to checkout.”
In this future experience, Maria already has the Serasa app installed
and verified. She selects Serasa Pass Checkout, completes a biometric
check using Face ID, and grants consent to share the required attributes,
such as her full name and date of birth. Within seconds, her identity is
verified. Instead of uploading documents and filling out lengthy forms,
she receives near-instant confirmation and proceeds seamlessly
to payment.
A slow and frustrating process has become convenient, speedy
and secure.
Eight years on, the experience feels dramatically different for Maria.
What has changed is not the purchase itself, but the trust behind it.
When Maria chooses Serasa Pass, several checks could take place
almost immediately. Her identity is first verified, confirming that her
Serasa profile has not been compromised. Key attributes such as her
phone number, email address and individual taxpayer registry number
are validated against her established identity.
In São Paulo, Maria was trying to complete her first
online purchase with a large e-commerce retailer
called RetailCo. It was 2018. At the time, fraud rates
in Brazil were high and retailers were cautious.
Taking the
hassle out of
fraud checks in
Brazil with the
Serasa Pass
Powering opportunities
37
Experian plc
Annual Report 2026
Strategic report
Did you know?
Experian has been building its fraud capabilities in Brazil
for several years. Before acquiring ClearSale in 2025,
Experian’s focus was primarily on origination fraud, such
as identity verification at the point of account opening.
Since the acquisition, the combination of ClearSale’s
transactional fraud capabilities and analytics expertise
with Serasa Experian’s own proprietary credit and
identity solutions, enables a more comprehensive
view of risk across the full customer journey.
It is worth noting that the value of the ClearSale
acquisition extends beyond fraud prevention alone.
Insights derived from large-scale online transaction
data feed back into Serasa Experian’s broader datasets,
which, in turn, improve financial institutions’ accuracy
in credit and insurance risk assessment. By leveraging
ClearSale’s data, Experian has also created a method to
evaluate consumer risk more comprehensively, including
family relationships and social links, an approach that is
innovative for the Brazilian market.
Maria’s online purchase offers just one example of what
Serasa Pass could enable. Looking ahead, the potential
applications of Serasa Pass extend far beyond online
shopping. For example:
• Opening a bank account or applying for credit:
It speeds up identity checks, makes account setup
smoother, and helps customers complete credit
applications more quickly.
• Ride-hailing and delivery apps:
It confirms users’
identities quickly, helping to reduce fraud and
payment disputes.
• Online marketplaces and B2B platforms:
It enables
customers to use the same verified identity across
different partner platforms, so they don’t need to
register and verify themselves repeatedly.
• Online shopping:
It enables consumers like Maria
to check out with one click, automatically fills in
their details, and gives quick approval decisions.
This makes buying faster and easier.
“Serasa Pass shows how we’re evolving
beyond traditional fraud prevention into
something much broader. We’re building
a trusted digital identity layer that makes
life simpler for consumers while giving
businesses the confidence to grow online.
It’s about putting Experian right at the
centre of Brazil’s digital future.”
Marcelo Queiroz,
Head of Identity and Fraud Product Innovation
at Serasa Experian
At the same time, the transaction itself is being analysed. Transaction
data is used to assess whether Maria’s behaviour aligns with her
historical patterns, whether the device she is using has previously been
associated with fraud, and whether signals such as payment method,
transaction amount and typing behaviour fall within expected ranges.
This is a powerful layer of security that works in the background,
making the entire journey both safer and smoother for users like Maria.
Identity and transactional fraud insights are then combined with Serasa
Experian’s broader capabilities to generate a trust score. RetailCo uses
this score to decide whether to approve the transaction or request
additional verification.
For retailers such as RetailCo, such insights have significantly simplified
their fraud management. Instead of building their own Know Your
Customer processes or maintaining multiple fraud prevention tools,
they can now integrate Serasa Pass through a single application
programming interface and embed Experian’s identity and fraud
capabilities directly into their workflows.
For consumers, the experience is equally transformed. Serasa Pass can
be reused across multiple retailers, reducing friction and significantly
shortening checkout times.
In the future, Serasa Pass has the potential to become embedded into
consumers’ everyday digital journeys. Experian is helping shape the
future of fraud and identity in Brazil, supporting consumers with
greater confidence as they move through their financial lives.
Experian plc
Strategic report
38
Stakeholder engagement
Putting trust at the heart of value creation
We actively engage with a wide range of stakeholders who use or are affected by Experian’s
products, data and decisions.
Our role in the wider economy
The insights we generate as a company influence everyday decisions
across the economy.
We are entrusted with sensitive data and typically operate under strict
regulatory frameworks, playing a critical role in financial infrastructure.
In return, we use data responsibly, protect individuals, and contribute
positively to the communities and economies we serve.
Our ability to operate and grow as a business depends on maintaining
this trust.
Why stakeholder engagement matters
We engage with a wide range of stakeholders, including consumers,
business clients, employees, government and regulators, capital
providers and communities to better understand the real-world
impact of our products, data and decisions. These interactions directly
inform how we design products, manage risk, set priorities and allocate
capital – supporting a more sustainable business and a healthier
economic environment.
Governments
and
regulators
Our people
Suppliers
Trusted insights
and better
decisions
Data, decision
demand and
workflow
integration
Capital and
stewardship
Sustainable
returns
Input
Output
Purposeful
work and
development
Long-term
partnership
value
Improved
economic
efficiency through
data-driven
decisions
Regulatory
frameworks
and oversight
Financial inclusion,
employment and
local business
prosperity
Resilient and
well-functioning
business
environment
Skills,
expertise and
judgment
Technology
and specialist
capabilities
Data and
consent
Financial
control and
protection
How we create shared value with stakeholders through trust
Consumers
Shareholders
and
bondholders
Business
clients
Communities
39
Experian plc
Annual Report 2026
Strategic report
Consumers
What they need
• Seamless services that simplify financial decision-making
• Accurate, high-quality data for informed choices
• Strong security, privacy and fraud protection
How we engage
• Digital platforms and applications offering a widening range of
financial health services, including scores, financial education,
access to credit and insurance offers, savings, payments and
debt negotiation tools
• Contact centres supporting access to credit, data corrections
and help for identity theft victims
• Education and outreach via Experian Education Ambassadors,
consumer councils and experience programmes
• Marketing, media and social channels, including AskExperian
and #CreditChat
• Transparent data processes enabling review, queries and
corrections
Business clients
What they need
• High-quality data, faster and more automated insights, modelling
and decisioning capabilities to manage risk and enhance their
interactions with their customers
• Reliable customer identification and fraud prevention
• Cost efficiency and operational effectiveness
• Compliance with regulatory requirements
• Strong data security and privacy
How we engage
• Day-to-day interactions with sales, product and support teams
• Ongoing relationship and feedback mechanisms, including
Net Promoter Score and customer loyalty monitoring
• Responsive information sharing to address client enquiries
• Thought leadership and collaboration forums, such as webinars,
advisory boards and conferences
• Customer experience programmes to track expectations
and satisfaction
• Innovation partnerships through collaboration with Experian’s
data scientists at Innovation Labs in San Diego, London and
São Paulo
215
m+
free members
globally
c.
155
k
business clients
globally
11,554
technologists and
product developers
at Experian
8
th
consecutive year of
improvement in our
client global Net
Promoter Score
Data on
1.5
bn
people worldwide
Data on
175
m
active businesses
worldwide
Experian plc
Strategic report
40
Stakeholder engagement
continued
People (employees)
What they need
• To feel valued, supported, trusted and treated fairly
• A positive, inclusive and engaging work environment
• Purposeful work that makes a positive impact on society
• Opportunities to learn, develop and progress their careers
How we engage
• A ‘people first’ culture that attracts, develops and retains highly
talented employees
• Open and regular communication, including through Horizon,
our enterprise-wide platform
• Ongoing dialogue and performance discussions with managers
• Employee listening and feedback, through Great Place to Work®,
pulse, joiner and leaver surveys, and the feedback.me tool
• Direct engagement with leadership, including townhalls, Board
interactions and quarterly Chief Executive Officer and Chief
Financial Officer webinars
• Employee Resource Groups and networking to foster inclusion
and connection
• Wellbeing, support and integrity mechanisms, including employee
assistance and whistleblowing helpline
Communities
What they need
• Sustainable economic growth, employment and job creation
• Access to essential public and financial services
• Long-term asset and wealth creation
• Financial inclusion
• A healthy, sustainable environment
How we engage
• Inclusive products and services, including Experian Smart Money,
Experian Boost, Experian Go and Limpa Nome, to improve
financial wellbeing
• Partnerships with NGOs through the United for Financial Health
(UFH) programme
• Community investment and charity partnerships, focused on
financial education and money management
• Employee volunteering and pro bono support, including technical
expertise and gifts in kind
• Advice, support and awareness campaigns on issues relevant
to local communities
25,200
employees
globally
4.1
Glassdoor
rating
83
%
employee
engagement
c.
10
m
people reached through
social innovation
products in FY26
78,000
hours volunteered
72
m
people connected
through United for
Financial Health in FY26
US$
24.0
m
total contributions
>US$
1.4
bn
total tax contribution
across our largest three
countries – the USA,
Brazil and the UK
41
Experian plc
Annual Report 2026
Strategic report
Government and regulators
What they need
• Sustainable economic growth and prosperity
• Stability across economic cycles
• Improved financial wellbeing for citizens and businesses
• Effective regulation and strong compliance frameworks
• Solutions to address societal, consumer and business challenges
• Action to mitigate and, where possible, reverse climate change
How we engage
• Constructive relationships with policymakers, including regular
engagement with senior management
• Industry events and forums highlighting our role in a regulated,
innovative data economy
• Active participation in public consultations and collaboration
with organisations addressing societal challenges
• Multi-stakeholder policy engagement, supporting informed
policymaking on data use and innovation
• Regulatory monitoring and compliance, supported by robust
internal policies and processes
• Climate action and solutions, reducing our own environmental
impact
Suppliers
What they need
• Long-term, trusted and collaborative relationships
• Access to fair and transparent business opportunities
• Support to manage market, financial and operational risks
• Clear regulatory, ethical and sustainability expectations
How we engage
• A formal procurement process for transparent and fair
supplier selection
• Clear guidance on standards and expectations through
a dedicated supplier website
• Supplier Relationship Management (SRM) programme for key
suppliers, supporting performance, segmentation and continuous
improvement
• Third-party risk assessment and due diligence, including data
security and compliance
• Supplier assessments and training focused on modern slavery
risk reduction
• Climate engagement programmes, including CDP Supply Chain
membership and On Target for Climate, to understand emissions
and decarbonisation plans
Shareholders and bondholders
What they need
• Clear insight into Experian’s strategy, financial performance and
long-term sustainability
• Understanding of structural market trends affecting the business
• Sustainable investment returns, including share price growth,
dividends, bond interest and share repurchases
• Transparency on governance, management and incentive structures
• Confidence in our commitment to environmental progress, societal
impact and strong governance
33
countries
20
key suppliers in our
dedicated SRM
8
%
Organic revenue
growth
20
consumer
information
bureaux
4,276
suppliers in our three
largest markets
17.2
%
Return on capital
employed
USc
69.25
Full-year dividend
per share
90
%
reduction in
Scope 1 and 2
carbon emissions
since 2019
18
business
information
bureaux
How we engage
• A dedicated investor relations programme which supports
ongoing dialogue
• Regular financial and strategic reporting, including quarterly
updates, the Annual Report and sustainability-related disclosures
• Direct engagement, through face-to-face and virtual meetings,
roadshows, conferences and business-specific teach-ins
• Bondholder engagement, including responses to enquiries and
targeted briefings ahead of bond issuances
• Investor feedback and surveys, shared with management and
the Board
• Board-level engagement, including meetings between the Chair
and major shareholders
• Formal shareholder forums, including the Annual General Meeting
• An investor website providing comprehensive and up-to-date
information
Experian plc
Strategic report
42
Experian plc
Strategic report
42
Powering opportunities
Talk to Vinny to find
out whether the
vehicle you’re buying
is in good shape...
...we eliminate blind
spots throughout the
automotive journey
43
Experian plc
Annual Report 2026
Strategic report
In North America, affordability pressures are driving demand for
used cars.
While investing in a car is a significant financial commitment,
consumers, dealers and lenders often find it challenging to determine
a car’s true history. To protect themselves against the ‘blind spots’,
everyone has had to deal with extra paperwork, more inspections,
and sometimes even higher interest rates.
Experian removes the guesswork.
As one of the largest credit bureaux in the USA, we hold credit histories
on 250 million consumers. With one of only two comprehensive vehicle
and owner databases in the country, we understand the past and
present of 99% of vehicles on the road. And with more than 85 million
consumers voluntarily sharing their information with us, we also gain
deep insight into real-world shopping behaviours.
By bringing these three datasets together, we help everyone involved
in a car’s lifecycle make smarter, simpler decisions.
Dealers
see immediate value. When they purchase a car at auction
for inventory, they must decide in seconds which ones will make sound
investments and which ones will not. AutoCheck, Experian’s vehicle
history report, provides a ‘profitability roadmap’, helping them pick
out the highest-quality cars that are best for their customers and
avoid those that might have hidden mechanical issues.
When
consumers
shop for a car, they naturally ask: Is it worth the price?
Now, when they browse cars on major marketplaces such as Autotrader,
Kelley Blue Book, or Cars.com, they see AutoCheck reports right next
to the listing. They can even interact with Experian AI assistant Vinny
in natural language, getting answers to questions that would not
traditionally be listed on a website, such as "Has this car ever been
in a flood?" or "How many owners has it had?”. It won’t be long before
Vinny can help check credit and get an insurance quote, all in one place.
Lenders
hate ‘blind spots’. They might know a borrower is reliable,
but they don’t know whether the car being used as collateral is in good
shape. They suffer losses if the collateral is not worth what it claims to
be. By referencing both the borrower’s credit profile and the vehicle’s
full report, including market value and accident history, lenders can
offer better, fairer loan rates because they have a complete picture
of the asset.
Safety and honesty are the other big concerns for lenders. In the past,
to get a larger loan or to hide that a vehicle had been written off in an
accident, criminals used to exaggerate a car’s features or try to ‘clean’
a vehicle’s title. With Experian’s fraud prevention tools, today lenders
can spot red flags, such as cloned serial numbers or faked repair
histories, before they become costly problems.
By removing blind spots across the car buying and selling journey,
from the dealer lot to the driveway, Experian is lowering the cost
of trust across the entire vehicle lifecycle: helping every participant
move forward with greater clarity and confidence.
When I browse the nicely presented cars on
used car sites, I wonder whether the seller
is hiding anything. Now that I can see the
vehicle history report directly on the listing,
I can quickly spot any red flags before
getting emotionally invested.
Alex M, 34
shopper on Cars.com
A vehicle’s journey doesn’t start or finish
in just one place. It involves auctions,
foreclosure processes, financing
agreements and, ultimately, the driveway.
By integrating credit insights, vehicle
intelligence, and fraud prevention, we are
providing every participant with a clearer,
more complete understanding of the asset
behind the transaction.
Robert Granados
President Experian Automotive North America
Experian plc
Strategic report
44
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 8%. The main contributors to growth
were new client wins, client expansions, Consumer Services membership
growth and engagement, and new product innovation.
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 17.2%, up 60 basis points year-on-year,
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 13% at
constant exchange rates. Our Benchmark net finance costs increased
to US$185m, and Benchmark tax rate was up 20 basis points to 25.5%.
With weighted average numbers of ordinary shares at 913m, this resulted
in Benchmark earnings per share of 179.8 US cents. This was up 15%
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 EBIT
margin improvement of between 30 and 50 basis points per annum.
Analysis:
We continue to invest in new data sources, product innovation,
technology and top talent. This year, we achieved Benchmark EBIT from
ongoing activities of US$2,407m, up 13% at constant exchange rates
and 15% at actual exchange rates. Benchmark EBIT margin was 28.6%,
up 50 basis points at actual rates and 60 basis points at constant rates,
consistent with our goal.
Organic revenue growth
(%)
Return on capital employed (ROCE)
(%)
Benchmark earnings per share (EPS)
(USc)
Benchmark EBIT
(US$m)
and Benchmark EBIT margin
1
(%)
28.6
%
US$
2,407
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 FY26, we made significant progress on both our financial and non-financial metrics.
See page 118 – Directors’ remuneration is linked to revenue
performance
See page 118 – Directors’ remuneration is linked to Benchmark EBIT
See page 118 – Directors’ remuneration is linked to adjusted ROCE
See page 118 – Directors’ remuneration is linked to Benchmark
EPS growth
8
%
17.2
%
USc
179.8
For a reconciliation of revenue from ongoing activities, including disclosure of organic and acquisition
revenue, from the year ended 31 March 2025 to 31 March 2026 see note 10(a)(ii) to the Group financial
statements.
1
From ongoing activities.
2
Results for FY25 are re-presented for the reclassification to exited business activities of certain B2B
businesses. See note 10 to the Group financial statement for details.
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.
F
Y26
F
Y25
F
Y24
F
Y23
F
Y22
8
7
6
7
12
F
Y26
F
Y25
2
F
Y24
F
Y23
F
Y22
28.
6
28.
1
27.
6
27.
5
26.
6
2,407
2,102
1,944
1,798
1,653
F
Y26
F
Y25
F
Y24
F
Y23
F
Y22
17.2
16.6
17.0
16.5
15.7
F
Y26
F
Y25
F
Y24
F
Y23
F
Y22
179.8
156.9
145.5
135.1
124.5
45
Experian plc
Annual Report 2026
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 FY26, we were again named one of the World’s Best
Workplaces™ 2025 by Fortune and Great Place To Work®, ranking 14th
for the second year running. We also sustained a strong employer brand,
reflected in our Glassdoor rating of 4.1 out of 5.0.
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 US$2,221m, up US$196m (+10%) on last year.
The increase is due to improved EBIT performance.
Employee engagement
(%)
Benchmark operating cash flow
(US$m)
and cash flow conversion
(%)
93
%
US$
2,221
m
Carbon emissions
CO
2
e
2026
2025
(restated)
¹
2025
2019
²
Scope 1 & 2 market-based emissions
(000s tonnes CO
2
e)
2.9
5.2
5.2
29.2
Total Scope 3 emissions
(000s tonnes CO
2
e)
192.3
207.3
219.1
Carbon intensity - total emissions per
US$1m revenue (tonnes CO
2
e)
23.1
28.2
29.8
Supplier engagement target
3
2026
2025
(restated)
¹
2025
Percentage of suppliers by spend
3
with
science-based targets (%)
41
36
32
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:
To achieve near-term science-based targets set 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 spend3 to have science-based targets
by 2029.
Working towards these targets will support our journey towards Net
Zero⁴ and forms the first phase of our Net Zero Transition Plan.
Analysis:
This year, our total Scope 1 and 2 emissions have decreased by
44%. Decarbonisation roadmaps across our regions have driven further
emissions reductions from our operations as our business evolves,
See Protecting the environment, pages 54 to 60, for further information
on how we are taking action on climate change
83
%
See page 118 – Directors’ remuneration is linked to cumulative
Benchmark operating cash flow
See Inspiring and supporting our people, pages 52 to 53, for further
information on how we've been looking after and listening to our people
this year
1
For 2025, emissions related to Purchased Goods and Services, Capital Goods, and Upstream Leased
Assets (forming part of total scope 3), and the percentage of suppliers by spend with science-based
targets, have been restated. In 2025, spend was included in the calculation of these Scope 3
emissions categories which relates to emission generating activities within our own operations and
are already being accounted for within our Scope 1 and Scope 2 emissions.
2
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.
3
78% of Experian’s suppliers by spend covering Purchased Goods and Services, Capital Goods, and
Upstream Leased Assets to have a science-based target by 2029.
4
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 and Benchmark free cash flow (non-GAAP measures).
through energy efficiency measures, building consolidation and switching
to renewable energy. Since 2019, we have reduced our total Scope 1 and
2 emissions by 90%. 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 7% in 2026 versus 2025
restated. 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. By the end of the
financial year, the percentage of suppliers by spend with targets in place
has increased from 36% in FY25 to 41% in FY26, with a further 7%
committed to doing so.
The impacts of our Scope 1, 2, and 3 reductions have resulted in an
overall decrease of our carbon intensity by 18% since last year.
F
Y26
F
Y25
F
Y24
F
Y23
F
Y22
93
97
97
98
109
2,221
2,025
1,864
1,753
1,800
F
Y26
F
Y25
F
Y24
F
Y23
F
Y22
83
82
83
82
78
Experian plc
Strategic report
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Experian plc
Strategic report
46
Powering opportunities
Powering opportunities
When banks make lending decisions, they
are ultimately trying to answer a simple
question: can this person afford the loan,
and will they pay it back?
We help lenders
see potential,
not just history
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Experian plc
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A person’s financial future shouldn’t be
defined by a single dimension of their past.
By combining our decades of trusted credit
data with real-time cash flow insights, we
help lenders see a more complete and
current picture of consumers’ financial
health. Together, these insights enable more
predictive decisions while responsibly
expanding access to fair credit.
Jeff Softley
CEO Experian North America
Coming to the USA with a great job offer,
I thought getting settled would be easy.
But I quickly hit the wall. I don’t have a
local credit history, so I couldn’t get a basic
credit card or an apartment without
a massive deposit. Experian changed
the game for me!
Arjun S, 41
Senior Data Scientist who recently
moved from Bangalore to Seattle
In practice, banks often rely on historical credit data to make that
judgment. This is a safe process but can lead to outcomes that feel
unfair to some consumers.
For example, someone who has recently moved to a new country may
lack a local credit history. Others may be self-employed with irregular
income, such as freelancers. Some may have experienced a few tough
months in the past, even if they are doing well now.
In these situations, consumers may still have a genuine ability to repay,
yet they can be declined or offered credit only on less favourable terms,
simply because their circumstances are not fully visible to the banks.
The challenge is that banks lack a reliable way to assess an individual’s
current and forward-looking ability to repay, so they can only rely on
past credit behaviours.
To complement traditional credit data and address this gap, Experian
introduced a new solution in North America – the Credit + Cashflow
Score. With a consumer’s explicit consent, Experian is able to examine
transaction records from bank accounts and get a more accurate picture
of their financial situation. When used alongside Experian’s established
credit data, this additional insight creates a more complete and
predictive view of risk.
Consumers are happy to share their data because they can see clear
personal benefits, such as applications that were previously declined
now being approved, access to lower interest rates loans, and a
smoother application process that can be completed in minutes rather
than days – while still retaining control over how their data is used.
For lenders, scenarios that were previously difficult to assess from
a risk perspective can now be evaluated more holistically and handled
in a scalable and controlled way.
For Experian, this represents an evolution in role – building on decades
of trusted credit data to become a more integral participant in the credit
decision process. By embedding both traditional credit insights and cash
flow analytics more deeply into lenders’ workflows, Experian enables
more predictive decisions while responsibly expanding access to credit.
Experian plc
Strategic report
48
Sustainability
Sustainable business
Sustainability strategy
Our strategy is informed by an
assessment of our most material
sustainability opportunities and
risks, and engagement with
stakeholders (see pages 38-41).
We can add the most value to
society by improving financial
health for all and we are using
our products and services to
amplify the positive social impact
while supporting long-term
revenue growth.
We monitor developments in
relevant regulations across our
markets, and currently expect
to adopt the requirements of
the UK Sustainability Reporting
Standards and the EU Corporate
Sustainability Reporting Directive
in our FY28 reporting.
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.
We provide clients such as lenders with the information they need to
offer more loans at fairer rates, which in turn enables consumers and
businesses to improve their financial health. We also offer consumer-
focused tools that enable people to take control of their financial lives
and reach their credit and money goals.
Our Positive Social Impact Framework helps us understand the positive
impact our products and services have on people’s financial journeys.
We aim to amplify our positive social impact by growing our existing
portfolio, making acquisitions, and innovating to develop new products
and services – including providing discretionary seed funding for solutions
designed to meet specific social needs through our long-standing Social
Innovation programme. Solutions developed through this programme
reached c.10 million people or small- and medium-sized enterprises
(SMEs) and generated US$161m in revenue in FY26 alone.
Driving financial inclusion
We have continued to expand our range of innovative products and
services to enable people who were previously invisible to lenders
(‘credit invisibles’) to establish a financial identity.
In the UK, we began piloting a new solution in FY26 that has the potential
to make it easier for credit invisibles to verify their identity, sign up for
free Experian membership and establish a credit score for the first time.
Developed through our Social Innovation programme, it builds on the
success of Experian Go in the USA, which has enabled around 380,000
credit invisibles to establish a credit profile in the last five years.
We are also extending the use of non-traditional credit data – such as
on-time bill payments, rent payments and consumer-permissioned data
from bank accounts – to help more people build their financial profiles
and unlock access to fair and affordable credit.
Since launch in the USA in 2019, over 360,000 Experian Boosts have
resulted in a previously unscorable consumer receiving a credit score by
choosing to add positive non-traditional data – including rent, streaming,
utility and insurance payments – to their Experian credit file. Renters in
the USA can also now choose to grant landlords access to their rental
payments history, via Experian RentBureau, helping to improve rates of
approval for those who may have a limited traditional credit history but
a positive history of paying their rent on time.
Improving financial health
We are using our data, platforms and expertise to improve financial health for all, deliver positive social impact
and support long-term revenue growth for our business.
ENABLED BY
Treating data with respect
Security
Integrity
Fairness
Transparency
Inclusion
Inspiring and supporting
our people
Working with
integrity
Protecting the
environment
CONTRIBUTING TO THE UNITED NATIONS’ SUSTAINABLE DEVELOPMENT GOALS
SUPPORTED BY
Our responsible business foundations
Driving financial
inclusion
Enabling our clients to
deliver positive outcomes
Building financial health
and confidence
OUR AMBITION
Help people thrive on their financial journey
DELIVERED BY
OUR PURPOSE
Creating a better tomorrow
1.4
8.10
9.3
49
Experian plc
Annual Report 2026
Strategic report
Our business depends on our ability to access and use
data about individuals and businesses around the world.
We are committed to treating that data – and those it
belongs to – with respect.
We are committed to protecting the data we hold, ensuring its integrity
and using it fairly. 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.
Treating data with respect
Our new open finance solution in Brazil is using consumer-consented
data, such as bank statements, bill payments and income patterns, to
enhance credit scores for those who often lack a traditional credit history
or proof of income. By the end of FY26, more than one million people had
consented to connect their accounts, including micro-entrepreneurs and
people working in the informal or gig economy.
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 FY26, we introduced our new and improved credit score in the UK
that includes additional data and considers positive financial behaviours
such as reducing overdraft use, avoiding credit card cash advances, and
making regular payments on rent and phone contracts. The score range
has been expanded from 0-999 to 0-1250, providing enhanced insights
on actions that can improve financial outcomes.
Our innovative ReFi debt consolidation service helps people in the
UK combine multiple debts into a single loan to reduce monthly
outgoings and simplify repayments. It has enabled lenders to offer
debt consolidation loans totalling over £75 million in the UK since it
launched on Experian Marketplace in October 2024. We are partnering
with Fair4All Finance to expand access to ReFi for more people in
financially vulnerable circumstances – aiming to help 10,000 borrowers
save on interest payments.
In the USA, Experian Credit + Cashflow Score brings together traditional
credit data with alternative data, consumer-permissioned banking
information and trended data on how consumers manage credit over
time. Launched in FY26, this first-of-its-kind solution enables lenders
to more accurately assess risk, particularly for credit invisibles and
consumers who have a bank account but do not have a strong enough
credit profile to be scorable.
We are increasingly unifying our solutions to provide end-to-end support
for client decision-making through platforms such as Ascend. Powered
by Experian data and AI, this global, cloud-based decisioning, analytics
and fraud management platform can help financial institutions improve
approval rates for credit applications by 12% over three years through
better credit decisioning and enhanced risk assessment.
In FY26, we processed a monthly average of over 350 million identity
and fraud prevention transactions through Ascend. Overall, our fraud
prevention and identity theft products prevented an estimated US$28.5bn
in fraud for our clients. The recent acquisition of AtData adds over
10 billion verified email addresses to our global data and identity assets
that help clients identify and authenticate consumers.
Building financial health and confidence
Worldwide, over 215 million consumers use our free platforms to access
products and services that can help them understand and manage their
credit profiles, and protect their identities. As part of our updated 0–1250
score range, Experian members in the UK are using our consumer
platform to better understand, manage, and protect their credit profiles.
High-profile brand campaigns in the USA and UK in FY26 emphasised
how Experian can support consumers throughout their financial journeys,
driving an increase in Experian memberships in both regions.
In the USA, Experian BillFixer and Subscription Cancellation saved
Experian Premium members a total of US$54.5m in FY26 by negotiating
on their behalf to get better rates on everyday bills. Our acquisition of Own
Up will enable comparison shopping for mortgage rates in the Experian
Marketplace platform, which already helps US consumers compare
personalised offers for credit cards, personal loans and auto insurance.
Experian Insurance Marketplace is now live on ChatGPT, transforming
insurance shopping into a guided conversation using AI. We have also
launched the next evolution of our Experian Virtual Assistant, EVA, in
North America, and the UK’s first-ever credit score app within ChatGPT,
as we increase use of AI to help consumers better understand credit.
We continued to run fairs to help consumers in Brazil and Colombia
understand and take control of their financial situations, and connect
them with credit providers to renegotiate debts to a more manageable
level. In FY26, we facilitated the renegotiation of US$19.4bn of debt and
helped to write off a total of US$16.1bn through our Limpa Nome recovery
portal in Brazil. And in Colombia, one million people are now using our
Midatacrédito financial coaching application.
Our focus on improving financial health includes SMEs as well as
consumers. In Brazil, over 600,000 SMEs shared banking and receivable
consented data in FY26.
Investing in communities
We contribute funding, products (as gifts in kind) and expertise (through
employee volunteering) to benefit the communities where we operate.
In FY26, our contributions totalled US$24m, meeting our annual goal
of 1% of Benchmark profit before tax. Experian employees volunteered
over 78,000 hours of their time, within and outside working hours,
to help their communities.
Much of our charitable funding is channelled through our United for
Financial Health programme of financial education initiatives and
partnerships, which made over 72 million digital connections in FY26.
We also partnered with the Financial Times to support the Financial
Literacy and Inclusion Campaign in the UK through a donation and
match funding for an appeal that emphasised the importance of
financial education with the slogan ‘knowledge is power’.
Experian plc
Strategic report
50
Our five Global Data Principles embody these key values and apply
everywhere we operate.
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 70-78 for
more on the principal risk of data loss/misuse and our wider approach
to risk management.
Our approach
We continually enhance and invest in our security infrastructure,
practices and culture across the business.
Experian’s Global Security Office (GSO) establishes and governs global
security requirements designed to safeguard against threats, comply
with relevant regulations, align with industry standards and fulfil
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 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.
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, and our
Development, Security and Operations (DevSecOps) teams build security
considerations into our products throughout their lifecycle.
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 conduct periodic risk assessments,
and our operations are subject to external cybersecurity audits annually.
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.
Our Global Data Principles
Security:
Data security is critical. Securing and protecting data
against unauthorised access, use, disclosure and loss are key
priorities for us.
Integrity:
The integrity of our data is essential to support client
and consumer decision-making and fair outcomes. Our focus is on
the timeliness, accuracy and completeness of the data we curate.
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.
Sustainability
continued
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
our annual Data Breach Industry Forecast on emerging threats.
Our Cyber Fusion Centre identifies and responds to suspicious or
malicious activity, with teams located globally to provide continuous
coverage. 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.
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 conduct simulated
exercises to train our cybersecurity teams and senior leaders how
to respond in the event of a breach and to identify opportunities
for improvement.
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.
Security governance
The Global Chief Information Security Officer (CISO) has overall
responsibility for Experian’s global security strategy, and the senior
management team is responsible for setting direction and managing
day-to-day operations.
Board-level oversight is reinforced by including information security as
a standing item for scheduled Audit Committee meetings, and the CISO
reports to the Committee at each meeting.
Multiple committees are responsible for identifying and managing risk,
and for overseeing implementation of our Three Lines of Defence model
for risk management (see page 70). The Security and Continuity Steering
Committee (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. The SCSC is chaired by the Chief Executive
Officer, and the Chief Financial Officer is deputy chair.
Significant security matters are reported to the Audit Committee and
the Board as appropriate.
Managing third-party risk
We extend our information security standards to our suppliers and
partners through the terms of our contracts. We provide them with
access to our data and systems only where necessary and in line
with our information security requirements.
We complete risk assessments and due diligence on all high-risk third
parties before they begin working with us and apply tiered security
requirements and controls according to their level of risk. We follow up to
ensure any necessary remediation actions are completed before services
commence. Thereafter, we conduct further assessments as part of our
third-party risk management framework to ensure third-party controls
are sustained throughout the term of the engagement.
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.
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Our information security culture
We make clear that everyone at Experian must take personal
responsibility for security, and senior leaders are highly engaged.
Our security policies and standards, informed by industry frameworks, set
clear requirements for all employees (including part-time employees and
contractors) who have access to Experian systems (‘users’). Users must
complete mandatory information security training when they first start
working with us, and annually thereafter. We monitor training completion
rates throughout the year.
We routinely refresh our training and run campaigns to raise awareness
of evolving risks and specific topics such as using GenAI securely,
defending against phishing/vishing or other types of social engineering,
and protecting data through proper classification and handling. We also
provide additional training for people working in higher-risk areas, such
as product and software development, or roles most likely to be targeted
by phishing/vishing attacks.
Integrity
Data powers our products and analytics, and underpins our clients’
credit decisions, strategy enhancements and marketing campaigns.
The integrity of that data is of critical importance to ensure it represents
consumers and businesses fairly.
Our strong focus on data integrity enables us to maximise the value we
create from the data we hold, build confidence in smarter data-driven
decision-making and enable clients to offer fairer access to credit.
Led by our regional Chief Data Officers, we foster a culture of ownership
for data integrity across Experian through targeted training, clear data
governance frameworks and cross-functional engagement.
We have strict data standards to continuously improve the integrity of our
data and ensure we meet regulatory requirements in the markets where
we operate. Our focus is on the timeliness, accuracy and completeness of
the data we use to power the products and services we provide to support
client and consumer decision-making.
Monitoring and improving data integrity
Our data standards set out processes for measuring and improving data
integrity, including tracking performance, monitoring the volume and
causes of data disputes, checking for logical inconsistencies, identifying
trends, and enhancing our algorithms for matching data to the right
consumer or business.
Actions to support improvements include engaging with suppliers on
the quality of the data they provide, requesting fuller or more consistent
information to assist data matching, or cleansing data (for example,
where we identify that an overdue payment is consistently included
against an account in good standing). We may also acquire additional
data to enrich our datasets.
As we update and 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 and outcomes.
Sourcing data
We source data direct from third parties, through data-sharing networks
and data partnerships, and directly from consumers with their consent.
Our quality control procedures help to ensure data is captured accurately
at the point of origin, validated against comparative datasets and aligned
with our standards before it is integrated into our databases. Data related
to financial performance undergoes heightened due diligence.
We ensure data is sourced from reputable companies that have appropriate
permissions and transparency measures in place, and are subject to due
diligence, through our global third-party management processes.
To drive continuous improvements and ensure data providers meet
our standards, we review and report back on the quality of the data
we receive, highlighting areas for improvement and following up with
support from data consultants on specific areas where appropriate.
If data providers are unwilling to implement improvements to meet
our standards, we will no longer source data from them.
We keep careful track of where data is sourced from, and our access
controls and audit trails ensure accountability at every stage of the
data lifecycle.
Empowering consumers to correct their data
We empower people to raise queries about the data we hold about them,
including via our consumer websites, and take action to correct, restrict
or delete data where appropriate.
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 or outcomes.
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 relevant regulations on data lifecycle,
retention and privacy in the markets in which we operate.
We embed privacy by design to ensure we use the minimum amount of
personal data needed for a specific purpose, and we have strict processes
through the data lifecycle to allow appropriate access to data, as well as
deletion or correction of data, when requested by individual data subjects.
We carefully balance privacy expectations with the social and
economic benefits derived from the responsible use of data for
individuals, businesses and clients. Our policies on data retention and
privacy, published on our consumer websites, are underpinned by our
commitment to provide consumers with notice, choice and education
about the use of personal information.
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.
Being transparent about the way we use data not only empowers
consumers, it also benefits our business. 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.
Where appropriate, we provide individuals with access to the data we
collect about them and give them the ability to opt out, restrict or delete
data, or correct data where it may be inaccurate. For example, in Brazil,
we provide consumers with a detailed report of the data we hold,
including illustrations showing how it affects their overall financial health.
Our Marketing Services Consumer Information Portal in the UK enables
individuals to find out what data we hold about them, where it comes
from and how it is used, and to easily opt out of targeted marketing if
they choose. In the USA, consumers can find out about the credit data
we hold about them, and how to dispute it if needed, through a free or
paid Experian membership. Our Credit Report Insights explain the factors
Experian plc
Strategic report
52
contributing to their credit status or score. US consumers can also
access their credit report for free at
www.annualcreditreport.com
.
In addition, we work with financial institutions to enhance transparency
with consumers. In the UK, for example, an industry-standard Credit
Reference Agency Information Notice explains how credit reference
agencies use and share personal information. In the USA, adverse
action notices inform consumers who are denied credit, employment
or insurance on the basis of their credit report of the data used for the
decision and their right to review their credit report free of charge.
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.
See pages 48-49 for more on how we are driving financial inclusion.
Our responsible approach to AI
At Experian, we champion the responsible use of AI to enhance
productivity, drive innovation, and improve solutions for evolving
customer and client needs.
We use AI responsibly in line with our Global Data Principles.
Our Global AI Policy provides a clear framework for the safe,
responsible and scalable adoption of AI throughout Experian.
It aligns with the US National Institute of Standards and
Technology’s characteristics of trustworthy AI.
Responsible AI considerations are embedded at each stage of the
process, from procurement and design to development and use.
We require appropriate human oversight for higher risk uses,
prohibit harmful or discriminatory uses, and maintain controls
to protect individuals and data.
Experian’s Global AI Risk Council monitors evolving AI developments
and risks, reporting to senior leadership, the Executive Risk
Management Committee and the Board or Audit Committee,
as required.
We strive to make Experian a market-leading destination
for talent, with an inclusive, high-performance culture
that enables every colleague to thrive with us.
We are proud to be recognised as one of the World’s Best Workplaces™
for the second consecutive year, maintaining our number 14 position
globally in the 2025 ranking by Fortune and Great Place to Work® (GPTW).
In FY26, we also achieved GPTW certification in 26 countries, maintained
a strong Glassdoor rating of 4.1 out of five stars, and garnered further
external awards and accreditations (see bottom left).
Our people play a central role in delivering our purpose, powering
opportunities for our clients and consumers, and supporting our plans
for growth. Our refreshed people strategy (see below) will help us drive
further progress through our focus on six global priorities, underpinned
by AI fluency.
Elevating ‘people first’ employee experience
Our ‘people first’ culture helps us attract, develop and retain the talent
we need to achieve our goals.
Engaging our people
We connect our people to our strategy through clear, consistent
communication and direct engagement with senior leaders, helping
them understand our direction and their role in delivering it.
In FY26, we recognised colleagues with over 44,000 awards for
behaviours that exemplify the values of The Experian Way, based on
nominations by their colleagues. We also encourage people to contribute
their ideas through workshops and to support our focus on financial
education through volunteering (see page 49).
Inspiring and supporting our people
Sustainability
continued
Elevate ‘people
first’ employee
experience
Develop
outstanding and
impactful leaders
Foundation:
Build AI fluency and equip colleagues
for an AI-enabled future
Global priorities:
Be a magnet
for world-class
talent
Forecast and
prepare for
future skills
needs
Amplify a
high-
performance
environment
Deliver
world-class HR
services and
solutions
Our people strategy
View our values
set out in The
Experian Way
Read our Power of YOU
report for more on our
inclusive approach.
Awards and accreditations
53
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Being a magnet for world-class talent
Our ‘people first’ culture, coupled with recognition as one of the World’s
Best Workplaces™, has further reinforced our brand among prospective
candidates. We expanded our reach through digital channels and targeted
value propositions in FY26, and enhanced candidate journeys on our
careers site.
Improvements to our hiring processes helped us cut time to hire by two
days on average across Experian in FY26. These included integrating
AI-assisted tools to improve clarity and inclusivity of job design and
requisitions, and using skills-based assessments to help us better
match capability to business needs.
We need to retain as well as hire top talent, and we are encouraged that
people want to stay and progress with us. In the FY26 GPTW survey, 78%
of colleagues agreed they can fulfil their career aspirations at Experian,
a four-point increase from FY25. We support employee development
through our career frameworks, leadership programmes and academies,
as well as MyCareer – our new AI-powered one-stop shop for careers
and development.
Amplifying a high-performance environment
In FY26, we piloted a simplified performance framework that provides
more consistent expectations across our regions and links personal goals
more clearly to business priorities. It will be rolled out globally in FY27.
Our AI coach, Nadia, is now available to support all colleagues in setting
ambitious and measurable goals, building development plans, tracking
progress and preparing for performance discussions. In FY26, 92% of
colleagues set goals in our global system, up from 75% in FY25.
Listening to our people
We gather feedback from colleagues through our annual GPTW survey,
regular pulse surveys, performance check-ins and listening forums,
to identify opportunities to improve their experience with us.
In FY26, 86% of colleagues took part in our GPTW survey. Engagement
rose by one point to 83%. Colleagues described our culture as flexible,
inclusive and collaborative, and told us they feel recognised, supported
in their development and able to bring their whole selves to work. The
results showed colleagues feel we have made progress in simplifying
work and strengthening wellbeing since the last survey, and we
are responding to their feedback on those areas where we can
improve further.
Fostering inclusion and belonging
We strive to create an inclusive workplace and foster a culture of
belonging through implementation of our global inclusion and belonging
strategy. In FY26, we achieved a score of 82% in the GPTW Global
Inclusion Index and 87% of our people agreed they can be themselves
at work, both up one point from FY25.
More than 4,200 colleagues are now members of at least one of our
18 affinity-based employee resource groups, which ran almost 200
events during FY26 to promote inclusion and belonging.
Women represented 45% of our 25,200 employees in FY26 and men
represented 55%.
1
We provide information on the composition of the
Board and Group Operating Committee on pages 87-89.
Read more on inclusion
and belonging in our
Power of YOU Report.
1
In line with section 414C(8)(c)(i)-(ii) of the UK Companies Act 2006.
Developing outstanding and impactful leaders
Our leaders play a critical role in ensuring our people understand
Experian’s strategy, achieve their goals and contribute to our success.
In the FY26 GPTW survey, we increased our leadership effectiveness
score by two points to 85%.
We expanded coverage of our leadership programmes to ensure leaders
at all levels of the organisation, across all regions, are equipped with the
skills and confidence they need to lead their teams. Programmes such
as Enriching Leadership, the Leadership Forum and the Executive
Forum combine virtual and in-person practical learning, coaching and
development tailored to different career stages. Our AI coach, Nadia,
enhances support by providing leaders with personalised insights,
360-degree feedback and tools to apply their learning.
Our new Leading with AI programme provides leaders with knowledge,
confidence and practical ways to use AI to redesign workflows and
improve productivity responsibly, helping them lead effectively in an
AI-enabled organisation. Introduced initially in the USA, Brazil and the
UK in FY26, the programme will be rolled out globally in FY27.
Tools such as MyCareer and our career frameworks offer leaders better
insight into the skills and capability of their teams, enabling targeted
development to build capability for the future and support succession
planning. Our leadership pipeline remains strong, with over 70% of
executive roles filled internally.
We also continue to invest in future leaders by hiring and developing
high-potential talent through early careers programmes, including our
strategic talent hub in India and our new global NextGen Forum to
accelerate leadership readiness.
Forecasting and preparing for future skills needs
Our career frameworks clearly and consistently define roles, levels
and skills to clarify career pathways and support development, mobility
and hiring. The frameworks now cover 46% of our people, including all
employees working in Technology, Product Management and Information
Security. We aim to complete the roll-out for all employees in FY27.
MyCareer provides colleagues with tailored learning, skills assessments
and insight into internal career development opportunities aligned
with their personal goals. Insights at team and organisation level
enable leaders to identify skills gaps and plan how to meet future
capability needs.
Building AI fluency is critical to enable our people to use AI confidently,
responsibly and effectively – and ensures the AI solutions we provide
for clients and consumers are inclusive, transparent and aligned with
our values. Through our GenAI Academy and other learning platforms,
we offer AI fluency training at all levels, including targeted training for
leaders and colleagues who require deeper AI expertise for their roles.
Delivering world-class HR services and solutions
We continued to transform our human resources (HR) services in FY26 to
provide a simpler and more consistent experience for colleagues globally.
We started working on a new cloud-based HR platform that will automate
and speed up processes. We have expanded the MyHR portal to offer
colleagues in more countries direct access to their data, Experian policies
and support. We have also developed global standards for key processes,
including onboarding, performance management and promotions.
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Strategic report
54
Our Global Code of Conduct sets out clear guidance to
help everyone at Experian live up to our high ethical
standards.
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 reconfirm their commitment to it every year
by completing mandatory online training.
The Global Code of Conduct is supported by detailed policies at
global, regional or country level on specific topics such as anti-bribery
and 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.
Our most material environmental impact relates to the
carbon footprint of our operations and value chain.
Anti-bribery and corruption
Our zero-tolerance approach to bribery and corruption is reinforced
by our Global Code of Conduct and associated training, our Global
Anti-Bribery and Corruption Policy, and our Global Gifts and Hospitality
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.
Oversight controls apply 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 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 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. We conduct assessments to check for and mitigate
corruption risks as part of our Compliance Management Programme.
Reporting concerns
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 available
to employees and third parties, 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 FY26, 282 concerns were reported, 60% of which
related to human resources matters.
Working with integrity
Protecting the environment
Sustainability
continued
Scan me to view
our 2026 Tax
Report
Scan me to view our Sustainability reporting hub which
includes our Global Code of Conduct, policies, and
statements such as our Modern Slavery Statement.
Respecting labour and human rights
We are committed to upholding the United Nations’ Universal Declaration
of Human Rights, the United Nations’ Guiding Principles on Business and
Human Rights, the International Labour Organization (ILO) Standards, and
the Organisation for Economic Co-operation and Development Guidelines
for Multinational Enterprises.
We have identified, and reconfirmed in FY26, 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, reviewed annually, sets out our approach to each
of these issues.
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
relevant regulations.
Our Supplier Code of Conduct, included in contracts with suppliers,
sets out clear standards on human and labour rights in line with the
ILO Standards. We monitor compliance through our third-party risk
management framework and assess high-risk suppliers to ensure they
have policies and procedures in place to minimise the risk of modern
slavery. We also expect suppliers to set similar requirements on workers’
rights and freedoms for their own suppliers and subcontractors.
Experian is a 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 latest assessment in FY26 found we have built on strong
foundations to further improve practices, particularly in relation to
governance, whistleblowing processes, recruitment and supplier
onboarding. We will continue to ensure all our teams implement
these practices consistently across our regions. A quarterly steering
group, headed by our Group Chief Procurement Officer, reviews and
tracks progress.
Our Modern Slavery Statement provides further information on our
commitment, policies and actions to tackle modern slavery risks in
our business and supply chain.
Scan me for more on how we
manage climate and other
environmental impacts
55
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Annual Report 2026
Strategic report
Task Force on Climate-related Financial
Disclosures (TCFD) statement
The climate-related financial disclosures set out on pages 55-59 of this
report are consistent with the TCFD recommendations and recommended
disclosures related to TCFD categories on governance, risk management,
strategy 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 pages 94-95 for more on the division of
responsibilities across the Board.
The Group Operating Committee receives updates on our climate action
plan throughout the year, including progress on strategic drivers to
address climate-related issues, such as our science-based targets
and Net Zero Transition Plan (see page 58).
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 in FY26 included updates on relevant
legislation and reporting frameworks, our Net Zero Transition Plan, and
our Scope 3 target and supplier engagement programme.
The Chief Sustainability Officer is responsible at a management level
for ensuring successful implementation of our climate strategy, with
support from relevant business teams. See page 60 for more on our
sustainability governance.
Risk management
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 71), 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 (within 12 months), medium
(from one to five years) and long (more than five years) term; and by
quantifying the potential financial impact
1
of each risk or opportunity
(see pages 56-57). 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 on pages 56-57.
• Reporting and monitoring: We monitor material climate-related risks
and opportunities in the countries where we operate as part of our
wider governance of sustainability (see page 60), and report these
on pages 56-57.
Strategy
We assess material risks as those that have the potential to have a
significant effect on our operations, strategy or financial performance if
they are not suitably controlled, and material opportunities as those that
have the potential to enhance the financial performance of the business.
Our latest analysis is modelled on two climate warming scenarios,
wide-ranging in scope in line with the broad range of geographies we
serve. These 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.
• 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.
The risks and opportunities identified in FY26 remain largely unchanged
from previous assessments, but we have updated estimated potential
financial impacts. 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.
There remains significant uncertainty around how climate change will
manifest under varying climate-related scenarios, particularly in terms
of shifts in temperature, frequency and severity of extreme weather
events, and potential increases in carbon prices due to climate policies
implemented by government. This makes it challenging to predict the
specific impacts on assets and operations, particularly where local
infrastructure, supply chains or environmental conditions may be
affected. As a result, there is inherent uncertainty in assessing the timing,
scale and nature of climate-related risks. However, at present, there are
no current or anticipated climate-related material impacts to our financial
results, strategy, business model or value chain, and we anticipate that we
will have the capacity to adapt to climate-related changes, developments
and uncertainties. See page 159 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.
Experian plc
Strategic report
56
Transition risks have the potential to impact any business. However, our analysis 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.
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 58 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 operating expenses)
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.
Our Net Zero Transition Plan (see page 58), developed in
line with the UK’s Transition Plan Task Force Disclosure
Framework, sets out a roadmap to deliver emissions
reductions across our operations and value chain.
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
Reputational
Linked target:
Reduce absolute Scope
1 and 2 emissions by 50% by 2030
(from 2019)
Linked target:
Suppliers covering 78%
of Experian’s spend
1
to have
science-based targets by 2029
See page 58 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 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.
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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 58 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 operating expenses)
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
FY26, 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$6.5m.* For the flood locations,
damage to the properties is estimated to be up to US$31.9m
in a one-in-500-year flood event.*
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$1.7m in EMEA
and Asia Pacific to US$15.3m in North America (based
on a daily average of FY26 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.
Opportunity: Supporting a fair Net Zero transition
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
While existing products may not always be accessible
or appropriate in circumstances that lead to migration
due to climate change, our established capabilities in
supporting financial inclusion for credit invisibles (see
pages 48-49) put us in a strong position to understand
the barriers faced by people who may migrate as a
result of climate-related impacts and support them in
rebuilding their financial identities. We are exploring
how these capabilities could inform future solutions
to emerging needs as part of our focus on improving
financial health for all.
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 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.
Chronic effects of climate change and impacts from extreme weather events could constitute a critical physical risk to our business if they lead to
climate migrations that 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.
Experian plc
Strategic report
58
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 spend
1
to have science-based
targets by 2029.
Working towards these targets supports our journey towards Net Zero
2
and forms the foundation of our Net Zero Transition Plan (see below).
Our emissions (as disclosed opposite) have been calculated in line
with the GHG Protocol methodology.
Decarbonising our own operations
In FY26, we reduced our Scope 1 and 2 market-based emissions by
a further 44% to 2.9 thousand tonnes of CO₂ equivalent (CO₂e), cutting
the carbon intensity of our direct emissions by 57% to 0.3 tonnes of CO₂e
per US$1m of revenue. Since 2019, we have reduced Scope 1 and 2
emissions by 90%.
Decarbonisation roadmaps across our regions drive further emissions
reductions from our operations as our business evolves, through energy
efficiency measures, building consolidation and switching to renewable
energy. We decreased our energy consumption by a further 10% in FY26,
even as our business continued to grow. 93% of our total electricity was
backed by renewable energy certificates or came from renewable
sources, up from 87% in FY25.
Net Zero Transition Plan
Our Net Zero Transition Plan, first published in September 2025,
sets out how we will drive progress towards Net Zero by reducing
emissions across our operations and supply chain, while building
greater climate resilience into our business and supporting a fair
and inclusive transition. It also details key dependencies on
external factors that inform our implementation strategy. We
remain fully committed to the climate transition and will continue
to evolve our plans in response to a challenging and uncertain
external environment. The plan was developed in line with the
UK Transition Plan Taskforce (TPT) Disclosure Framework.
We are also continuing to support the transition to low-carbon transport:
around 67% of our owned and controlled fleet vehicles are hybrid or
electric – including 95% of our vehicles in the UK and Ireland.
Scope 3 emissions and decarbonising our supply chain
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 a global plan, supported by regional
targets, to drive year-on-year progress towards our Scope 3 SBTi target.
A key mechanism for achieving this 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 emissions to us. By the end of FY26, 41% of suppliers by
spend had science-based targets in place (compared with 36% in FY25),
with a further 7% committed to doing so. Whilst geopolitical pressures
are creating challenges for some suppliers, resulting in reduced climate
disclosures and, in certain cases, hesitancy to adopt science-aligned
targets, we continue to progress supplier engagement in line with
our Scope 3 plans and will continue to develop our decarbonisation
strategy accordingly.
In FY26 our Scope 3 emissions decreased by 7% to 192.3 thousand
tonnes of CO₂e. Full details of our Scope 3 methodology are available
on our online Sustainability Reporting Hub. Our FY26 supply chain
emissions incorporate primary data provided directly by suppliers,
representing 63% of our total spend, an increase from 47% in FY25.
This reflects continued progress in improving data quality and
supplier engagement to enhance the accuracy and transparency
of our Scope 3 reporting.
We also ran a global survey in FY26 to capture data from employees
on the way they get to and from work to improve the accuracy of our
Scope 3 emissions calculations related to employee commuting.
Just transition
We are committed to supporting a fair and inclusive transition to
Net Zero through products and services that enhance financial
inclusion and help clients manage their own climate-related
risks and opportunities.
In FY26, we worked with the United Nations Educational, Scientific
and Cultural Organization (UNESCO) to showcase how we are
contributing to the United Nations Sustainable Development Goals
through products and services that are helping to enhance access
to finance and promote sustainable land use among farmers
in Brazil.
Scan me for more on our
climate-related solutions, including
for agribusiness in Brazil
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.
Read our Net
Zero Transition
Plan
Decarbonise
our own
operations
Decarbonise
our supply
chain
Climate
adaptation and
resilience
Just
transition
To reduce our
absolute
Scope 1 and 2
emissions by
50% by 2030
(from 2019)
Suppliers
covering 78% of
Experian’s
spend1 to have
science-based
targets by 2029
Continue to
review and
enhance our
business’
resilience to
climate change
Continue
to develop
products and
services that
support a just
transition to
Net Zero
Foundations of our climate strategy
Journey towards Net Zero: Our ambitions
59
Experian plc
Annual Report 2026
Strategic report
Carbon emissions
CO₂e1
Unit
2026
2025 (restated)
2
2025
2019
4
Scope 1
000s tonnes CO
2
e
1.7
^
2.7
2.7
3.6
Scope 2 (location-based)
000s tonnes CO
2
e
11.4
^
13.4
13.4
29.8
Scope 2 (market-based)
000s tonnes CO
2
e
1.2
^
2.5
2.5
25.6
Total Scope 1 and Scope 2 (market-based)
000s tonnes CO
2
e
2.9
5.2
5.2
29.2
Total Scope 3
000s tonnes CO
2
e
192.3
207.3
219.1
Total emissions
3
000s tonnes CO
2
e
195.2
212.5
224.3
Total emissions
3
normalised by revenue – per US$1m
revenue
Tonnes CO
2
e/ US$1m
revenue
23.1
28.2
29.8
1
CO
2
e emissions exclude any carbon offsets purchased by Experian.
2
For 2025, emissions related to Purchased Goods and Services, Capital Goods, and Upstream Leased Assets (forming part of total scope 3) have been restated. In 2025, spend was included in the calculation
of these Scope 3 emissions categories which relates to emission generating activities within our own operations and are already being accounted for within our Scope 1 and Scope 2 emissions.
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 2026 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 2026 Carbon Reporting Principles and Methodologies
document and KPMG’s limited assurance report on our website https://ex.pn/assurancereport2026.
Sources of Scope 3 emissions relevant to our business
Unit
2026
2025 (restated)
2
2025
2026 contribution
to Scope 3 (%)
Purchased Goods and Services
1
000s tonnes CO
2
e
134.1
^
149.5
161.3
69.7
Capital Goods
1
000s tonnes CO
2
e
9.1
^
10.0
9.6
4.7
Fuel- and Energy-Related activities
000s tonnes CO
2
e
3.8
^
4.4
4.4
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
18.8
14.2
14.2
9.8
Employee Commuting
000s tonnes CO
2
e
13.3
14.6
14.6
6.9
Upstream Leased Assets
1
000s tonnes CO
2
e
12.6
^
14.0
14.4
6.6
Investments
000s tonnes CO
2
e
0.5
0.5
0.5
0.2
Total Scope 3
000s tonnes CO
2
e
192.3
207.3
219.1
Supplier Engagement Targets
3
Unit
2026
2025 (restated)
2
2025
Percentage of suppliers by spend with science-based targets
%
41
36
32
1
Scope 3 emissions within science-based targets.
2
For 2025, emissions related to Purchased Goods and Services, Capital Goods, and Upstream Leased Assets (forming part of total scope 3), and the percentage of suppliers by spend with science-based targets,
have been restated. In 2025, spend was included in the calculation of these Scope 3 emissions categories which relates to emission generating activities within our own operations and are already being
accounted for within our Scope 1 and Scope 2 emissions.
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 2026 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 2026 Carbon Reporting Principles and Methodologies
document and KPMG’s limited assurance report on our website https://ex.pn/assurancereport2026.
Streamlined Energy and Carbon Reporting (SECR) disclosure
Unit
2026
2025
Scope 1: Global (excluding UK)
000s tonnes CO
2
e
1.5
2.3
Scope 1: UK
000s tonnes CO
2
e
0.2
0.4
Scope 2 (location based): Global (excluding UK)
000s tonnes CO
2
e
9.9
11.7
Scope 2 (location based): UK
000s tonnes CO
2
e
1.4
1.7
Total Scope 1 & 2 (location based): Global (excluding UK)
000s tonnes CO
2
e
11.4
14.0
Total Scope 1 & 2 (location based): UK
000s tonnes CO
2
e
1.6
2.1
Energy consumption used to calculate above emissions:
Global (excluding UK)
kWh
33,448,667
37,586,509
Energy consumption used to calculate above emissions: UK
kWh
9,295,999
10,826,835
Total emissions normalised by revenue – per US$1m
revenue: Global (excluding the UK)
Tonnes CO
2
e/ US$1m
revenue
1.5
2.1
Total emissions normalised by revenue – per US$1m
revenue: UK
Tonnes CO
2
e/ US$1m
revenue
1.8
2.4
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 2026 Carbon
Reporting Principles and
Methodologies
Scan me for our 2026
Sustainability Performance Data
Experian plc
Strategic report
60
Sustainability
continued
Sustainability governance
Sustainability governance at Experian includes clear oversight from the Board, Audit Committee and Group
Operating Committee, as detailed in the organisation chart below. Additionally, the Security and Continuity
Steering Committee, a subcommittee of the Executive Risk Management Committee, oversees management
of data security (see page 50). See pages 94-95 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.
Sustainability Steering Committee
Supports development of sustainability
strategy, metrics and targets, reviews
sustainability performance data
quarterly, and discusses responses
to relevant market and regulatory
developments.
Risk management committees
(executive and regional)
Oversee management of risks and
controls, including sustainability risks
and controls, at a global and regional
level, with oversight from the Executive
Risk Management Committee.
Scan me for more on
sustainability governance at
Experian
Strategic report
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 2024 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 FY26,
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 10-15. 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 70, 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 73 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 50).
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 45).
We talk on pages 52-53 about our high-performance environment,
how we listen to our people, our commitment to inclusion and belonging,
and our preparation for future skills needs with programmes to make
us a magnet for world-class talent.
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 45). See also pages 55-60 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 governance structure and risk management process
62-69
70-71
– Our strategy, Strategic and budget planning process
– Shareholder and stakeholder engagement, Other stakeholders,
Considering our stakeholders in our decision-making
20 and 90
96-99
(b) The interests of the company’s employees
– Stakeholder engagement – People (employees)
– Culture, Other stakeholders, Workforce engagement
40
92-93 and 97-98
(c) The need to foster the company’s business
relationships with suppliers, customers
and others
– Stakeholder engagement
– Our business model
38-41
10-15
(d) The impact of the company’s operations
on the community and the environment
– Communities and Improving financial health
– Protecting the environment
40 and 48
54-60
(e) The desirability of the company maintaining
a reputation for high standards of business
– Treating data with respect
– Working with integrity
49
54
(f) The need to act fairly between members
of the company
– Stakeholder engagement
– Shareholder and stakeholder engagement
38-41
96-97
61
Experian plc
Annual Report 2026
Financial review
Innovation delivered
Summary
We delivered very strong financial performance in FY26, with Benchmark
EPS growth of 15% (13% at constant exchange rates). Our performance
reflects good momentum across the business, supported by our ongoing
technology transformation and disciplined execution against our
strategic priorities.
Our deployment of capital continues to drive additional value for our
shareholders. Our strong trading and favourable leverage position enable
us to continue investing in the business while also returning surplus
capital to shareholders. This includes an initial US$1bn share repurchase
programme, announced on 30 January 2026 and expected to complete
during the first half of FY27, and an additional US$1bn share repurchase
programme valid to 30 June 2027.
Benchmark operating cash flow was healthy, achieving a cash flow
conversion rate of 93%. Benchmark operating cash flow was US$2.2bn,
reflecting growth of 10% (8% at constant exchange rates). We ended the
year in a strong financial position with a Net debt/Benchmark EBITDA
ratio of 1.7 times, and undrawn committed bank borrowing facilities
of US$2.5bn, with our US$1.95bn club facility extending to March 2030.
The Group’s strong performance and financial position is reflected in
the full-year dividend announced, of 69.25 US cents per share, up 11%.
Statutory financial results
Revenue for the year strengthened 12% to US$8,445m (2025:
US$7,523m), with acquisitions adding US$97m (2025: US$88m).
Continued revenue growth, the scaling of our Consumer Services
business and margin enhancement contributed to an improved operating
profit of US$2,045m (2025: US$1,793m), moderated by restructuring
costs incurred in relation to our technology transformation and cloud
migration of US$28m (2025: US$50m).
2026
US$m
2025
US$m
Growth
%
Revenue
8,445
7,523
12
Operating profit
2,045
1,793
14
Profit before tax
1,951
1,549
26
Profit for the financial year
1,508
1,170
29
Net cash inflow from operating
activities
2,239
2,005
12
Full-year dividend per share
USc69.25
USc62.50
11
Basic EPS
USc164.5
USc127.6
29
2026
US$m
2025
2
US$m
Growth at
constant FX
%
Revenue
3
8,425
7,475
11
Benchmark EBIT
2,397
2,083
14
Benchmark PBT
2,212
1,926
14
Benchmark operating
cash flow
2,221
2,025
8
Undrawn committed bank
borrowing facilities
2,510
2,366
n/a
Benchmark EPS
USc179.8
USc156.9
13
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 FY25 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 very strong financial
performance in FY26, with
Benchmark EPS growth of 15%.”
Lloyd Pitchford
Chief Financial Officer
Profit before tax increased to US$1,951m (2025: US$1,549m)
with a reduced net finance expense of US$98m (2025: US$246m).
We recognised a foreign exchange gain of US$82m (2025: loss of
US$58m) on the funding of our Brazilian operations.
The tax charge for the year was US$443m (2025: US$379m). The
effective rate of tax based on profit before tax was 22.7%, a decrease
of 1.8 percentage points from FY25, largely due to gains within financing
fair value remeasurements in FY26 which are not subject to tax.
Basic EPS increased to 164.5 US cents (2025: 127.6 US cents),
due to the increase in profit before tax.
Cash generated from operations improved to US$2,875m
(2025: US$2,617m), driven by a US$252m increase in operating
profit. Net borrowing inflows were US$381m (2025: US$696m).
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 159-166.
Reporting currency
We report our financial results in US dollars and therefore the
strengthening of our other trading currencies during the year, primarily
the Brazilian real and the UK pound sterling, against the US dollar,
increased revenue and Benchmark EBIT, both from ongoing activities, by
US$107m and US$23m, respectively. A ± 1% change in the Brazilian real
or UK pound sterling exchange rate would impact revenue from ongoing
activities by US$14m and US$9m, respectively.
Benchmark EBIT from ongoing activities was US$2,407m (2025:
US$2,102m), growing at 13% at constant and 15% at actual exchange
rates. Benchmark EBIT margin from ongoing activities increased to 28.6%
(2025: 28.1%), impacted by adverse foreign exchange movements of 10 bps.
For FY27, we expect the foreign exchange translation effect to be a 1-2%
tailwind on revenue and Benchmark EBIT, assuming recent foreign
exchange rates prevail.
Experian plc
Strategic report
62
Reconciliation of statutory to Benchmark measures
1
Non-GAAP measures
We have identified and defined certain non-GAAP measures. These are the key measures management uses to assess the underlying
performance of our ongoing businesses. A fuller explanation of the measures is provided in note 7 to the Group financial statements.
Year ended 31 March 2026
Statutory
Non-benchmark items
2
Benchmark
Investment-
related items
Amortisation of
acquisition
intangibles
Non-cash
financing items
Exceptional
items
8,425
–
–
–
–
8,425
Ongoing
20
–
–
–
–
20
Exited
Revenue US$m
8,445
–
–
–
–
8,445
Revenue US$m
2,055
61
271
–
20
2,407
Ongoing
(10)
–
–
–
–
(10)
Exited
Operating profit US$m
2,045
61
271
–
20
2,397
Benchmark EBIT US$m
Profit before tax US$m
1,951
57
271
(87)
20
2,212
Benchmark PBT US$m
Basic EPS USc
164.5
2.2
21.7
(10.0)
1.4
179.8
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.
63
Experian plc
Annual Report 2026
Strategic report
Financial review
continued
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 30-35. The table below summarises our performance by business line.
Year ended 31 March
2026
US$m
2025
1
US$m
Growth
2
Total
%
Organic
%
Revenue
Financial Services
4,463
3,874
13
9
Verticals
1,705
1,547
10
7
Business-to-Business
3
6,168
5,421
12
8
Consumer Services
2,257
2,054
9
9
Ongoing activities
8,425
7,475
11
8
Exited business activities
20
48
n/a
Total
8,445
7,523
11
Benchmark EBIT
Business-to-Business
1,903
1,684
12
Consumer Services
668
562
18
Business lines
2,571
2,246
13
Central Activities – central corporate costs
(164)
(144)
n/a
Ongoing activities
2,407
2,102
13
Exited business activities
(10)
(19)
n/a
Total Benchmark EBIT
2,397
2,083
14
Net interest expense included in Benchmark PBT
(185)
(157)
n/a
Benchmark PBT
2,212
1,926
14
Exceptional items
(20)
(39)
Other adjustments made to derive Benchmark PBT (note 15(a))
(241)
(338)
Profit before tax
1,951
1,549
Benchmark EBIT margin – ongoing activities
Business-to-Business
30.9%
31.1%
Consumer Services
29.6%
27.4%
Benchmark EBIT margin
4
28.6%
28.1%
1
Revenue and Benchmark EBIT margin for FY25 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
From FY26 we have updated the reporting structure of our business lines. Effective 1 April 2025, the Business-to-Business business line is divided into Financial Services and Verticals, while the Consumer
Services business line remains unchanged. This categorisation more clearly reflects the way we service our clients. The results for the year ended 31 March 2025 have been re-presented accordingly.
4
Benchmark EBIT margin for ongoing activities is calculated by dividing Benchmark EBIT for ongoing activities, which includes central corporate costs, by revenue from ongoing activities.
Revenue, Profit before tax and Benchmark EBIT margin by business line
Growth
Delivering strong double-digit EPS growth
Revenue
1
High single-digit
organic growth
EBIT margin
1
Good margin
progression
+30-50bps annually
Organic capex
3
Trending to 7%
capex % of revenue
Capital deployment
Growing contribution
from capital deployment
Organic
2
Organic
2
ROCE
Actual
Actual
Invested
4
Capex % of revenue
+8%
90bps
8.6%
17.2%
+13%
50bps
US$1.5bn
FY26
+7%
90bps
8.7%
16.6%
+7%
50bps
US$1.9bn
FY25
+6-8%
50bps
c.8%
+8-11%
–
Jan 26: +US$1bn buyback
May 26: +US$1bn buyback
FY27
Guidance
1
From ongoing activities.
2
At constant exchange rates.
3
Capital expenditure.
4
Capital invested comprises cash flows for net capital expenditure and acquisitions.
Medium-Term
Framework
FY25 - FY29
Experian plc
Strategic report
64
1
Funds from operations includes Benchmark free cash
flow of US$1.6bn plus US$0.7bn of net capital expenditure.
FY20
FY21
FY22
FY23
FY24
FY25
FY26
5,372
5,179
FY20 - FY26
CAGR
1
+8%
6,288
6,619
7,097
7,523
8,445
9%
6%
16%
8%
6%
11%
8%
Revenue (US$m) and growth at constant
FX rates (%)
Benchmark EBIT (US$m)
2
and
Benchmark EBIT margin (%)
2
1,386
1,379
1,653
1,798
1,944
2,102
2,407
25.8%
26.9%
26.6% 27.5% 27.6% 28.1%
28.6%
FY20 - FY26
CAGR
1
+10%
FY20
FY21
FY22
FY23
FY24
FY25
FY26
Cash generated
2.8
2.8
Uses of cash
0.7
2.3
0.5
0.6
0.7
0.8
Net capital
expenditure
Dividends
Net
share
repurchases
Acquisitions
and
investments
Increase in
Net debt
Funds from
operations
1
FY26 Use of funds (US$bn)
Benchmark EPS (USc) and growth at
constant FX rates (%)
103.1
103.0
FY20 - FY26
CAGR
1
+10%
124.5 135.1 145.5 156.9
179.8
4%
8%
21%
9%
11%
7%
13%
FY20
FY21
FY22
FY23
FY24
FY25
FY26
Benchmark operating cash flow (US$m)
and cash flow conversion (%)
1,476
1,214
FY20 - FY26
CAGR
1
+11%
1,800
1,753
1,864
2,025
2,221
106%
88%
109%
98%
97%
97%
93%
FY20
FY21
FY22
FY23
FY24
FY25
FY26
Acquisitions and investments
Net share repurchases
Net capital expenditure
Dividends
3.0
0
1.0
0.5
1.5
2.0
2.5
Capital summary (US$bn)
FY20 FY21 FY22 FY23 FY24 FY25
FY26
1
Bond nominal value before derivatives.
Bond maturity profile (US$m)
1
575
345
500
750
575
530
575
748
500
FY27
FY28
FY29
FY30
FY31
FY32
FY33
FY34
FY35
FY36
Percentage of debt at fixed interest
rates by maturity
59%
35%
10%
>2 years
>4 years
>6 years
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY25
FY24
FY26
600
400
200
0
Full-year ordinary dividend (US$m)
Second interim
dividend
First interim
dividend
Strong growth delivery
Financing
Dividends
Capital deployment
1
At actual FX rates.
2
From ongoing activities at actual FX rates.
65
Experian plc
Annual Report 2026
Strategic report
Financial review
continued
20 years of organic revenue growth
FY26 marks our 20th consecutive year of organic revenue growth (see
note 7 to the Group financial statements for the definition). We delivered
growth across all regions, with organic revenue growth of 10% in North
America, 8% in Latin America, 2% in the UK and Ireland, and 5% in EMEA
and Asia Pacific. We continue to build on our scaled proprietary data
assets, robust technology platforms, and deep expertise to execute
our strategic priorities and capture new opportunities in AI. Our FY26
performance reflects continued progress across our portfolio, supported
by expansion into new value pools and the ongoing development of our
integrated client ecosystem. Through this ecosystem, we are deploying
AI as a force multiplier to enhance delivery, accelerate innovation, and
support execution of our Medium-Term Framework.
In Consumer Services, all of our regional businesses grew during the year,
with ongoing revenue increasing 9% at constant exchange rates. Growth
was driven by strong marketplace momentum, broader adoption of new
features and platforms, audience expansion, stronger engagement and
increased product penetration across our regional consumer platforms.
Business-to-Business ongoing revenue growth was 12% at constant
exchange rates, led by strong performance in Financial Services. This
was supported by continued progress against our strategic priorities,
solid demand for Clarity, our new cash flow products, mortgage
solutions, and good momentum in Automotive and Health. Our strategic
data assets, core products, and AI-enhanced capabilities continue to
create growth opportunities across key verticals such as Health,
Automotive, Targeting and Agribusiness.
For FY26, organic revenue growth was 8%, margin expansion was
+60 bps at constant exchange rates (+50 bps at actual exchange rates),
and we remain on track for capital expenditure to trend to c.7% as a
percentage of revenue over the medium term. We have deployed our
capital wisely, investing US$792m in strategic acquisitions. Our return
on investment has consistently been strong, with ROCE in the mid to
high teens over the last decade, and 17.2% (2025: 16.6%) for the year.
Productivity and cost management
The migration of our mainframe capabilities, data and server
infrastructure to the cloud is reducing technology and infrastructure
costs, while accelerating product innovation and deployment. Our
modernised platform enables us to scale automation and embed AI more
consistently across our operations and products. We view AI as a force
multiplier for our strategy: helping us identify new signals in our data,
unlock new use cases, improve productivity and increase the pace at
which we deliver value to clients, thereby supporting both revenue
growth and margin progression.
We have been embedding AI in our products and value-creation
processes for more than a decade, and the adoption of GenAI across
the business is extending those capabilities further.
1 Ongoing activities.
2
See note 7 to the Group financial statements for the definition of organic revenue growth.
Historical organic revenue growth performance
1,2
(at constant FX)
From streamlining internal processes and improving the efficiency of
analytics and insight generation, to enhancing customer experiences and
supporting more responsive, personalised interactions, AI is increasingly
being integrated into day-to-day execution. This is strengthened by our
trusted proprietary data on over 1.5bn consumers and over 175m
businesses, which provides the scale, quality and relevance needed
to generate differentiated outcomes.
Looking ahead, we are focused on maximising the benefits of AI by
scaling deployment across the business and continuing to embed these
capabilities across our platforms and propositions. We are building
common tooling, standards and governance so AI is applied responsibly,
securely and with appropriate controls, while investing in talent and
change management to support adoption at scale. As productivity
improves across development, operations and support teams, our
priority remains to use that capacity to deliver new value to clients,
while also supporting strong margin progression, reflected in the
improved Benchmark EBIT of US$2,397m for FY26.
Outlook
Our strategic investments and disciplined capital management have
positioned us well for future growth. Substantial progress has been
made with our technology transformation and we have largely
completed our cloud migration in North America (excluding Health)
and Brazil, supporting improved scalability and resilience, lower run
costs and faster product innovation.
With our diversified business and strong track record of resilience, we are
confident in our ability to adapt to changing macroeconomic conditions. In
line with our Medium-Term Framework, we expect FY27 organic revenue
growth of 6-8%, and a total Benchmark EBIT margin increase of 50 bps,
all at constant exchange rates.
Interest
Benchmark net finance expense increased by US$28m in the year,
mostly reflecting higher average borrowings but also an increased average
interest rate. Effective interest on loan and bond debt, including derivatives,
was 3.7% (2025: 3.3%) for FY26. Our policy is to maintain 50-100% of our
Net funding at rates fixed for more than six months and, at 31 March 2026,
interest on 62% (2025: 76%) of our Net funding was fixed. For FY27, we
expect net interest expense to be c.US$250m-US$260m.
Foreign exchange gains on Brazilian real intra-Group funding of US$82m
(2025: losses of US$58m) contributed to the decrease in statutory net
finance expense of US$148m. The Group does not intend to borrow
in Brazilian real to manage the foreign exchange exposure associated
with our Brazilian business. Our strategy is to optimise cash and capital
repatriation as appropriate, in order to reduce currency exposures and
protect shareholder value.
FY07
8%
FY16
5%
FY08
4%
Global Financial Crisis
COVID-19 pandemic
FY17
5%
FY09
3%
FY18
5%
FY10
2%
FY19
9%
FY11
8%
FY20
8%
FY12
10%
FY21
4%
FY13
8%
FY23
7%
FY14
5%
FY26
8%
FY24
FY25
6%
7%
FY15
1%
FY22
12%
Experian plc
Strategic report
66
Cash flow and Net debt summary
1
Year ended 31 March
2026
US$m
2025
US$m
Benchmark EBIT
2,397
2,083
Amortisation and depreciation charged to Benchmark EBIT
613
547
Benchmark EBITDA
3,010
2,630
Impairment of non-current assets charged to Benchmark EBIT
6
15
Net capital expenditure
(718)
(650)
Increase in working capital
(163)
(54)
Principal lease payments
(48)
(41)
Benchmark profit retained in associates
(4)
(2)
Charge for share incentive plans
138
127
Benchmark operating cash flow
2
2,221
2,025
Net interest paid
(198)
(165)
Tax paid
(438)
(447)
Dividends paid to non-controlling interests
(2)
(2)
Benchmark free cash flow
1,583
1,411
Acquisitions
3
(792)
(1,244)
Disposal of operations
35
–
Additions to other financial assets
(52)
(69)
Disposal of other financial assets
82
30
Cash flows in respect of Exceptional and other non-benchmark items
(34)
(36)
Ordinary dividends paid
(590)
(546)
Net cash inflow/(outflow)
232
(454)
Net debt at 1 April
(4,684)
(4,053)
Net share purchases
4
(698)
(179)
Non-cash lease obligation additions and disposals
(40)
(24)
Principal lease payments
48
41
Additions through business combinations
(1)
(3)
Foreign exchange and other movements
(36)
(12)
Net debt at 31 March
(5,179)
(4,684)
1
For Group cash flow statement see page 158.
2
A reconciliation of Cash generated from operations to Benchmark operating cash flow and Benchmark free cash flow is provided in note 40(g) to the Group financial statements.
3
See note 40(d) to the Group financial statements.
4
Consideration of US$27m for share purchases was outstanding at 31 March 2026. Net share repurchases were US$725m for FY26, inclusive of this unpaid element.
Net assets and ROCE summary
At 31 March
2026
US$m
2025
US$m
Goodwill
7,261
6,654
Other segment assets
5,972
5,105
Total segment assets
13,233
11,759
Segment liabilities
(2,848)
(2,455)
Operating segments – net assets
10,385
9,304
Central Activities – net assets
355
447
Lease obligations in operating segments
129
132
Interest on lease obligations in operating segments
(1)
(1)
Less: right-of-use assets
(110)
(114)
Less: non-controlling interests
(38)
(36)
Capital employed attributable to owners
10,720
9,732
Net debt
(5,179)
(4,684)
Tax
(106)
(108)
Add: right-of-use assets
110
114
Add: non-controlling interests
38
36
Net assets
5,583
5,090
Average capital employed
10,335
9,355
ROCE
1
17.2%
16.6%
1
For definition of ROCE see non-GAAP measures on page 169. For FY26 the return used in the calculation of ROCE is based on Benchmark
EBIT of US$2,397m and a Benchmark tax rate of 25.5%.
FY20
FY21
FY22
FY23
FY24
FY25
FY26
6.4
16.0%
14.9%
15.7%
16.5%
17.0%
16.6%
17.2%
6.9
7.8
8.1
9.4
8.4
10.3
Average capital employed (US$bn)
and ROCE (%)
1
1
ROCE has been re-presented for periods prior to FY22 to
present capital employed on a basis consistent with the Group’s
FY22 update to the definition of Net debt, to include IFRS 16
lease obligations.
67
Experian plc
Annual Report 2026
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 70 to 78. 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 170 and 171, 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 2026 totalled US$2.5bn (2025:
US$2.4bn), and included our core US$1.95bn club facility, committed
until March 2030. US$0.3bn (2025: US$0.2bn) of commercial paper is
covered by our undrawn facilities. 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 2026, this ratio was 13 times (2025: 14 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% (2025: 91%) of borrowings at 31 March
2026, totalled US$5.1bn (2025: US$4.6bn), and had an average remaining
tenor of five years (2025: five years). We seek to minimise our refinancing
risk by spreading the maturity and currency of our bond profile by
accessing multiple capital markets. We issued two bonds in the year. The
next tranche of bond refinancing is due in June 2026. At 31 March 2026,
53% (2025: 46%) of borrowings fell due in over five years.
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 2026
was US$5,179m (2025: US$4,684m), 1.7 times Benchmark EBITDA
(2025: 1.8 times), compared to our target range of 2.0 to 2.5 times.
Cash and liquidity management
The Group generated US$2,875m (2025: US$2,617m) 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 93% (2025: 97%), with
Benchmark free cash flow of US$1,583m (2025: US$1,411m).
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$2.6bn.
The Board has announced a second interim dividend of 48.00 (2025:
43.25) US cents per ordinary share, giving a total dividend for the year
of 69.25 (2025: 62.50) US cents per share, which is covered 2.6 times
(2025: 2.5 times) by Benchmark EPS. Ordinary dividends paid in the
year totalled US$590m (2025: US$546m).
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 2026,
were US$21.6bn and US$12.9bn respectively. See note L to the Company
financial statements for further detail.
Disciplined capital management
We maintain a disciplined approach to capital allocation, balancing
organic investment, strategic acquisitions and shareholder returns
through dividends and share repurchases, while targeting an appropriate
level of Net debt. The balance between these categories varies over time.
We assess acquisition opportunities against a range of metrics, including
strategic fit, economic returns and the relative value they are expected
to deliver compared with share repurchases.
Our Benchmark free cash flow has consistently been strong, and
underpins our disciplined capital allocation framework. Further
information on capital risk management is provided in note 8(b)
to the Group financial statements on page 171.
In FY26, we announced a US$1bn share repurchase programme,
reflecting our strong cash generation, favourable leverage position and
disciplined approach to capital deployment. This programme is expected
to complete during the first half of FY27. We have since announced an
additional US$1bn share repurchase programme, valid to 30 June 2027.
During FY26, our net share repurchases were US$725m, which included
US$196m from the programme announced in May 2025 and US$529m
from the January 2026 programme. We invested US$792m (2025:
US$1,244m) in acquisitions aligned to our strategic priorities, adding
complementary data and capabilities. Net investment in capital of
US$1,510m (2025: US$1,894m) comprised cash flows for net capital
expenditure and acquisitions.
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$1,081m was largely
acquisition related. Further information on net assets by region is given
in note 10 to the Group financial statements on page 175.
Taxation
The tax charge was US$443m (2025: US$379m) and our effective tax
rate on Benchmark PBT was 25.5% (2025: 25.3%), reflecting the mix of
profits and prevailing tax rates by territory. We anticipate our effective
tax rate on Benchmark PBT in FY27 will be around 26%.
Tax paid as a percentage of Benchmark PBT of 19.8% (2025: 23.2%) is
below our Benchmark tax rate. This is due to US tax reform relating to
timing differences for innovation and development expenditure, allowing
full relief of such expenditure in the year it is incurred.
In FY26, cash tax payments benefitted from accelerated tax relief on
previously capitalised US innovation and development expenditure,
with this benefit expected to continue in FY27. For FY26, the combination
of both the in-year and accelerated tax relief reduced tax paid as a
percentage of Benchmark PBT by c.4%. In the medium term, tax paid
as a percentage of Benchmark PBT is expected to more closely align
to the Benchmark tax rate as the impact of timing differences unwinds.
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. The Group held current tax
liabilities of US$93m (2025: US$76m) and deferred tax liabilities of
US$14m (2025: US$12m) in respect of these uncertain tax positions.
Experian plc
Strategic report
68
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 FY26 and 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 179.8 US cents (2025: 156.9 US cents)
up 15% at actual and 13% at constant exchange rates, reflecting a higher
Benchmark PBT. A ± 10% change in the Brazilian real or UK pound
sterling exchange rate would impact Benchmark EPS by ± 3 US cents
or ± 1 US cent respectively. We provide further information in note 18
to the Group financial statements on page 184. For FY27, we expect a
weighted average number of ordinary shares (WANOS) of c.880-885m.
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.
We continued to invest in proprietary data and product innovation,
enhancing our core capabilities and building the foundations for AI at
scale. Our capital expenditure in FY26 was US$726m (2025: US$651m),
8.6% (2025: 8.7%) of revenue from ongoing activities. Depreciation and
amortisation charged to Benchmark EBIT was 7.3% (2025: 7.3%) of
revenue from ongoing activities.
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 developed and purchased software
either increased or decreased by one year, the impact on the annual
amortisation charge would be a decrease of US$86m or an increase
of US$139m respectively.
We anticipate that organic capital investment in FY27 will be approximately
8% of revenue.
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 gains
in OCI in the year of US$13m (2025: losses of US$33m), as well as
exchange gains of US$168m (2025: exchange losses of US$129m).
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$138m (2025: US$127m).
Our net share repurchases were US$725m (2025: US$180m) at an
average price of 2,876p (2025: 3,583p). WANOS for FY26 was 913m
(2025: 914m).
Internal Controls over Financial Reporting (ICFR)
Provision 29 of 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 maintains a robust and well-established control environment that
supports the management of our principal risks and our financial reporting
responsibilities. Our financial reporting control framework sets out the key
controls across our income statement, balance sheet and wider disclosure
processes. Over the past year, we have advanced this framework further
by undertaking a comprehensive review, identifying opportunities to further
simplify and strengthen controls, and further implement targeted
improvements in preparation for the new declaration requirements.
Acquisitions
Acquisitions target strategic growth areas and new markets,
or enhance our existing capabilities. We completed three material
acquisitions in the year, including the purchase of ClearSale for
US$374m, complementing our existing fraud prevention and data
assets in Brazil. Within our UK and Ireland region, we acquired KYC360
for US$114m, enhancing our fraud prevention and financial crime
compliance capabilities. In North America, we acquired AtData for
US$225m, a leading data and intelligence company backed by
comprehensive email insights technology.
Acquisitions were across both business lines and contributed US$97m
to revenue, with annualised pro forma revenue of US$132m.
In April 2026, we completed two further acquisitions. In North
America we have acquired Own Up for US$175m, a digital mortgage
marketplace that helps homebuyers and homeowners secure better
mortgage outcomes through transparent rate comparison, intelligent
lender matching, and concierge support. In addition, in the UK and
Ireland region, we have acquired Konfir for US$25m, an employment
and salary verification business.
In April 2026, we also agreed to acquire idwall, a specialist in digital
identity management in Brazil for R$430m (c.US$86m). Completion
is expected in the first half of FY27, subject to regulatory approval.
A provider of digital fraud prevention
solutions in Brazil, highly complementary
to our existing fraud and data assets and
strengthening our Identity and Fraud
portfolio through expanded transaction
fraud prevention capabilities.
Within our UK and Ireland region, KYC360
is a financial crime compliance platform
serving c.1,000 customers. It enhances
our fraud and financial crime compliance
capabilities through Know Your
Customer, Know Your Business and
customer lifecycle management
solutions, which will be integrated
into Experian’s Ascend Platform.
A data and intelligence company
in North America, adding real-time email
insights to expand our data and identity
assets, strengthen our digital identity
capabilities and support innovation in
fraud, identity and customer engagement.
69
Experian plc
Annual Report 2026
Strategic report
Risk management and principal risks
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.
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
Chief Financial Officer 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)
• Technology, Software Solutions, and
Innovation (TSSI)
• 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 governance structure
Three Lines of Defence
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.
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.
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.
Sustainability Steering Committee
Chaired by the Chief Financial Officer, this Committee ensures
the definition, approval and integrated delivery of the Group’s
sustainability strategy.
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.
Group Reporting and Assurance Committee (GRAC)
Chaired by the Global Financial Controller, the Committee is responsible
for the oversight of the Group’s control frameworks, external reporting
governance and related activities that support Experian’s risk
management, internal controls, and reporting obligations.
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70
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 a clear
risk strategy and vision
, and
maintain 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 and control 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
and 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
and vision
Risk
culture
Risk
governance
Risk
appetite
Group
policies
Risk and
control
processes
Risk and
control
monitoring
Risk
reporting
People
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Risk management and principal risks
continued
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.
Throughout the period, Group Risk Management led a dry run of the
activity to prepare for the UK Corporate Governance Code 2024
requirements regarding the Group’s material controls including risk
assessment, documentation, assurance and reporting, leveraging the
Group’s existing control frameworks. The Global Security Office (GSO)
has constantly updated processes, including those relating to emerging
threats, such as GenAI. Global Compliance completed a number of
roadmap initiatives, including the implementation of an enterprise-wide
system to support the consistent management and reporting of
regulatory change.
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. Building on this, we will take
the opportunity to review and refine our strategic plan during FY27,
refining our maturity plans to continue to address the strategic risk
areas of the Group.
For more information, see the Audit Committee report, pages 105-112.
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 AI and quantum computing, which
could have an impact on our business and the wider market, as was
seen in February 2026 following the release of new AI tools by leading
AI model providers. In conjunction with our Competition principal risk
assessment we monitor how these technologies might affect our
position in the competitive landscape, as they could reduce the time to
market of new competitors and increase the risk of disintermediation
in the credit market. This increases both the opportunity and the risk
for Experian as we leverage these technologies and our proprietary
data, adapting and responding quickly to the competition.
•
Geopolitical instability:
With operations in 33 countries, the
increasing complexity of international relations and macroeconomics
necessitates that we regularly review and update our strategy to
mitigate potential impact and uncertainty arising from geopolitical
developments. The various ongoing global conflicts are monitored
for their economic impacts to us, and the resulting geoeconomic
confrontations (such as sanctions and tariffs) are tracked for any
changes to legislation/regulations and the 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 as there may well be other impacts that manifest
and crystallise as a result of the ongoing uncertainty. In particular, we
continue to monitor any potential hardware shortages, which could
arise either through geopolitical confrontation or through the purchase
of hardware components by hyperscalers seeking to meet increased
AI-related demand. We also monitor political developments in
countries where we operate, including the upcoming elections
in Brazil and Colombia.
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.
Climate-related risks
The Group’s primary climate-related risks relate to the potential
impact of physical risks – such as flooding, storm damage, and freezing
conditions – on business operations, as well as transition risks
associated with the move to a low-carbon economy. These include
evolving climate regulations and the risk of failing to adapt our products
and services in markets most affected by this transition.
Climate risk intersects with several existing risk categories (including
principal risks), and we recognise the need for a range of risk responses.
These risks continue to be monitored, assessed, and managed through
our established risk management processes.
Further detail on how climate-related risks are integrated into our
risk management processes is provided in the Sustainability section
(pages 48-60).
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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 2026.
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 FY26 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
Stable
Short to long
term
Financial
Investment outcomes
Stable
Long term
Strategic,
Operational
Competition
Stable
Long term
Strategic
Business conduct
Stable
Short term
Operational,
Regulatory
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
(pages 79-81).
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 cybersecurity risks and recovering from
cybersecurity 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 cybersecurity 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 – NIST), 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 48-60).
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Risk management and principal risks
continued
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 ongoing threat
from ransomware and other cyber attacks, including cyber resilience
threats to third parties, AI-driven attacks and social engineering. We
continue to assess the potential impact of these threats, as the nature
and sophistication of these attacks continually evolves. Our accelerated
technology transformation combined with continual development of
training and other communications are key aspects of managing this
risk. Our global ransomware preparedness and associated response
planning includes a number of key initiatives aimed at continually
improving our existing capability in this area.
During the year, we continued to focus on maintaining the resilience and
availability of our technology platforms as the organisation progresses
its transformation and modernisation agenda. Incidents during the period
highlighted the importance of consistent recovery capabilities.
As the technology estate evolves, the Group recognises that greater
architectural complexity can place increased demands on monitoring,
recovery and operational co-ordination. In response, we have continued
to strengthen our enterprise approach to operational resilience, with
a particular focus on improving the predictability of recovery outcomes
for critical services.
This included further alignment of architecture, engineering and
operational practices including embedding resilience-by-design
principles into technology standards, accelerating the adoption of
high-availability and multi-region cloud patterns, and enhancing
observability and incident response capabilities.
In parallel, we have continued to mature our major incident management
and business continuity arrangements, including clearer minimum
standards for backup and the identification of Critical Business Services.
These actions are intended to support consistent service availability,
reduce the impact of disruptions, and strengthen confidence in the
Group’s ability to respond effectively to operational incidents as the
business continues to grow and transform.
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.
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74
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 did,
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, the current administration may bring about new and
evolving priorities and the extent and timing of any such changes
remains 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. We will continue to work with the
CFPB and comment on any proposed rulemaking as appropriate.
•
US state legislative and regulatory activity continues 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. Other states are
considering or have enacted similar laws. 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 and the
increase in the number of new individual consumer cases remains
steady. 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,
cybersecurity 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 few years, 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 in February 2026 the Superior Court of Justice (STJ)
issued a favourable ruling as a repetitive appeal. 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 including implementation of the remedies arising from
the Credit Information Market Study (CIMS). The Credit Information
Governance Body (CIGB) is now established as a self-regulatory body
and the FCA have launched a consultation on its proposed approach
to implementing the remaining FCA-led CIMS remedies. Experian is
actively engaged in both elements. The FCA’s supervisory priorities
for the Credit Reference Agency (CRA) sector continue to include
embedding of Consumer Duty rules, cyber and operational resilience
and more targeted activities including a review of Data Disputes,
which was highlighted in their 2025 CRA Portfolio Letter. We anticipate
further refinement of the Senior Manager and Certification Regime
(SMCR) during 2026: this may include a more proportionate approach
to the Certified Persons population.
•
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), operational
resilience and cybersecurity, 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.
•
In India, a new data privacy law enters into force in May 2027 which
is the first-ever privacy law in the country. We are currently working
on a compliance implementation roll-out and engaging with our
customers to navigate the impact.
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Risk management and principal risks
continued
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:
Stable
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 2025, the global economy continued to expand at a modest pace,
although the outlook remained uncertain amid ongoing geopolitical
tensions, notably the conflict in the Middle East and evolving trade
policies. Tariff measures and shifting trade relationships have
contributed to increased volatility in global trade flows and financial
markets, with the risk of further escalation still present.
Economic activity remains resilient in the USA, despite some concern
in the labour market and inflation proving to be more persistent than
anticipated. The Federal Reserve has adopted a considered approach
to monetary policy, signalling that any easing will be gradual.
Brazil has seen growth moderate and, together with inflationary pressures,
currency volatility and an increase in delinquency rates have led to a
prudent monetary stance, with the central bank balancing the pace
of any policy easing against the need to anchor inflation expectations.
Economic conditions remain subdued in the UK, with modest growth
and fragile consumer and business confidence. Inflation has shown signs
of persistence, requiring further consideration to the policy outlook and
limiting the scope for monetary easing by the Bank of England.
In spite of the increased macroeconomic uncertainty, we continue to
perform strongly, maintaining our competitive position and accessing
attractive growth opportunities across a significant addressable market.
We remain focused on driving productivity gains while enhancing digital
customer experiences, and our extensive datasets, delivered through
advanced technology solutions, enable us to achieve these objectives.
We continue to assess the impact of uncertain economic conditions
on Group revenues and will further refine and ensure the readiness of
our strategic responses as external macroeconomic conditions evolve.
We actively track developments and changes in tax regulations affecting
both corporate income and indirect taxation. In the current geopolitical
and fiscal environment, there remains potential for further tax policy
changes which could impact our effective tax rate and cash tax profile
over time in our key markets. Tax reform continues to progress in Brazil
over a multi-year period.
Investment outcomes
We routinely explore and critically assess inorganic investment
opportunities, including acquisitions and minority investments, and other
internal performance improvement programmes that can accelerate
Experian’s strategy. To the extent invested, any of these investments
may not produce the anticipated strategic, financial or operating results.
Risk category:
Strategic, Operational
Risk movement:
Stable
Potential impact
Failure to produce the desired strategic, 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 Committees
and our Global Strategic Project 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
the most significant gaps to Experian policy.
•
We implement integration steering committees on our acquisition
investments to enable senior leader oversight and decision-making.
•
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 are
responsible for executing the inorganic investments we make and
monitoring performance through our post-investment review process.
Our business units are accountable for ensuring the strategic, financial
and operational outcomes are in line with our plans.
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.
Experian plc
Strategic report
76
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 all inorganic investments and we employ a robust valuation
framework that takes account of current market conditions. 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 number one platform globally for people
to improve their financial lives and save money, we have brought smarter
solutions to market through the acquisitions of Gabi (which helps
consumers save money on their auto insurance) and Own Up (which
helps consumers find the most attractive mortgage when buying a home).
We continue to optimise our due diligence and integration processes to
bring greater risk focus and prioritise key areas for management attention.
Our Valuation Committees and Investment Committees are highly focused
on assessing the impact of GenAI (both positive and negative) on all of our
inorganic investment opportunities. We rigorously debate organic build
alternatives to potential acquisition opportunities. We also continue to
enhance our 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 constantly 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 in our markets, 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 product innovation, customer engagement
and productivity 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 business units, along with our Corporate Development and Experian
Ventures teams, monitor the competitive landscape, to develop and
implement appropriate actions.
Changes this year
We are proactive in our efforts to evaluate competitor and market
dynamics, and pursue investments and enhancements to our data,
analytics, technology and capabilities in response to these.
Traditional competitors continue to pursue differentiated data assets,
adjacent vertical expansion, and other changes to their commercial
models or explore 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. There is a longer-term and developing risk
relating to both new entrants and established players leveraging ‘open
data’ frameworks and AI-driven capabilities, seeking to aggregate,
analyse and distribute information in new ways. We are actively
monitoring the potential for AI-driven market disruption and selectively
pursue innovation initiatives to further protect and strengthen our
competitive position.
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, Regulatory
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.
77
Strategic report
Experian plc
Annual Report 2026
Risk management and principal risks
continued
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 mitigate potential attrition risks.
•
We are proactively driving initiatives to ensure we have an AI-ready
workforce with skills for the future.
Responsibility
Our business units work with the Human Resources function to set
and implement talent management strategies.
Changes this year
We have implemented People Objectives and Key Results (OKRs) to
continue to drive our ambition to be the number one Great Place to
Work® to maximise our ability to attract, develop, retain and grow talent.
In the June 2025 Great Place to Work® (re)certification we were ranked
14th in the World’s Best Workplaces™ for the second consecutive year.
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 in some countries but still remain well below historical norms
and in line with similar industries.
We have globally launched our internal talent marketplace, MyCareer,
that supports current employees with identifying roles across the Group
and furthering our investment in fostering growth and retention of
internal talent. This is supported by our career frameworks, which
currently cover 46% of our people and are supplemented by world-class
external learning providers.
Our employer brand remains strong, underpinned by our compelling
purpose and a culture of inclusion and belonging, which is well
recognised and attracts accolades in many of our markets.
We have started the roll-out of our Leading with AI programme to our
senior manager population, with plans to roll out to all leaders during
FY27, while also enhancing the GenAI learning available to all colleagues
through our Learning Academies.
Experian plc
Strategic report
78
Strategic report
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 2026, undrawn committed bank borrowing facilities
of US$2.5bn (note 27(d)), which have an average remaining tenor
of four years (2025: 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 2026, our cover is 13 times)
• Benchmark operating cash inflows of US$2.2bn (note 40(g)) and
Benchmark interest expense of US$0.2bn (note 16) for FY26.
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.
Viability and going concern
1 year
2 years
3 years
5 years
10 years +
Time horizons affecting prospects
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 73-78). 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
on page 80, 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 55).
Our modelling shows that:
• under our harshest ‘severe but plausible’ scenario (which could cost
us around US$2.0bn 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
• 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.
Long-term financing – bonds
Medium-term financing –
revolving credit
Detailed budgets
Management succession
planning
Climate change
Pensions
Typical service life of data assets
Investment appraisal – acquisitions and organic
Share incentive plans
IT systems development
Financial plan including cash flow forecasts
79
Experian plc
Annual Report 2026
Viability and going concern
continued
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 71 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 2029. 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.
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
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 19 May 2026 and signed on its behalf by:
Charles Brown
Company Secretary
19 May 2026
Experian plc
Strategic report
80
Governance
In this section
82
Chair’s introduction
85
Board of directors
88
Corporate governance report
100 Nomination and Corporate Governance
Committee report
105 Audit Committee report
113 Report on directors’ remuneration
130 Directors’ Remuneration Policy
136 Directors’ report
81
Experian plc
Annual Report 2026
Experian plc
Governance
82
Chair’s introduction
“Good corporate governance is key
to promoting long-term sustainable
success for the benefit of our
shareholders.”
Dear shareholders,
I am pleased to present, on behalf of the Board, the Corporate
governance report of the Company for the year ended 31 March 2026,
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. This report outlines how
our established corporate governance standards and processes have
continued to promote the long-term sustainable success of Experian
for our shareholders. It also provides details about the Board and
its committees, including an explanation of the various roles and
responsibilities. It offers an insight into their activities during the year,
and sets out the oversight we provided to ensure we are positioned
for future growth and continuing to help Experian contribute to
wider society.
It has been a privilege to serve on the Board of Experian since 2017 and
as Chair over the past seven years, and I am pleased to welcome Adam
Crozier to the Board. Following the year-end, Adam joined the Board
as an independent non-executive director and Chair Designate and is
expected, subject to shareholder approval, to succeed me as Chair at
the conclusion of the 2026 Annual General Meeting. Experian is well
positioned for the future, and I am confident it will continue to deliver
sustained success. I would like to thank my fellow Board members
for their support and wish Experian every success in the years ahead.
Colleagues
As noted above, Adam Crozier joined the Board as an independent
non-executive director and Chair Designate on 12 May 2026, and
will succeed me as Chair following the conclusion of the 2026 Annual
General Meeting to be held on 22 July 2026. The Nomination and
Corporate Governance Committee has led the Chair succession
process, and further details are set out in its report.
Caroline Donahue will retire from the Board at the Annual General
Meeting on 22 July 2026, having completed nine years’ service on
the Experian Board. We wish to thank Caroline for her valuable input
since joining our Board in January 2017.
The Board will continue to oversee the development of an environment
of inclusivity and belonging, among its many other activities. I am
pleased to report that we were named one of the World’s Best
Workplaces™ 2025 by Fortune and Great Place to Work®, for the second
consecutive year. 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.
Corporate governance
Strong and functioning corporate governance has always been a core
pillar at Experian. This is the first time that we report under the new
UK Corporate Governance Code 2024 (the Code), with the exception of
Provision 29, which will apply to the Company for the first time in respect
of the financial year which commenced on 1 April 2026. During the year,
the Board and the Audit Committee have focused on preparedness for
Provision 29, and 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
Code. The Board is well placed to provide the strategic oversight and
stewardship required to ensure Experian continues to achieve long-term
sustainable success. We will ensure that our governance frameworks
remain aligned with best practice, while taking full account of the
Company’s circumstances. During the year, the Audit Committee gave
detailed consideration to the changes to the Code and 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 105.
Strategy
Overseeing strategy is a key responsibility of the Board and was
reflected during the year through several activities. The Board spent
a number of days together reviewing the Group’s FY27 strategy,
considered 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.
Engagement
During the year, Board and committee meetings were held at our
corporate headquarters in Dublin, Ireland, where the Board spent
time reviewing the Group strategy and engaging with colleagues. In
September 2025, the Board spent two days in Washington, DC, USA,
and held Board and committee meetings during the visit, met colleagues
and reviewed the North America regional strategy with management.
The Board also received updates on Experian North America Health,
Marketing Services and Innovation Lab. Board members also received
and discussed a detailed Government and Regulatory Affairs update. In
March 2026, the Board spent two days at our North America operational
headquarters in Costa Mesa, California, USA, where it received a recap
of the strategy in North America, a further update on its AI strategy, and
on the Experian North America Consumer Services, the Financial
Services and Data Commercialisation, and Automotive businesses.
Mike Rogers
Chair
83
Experian plc
Annual Report 2026
Governance
Statement of compliance
For the year ended 31 March 2026, the Company complied with
all applicable provisions of the UK Corporate Governance Code
2024 (as published in January 2024). Provision 29 will apply
to the Company for the first time in respect of its financial year
which commenced on 1 April 2026.
This Corporate Governance Statement is made pursuant to the
FCA Disclosure Guidance and Transparency Rules (DTR) and
the applicable UK Listing Rules (UKLR), including the ‘comply
or explain’ requirements.
On a voluntary basis, the Company has also prepared disclosures
having regard to the Directors’ Remuneration Reporting Regulations
and the 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 the UK 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
.
The Board also spent time with senior leaders and colleagues,
and received updates on performance and plans. Board members
appreciate being able to spend time with the business and with
colleagues, and benefit from these visits and meetings which allow
them to get a greater sense of progress, developments and culture,
and hear views and perspectives.
We recognise that our success and growth, as well as depending on
the significant contributions from colleagues, relies on the Board taking
decisions for the benefit of our shareholders and also 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 in January 2026, covering
strategy and governance. 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, Kathleen DeRose, met with the UK and Ireland
Experian People Forum (EPF) in March 2026, and provided feedback
to the Board on the matters raised and discussed. She wrote to 40
of our major shareholders and main institutional shareholder bodies
in December 2025. She thanked them for their support for the Report
on directors’ remuneration at the 2025 AGM and outlined a number
of proposed minor changes to the Remuneration Policy, ahead of
the 2026 AGM.
Board performance review
A key element of good governance is an annual performance review
to ensure that the Board, its committees and its members are continuing
to operate and perform effectively. The Code recommends (and the
Board supports) an external performance review at least every three
years. Having had internally facilitated performance reviews in the past
two years, we commissioned an external performance review this year,
facilitated by Manchester Square Partners, who ran a very thorough and
engaging process. Board members considered this year’s performance
review to be a very positive engagement, and it was pleasing to note that
the Board is operating effectively and in a manner consistent with
recognised governance best practice.
Conclusion
I hope you find this report helpful and informative in understanding our
approach to governance at Experian. I encourage all shareholders to
vote their shares in favour of all resolutions to be considered at our 2026
Annual General Meeting which will be held on Wednesday 22 July 2026.
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
.
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 Corporate
Governance section of the Annual Report explains how we have
applied each of the Code principles, as set out below. We note that
Provision 29 of the Code does not apply to the Company until its
financial year starting 1 April 2026.
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. The board should
ensure that the necessary resources, policies and practices are
in place for the company to meet its objectives and measure
performance against them. See pages 85-86.
Principle B:
The board should establish the company’s purpose,
values and strategy, and satisfy itself that these and its culture are
all aligned. All directors must act with integrity, lead by example
and promote the desired culture. See pages 92-93.
Principle C:
Governance reporting should focus on board decisions
and their outcomes in the context of the company’s strategy and
objectives. Where the board reports on departures from the Code’s
provisions, it should provide a clear explanation. See page 94.
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 96-99.
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 99.
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 95.
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 95.
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 99.
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 95-99.
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
for the board and senior management should be maintained. Both
appointments and succession plans should be based on merit and
objective criteria. They should promote diversity, inclusion and equal
opportunity. See pages 101-104.
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 88.
Principle L:
Annual evaluation of the board should consider its
performance, composition, diversity and how effectively members
work together to achieve objectives. Individual evaluation should
demonstrate whether each director continues to contribute
effectively. See pages 103-104.
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 109-112.
Principle N:
The board should present a fair, balanced and
understandable assessment of the company’s position and
prospects. See page 109.
Principle O:
The board should establish and maintain an effective
risk management and 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 112
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 130-132.
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
113-114 and pages 128-129.
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 113-127.
Application of the UK Corporate Governance Code 2024
Experian plc
Governance
84
Chair’s introduction
continued
85
Experian plc
Annual Report 2026
Governance
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. Mike is also an
independent non-executive director and the
Deputy Chair of Nationwide Building Society and
will assume the role of Chair on 15 July 2026.
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.
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 prior non-executive role at J Sainsbury plc
augments his strong board-level experience.
Experience:
Brian was previously the Chief
Financial Officer of Experian and, before that,
Managing Director at Greenhill & Co. Brian
served for nine years as a non-executive
director of J Sainsbury plc. He has also
held various senior roles at Baring Brothers
International and the London Stock Exchange.
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 and Chair of the Audit Committee of the
London Stock Exchange Group plc. He also sits
on its Risk and Nomination Committees.
Skills and contribution:
Lloyd is a qualified
accountant and holds an MBA. He possesses
deep financial, technology and strategic
leadership 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 across a range of dynamic global
industries, including 16 years as Group Chief
Financial Officer and almost a decade serving
as a non-executive director and Audit
Committee Chair at Bunzl plc and the London
Stock Exchange Group plc. Before joining
Experian, Lloyd held a wide portfolio of finance,
technology and operational responsibilities:
as Chief Financial Officer of Intertek Group plc;
in finance leadership roles (including Group
Financial Controller) at BG Group plc; and in
financial and commercial roles at Mobil Oil.
Kathleen DeRose
Non-executive director
Appointed to the Board on 1 November 2022
and as Chair of the Remuneration Committee
on 16 July 2025.
Other current roles:
Kathleen is a Professor
at the New York University (NYU) Stern School
of Business, and a non-executive director of
the London Stock Exchange Group plc, Voya
Financial, Inc. and Taxwell. She is also Chair
of Apron Payments.
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
Nm
Re
Nm
Re
Code principle
Board Leadership
Nm
Re
Adam Crozier
Non-executive director
and Chair Designate
Appointed to the Board on 12 May 2026. Adam
will succeed Mike Rogers as Chair following the
conclusion of the Annual General Meeting on
22 July 2026.
Other current roles:
Adam is currently Chair
of BT Group plc, and chairs the Nomination
Committee and has responsibility for security
oversight. He is also Chair of Kantar Group, a
privately-owned data, analytics and brand
consulting company.
Skills and contribution:
Adam is an experienced
chair and former FTSE 100 Chief Executive
with a strong track record of leading large,
consumer-facing organisations. His career
spans senior leadership roles across multiple
sectors, with particular experience in
brand-led businesses and in driving
digital and operational transformation.
Experience:
Adam has held a number of
non-executive and chair roles, including
previously serving as Chair of Whitbread plc,
ASOS, Stage Entertainment BV and Vue
International Cinema Group, and as a
non-executive director of Sony Group
Corporation. Adam also has over 20 years’
experience as a CEO including as CEO of ITV,
Royal Mail, the Football Association and as
Joint CEO of Saatchi & Saatchi.
Au
Nm
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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.
Experian plc
Governance
86
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 chairs our
Audit Committee. He is also an independent
non-executive director and Chair of the Audit
Committee at Whitbread plc and an independent
non-executive director of Centrica 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.
His current roles and previous role as a highly
regarded FTSE 100 Chief Financial Officer
have brought considerable executive
and non-executive UK-listed boardroom
experience. Jonathan’s financial expertise
and experience ensure effective leadership
of our Audit Committee.
Experience:
Jonathan served as the Chief
Financial Officer of The Sage Group plc for
seven years, concluding his tenure in December
2025. He also held the roles of independent
non-executive director and Chair of the Audit
and Risk Committee at 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 the London
Stock Exchange Group plc for nine years and
Chair of FTSE International. The early part of
Jonathan’s career was at Price Waterhouse
where he qualified as a chartered accountant.
Nm
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Au
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
Au
Nm
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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.
Board of directors
continued
Au
Nm
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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.
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.
Au
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87
Experian plc
Annual Report 2026
Governance
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 FCA’s diversity and governance disclosure requirements under the UK Listing Rules, including the ‘comply or explain’ targets on
gender and ethnic diversity, the Company discloses the composition of the Board and executive management below. Under the UK listing regime,
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
5
56
3
7
64
Women
4
44
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)
7
78
4
8
73
Mixed/Multiple
Ethnic Groups
—
—
—
—
—
Asian/Asian British
1
11
—
—
—
Black/African/
Caribbean/Black British
—
—
—
—
—
Other ethnic group,
including Arab
1
11
—
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 (as at 31 March 2026)
Experian plc
Governance
88
Code principle
Board Leadership and Company Purpose
Financial
services
FinTech
Consumer
Technology/
Information
Financial qualification
Risk/Regulatory
Mike Rogers
Alison Brittain
Kathleen DeRose
Caroline Donahue
Jonathan Howell
Esther Lee
Eduardo Vassimon
Chair and non-executive directors’ sector expertise
May 2025
Board and Committee
meetings, and the Global
Technology Strategy
July 2025
Board and Committee
meetings, and Annual
General Meeting
September 2025
Board and Committee
meetings (and the
Government and Regulatory
Affairs update) in Washington,
DC, USA, including strategy
presentations and updates
on Experian North America
Health, Marketing Services
and Innovation Lab
November 2025
Board and Committee
meetings, and the Experian
Software Solutions update
January 2026
Board and Committee
meetings, including
two days of strategy
presentations from global
and regional management
March 2026
Board and Committee
meetings, and a recap
of the North America
strategy, updates on the
Group’s AI strategy and the
Experian North America
Consumer Services,
Financial Services and Data
Commercialisation, and
Automotive businesses
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%
4/4 – 100%
Kathleen DeRose*
6/6 – 100%
5/6 – 83%
4/5 – 80%
4/4 – 100%
Caroline Donahue
6/6 – 100%
6/6 – 100%
5/5 – 100%
4/4 – 100%
Jonathan Howell*
5/6 – 83%
5/6 – 83%
4/5 – 80%
3/4 – 75%
Esther Lee*
6/6 – 100%
5/6 – 83%
4/5 – 80%
4/4 – 100%
Eduardo Vassimon
6/6 – 100%
6/6 – 100%
5/5 – 100%
4/4 – 100%
Past directors
Luiz Fleury (until 16 July 2025)
2/2 – 100%
2/2 – 100%
1/1 – 100%
1/1 – 100%
Louise Pentland (until 16 July 2025)
2/2 – 100%
2/2 – 100%
1/1 – 100%
1/1 – 100%
*
Any absences were due to unavoidable circumstances. Each director remained actively engaged between meetings, in addition to receiving comprehensive briefings on the matters discussed. The
Board was satisfied that effective oversight and decision making were maintained throughout the year.
Board and Committee meeting attendance
Board meetings
Corporate governance report
Board composition
Board meetings
50 – 59
60 – 69
American
Brazilian
British
Irish
Meeting attendance
98
%
Age
Nationality
Scheduled meetings
6
Chair
Executive
Independent non-executive
Board independence
The Chair was independent on appointment
The length of time each of the directors has served on the Board, as at 31 March 2026
Board tenure
Governance at a glance (as at 31 March 2026)
Brian
Cassin
Lloyd
Pitchford
Caroline
Donahue
Mike
Rogers
Alison
Brittain
Jonathan
Howell
Kathleen
DeRose
Esther
Lee
Eduardo
Vassimon
13y 11m
11y 6m
9y 3m
8y 9m
5y 7m
4y 11m
3y 5m
3y 0m
1y 1m
89
Experian plc
Annual Report 2026
Governance
Code principle
Board Leadership and Company Purpose
Composition
As at 31 March 2026, the Board comprised the independent Chair,
Mike Rogers, two executive directors and six independent non-executive
directors, including the Senior Independent Director, Alison Brittain.
In January 2026, we announced that Mike Rogers intends to step down
as Chair and a non-executive director of the Board at the conclusion of
the AGM on 22 July 2026. The Nomination and Corporate Governance
Committee report describes the work carried out by the Committee in
respect of the appointment of Mike Rogers’ successor, Adam Crozier.
Caroline Donahue will retire from the Board at the AGM on 22 July 2026.
Luiz Fleury retired from the Board and Louise Pentland stood down from
the Board at the AGM on 16 July 2025. On 16 July 2025, Kathleen DeRose
was appointed as Chair of the Remuneration Committee, succeeding
Louise. 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 85-86.
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. The independence of each non-executive director was
reviewed during the year and the Board continues to consider each
to be independent in character and judgment, having regard to the
provisions of the Code.
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 to
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 87.
In addition, the gender composition of the Group Operating Committee
and direct reports comprises 65% men and 35% women. The figures
are stated as at 31 March 2026.
Details of the tenure, age, skills and experience of the Board are included
opposite.
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 opposite 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, principal operating 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 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 94.
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 70.
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. In September 2025, the Board spent two days in Washington,
DC, USA, and held Board and committee meetings during the visit, met
colleagues and reviewed the North America regional strategy with
management. The Board also received updates on Experian North
America Health, Marketing Services and Innovation Lab. Board members
also received and discussed a detailed Government and Regulatory
Affairs update. The Board spent two days at our North America
operational headquarters in Costa Mesa, California, USA, in March 2026
where it received a recap of the North America, regional and business
strategy with management, and met with colleagues. The Board also
received updates on the Group’s AI strategy and the Experian North
America Consumer Services, Financial Services and Data
Commercialisation, and Automotive businesses.
Experian plc
Governance
90
Code principle
Board Leadership and Company Purpose
The Board sets the Group strategy and reviews and approves the Group’s
budget for the forthcoming financial year. The diagram below outlines the
key steps in these processes.
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
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
May to December
• In May 2025, the
Board
received a detailed status update on the
Technology Strategy, and it included the progress made to date and
the ambition to enhance operational excellence and improve financial
efficiency with a plan that was focused first on clients
• 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 2025, the
Board
travelled to Washington, DC, USA, reviewed
the North America regional strategy with management, and met
colleagues. The Board also received updates on Experian North America
Health, Marketing Services and Innovation Lab
• The
Board
received and discussed a detailed Government and Regulatory
Affairs update while in Washington, DC in September 2025 provided by
the regional Government Affairs leaders and the Group General Counsel.
The update included the global political and economic outlook as it relates
to Experian, thoughts regarding Privacy and Artificial Intelligence (AI),
Consumer Credit and regulatory landscape and trends and updates on the
rulemaking and supervisory activity and the potential impacts to Experian
and our clients
• The
Board
also received an update on Experian Software Solutions
(including the Identity and Fraud business, Data and AI) in November 2025
January
• In January 2026, the
Board
held two-day strategy sessions with the
Group
Operating Committee
and senior leaders at our corporate headquarters in
Dublin, Ireland. The
Board
approves the Experian strategy in January
• The
Board
reviewed the Group’s overall ambition and the EMEA and Asia
Pacific, UK and Ireland, Brazil and Spanish Latin America regional
strategies with management, and met colleagues. The Board also
received a presentation on Experian’s AI journey and strategy
• 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
March to May
• In March 2026, the
Board
held a strategic business review in our North
America operational headquarters in Costa Mesa, California, USA and
received a further update on the region’s AI strategy, and on the
Experian North America Consumer Services, the Financial Services
and Data Commercialisation, and Automotive businesses
• 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 – including details of how
we continue to create shared value for our business, consumers and
communities globally, and ensure we have increased our positive social
impact
Strategic and budget planning process
Corporate governance report
continued
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
91
Experian plc
Annual Report 2026
Governance
Code principle
Board Leadership and Company Purpose
What the Board did this year
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 and 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 and business review 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, revenue growth trends, trading, people
and sustainability updates, as well as details of key global initiatives,
new business pipeline, and competitor results and highlights.
• 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 share repurchase
programmes.
• Approved the issuance of new bonds and refinancing of revolving bank
facilities, and the addition of the new US finance company, Experian
Finance US, Inc. (EFUS), as an issuer under the Euro Medium Term Note
(EMTN) programme.
• Approved the launch of a US$1bn share repurchase programme.
• Discussed and approved the Group’s budget presentation for FY27,
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 and the Head of Global Compliance 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 (the Code) and the steps the Group is taking to
prepare for the new requirements.
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
• 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.
• Reviewed and approved Risk Appetite Statements for the Group.
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 2025 Board meeting on
our venture 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 Own Up Holdings, Inc., AtData, LLC and KYC
Global Technologies Limited. You can read more about the acquisition
of KYC Global Technologies Limited on page 98.
• Conducted formal post-investment reviews on acquisitions that were
completed in FY23 and FY24, including Grupo APC, Mova, Flexpag,
and WaveHDC.
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 2025 AGM.
• Received details of Board members’ external appointments and
share dealings.
• Reviewed and approved the Group’s tax and treasury policies.
• Reviewed and approved the Directors’ Remuneration Policy.
• Considered and approved the appointment of an independent
non-executive director and Chair Designate, and a change of the
Remuneration Committee Chair, 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, following the application of the UK
Corporate Governance Code 2024.
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 2026, 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 96.
92
Experian plc
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 52 for a link to information about
The Experian Way.
The UK Corporate Governance Code 2024 (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 FY26 GPTW survey, 78% of colleagues agreed they can fulfil
their career aspirations at Experian, a four-point increase from
FY25. This significant improvement recognises the great strides
we have made in improving learning and career development
opportunities for our people. We support employee development
through our career frameworks, leadership programmes and
academies – and MyCareer, our new AI-powered one-stop shop
for careers and development.
Engaging our people
In FY26, 86% of colleagues took part in our Great Place to Work®
(GPTW) survey and engagement rose by one point to 83%. We are
proud to be recognised as one of the World’s Best Workplaces™ for
the second consecutive year, maintaining our number 14 position
globally in the 2025 ranking by Fortune and GPTW. In FY26, we also
achieved GPTW certification in 26 countries and garnered further
external awards and accreditations.
Supporting mental health and wellbeing
We strive to create an open and supportive culture around mental
health through our global approach to Mental Health and Wellbeing.
Since FY22, our Great Place to Work® Wellbeing Index score has
increased by four percentage points (from 76% to 80% in FY26). In
FY26, 77% of employees agreed that Experian is a psychologically
and emotionally healthy place to work, up five percentage points
from FY22 (72%).
In FY26, 84% of employees surveyed agreed in the Great Place to
Work® survey that Experian genuinely prioritises employee
wellbeing. We provide regionally tailored, holistic support and
deliver global initiatives such as our fifth annual Your Mind Matters
campaign. More than 50 wellbeing-focused events were held across
regions, with strong participant feedback. The campaign also led to
a significant increase in visits to our Global Wellbeing Hub, with
traffic more than tripling to over 7,800 visits, connecting more
colleagues to the support available to them.
We also have a community of certified Mental Health First Aiders
(MHFAs), who help to reduce mental health stigma and support
our people to access the right help at the right time. In FY26, we
met our target of maintaining 1% of employees trained as MHFAs.
Fostering belonging
We strive to create an inclusive workplace and foster a culture
of belonging through implementation of our global inclusion
and belonging strategy. In FY26, we achieved a score of 82%
in the GPTW Global Inclusion Index and 87% of our people agreed
they can be themselves at work, both up one point from FY25.
You can see how we’re bringing our ‘people first’ culture to life
on pages 52-53.
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.
Corporate governance report
continued
93
Experian plc
Annual Report 2026
Governance
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™ 2025 by Fortune and
Great Place to Work®, ranking 14th for the second consecutive year.
• In September 2025, the Board spent two days in Washington, DC, USA, and held Board and committee meetings during the
visit, met colleagues and reviewed the North America regional strategy with management. The Board also received updates
on Experian North America Health, Marketing Services and Innovation Lab. Board members also received and discussed a
detailed Government and Regulatory Affairs update. In January 2026, the Board held two-day strategy sessions with the Group
Operating Committee and senior leaders at our corporate headquarters in Dublin, Ireland. The Board also spent two days at our
North America operational headquarters in Costa Mesa, California, USA, in March 2026, where it received a recap of the North
America regional and business strategy and was able to engage with colleagues and senior regional management. The Board
also received updates on the Group’s AI strategy and the Experian North America Consumer Services, Financial Services and
Data Commercialisation, and Automotive businesses.
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 107). 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 2026, and provided an update to the
Board in March 2026. 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.
• The Committee reviewed and approved the Director’s Remuneration Policy.
Nomination
and Corporate
Governance
Committee
• In January 2026, the Nomination and Corporate Governance Committee considered our annual Global People Strategy including
culture. Our Chief People Officer and 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 and brand; achievements since FY22 that
have led to Experian becoming one of the 25 World’s Best Workplaces™ for the second consecutive year; the factors influencing
our Future People Strategy; and our culture and key commitments for FY27. They also updated the Committee on inclusion and
belonging.
Ways the Board monitors and assesses culture, and ensures the desired culture has been embedded
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 how the desired culture has been embedded, and are
included below.
Highlights
86
%
of our people feel connected
to Experian’s purpose
87
%
of our people feel that they can
be themselves at Experian
81
%
of our people feel connected
to Experian’s culture
89
%
of our people are proud to tell
others they work at Experian
Experian plc
Governance
94
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
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 with a value up to US$20m.
Nomination
and Corporate
Governance
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 executive management team. Its meetings tend
to be issues oriented and focus on selected Group matters.
Risk management committees
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
Group Reporting and Assurance Committee (GRAC)
is a sub-committee of the ERMC. Its primary responsibility is
reviewing and evaluating the effectiveness of all controls and procedures in scope of Group Risk and Internal Controls over
Financial Reporting and Non-Financial Reporting, including Sustainability.
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 sustainability strategy.
Global and Regional Strategic Project Committees
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/
principal subsidiaries, which are reported to it at each Board meeting.
Regional matrices are also in place.
Executive committees/functions
See Board
of directors on
pages 85-86
See report on
page XX
See report on
page XX
Audit
Committee
Remuneration
Committee
See report on
page 100
See report on
page 105
See report on
page 113
Corporate governance report
continued
95
Experian plc
Annual Report 2026
Governance
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
• Oversees the Group’s business operations, and ensures the Group has effective operational procedures and controls
• Runs the Group’s business and develops the Group’s strategy and investment programme (including the sustainability
strategy) and overall commercial objectives
• Responsible for the evolution of the Group’s technology and innovation strategy
• Implements, with the executive team, the decisions of the Board, its committees, the principal subsidiaries and principal
operating 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
• 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, Adam
Crozier, Kathleen DeRose,
Caroline Donahue,
Jonathan Howell, Esther
Lee, 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
Experian plc
Governance
96
Code principle
Division of Responsibilities
April 2025
May
June
July
August
September
October
November
December
January
February
March 2026
Investor virtual conferences and meetings
AGM
Remuneration engagement
Sustainability engagement
Wealth roadshow
Results
Roadshows in UK and USA following
the FY25 results announcement
Annual Report
Investor and media relations reports
provided to the Board
Timeline of shareholder engagement
FY
Q1
HY
Q3
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 page 97.
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
– In December 2025, the Chair of the
Remuneration Committee wrote to 40 of our major shareholders and
main proxy advisory bodies. She thanked them for their support for
the Report on directors’ remuneration at the 2025 AGM and outlined a
number of proposed minor changes to the Remuneration Policy, ahead
of the 2026 AGM. The Chair invited feedback on these proposals and held
a number of investor engagement meetings in January 2026, covering
remuneration and other governance topics, to seek shareholders’
views and feedback, prior to finalising the Remuneration Policy.
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, primarily in person.
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. All the directors attended the 2025 AGM, including
the Chair, Chief Executive Officer, Chief Financial Officer, and the Audit,
Remuneration, and Nomination and Corporate Governance Committee
chairs. The 2026 AGM will take place on Wednesday 22 July 2026 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 2025, voting levels at the AGM were 79.64% 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 2025 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.
Corporate governance report
continued
97
Experian plc
Annual Report 2026
Governance
Other stakeholders
Code principle
Division of Responsibilities
Information on Group-wide engagement with key stakeholders is on pages 38-41 in the Strategic report. Board activities regarding key stakeholders,
including engagement, are summarised in the table below. Shareholder engagement has been considered earlier.
Stakeholder
Our clients and
consumers
Responsibility
Board
Relevant activities during FY26
• 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.
Summary of stakeholder views/actions
• 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 10th year in a row.
• The majority of our clients are extremely satisfied with our
account management.
Stakeholder
Our
communities
Responsibility
Board
Relevant activities during FY26
• 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 May 2026.
Summary of stakeholder views/actions
• 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.
• We contribute funding, products (as gifts in kind) and expertise
(through employee volunteering) to benefit the communities where
we operate. In FY26, our contributions totalled US$24m, meeting
our annual goal of 1% of Benchmark profit before tax.
• Experian employees volunteered over 78,000 hours of their time,
within and outside working hours, to help their communities.
• Much of our community investment is channelled through our
United for Financial Health programme of financial education
initiatives and partnerships, which delivered further local impact
and made over 72 million digital connections in FY26.
• We also partnered with the Financial Times to support the Financial
Literacy and Inclusion Campaign in the UK through a donation and
match funding for an appeal that emphasised the importance of
financial education with the slogan ‘knowledge is power’.
• Since 2019, we have reduced Scope 1 and 2 emissions by 90%.
Stakeholder
Our people
Responsibility
Board,
Nomination
and Corporate
Governance
Committee,
Audit
Committee,
Remuneration
Committee
Relevant activities during FY26
• 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 Kathleen DeRose, Remuneration
Committee Chair, who met with the UK and Ireland Experian People
Forum in March 2026.
• Confidential Helpline updates to the Audit Committee.
Summary of stakeholder views/actions
• Taking part in the Great Place to Work® (GPTW) survey globally for
a fifth year in a row, the Group has further improved its scores and
was named one of the World’s Best Workplaces™ 2025 by Fortune
and Great Place to Work
®
for the second consecutive year, ranking
14th. Insights from the survey enabled a focus on simplifying work,
strengthening wellbeing and ensuring everyone has opportunities
to develop via MyCareer, our new AI-powered one-stop shop for
careers and development.
• We gather feedback from colleagues through our annual GPTW survey,
regular pulse surveys, performance check-ins and listening forums,
to identify opportunities to improve 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.
Stakeholder
Our suppliers
Responsibility
Board
Relevant activities during FY26
• 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.
Summary of stakeholder views/actions
• FY27 will see an increase in the pace of automation and usage
of GenAI 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 engage with our key suppliers of software development resource
on a monthly basis. We use these to collaborate with our suppliers
and drive improvements in productivity and quality of code.
• 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
integrated sustainability commitments into contracts of significant
value to ensure that suppliers align with our carbon reduction goals.
• 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 41% of our suppliers have set
science-based targets and an additional 7% have committed to set
targets in the next two years.
Stakeholder
Government
Responsibility
Board, Audit
Committee
Relevant activities during FY26
• 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,
global political and economic outlook, 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.
Summary of stakeholder views/actions
• 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 (FCA) and the US
Consumer Financial Protection Bureau (CFPB).
Experian plc
Governance
98
Code principle
Division of Responsibilities
April 2025
May
June
July
August
September
October
November
December
January
February
March 2026
Board visits to various business sites
UK and Ireland Experian People Forum
All-employee pay and workforce policies review
People, Talent and Culture Board update; people
and sentiment update and people matters reporting
Timeline of workforce engagement
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 considers that the combination of methods described below
provides effective and proportionate engagement, consistent with the
spirit and intent of the Code. 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 97), 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 takes the opportunity to meet and engage with employees
in person 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 61) 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 below,
where Board consideration of a strategic acquisition included a review
of the standing stakeholder impact analysis.
Acquisition of 100% of the equity share capital of KYC Global
Technologies Limited (KYC360)
In September 2025, the Board reviewed, considered, and approved
the acquisition of KYC360, a business based in London, UK and Jersey,
Channel Islands, that offers financial crime compliance solutions across
onboarding and screening to ongoing monitoring and case management.
This acquisition addresses key gaps in Experian’s UK and Ireland
financial crime compliance solution as we have lacked comprehensive
watchlist monitoring and a business onboarding solution. Combining
Experian’s data-driven Anti-Money Laundering (AML) risk flagging with
KYC360’s screening solutions provides a broader and deeper solution.
The Customer Lifecycle Management solution enables customers to
manage risk across the customer lifecycle and, when combined with
Experian’s data, provides unparalleled insight into the true risk of the
customer with actionable automated workflows. KYC360 will expand
Experian’s reach into small and medium-sized enterprises (SMEs)
through its Risk Screen solution, already widely used in professional
services, including accountancy, real estate, legal and money services. It
also extends coverage into trust and family services, asset management,
investment banking, insurance, and offshore banking. KYC360 is also the
first screening provider integrated with Salesforce, which will also unlock
a powerful partnership and distribution channel. Together, KYC360 and
Experian can scale a globally applicable financial crime compliance (FCC)
solution, to enable customers to manage credit, identity, fraud prevention,
and compliance through a single risk strategy. These combined benefits
can accelerate revenue, global adoption, and cross-portfolio pull-through.
Corporate governance report
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Experian plc
Annual Report 2026
Governance
A briefing paper was circulated to the Board ahead of its September
2025 meeting, outlining the strategic rationale for the transaction, as well
as the financial evaluation and deal structure. The CEO Experian UK and
Ireland, attended the Board meeting and presented the business case to
the Board with the Global Head of M&A and the Managing Director Credit
and Verification Services, UK and Ireland. 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 be beneficial to the business
and its customers, as our client roster and investment would improve
their products.
• KYC360 employees would benefit in the uplift to Experian terms
with significant opportunities for personal progression and pay.
• There was no adverse impact on customers or suppliers anticipated
and existing relationships with suppliers were identified as key,
with engagement on a co-ordinated basis.
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 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,
in conjunction with HR or Global Compliance, as appropriate, 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 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 2026.
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.
Kathleen DeRose and Lloyd Pitchford are both non-executive directors
of the London Stock Exchange Group plc. In accordance with Provision
10 of the UK Corporate Governance Code, the Board considered this
cross-directorship when assessing independence and prior to appointing
Kathleen DeRose as Chair of the Remuneration Committee, and
was satisfied that it does not affect her independence of character
and 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
100
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
Adam Crozier*
Kathleen DeRose
Caroline Donahue
Jonathan Howell
Esther Lee
Eduardo Vassimon
* from 12 May 2026
• 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 2024 (the Code) and
each committee member met independence criteria under the Code.
• The Committee met six times during the year ended 31 March 2026.
• The Chief People 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
“We continue to ensure that there are strong
succession pipelines into our senior
leadership roles.”
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 2026. This report outlines how the Committee discharged
the responsibilities delegated to it by the Board, and the key matters
it considered during the year.
The Board believes that the right combination of skills, knowledge and
experience is vital for an effective Board, and we monitored, reviewed
and discussed these themes throughout the year. A significant focus
during the year was Chair succession, and defining the key attributes that
the Board would require, considering Experian’s current opportunities
and challenges, as well as Board composition. Activities included
agreeing a role specification, appointing a search firm, monitoring
progress, reviewing a candidate shortlist, and meeting and evaluating
potential candidates. As announced on 21 April 2026, Adam Crozier joined
the Board as a non-executive director on 12 May 2026 and, subject to
shareholder approval, will assume the role of Chair at the conclusion
of the 2026 Annual General Meeting, at which point I will retire from the
Board. Adam’s appointment reflects the Board’s focus on securing a
Chair with significant public company leadership experience, strong
governance credentials, and the ability to guide complex organisations
through periods of change. He met extensively with the full Board and
was subject to a comprehensive referencing process, with strong
alignment identified in terms of cultural fit and leadership style.
Adam brings relevant experience across sectors aligned to Experian’s
business, including technology.
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. Another
focus of the Committee during the year was non-executive director
succession to consider suitable candidates to fill current and upcoming
planned vacancies. Kathleen DeRose was appointed Chair of the
Remuneration Committee, succeeding Louise Pentland, who stepped
down from the Board at the Annual General Meeting in July 2025.
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.
In November 2025, the Committee considered an update on the structure,
size and composition of the Board and its committees, to ensure critical
skills and experience are appropriately refreshed. Specifically, the
Committee reviewed recent Board changes, any skills gaps, and the
current Board composition (and Board members’ expertise, diversity
and tenure) to allow for smooth succession planning. The Committee also
maintained its focus on the executive talent pool and senior management
succession plans, reflecting the Board’s responsibility to ensure
appropriate plans are in place.
As a Committee we continue to ensure that the 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 diversity in the broadest sense, including gender and ethnicity. As part
of the Board’s succession planning, we reviewed the overall skill sets of
the Board, Board tenure and how the Board works together as a team.
A core philosophy at Experian is that inclusion and belonging are essential
to our purpose and to creating a better tomorrow. We must ensure that
our global inclusion and belonging strategy continues to connect with, and
support, the needs of the regions where we do business, with a focus on
three core areas: people, clients and consumers, and the communities in
which we live and work. This deep commitment to inclusion and belonging
is entrenched throughout Experian. In January 2026, 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 FY27 from our Chief People Officer and our Chief
Inclusion, Belonging and Talent Acquisition Officer. Culture is what holds
our organisation together and the Committee recognises that strong steps
have been taken over the years to maintain, strengthen and embed that
culture. We have Group Operating Committee sponsors for key areas
that we focus on globally. These sponsorship roles are in addition to
local sponsorship programmes and initiatives. During the year, Experian’s
inaugural Vision Awards recognised the achievements of organisations
that accelerate action, leverage AI, innovation and financial empowerment
to drive opportunities and create actionable change for consumers,
businesses and society. Experian was awarded the Out & Equal (O&E)
Outie Award for Workplace Excellence & Belonging, O&E’s most
prestigious global honour for LGBTQ+ inclusion. Experian maintains strong
commitment to inclusion and belonging and leads with resilience, inclusion
and innovation. We will continually integrate inclusion and belonging into
all aspects of our business priorities.
This year, we conducted an external Board performance review
(recommended at least every three years in the Code). In July 2025,
we agreed the timing and approach of the FY26 external Board
performance review and in September 2025 appointed the external
performance reviewer, Manchester Square Partners (MSP), following
a competitive tender process. MSP had undertaken the FY20 and FY23
external evaluations and this appointment provided a good level of
continuity for the FY26 external performance review. You can read
more about the process and outcomes on pages 103-104.
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 2026.
101
Experian plc
Annual Report 2026
Code principle
Composition, Succession and Evaluation
Governance
Committee activities during the year
May 2025
• Discussed and considered the proposed Board areas of focus for FY26.
• Received a Chair succession update.
November 2025
• 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).
• Recommended to the Board the re-appointment of Caroline Donahue as an
independent non-executive director until the 2026 Annual General Meeting.
• Received a Chair succession and non-executive director search update.
• Reviewed the Committee’s terms of reference and recommended to the
Board one minor change.
• Reviewed the Committee’s performance during the year against its terms
of reference and concluded it was operating effectively.
March 2026
• Considered Board succession and recommended to the
Board the directors to be considered for election and
re-election at the 2026 AGM.
• Received a Chair succession and non-executive director
search update.
• Considered the annual company law and governance update.
• Recommended to the Board the proposed areas of focus
for FY27.
• Recommended the appointment of an independent
non-executive director and Chair Designate to the Board.
January 2026
• Reviewed and discussed a detailed Global People Strategy
update including talent, succession and culture (see page 93).
• As part of the above, received a detailed update on inclusion
and belonging, outlining the Experian philosophy, approach
and plans.
• Discussed the findings of the MSP Board performance review
including the focus areas agreed for FY27 (see page 104).
Received a Chair succession and non-executive director
search update.
July 2025
• 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.
• Received a Chair succession update.
• Approved the role specification for a non-executive director
search which Spencer Stuart had been appointed to
undertake.
• Recommended to the Board the appointment of Kathleen
DeRose as Remuneration Committee Chair.
• Noted that a tender process was underway to select the
facilitator for the FY26 external Board performance review,
and the timing and approach for that review.
September 2025
• Recommended to the Board the re-appointment of Kathleen
DeRose as an independent non-executive director.
• Received a Chair succession and non-executive director
search update.
• Reviewed and approved the proposal to appoint Manchester
Square Partners as the external facilitator of the FY26 Board
performance review.
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.
Experian plc
Governance
102
Code principle
Composition, Succession and Evaluation
The detailed induction programme for Eduardo is set out below.
Key business/operations topics covered
Presenters
Experian Software Services Overview and Ascend Demonstration
Chief Executive Officer, Technology, Software Solutions, and Innovation
Group Chief Technology Officer and President, Experian Software Solutions
Experian Consumer Services Global Overview
Chief Executive Officer, North America
North America Overview
Chief Executive Officer, North America
UK and Ireland Overview
Chief Executive Officer, UK and Ireland
Latin America Overview and visit to Innovation Lab
Chief Executive Officer, Latin America and Director, Innovation Lab
EMEA and Asia Pacific Overview
Chief Executive Officer, EMEA and Asia Pacific
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
UKLR, and in due course
a tailored induction
programme is provided
to the appointee
Process for Board appointments
Board composition
As at 31 March 2026, the Board comprised the independent Chair,
Mike Rogers, two executive directors and six independent non-executive
directors, including the Senior Independent Director, Alison Brittain.
Kathleen DeRose 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. The Committee engaged
Spencer Stuart as the external search consultancy for the recruitment of
the new Chair and a non-executive director. Spencer Stuart has provided,
and continues to provide, other executive recruitment and evaluation
services to the Group. The Committee was satisfied that these services
did not compromise Spencer Stuart’s independence in relation to the Chair
and non-executive director searches, and that appropriate safeguards
were in place. The Committee continued to conclude that there should
be a focus on diversity, recruitment of non-executive directors with
recent executive experience, and geographic and relevant sectoral
representation. As previously mentioned, a focus of the Committee during
the year was Chair and non-executive director succession, ensuring that
there were strong candidates identified to succeed Mike Rogers as Chair,
who will retire from the Board at the Annual General Meeting in July 2026
and current and upcoming non-executive director vacancies. As with all
Board appointments, the Committee recognises the continued importance
of culture, fit and international experience when assessing potential
candidates for the Board.
Induction and training
The Company has procedures to ensure newly appointed directors
receive full, formal and tailored induction. The programme consists
of meetings and main operating site visits as appropriate. 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 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.
On 1 March 2025, Eduardo Vassimon joined the Board as an independent
non-executive director. His induction sessions were held from May to
August 2025, with follow-on ad hoc meetings as requested. All sessions
were held with the relevant business or regional leader (for Business/
Operations updates) and relevant functional executive for the Corporate/
Governance updates. Pre-reading/viewing material was made available,
including Group strategy presentations. The induction programme is
reviewed regularly to take account of directors’ feedback.
In May 2025, as part of his induction Eduardo visited the Experian
Latin America Innovation Lab where he received presentations and
demonstrations from senior management on innovation strategy
and ambition which gave Eduardo an opportunity to gain a deeper
understanding of our culture and to engage with our people in
the business.
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:
• Audit Committee training on UK corporate reform and compliance.
• Annual training on AI regulation, potential impacts on Experian and
actions being taken by Experian to ensure readiness.
• An update to the Nomination and Corporate Governance Committee
on UK corporate governance.
• An external update was reviewed and considered by the Remuneration
Committee on trends in remuneration and corporate governance.
Nomination and Corporate Governance Committee report
continued
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Code principle
Composition, Succession and Evaluation
Governance
Key corporate/governance topics covered
Presenters
Financial Overview, Budget and Capital Strategy
Chief Financial Officer
Strategic Planning, Competition and Corporate Development
Chief Strategy and Investment Officer and Global Head of Mergers and Acquisitions
Corporate Governance
Company Secretary and external legal counsel
Sustainability
Company Secretary and Chief Sustainability Officer
Talent, People, Reward
Chief People Officer
Investor Relations, Communications and Brand
Chief Communications Officer
Legal, Government Affairs and Compliance
Group General Counsel
Group Risk
Group Chief Risk Officer
Technology
Group Chief Technology Officer
Information Security
Global Chief Information Security Officer
Global Internal Audit
Head of Global Internal Audit
External Audit
KPMG LLP
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 and commitment 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 Kathleen DeRose
is Chair of the Remuneration Committee. Both positions are regarded as
senior Board roles within Experian, and the Senior Independent Director
role is regarded as a senior board position for the purposes of the FCA’s
diversity and governance disclosure requirements. Further details on
Board diversity, including gender and ethnic representation in line
with FCA requirements, are set out on page 87.
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 described 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.
Board committee and director performance review
The Code specifies that the Board should undertake a formal
and rigorous annual review of its own performance and that of its
committees, the Chair and individual directors, and that the Board
should also have an externally facilitated performance review at
least once every three years.
FY26 marked the externally facilitated Board performance review for
the current three-year evaluation cycle, in line with the Code requirement
for an external evaluation at least every three years. The external
performance review was facilitated by Manchester Square Partners
(MSP), which has no material relationship with the Group and whose
independence was reviewed and confirmed by the Committee to provide
the Board with greater insights into its performance and to identify
opportunities to further increase and improve its overall effectiveness.
In September 2025, the Committee approved the appointment of MSP
as the external facilitator for the FY26 Board performance evaluation
following a competitive tender process, which included a review of
written submissions and meetings with shortlisted firms. MSP was
selected as its proposal best met the Company’s requirements, offering
continuity and strong contextual understanding of the organisation,
while maintaining independence.
MSP held meetings with the Chair and the Company Secretary to agree
the scope and relevant topics for consideration, and reviewed Board and
committee meeting papers for the previous 12 months. A principal from
MSP then observed the Board and certain Committee meetings in
November 2025, to gain further insight into Board members’ interactions
and Board and Committee performance. Board members were sent a
Year 1 – FY26
Performance review by
external facilitator
Year 3 – FY28
Questionnaire-based internal
evaluation
Year 2 – FY27
Internal review against detailed
Year 1 review
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Code principle
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Area
Focus
Progress
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.
During the year the Committee spent a considerable amount
of its time overseeing the Chair succession process and
progress and the non-executive director search. Significant
time was also spent by the Committee reviewing the people
strategy, executive succession and talent development, to help
to identify strengths and development needs through a talent
map and monitor executive succession appropriately.
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.
During the year, the Board continued to receive regular
briefings to support its strategic learning and insights. This
included discussion of technology and artificial intelligence
at Board meetings and strategic business updates, and Audit
Committee training on artificial intelligence regulation. The
Board and its Committees also received updates on the
geopolitical, competition and wider regulatory environments,
alongside market developments, performance relative to
peers along with external updates.
Area
Focus
Ongoing training for
non-executive directors on
topics of highest priority
The Board welcomes the regular strategic deep dives it receives from the different business units throughout the year. The Board
intends to continue to facilitate these with special attention this year being given to topics that are of the highest priority and offer
increased opportunities (especially for newer NEDs) for further interaction with the business between meetings.
Longer-term vision and
strategy refresh, with the
new Chair
Following a settling-in period for the new Chair, the Board will seek to plan and initiate discussions on the Group’s longer-term
vision and strategy, aligned with the Board’s annual calendar.
Progress against the focus areas highlighted in the FY25 review
FY27 focus areas agreed following the FY26 review
briefing note, including an outline of the interview framework, ahead
of individual meetings, lasting about two hours in each case, with MSP
in November and December 2025.
Following the above, the Chair and then the Chair and Company
Secretary met with MSP to review and discuss the findings. A
performance review was prepared and presented to the Board by MSP
at the January 2026 Board meeting. The report included details of the
context of the review, summary observations and details of each area
reviewed, which included strategy development and review and strategic
priorities, operational challenges, perceived risks and risk management,
relations with stakeholders, talent management, leadership development
and succession planning, the Board’s role and dynamics, Board
composition, succession and engagement, and culture, values and
purpose. While the report noted that there were no immediate
experience gaps on the Board, future non-executive director recruitment
and Chair succession would continue to focus on the wider diversity of
the Board, cultural fit, strength of voice and seniority of experience.
The FY27 focus areas agreed by the Board, taking account of the specific
outputs of the evaluation process, appear on the page below, and an
update of progress against the areas of focus the Board agreed as
part of the previous year’s evaluation is also provided. Follow-up to
the key potential action points noted in the report was discussed by the
Nomination and Corporate Governance Committee at its March 2026
meeting. Overall, the conclusion of the performance review was that the
Board continues to operate effectively, with strong governance practices
and clear areas identified for ongoing development. Directors expressed
strong engagement with the Board’s work and a constructive and effective
boardroom culture. They recognise the challenges faced by Experian
strategically, operationally and financially through the next stage of its
development. There is broad alignment on what the Board needs to do,
and continue to do, to be even more effective going forward. In addition to
the formal external performance review, the directors each met the Chair
to discuss their performance and any development needs. The Senior
Independent Director evaluated the Chair, considering input from other
directors. A performance review discussion was included on the agendas
of principal Board committee meetings in FY26, supported by an analysis
of how each committee was performing against the key duties and
responsibilities in its terms of reference.
Nomination and Corporate Governance Committee report
continued
Audit Committee report
Jonathan Howell (Chair)
Alison Brittain
Kathleen DeRose
Caroline Donahue
Esther Lee
Eduardo Vassimon
• 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. He is
an independent non-executive director and Chair of the Audit Committee
at Whitbread plc. Jonathan has previously held a number of senior finance
roles, most recently as the Chief Financial Officer of The Sage Group plc
until 31 December 2025, and prior to that as Group Chief Financial Officer
of Close Brothers Group plc and Group Chief Financial Officer at London
Stock Exchange Group plc. He also previously served as an independent
non-executive director and Chair of the Audit and Risk Committee of The
Sage Group plc. Eduardo Vassimon also has relevant financial experience
having previously held senior finance roles, including Chief Executive
Officer of Banco Itaú BBA, Group Chief Financial Officer and Group Chief
Risk Officer at the Wholesale Bank. Eduardo also previously chaired the
Risk and Financial Committee at B3, and the Nomination and Corporate
Governance Committee of TOTVS S.A.
• The FRC’s UK Corporate Governance Code 2024 (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.
Members
Composition and experience
“The Committee maintained rigorous oversight of the
integrity of the Group’s financial reporting and audit,
alongside continued focus on risk management,
internal controls, cybersecurity and compliance.
This also includes preparation for enhanced internal
controls expectations under the UK Corporate
Governance Code.”
Jonathan Howell
Chair of the Audit Committee
I am pleased to present the report of the Audit Committee for the year
ended 31 March 2026. 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 particularly dynamic year for the
Committee, which remains an integral part of Experian’s overall
governance framework. During the year, the Committee maintained its
focus on the integrity of the Group’s financial reporting, the effectiveness
of internal controls, and the continued strengthening of the Group’s risk
management arrangements, while responding to changes in the external
environment and evolving regulatory expectations.
Included in this report are the Committee’s principal areas of focus during
the year, reflecting its oversight of changes in the Group’s operational risk
environment and its consideration of emerging risks. The Committee
devoted significant time to cybersecurity and information security
matters, including the effectiveness of controls, resilience, threat actor
developments and identity and access management, recognising the
critical role these play in protecting the Group’s operations and data.
The Committee also considered the Group’s use of AI, including related
regulatory and compliance developments, as part of its broader oversight
of risk and governance. Alongside this, the Committee received regular
updates from the second line of defence functions on risk management,
compliance and fraud, and considered developments in the
macroeconomic and geopolitical environment and their potential impact
on the Group. The report describes how the Committee evaluated the
effectiveness of the Internal Audit function and the external auditor. It also
summarises the Committee’s oversight of the external audit plan and its
delivery, the significant accounting and reporting matters considered in
relation to the financial statements and how these were addressed, and
the Committee’s conclusion and recommendation to the Board that the
2026 Annual Report was fair, balanced and understandable.
Committee meetings
The Committee met four times during the year. The meetings were
scheduled to coincide with key dates in the Group’s financial reporting
and audit cycle.
Regular attendees at meetings during the year included the Chair,
the executive directors, the Company Secretary, the Deputy Company
Secretary, 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.
After all meetings, 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.
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 2026.
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Code principle
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Governance
Audit Committee report
continued
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 2025. The Committee operates
in accordance with the Code and the FRC’s Audit Committees and the
External Audit: Minimum Standard.
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
cybersecurity risks, and compliance matters.
• Providing oversight of the assurance, monitoring, and review
(as appropriate) of relevant sustainability and other non-financial
metrics or reporting.
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 UK Corporate Governance Code:
Published in January 2024, the
most notable change from the 2018 Code 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 the completion of the Group’s
‘dry run’ programme, which has established key elements to successfully
support its monitoring and review of the Group’s material controls.
Second Line of Defence Strategic Plan:
At its September 2025 meeting,
the Committee reviewed the annual update on progress for the Second
Line of Defence Strategic Plan. This includes updates from Group Risk
Management, the Global Security Office and Global Compliance. The Plan
features an annual self-assessment of maturity progress and a rotating
external validation programme. A third-party adviser recently completed
an external maturity assessment of cybersecurity, confirming to the
Committee that Experian continues to operate a mature framework,
benchmarked within the range of peer organisations. Following the
successful three-year implementation of the current Second Line of
Defence Strategic Plan, the Committee now considers that significant
progress has been made, with an established ongoing rhythm of
continuous improvement being embedded. The Group will now target
and further refine its risk management focus in addressing the most
significant risks facing the Group at a sub-category level, continuing to
regularly assess progress on maturity both internally and externally.
Cybersecurity
:
Throughout the year, the Committee maintained oversight
of the Group’s cybersecurity control environment and risk reduction
activity, supported by external assurance
.
The Committee also received
deep-dive updates during the year on Identity and Access Management
and the Group’s Cyber Fusion capabilities. The cybersecurity metrics
reported to the Board were expanded, covering all six functions of the
National Institute of Standards and Technology Cybersecurity Framework
as part of our continuous drive for visibility and measurement in alignment
with the Group’s Risk Management Framework.
Artificial Intelligence (AI):
The Committee increased its focus on the
Group’s use of AI, and received compliance training and updates on AI
regulation, reflecting the evolving regulatory landscape and legislative
responses in key jurisdictions.
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 a cybersecurity 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, cybersecurity 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.
In February 2026, the Financial Reporting Council’s Corporate Reporting Review team concluded a review of the Company’s interim report for the period
ended 30 September 2025 and raised no questions or queries. The FRC review was based solely on the interim report and did not benefit from detailed
knowledge of the business or an understanding of the underlying transactions entered into. It was, however, conducted by staff of the FRC who have
an understanding of the relevant legal and accounting framework. The FRC advised that the review provides no assurance that the interim report was
correct in all material respects; the FRC’s role was not to verify the information provided to it but to consider compliance with reporting requirements.
The FRC (which includes its officers, employees and agents) accepts no liability for reliance on it by Experian or any third party, including but not limited
to investors and shareholders.
The following tables set out a summary of the Committee’s key activities, and the associated timings, in more detail.
Activities during the year
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Committee activities – specific meetings
September 2025
• Reviewed and discussed second line of defence updates.
• Reviewed the FY26 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 110).
• Evaluated the performance of Global Internal Audit (see page 110).
• 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 AI regulation.
• Reviewed and approved an update to the non-audit services policy,
ensuring alignment with the FRC’s Ethical Standard.
November 2025
• 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 internal audit, risk management, and the Group
Control Frameworks.
• Received an update on UK corporate reform (including material
controls).
• Reviewed the non-audit fees to external auditors.
March 2026
• Reviewed and approved the Global Internal Audit strategy and
annual plan.
• Reviewed and approved the Group’s Tax Policy, non-audit services
policy and the Group’s overall audit fee.
• Received a Confidential Helpline and Whistleblowing update.
• Reviewed an update on the Group’s fraud risk management strategy
and operational activity (including prevention and detection).
• Considered the re-appointment of the external auditor for FY27.
• Reviewed the Group Risk Appetite Statements.
• Received an update on UK corporate reform (including
material controls).
May 2026
• 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 109)
– the making of management representations.
• Reviewed the 2026 Annual Report.
• Reviewed the Enterprise Risk Management Framework and Summary
of Assurance.
• Approved the Statement on Internal Controls and Risk Management.
• Reviewed the non-audit fees to external auditors.
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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
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.
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 and competitive environment
were appropriately captured. The potential for AI
opportunities or disruption was a key focus when
assessing the assumptions. The Committee
acknowledged the use of external sources to
support and corroborate management’s inputs.
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.
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 2026.
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.
Acquisitions
The Group has completed three material
acquisitions during the year, including the
acquisitions of the entire share capital of
ClearSale S.A. (ClearSale) for US$374m,
AtData, LLC. (AtData) for US$225m, and
KYC360 Global Technologies Limited
(KYC360) for US$114m.
The size of the consideration paid for these
acquisitions means 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 ClearSale, AtData, and
KYC360. 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
ClearSale, AtData and KYC360 were appropriate.
The Committee concurred with management’s
proposed acquisition accounting for these
transactions.
See note 41
to the Group
financial
statements.
Significant accounting and reporting matters
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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 2026, substantial progress has
been made in completing the final stages of
our technology transformation and cloud
migration, including the realignment of
staff resources to our new technology
architecture and the acceleration of the
shift to our global development centres
to enhance productivity.
For the year ended 31 March 2026,
expenses of US$28m (2025: US$50m)
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.
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).
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,
were reviewed and challenged. This included
consideration of potential changes to the
competitive environment and trading performance.
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 pages
79-80 for the
Group’s going
concern and
viability
statements.
Fair, balanced and understandable
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
2026 Committee meeting. The external auditor also attended the FBU
meeting to challenge the assessment.
• In advance of its May 2026 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.
Whistleblowing arrangements, Confidential Helpline and
fraud management
At its September 2025 and March 2026 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, cybersecurity threats, harassment or bullying, criminal
activity, modern slavery and fraud. At the meetings, the Committee
received reports from Global 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 and the Committee noted the operational
response to increased investigative demand and the actions taken to
address misdirected consumer issues. 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.
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Experian plc
Annual Report 2026
Code principle
Audit, Risk and Internal Control
Governance
Audit Committee report
continued
Cybersecurity
At each meeting during the year, the Committee reviewed a cybersecurity
update and discussed it in detail. This report provides a summary of the
key cybersecurity threats and risks the Group faces, the key programmes
and improvements to reduce risk and improve maturity as part of
Experian’s cybersecurity strategy, updates on cybersecurity capabilities
and engagement, and developments in threat actor sophistication and AI.
The Group’s cybersecurity strategy and capability are measured on a
globally recognised standard – the US National Institute of Standards
and Technology (NIST) framework. This provides an understanding of
cybersecurity risks and the development of customised measures to
assess the effectiveness of the Group’s risk management and internal
control systems. At its September 2025 meeting, the Committee
discussed key strategic programme changes to modernise cybersecurity
capabilities in light of the increasing volume and speed of cyber attacks,
the introduction of an enhanced NIST-aligned scorecard and an
assessment of the maturity of the Cybersecurity Programme by a
third-party provider. In addition, enhanced training and simulation
exercises and controls, alongside employee awareness campaigns
to address escalating social engineering threats, were discussed.
Global compliance
At its September 2025 meeting, the Committee reviewed and discussed
the progress of the Global Compliance function and its strategy. Trends
seen in the volume of regulatory change relating to privacy and AI were
noted as well as the ongoing focus on technology enablement to secure
performance and maintain maturity of core compliance activities.
The Committee was updated on the implementation of the Compliance
Management Programme (CMP), with progress noted against key
activities, including the implementation of an enterprise-wide system
for the management of regulatory change. This provided the Committee
with an update on the forward plan, in advance of the planned external
re-assessment in FY27.
The Committee received annual compliance training on AI regulation
and was briefed on legislator responses in key jurisdictions to the
advancement in AI capabilities.
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 appointment,
remuneration and removal of the Head of Global Internal Audit is approved
by the Committee or Committee Chair. 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 2026, the Committee reviewed and approved the Global Internal
Audit strategy and plan for the year, reviewed various Group policies, and
reviewed the Confidential Helpline and Whistleblowing updates.
Each September, Global Internal Audit (GIA) updates the Committee on key
elements of the 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. Global Internal Audit:
• continued to work with the other governance functions in developing
the Group’s risk framework model
• identified standardisation, embedding of technology and increased risk
awareness as central themes involved in the improvement of resiliency
within the profile of specific regions, as a component of the audit
observation
• provided reassurance that the independence of the function would
remain preserved due to the ceiling cap on GIA advisory hours in
conjunction with the designation of a separate team to perform
any subsequent audit of the work
• performed a self evaluation which confirmed the continued alignment
of GIA high standards with the International Standards for the
Professional Practice of Internal Auditing, and independent
effectiveness and professionalism
• reviewed an update on fraud identification and management and the
Group Risk Appetite Statements
• received professional knowledge updates and informational briefings
on audit and UK corporate reform, and non-financial (including
sustainability) reporting from the external auditor.
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.
In line with the Chartered Institute of Internal Auditors’ (IIA) Code of
Practice, and the Code, the effectiveness of GIA is reviewed by the
Committee every year and is also subject to a four-year external quality
assessment (EQA), with the next scheduled for FY27 which will be
presented at the September 2026 meeting. The EQA will also include
an independent review of the Whistleblowing channel and practices.
Effectiveness, audit quality, independence and appointment
At its September 2025 meeting, the Committee reviewed and discussed
KPMG’s audit strategy for the year ended 31 March 2026. In March 2026,
the Committee received 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
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 was conducted in line with the FRC’s Audit Committees
and the External Audit: Minimum Standard 2023 and, for the Board
and senior management evaluation, drew on the four key areas used in
the FRC’s 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.
Experian plc
Governance
110
Code principle
Audit, Risk and Internal Control
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.
Audit Quality Review (AQR)
– In July 2025, the FRC published its
2024/2025 inspection result for KPMG and other large firms (covering
audit largely for years ending June 2023 to May 2024). 90% of KPMG AQR
inspections were rated ‘good’ or ‘limited improvement required’, and
100% of Quality Assurance Department (QAD) inspections were rated
‘good’ or ‘generally acceptable’.
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 under Non-audit services policy, opposite.
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 2026 is set out in note 14 to the
Group financial statements.
The Committee reviews the policy on the provision of non-audit services
and recruitment of former auditor employees at least annually, and the
latest review took place in March 2026. 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, in advance, 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 Chief Financial Officer. Where
the expected fees are over US$100,000 and up to US$350,000 the
approval of the Chair of the Audit Committee is required in advance.
Where the expected fees are over US$350,000, the approval, in advance,
of the Audit Committee is required.
Total cumulative annual non-audit fees are capped at, and must not
exceed, 70% of the average audit fees paid over the previous three
consecutive financial years, which is aligned with the FRC ethical
guidance. All expenditure is subject to a tender process, unless express
permission is provided by the Audit Committee, Chair of the Audit
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 is 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 the approval
of the Chair of the Audit 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.
111
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Annual Report 2026
Code principle
Audit, Risk and Internal Control
Governance
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 2025 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 70. 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 –
Provision 29
The Committee was briefed on the Group’s continued 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 ‘dry run’
programme, which has established key elements to successfully
support its monitoring and review of the Group’s material controls
across all three lines of defence. This includes:
• Establishing a new governance committee (Group Reporting and
Assurance Committee – GRAC) to oversee the Group’s reporting
and assurance activities.
• Formalising the end-to-end framework for material controls,
incorporating an agreed definition of material controls and clearly
defining the population within scope.
• Further developing and enhancing existing First Line of Defence
management attestation and assessment processes, increasing
accountability through clarifying ownership, roles and broader
responsibilities.
• Embedding a Second Line of Defence assurance programme including
scoping and testing methodologies to provide assurance over the
material controls.
• Additional oversight of the programme with various elements subject
to the independent and objective oversight of Global Internal Audit.
• Refining the Group’s internal risk and control reporting processes
to further support robust decision-making.
Further work will take place into FY27 to address any lessons
learned from the ‘dry run’ programme and continue to meet the
preparedness expectations of the Committee and the Group’s
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 risk management and internal control 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.
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 2026,
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 70-71.
Committee performance review
The Committee’s performance was reviewed as part of the 2026
external Board Performance Review. Following consideration of the
findings, the Board was satisfied that the Committee was operating
effectively. In addition, at the September 2025 meeting, the Committee
reviewed its activities during the year against its terms of reference.
The Committee also discussed its performance and concluded that
it was operating effectively.
Link to the Committee terms of reference
experianplc.com/about-us/corporate-governance/
board-committees/
Audit Committee report
continued
Experian plc
Governance
112
Code principle
Audit, Risk and Internal Control
Experian plc
Annual Report 2026
113
Governance
Report on directors’ remuneration
Introduction
As the new Chair of the Remuneration Committee (the Committee),
I would like to start by thanking Louise Pentland for the considerable
contribution she made to the Committee during her time as Chair.
I am pleased to report that FY26 was another very strong year for
Experian. Delivering double-digit revenue and Benchmark EBIT growth
is a significant achievement, particularly against the backdrop of a
challenging and uncertain external operating environment. Our ability to
deliver this level of sustained performance is a reflection of the strength
of our business and a testament to both the calibre of our leadership
team and the dedication of our people.
Similar to other organisations with a significant international footprint,
we continue to navigate a range of operational challenges amid an
increasingly uncertain macroeconomic environment. However, the
breadth and diversity of our global portfolio positions us well to manage
these dynamics and continue to deliver against our growth ambitions –
as evidenced by our strong FY26 financial performance. To once again
deliver growth in all our markets, and therefore deliver sustained top-
and bottom-line growth at the overall Group level, demonstrates the
vitality of our business.
FY26 performance
The levels of growth – our main strategic driver – achieved in FY26
demonstrate our ability to meet and exceed the high-performance
ambitions at the heart of our business strategy. We never underestimate
the motivation and dedication required from our global workforce to
consistently deliver year-on-year growth, against very stretching targets.
In FY26, the Group achieved very strong annual financial results:
• Benchmark EBIT growth of 13%
• Revenue performance growth of 11%.
Quick link
experianplc.com/about-us/corporate-governance/
board-committees/
Kathleen DeRose (Chair)
Alison Brittain
Adam Crozier*
Caroline Donahue
* from 12 May 2026
Jonathan Howell
Esther Lee
Mike Rogers
Eduardo Vassimon
Members
Importantly, the three-year financial performance delivered up to FY26
was notably strong:
• 10.4% average increase per annum in adjusted Benchmark earnings
per share (EPS)
• 18.3% average adjusted Return on capital employed (ROCE) over
three years
• US$6.2bn cumulative Benchmark operating cash flow over three years.
While, in the Board’s opinion, the share price at year-end did not reflect
the strength of this performance and continued operational delivery, we
remain confident in both the underlying health of our business and our
growth trajectory and that, in time, these will again be recognised in our
market valuation.
Beyond the achievement of our financial results, the Committee believes
it is important to take a holistic approach to assessing the Group’s
performance. To ensure that the financial outcomes fairly reflect the
Group’s overall performance across both the short and longer term, we
consider a number of broad non-financial measures including, but not
limited to, customer satisfaction, employee engagement, inclusion and
belonging, and our environmental impact. While we do not include these
or any other non-financial metrics in our incentive plans, that does not
diminish their importance. The Board regularly reviews these broader
metrics, which play a key role in the Committee’s assessment of overall
Group performance.
We are very proud of the performance – financial and operational –
delivered in FY26 and we look forward to continuing to build on this
to achieve our ambitions for FY27 and beyond.
Experian’s executive remuneration policy
One of the Committee’s key priorities over the last twelve months
has been undertaking a comprehensive review of the Directors’
Remuneration Policy (the Policy), ahead of its scheduled renewal at the
2026 AGM. Each year, the Committee proactively considers the Policy to
ensure it supports the Group’s strategy and reflects the evolving external
landscape. While we have made enhancements over time, the core
structure of the Policy has remained largely unchanged since 2017,
and the total variable pay available has not changed since the Policy
was first introduced in 2014.
While the variable pay opportunity under our Policy has remained
unchanged since 2014 – coinciding with Brian Cassin’s appointment
as CEO – the size, scale and complexity of our business have increased
significantly over that period. Under Brian’s leadership, Experian has
evolved from a predominantly financial services-focused organisation
to become a FTSE 30 constituent and a global leader in data and
technology, while consistently delivering strong sustained results:
• Experian’s market capitalisation has more than doubled since Brian’s
appointment as CEO, from £10.2bn on 16 July 2014, to £23.4bn at 31
March 2026.
• Our business portfolio has diversified considerably over the last 12
years. The Group increasingly operates in highly competitive global
markets alongside complex, multinational data, analytics and
technology providers. We compete with these organisations both
in serving clients and in attracting and retaining leadership and
specialist talent.
• Over this same time period, Experian has delivered a Total shareholder
return (TSR) of 10.0% per annum, compared to 7.5% per annum by the
FTSE 100 index.
• In 2014, Experian’s revenue was under US$5bn and now it is over
US$8bn.
• Experian’s Benchmark EBIT has risen to over US$2.4bn in 2026.
• In 2026, North America accounted for 67% of Experian’s revenue,
an increase from 50% in 2014.
“On behalf of the Remuneration Committee,
I am pleased to present the Report on
directors’ remuneration following another
strong performance year for the Group.”
Kathleen DeRose
Chair of the Remuneration Committee
Experian plc
Governance
114
Report on directors’ remuneration
continued
Annual performance
Three-year performance
FY26 at a glance
*
At constant exchange rates.
1
From ongoing activities.
2
Headcount as at 31 March 2026: 25,200 (31 March 2025: 23,300).
13
%
Benchmark EBIT growth*
10.4
%
average increase per annum
in adjusted Benchmark EPS
*1
11
%
revenue performance growth*
1
US$
6.2
bn
cumulative Benchmark operating
cash flow over three years*
Increased headcount
2
to
25,200
2026 Policy review and changes
Against this backdrop, the Committee undertook a comprehensive
review of the Policy ahead of its scheduled renewal at the 2026 AGM.
The Committee believes that our core remuneration structure remains
fit for purpose and continues to support the delivery of our long-term
growth strategy. Our Policy plays a key role in enabling us to attract and
retain the best talent globally, particularly as we compete with global
data and technology companies in North America, which now accounts
for 67% of our business.
However, while our core structure remains appropriate, the external
market for executive and senior leadership talent, both in the UK and
the USA, has evolved significantly since 2014. The Committee therefore
believes that certain targeted changes are appropriate to ensure the
Policy remains competitive and fit for our future.
The Policy changes proposed for shareholder approval at the 2026 AGM,
together with the supporting rationale, are set out below:
1. Increase in the CEO’s annual Performance Share Plan (PSP)
opportunity
From 2026, it is proposed the CEO will be granted an annual PSP award
of 300% of salary, an increase of 100% of salary.
The annual bonus and Long-Term Incentive (LTI) opportunities for our
executive directors have remained unchanged since 2014. However, over
that period, Experian has transformed considerably by consistently
delivering on our strategic growth ambitions.
The Committee believes this change will ensure that our Policy continues
to provide a fair and competitive package for the CEO, while ensuring the
overall level of remuneration available continues to be appropriate within
the UK-listed market. Importantly, this change is firmly anchored in our
reward philosophy by further (i) increasing the weighting towards
long-term incentives, (ii) strengthening the link between pay and the
delivery of sustained financial results; and (iii)
aligning the CEO’s pay
with long-term shareholder value.
2. Increase in the CEO’s shareholding guideline
Aligned with the above it is proposed to increase the CEO’s shareholding
guideline from 300% to 400% of salary. The post-employment
shareholding requirement will continue to apply for two years,
consistent with our existing Policy.
The Committee considers a significant personal shareholding to
be fundamental to shareholder alignment. As outlined on page 127,
Brian Cassin already holds shares valued at more than 21 times his
salary, significantly in excess of his current guideline. This level of
personal shareholding demonstrates his existing strong and sustained
alignment with shareholders’ interests.
3. Simplification of the Policy
In response to feedback received during the 2023 Policy renewal,
it is proposed to simplify the Policy by:
(a) Removing the Share Option Plan (SOP)
No awards have been made under the SOP since 2009 and the
Committee has previously confirmed that no further awards would be
made, other than in truly exceptional circumstances such as recruitment.
In such exceptional circumstances, the existing Policy permits grants
of up to 400% of salary. To simplify the Policy and improve transparency,
it is proposed to remove the SOP in its entirety.
(b) Adjusting the exceptional variable pay limits
The existing Policy provides some flexibility to grant higher levels
of variable pay in exceptional circumstances, for example on the
recruitment of a new executive director. The Committee has never
applied this flexibility, but believes it remains an important feature of the
Policy – to ensure that a new executive director can be immediately and
meaningfully aligned with shareholders’ interests from appointment,
rather than waiting for the first Co-Investment Plan (CIP) grant cycle
which occurs following the first award under the annual bonus plan
the executive is eligible for.
For absolute clarity, under the proposed Policy:
• the normal annual PSP limit will increase to 300% of salary for
the CEO and remain at 200% of salary for the CFO;
• the exceptional PSP limit will increase by 200% of salary to 600%
of salary for executive directors (increasing from the existing 400%
limit), applicable only in genuinely exceptional circumstances; and
• the SOP, which currently allows for awards up to 400% of salary
in exceptional circumstances, will be removed entirely.
The Committee believes these changes will simplify and future-proof
the Policy while maintaining our established remuneration framework,
which has been critical in supporting our growth, and reinforcing our
pay-for-performance philosophy.
Shareholder engagement
We have a strong and well-established track record of proactive
engagement with our shareholders, and their views have consistently
informed the evolution of our remuneration framework.
As in previous years, we continue to benefit from open and constructive
two-way dialogue with our major shareholders and key institutional
investor bodies. In December 2025, I wrote to 40 of our largest
shareholders and, in early 2026, I spoke with a number of them directly
regarding the proposed Policy changes. We welcomed the opportunity
to discuss their perspectives, respond to questions and incorporate
their feedback.
During the shareholder consultation, it was clear that shareholders
were supportive of both the existing remuneration framework and the
proposed changes, recognising that these relate to an experienced
leadership team with a proven track record of delivering sustained
performance. As such, no material concerns were raised. The Policy has
been applied consistently since its introduction, including through recent
years of external uncertainty and significant shifts in the executive pay
landscape, which shareholders also viewed positively. The Committee
believes this consistency underscores the strength of the Policy’s
alignment with our long-term strategic objectives.
In the interest of transparency, we have summarised the key themes
raised during consultation, together with our responses, on the
following page.
Experian plc
Annual Report 2026
115
Governance
A:
In determining the appropriate structure
for this change, the Committee was mindful
of three primary factors:
• Our LTIs, including the PSP, directly
support the delivery of sustained long-term
performance and outcomes aligned
with delivering shareholder value.
• The Committee
believes that consistent
incentive structures across our senior
leaders supports both strategic delivery
and talent retention. Around 50 leaders
participate in the CIP and PSP alongside
the CEO and CFO. Adjusting the PSP allows
us to retain this established framework.
• Experian has transformed considerably
by consistently delivering on our strategic
growth ambitions and the Committee wants
to ensure the Policy continues to provide fair
and competitive executive pay, appropriate
within our market context.
It is also important to the Committee that
target ranges for incentives continue to be
challenging/commensurate with the potential
rewards. This is something the Committee
considers very carefully each year, with a
rigorous target-setting and evaluation
process. All NEDs and the Board Chair sit on
the Remuneration Committee, which helps
ensure a broad set of perspectives and robust
challenge throughout the process.
Q: What factors led the Committee to
propose increasing the PSP, and were
alternatives considered to improve the
competitiveness of the CEO’s package?
Q: Brian received a meaningful salary
increase in FY26, and a PSP increase is
proposed under the Policy changes. Can
you provide insight into the Committee’s
approach to the timing of these changes?
Q: Assuming shareholders approve
these changes at the AGM, when will
the CEO receive his first 300% of
salary PSP award?
Q: Can you provide some insight on the
peer groups the Committee considered
when assessing the appropriateness
and competitiveness of executive pay?
Q&A
Stakeholder experience in FY26
Employees
• Experian again named one of the World’s Best Workplaces™ 2025
by Fortune and Great Place to Work®, ranking 14th
• £150 increase to the monthly Sharesave savings limit from 2026
• 2026 launch of MyShare, our new employee share purchase plan,
available to employees in 20 countries
• Flexible working practices
• Continued focus on financial, physical and mental wellbeing. Winner of
the Experience Award for our US Health Matters wellness programme
Investors
• Dividends of USc43.25 and USc21.25 per share paid in July 2025
and February 2026 respectively
• Proactive shareholder consultation
• No shareholder capital raising
• US$725m net share repurchases
Experian Group
• Strategic investments and major acquisitions to support future
growth
• Double-digit Benchmark EPS, Benchmark EBIT and revenue growth
A:
Following the decision not to replace the
former Chief Operating Officer (COO), Brian
assumed direct responsibility for all regional
businesses, representing a significant
expansion of his role. For the avoidance
A:
We anticipate the CEO will receive his normal
annual PSP grant of 200% of salary in June
2026, in line with our existing timetable. Subject
to shareholder approval at the July 2026 AGM,
an additional PSP award of 100% of salary will
be granted as soon as practicable thereafter,
with the number of additional shares
determined by reference to the share
price at that time.
The additional 100% award, if approved, is
intended to replicate the terms of the June
grant, and will be subject to the same
performance conditions, performance period
and holding requirements as outlined on
page 126.
A:
In assessing whether executive pay is
appropriate, the Committee considers pay
relative to two peer groups (i) the
FTSE 30
and (ii) a sector peer group.
As part of the Policy review, the Committee
reviewed the constituents of the sector peer
group, which had not been updated since 2018
and had reduced to seven companies following
Dun & Bradstreet’s acquisition in early 2025.
In considering appropriate peer companies, the
Committee considered a range of stakeholder
views including investors, key institutional
shareholder bodies and senior leaders. Careful
consideration was given to ensuring the peer
group incorporated (i)
companies operating
in relevant industries, with a particular focus
on data analytics, software and platform
companies, (ii) a balanced mix of company
sizes, and (iii) global companies across US,
UK and European markets, to provide a
balanced perspective on pay.
Our updated sector comparator companies
are Equifax, Factset Research, FICO, Gartner,
Intuit, London Stock Exchange Group (LSEG),
Moody’s, MSCI Inc, RELX, S&P Global, Sage
PLC, Thomson Reuters, TransUnion, Verisk
Analytics and Wolters Kluwer.
As a UK-listed company, the FTSE 30 is
our primary benchmark for executive pay.
However, as a global data and technology
company, with North America as both
our largest commercial market (67% of
revenue) and our largest talent market,
it is important that in setting pay levels the
Committee continues to have regard for
international market dynamics, which the
sector peer group provides. The Committee
will continue to monitor both the FTSE 30
and sector peer group to ensure it remains
informed of trends in our key talent markets.
of doubt, this reporting structure remains
unchanged and no COO, or equivalent role, has
been introduced below Board level. As outlined
in last year’s report, the FY26 base salary
increase was considered appropriate to better
align Brian’s salary with market levels and
recognise the increased responsibility.
As also highlighted in last year’s report,
and in our shareholder correspondence,
the Committee has, for some time, monitored
developments in the external market and peer
group practices, noting that market changes
in LTI arrangements in particular have altered
the competitive landscape and, in turn, the
competitiveness of our arrangements. With
this in mind, the Committee determined that
the Policy renewal was the most appropriate
point to undertake a comprehensive review
and implement changes, where appropriate.
In proposing changes to the PSP opportunity
as part of the Policy review, the Committee’s
intention is to ensure the framework remains
fit for purpose and appropriately positioned
for the future. This change has, of course,
been considered in the context of Brian’s base
salary and his overall variable pay structure.
Experian plc
Governance
116
How is our performance reflected in executive pay?
Salary:
Following extensive shareholder consultation, the Committee
approved a 26.2% salary increase for Brian Cassin, effective 1 April 2025.
As disclosed last year, this increase was made with the strong support
of shareholders and reflected (i)
the expansion of Brian’s responsibilities
following Craig Boundy’s departure, (ii)
the increased size and complexity
of the Group since his appointment, and (iii)
evolution of the external
market over that period. Lloyd Pitchford received a 2.7% salary increase,
effective 1 June 2025, set deliberately below the average level awarded
to the wider UK workforce. For FY27, salary increases for both executive
directors are aligned with the rates provided to the wider workforce.
Annual bonus:
The Committee set stretching annual bonus performance
targets that demonstrate our commitment to our pay-for-performance
philosophy. Against a backdrop of macroeconomic uncertainty impacting
many of our major markets, the Committee set a performance range for
FY26 that could only be achieved with double-digit top- and bottom-line
growth aligned to our strategic ambitions.
In FY26, once again all regions delivered Benchmark EBIT and organic
revenue growth. Revenue performance grew by 11% and, coupled with
strong returns on strategic investments, Benchmark EBIT grew by 13%.
As a result of double-digit top- and bottom-line growth, the overall bonus
for FY26 will be paid out at 96% of maximum for each executive director.
Following a review of the Group’s financial performance and
consideration of all our business priorities, including non-financial
factors, 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 on page 120.
Long-term incentives (LTI):
The PSP and CIP awards granted in 2023
will vest on 6 June 2026. In setting the 2023 LTI targets, the Committee
sought to reflect our ambitious growth strategy of achieving sustainable
annual high single-digit growth.
It is very pleasing to see the Group has delivered strong financial
performance for several consecutive years. 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:
• 10.4% average increase per annum in adjusted Benchmark EPS
• US$6.2bn three-year cumulative Benchmark operating cash flow
• 18.3% average adjusted Return on capital employed
• US$429m of value creation through market capitalisation growth
and dividends.
The high-performance levels delivered over this three-year period
underpin the overall outcomes under the PSP, which vested at 75%,
and the CIP, which vested at 100%.
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 concluded that the
formulaic vesting levels appropriately reflect the robust business
outcomes achieved and therefore no adjustments were made to the
2023 LTI outturns.
In line with our remuneration principles, a substantial portion of the
CEO’s single figure value is determined by long-term performance.
For FY26, 49% of the CEO’s single figure value is driven by the LTI plans.
Our people and culture
We continue to place our people at the centre of our strategy. For the
second year in a row, Experian has been recognised by Fortune and
Great Place to Work® as one of the World’s Best Workplaces™. We believe
that great people and an engaged workforce drive innovation and strong,
sustained business performance and we are pleased to have this
global recognition.
The strength of our culture – often cited by employees as a key driver
of engagement and retention – is grounded in The Experian Way: a
consistent, global approach that fosters an inclusive and high-performing
environment where employees can thrive. Maintaining a high-
performance culture built upon agility and innovation has played
a significant role in Experian’s growth.
Supporting, protecting and enabling our employees to be successful is
at the forefront of everything that we do. Our hybrid and flexible working
practices are now well embedded, and we continue to review these
arrangements to ensure they meet the needs of both our people and the
business. Employees consistently tell us that these practices support
their ability to perform at their best, and we believe this has been an
important contributor to the Group’s continued strong performance.
Alongside this, we continue to invest in initiatives that support employee
wellbeing, with a focus on financial, physical and mental health. In FY26,
we continued to place particular emphasis on financial wellbeing as part
of our broader commitment to supporting our people.
Employee share ownership remains an important element of our ‘people
first’ approach, and a key factor in our financial wellbeing toolkit. Our All
Employee Share Plans are available to more than 95% of our global
workforce and provide a simple and low-risk way for employees to share
in the success of the business. During the year, the Committee approved
an increase in the monthly Sharesave savings limit for UK and Ireland
employees, ensuring that the plan continues to provide all employee
groups with a meaningful opportunity to share in the Group’s success.
Our analysis shows that a significant proportion of those saving at the
maximum are junior-level employees who are not eligible to participate
in our LTI plans and the Committee is confident that increasing the
monthly savings limit will support employees across all grade levels.
The Committee maintains a strong focus on the wider workforce when
considering executive remuneration. It receives regular updates on
broader employee pay, benefits, engagement, inclusion and belonging,
to ensure that our approach for executive pay remains aligned with the
broader workforce experience and expectations. We also continue
to engage directly with employees. In March 2026, I met with our UK
and Ireland Experian People Forum (EPF) for the first time and was
impressed by the level of enthusiasm and engagement from all the
attendees. I found the discussions with the EPF to be open, constructive
and insightful, providing valuable insight into workforce perspectives.
Looking forward
Another year of strong financial performance is the ideal springboard for
the next financial year. While we do not underestimate the challenges
that the external environment will undoubtedly bring, we look forward
with confidence and determination to meeting and exceeding the
expectations of a wide variety of stakeholders, and to continuing to
deliver on our strategic growth ambitions.
We continue to value the open and constructive engagement with
shareholders and look forward to continuing this important two-way
discussion over the coming year.
Finally, I would like to acknowledge all our employees for their efforts
and achievements during FY26; and I hope that I have provided some
additional background and helpful context on Experian’s FY26
performance that enables shareholders to support our 2026 Directors’
Remuneration Policy and Annual report on directors’ remuneration at
the 2026 AGM.
Report on directors’ remuneration
continued
Our remuneration policy at a glance
Element |
Key feature |
Link to strategy |
Any proposed changes |
and rationale for FY27 |
|||
Salary and |
Salary is reviewed annually with reference to market |
Set at a level appropriate to secure and retain high- |
No change. |
benefits |
data. Any increases are reflective of those provided to |
calibre individuals needed to deliver the Group’s strategic |
|
our wider workforce. |
priorities and sustained long-term growth. |
||
Pension |
Brian Cassin and Lloyd Pitchford may participate in the |
To provide appropriate retirement savings, at a |
No change. |
UK defined contribution plan and receive a 10% employer |
rate aligned with the wider workforce and local |
||
contribution, or an equivalent cash allowance in lieu of |
market practice. |
||
pension contributions. |
|||
Bonus |
100% of salary at target and 200% at maximum. |
To incentivise delivery of our annual strategic goals. |
No change. |
Mandatory minimum of 50% deferral into Experian |
Deferral into shares balances short- and long-term |
||
shares under the CIP for three years. Executives may |
strategic focus, reinforcing focus on delivering sustained |
||
defer up to 100% of bonus into CIP. |
performance and alignment with shareholder interests. |
||
Co- |
Conditional award of matching shares on the gross |
Personal investment from executive directors ensures |
No change. |
investment |
value of bonus deferred into shares. |
continued, significant long-term alignment with |
|
Plan |
Matching shares granted on a 2-for-1 basis and vest |
shareholder interests. |
|
subject to the achievement of financial performance |
Use of stretch financial metrics incentivises performance |
||
conditions over a three-year period. |
over long-term horizons. |
||
Two-year post-vest holding period applied. |
|||
Performance |
Annual grant of performance shares up to 300% of salary |
Outcome driven by performance against measures |
Increase of 100% |
Share Plan |
for the CEO and 200% of salary for other executive directors. |
directly linked to financial returns and strategic priorities. |
of salary to the PSP |
Shares only vest to the extent performance conditions |
Majority of total remuneration opportunity (CIP and PSP) |
opportunity for the |
|
are met over a three-year period. |
is linked to delivering the Group’s long-term performance. |
CEO. |
|
Two-year post-vest holding period applied. |
|||
Exceptional grant of performance shares up to 600% |
Intended to be used in truly exceptional circumstances |
Increase of 200% |
|
of salary, inclusive of normal limits, may only be made |
only e.g. on recruitment. Provides flexibility to enable an |
of salary from the |
|
in truly exceptional circumstances (e.g. recruitment), |
incoming executive director to be immediately and |
current 400% of |
|
subject to stretching performance conditions. |
meaningfully incentivised in a manner that’s aligned with |
salary limit. |
|
shareholders’ interests from appointment. |
|||
Shareholding |
In-employment shareholding guideline of 400% of salary for |
To preserve and enhance the long-term alignment |
Increase of 100% of |
the CEO and 200% of salary for other executive directors. |
of executive directors with shareholder interests and |
salary to the CEO’s |
|
Two-year post-employment shareholding guidelines |
promote a long-term approach to performance and |
shareholding |
|
equal to the in-employment guideline or, if lower, |
risk management. |
guideline. |
|
actual shareholding at cessation. |
|||
Other |
Removal of the Share Option Plan, which permitted up to 400% of salary to be granted to executive directors in exceptional circumstances, |
||
changes |
simplifying the remuneration framework and reinforcing the focus on performance-based equity aligned to delivering our long-term |
||
strategic objectives. Provision for the delivery of NED fees in either cash or shares, aligned with updated UK Financial Reporting Council (FRC) guidance. |
|||
Brian Cassin
(£’000)
Lloyd Pitchford
(£’000)
Pay scenarios
20,000
10,000
The charts illustrate, for various pay
9,569
18,823
scenarios, the potential future total
1
8,000
74%
77%
remuneration that each executive director
1
6,000
8,000
may realise under the proposed Policy.
7,202
13,982
1
4,000
66%
69%
1
2,000
6,000
Fixed
1
0,000
Annual bonus
8,000
4,000
Long-term incentives
6,376
3,257
6,000
49%
54%
4,000
2,000
22%
17%
20%
15%
890
24%
2,000
1,535
22%
100%
11%
100%
27%
12%
9%
24%
8%
0
0
Target
Target
Fixed
Maximum
Maximum
Fixed
Maximum
Maximum
pay
with 50% share
pay
with 50% shar
e
price increase
price increase
The above charts are prepared on the following basis:
Fixed pay:
includes FY27 base salary, FY27 cash in lieu of pension allowances and assumes a similar value of benefits as FY26.
Target:
includes fixed pay plus the level of performance required to deliver 50% of the maximum annual bonus, and 50% of the maximum PSP and CIP awards respectively, with the CIP matching award
being based on 100% deferral.
Maximum:
includes fixed pay plus the maximum annual bonus payment and full vesting of the CIP and PSP awards, with the CIP matching award being based on 100% deferral of a maximum annual bonus.
Maximum with 50% share price increase:
includes all elements included in maximum and assumes the share price increases 50% above that on the date of grant. The 50% share price increase has been
applied to shares received under the PSP and matching shares awarded under the CIP. Dividend equivalents are excluded from the above scenario models.
Code principle
Experian plc
Governance
Annual Report 2026
Remuneration
117
Experian plc
Code principle
Governance
Remuneration
118
Annual report on directors’ remuneration
continued
Our executive remuneration at a glance
Performance snapshot
%
%
USc
%
%
13
11
179.8
18.3
83
Benchmark EBIT growth*
Revenue performance
Benchmark EPS
Return on capital employed
Employee engagement**
growth*
Achievement | |||
Performance measure | Incentive plan | Outturn | (% of max) |
Benchmark EBIT growth* | Annual bonus | 13% | 100% |
Revenue performance growth* | Annual bonus | 11% | 80% |
Three-year adjusted annual Benchmark EPS growth* | CIP/PSP | 10.4% | 100% |
Three-year cumulative Benchmark operating cash flow* | CIP | US$6.2bn | 100% |
Three-year average adjusted Return on capital employed | PSP | 18.3% | 100% |
Three-year TSR outperformance of FTSE 100 Index | PSP | (30.8)% | 0% |
*
At constant exchange rates.
**
Positive employee engagement as measured in the 2025 Great Place to Work® survey.
As a result of the performance shown above:
Executive director single figure of pay
Incentive awards timelines
’000
Grant
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
0
2,000
4,000
6,000
8,000
Brian Cassin
£8.1m
Annual bonus
Lloyd Pitchford
£4.8m
CIP
Fixed elements of pay:
Variable elements of pay:
PSP
Base salary
Annual bonus
0
2000
4000
6000
8000
Pension and benefits
Share-based incentives: value at grant
Performance period
Share-based incentives: value attributable to share
Holding period
price growth and dividend equivalent payments
Brian Cassin
Lloyd Pitchford
Share ownership
A
ctual holding 21 x salary
A
ctual holding 21 x salary
Guideline
Additional holding
3
18
2
19
As at 31 March 2026 and calculated as outlined on page 127.
Executive director remuneration arrangements for FY27
Our executive pay framework
•
Salary increases
of 2.4% and 2.5% awarded to executive directors
effective 1 June 2026.
•
Pension
contributions for executive directors are aligned with
Revenue growth is a key
the rate provided to the majority of the workforce in the UK.
metric for us and provides
80%
Annual
20%
a quality of earnings
Benchmark
•
Annual bonus
based on Benchmark EBIT (80%) and revenue
Revenue
bonus
balance to the important
EBIT
performance (20%). The maximum opportunity is 200% of
profit focus of Benchmark
base salary. Half of any payout must be invested into the CIP
EBIT.
for three years.
•
CIP awards
will be based on cumulative Benchmark operating
The CIP is designed to
50%
cash flow (50%) and adjusted Benchmark EPS (50%). The maximum
50%
incentivise cash discipline
Cumulative
Adjusted
CIP
award remains a 2:1 match.
while the PSP is designed
Benchmark
Benchmark
to incentivise shareholder
operating
EPS
•
PSP awards
will be based on TSR (25%), adjusted ROCE (25%) and
cash flow
returns.
adjusted Benchmark EPS (50%). Subject to shareholder approval
of the updated Policy, the CEO’s opportunity will increase to 300% of
salary, while the CFO’s opportunity is unchanged at 200% of salary.
25%
However, growth is the
ROCE
single most important
50%
•
Two-year post-vest holding period
applies to both CIP and
Adjusted
aspect of our business
PSP
PSP awards.
Benchmark
strategy and therefore
EPS
adjusted Benchmark EPS
25%
•
Malus and clawback
provisions apply to all incentive awards.
runs across both plans.
TSR
•
Existing in-employment shareholding guidelines
will apply for two
years post-employment. Subject to shareholder approval of the Policy,
the CEO’s share ownership guideline will increase by 100% of salary.
Code principle
Experian plc
Governance
Annual Report 2026
Remuneration
119
This Annual report on directors’ remuneration will be put to shareholders for an advisory vote at the AGM on 22 July 2026. The Remuneration
Committee has prepared this Report 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 UKLR.
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 2026 and 31 March 2025.
Further explanatory information is set out below the table.
Brian Cassin | Lloyd Pitchford | |||
2026 | 2025 | 2026 | 2025 | |
£’000 | £’000 | £’000 | £’000 | |
Fixed pay | ||||
Gross salary | 1,350 | 1,066 | 767 | 750 |
Total fixed pay | 1,350 | 1,066 | 767 | 750 |
Benefits | 14 | 22 | 22 | 26 |
Pension | 135 | 106 | 77 | 75 |
Total fixed remuneration | 1,499 | 1,194 | 866 | 851 |
Performance-related pay | ||||
Annual bonus | 2,592 | 2,132 | 1,472 | 1,500 |
Share-based incentives | ||||
Value delivered through performance 1 | 3,965 | 4,843 | 2,450 | 2,992 |
Value delivered through share price growth and dividends 2 | 34 | 2,463 | 21 | 1,522 |
Total variable remuneration | 6,591 | 9,438 | 3,943 | 6,014 |
Total single figure of remuneration | 8,090 | 10,632 | 4,809 | 6,865 |
1
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. Neither of the executive directors exercised share
options in the years ended 31 March 2026 or 31 March 2025.
2
For the year ended 31 March 2026, 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.
How has the single figure been calculated? (audited)
Salary
Salary increases typically take effect from 1 June. Following extensive shareholder consultation, Brian Cassin’s base salary was increased with effect
from 1 April 2025 and was not eligible for a further review in FY26. The Committee approved a 2.7% increase for Lloyd Pitchford with effect from
1 June 2025.
1 June 2025 | 1 June 2024 | Percentage | |
‘000 | ‘000 | increase | |
Brian Cassin | £1,350 1 | £1,070 | 26.2% |
Lloyd Pitchford | £770 | £750 | 2.7% |
1
Salary increase effective 1 April 2025 and unchanged as at 1 June 2025.
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 FY26 salary review budget for our UK
employees was 3%.
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 in FY26 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 2026, which is consistent with the approach taken in the year ended 31 March 2025. Both executive directors received a cash supplement of
10% of salary in lieu of their pension contributions. In 2026, Brian Cassin received a cash supplement of £135,000 (2025: £106,583), and Lloyd Pitchford
received a cash supplement of £76,667 (2025: £75,000), in lieu of their pension contributions.
No executive director has a prospective right to a defined benefit pension.
Experian plc
Code principle
Governance
Remuneration
120
Annual report on directors’ remuneration
continued
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.20,600)
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 invest half of any annual bonus earned for three years through the CIP, although they may choose to invest more.
This year, both executive directors chose to once again voluntarily invest their full bonus payments into the CIP.
Our executive annual bonus plan is based on 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 Committee meetings during the year:
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.
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.
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 FY26 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 double-digit growth to achieve target 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 FY26 agreed targets.
% growth required | % growth required | |||||
for threshold | % growth required | for maximum | FY26 actual | Annual bonus | ||
Metric | Weighting | payout | for target payout | payout | growth | achievement |
Benchmark EBIT growth | 80% | 8% | 10% | 12% | 13% | 160% |
Revenue performance growth | 20% | 8% | 10% | 12% | 11% | 32%1 |
Total annual bonus achievement as % of target | 192% |
1
Actual revenue performance growth achieved of 11.2%, resulting in a 32% bonus achievement.
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 Group’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.
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The resulting annual bonus outcomes for each executive director (up to a maximum of 200% of salary), for the year ended 31 March 2026, are set out
in the table below.
FY26 Bonus | Bonus payout % | % bonus deferred | |
payout ‘000 | salary | under the CIP | |
Brian Cassin | £2,592 | 192% | 100% |
Lloyd Pitchford | £1,472 | 192% | 100% |
Both of the executive directors have elected to invest their full bonus into Experian shares under the CIP for a three-year period. Invested 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 FY26, these relate to the awards granted on 6 June 2023 and for FY25 they relate to the awards granted
on 8 June 2022. Vesting in 2026 for both the CIP and PSP awards is determined based on performance over the three years ended 31 March 2026,
as well as continued service.
The 2023 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 2023 LTI awards. Our strong financial performance
in each year of the performance period resulted in the formulaic vesting results outlined in the table below. 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 2023.
2023 CIP awards | |||||||
| Vesting 1 | Percentage | ||||||
Performance measure | Weighting | No match | 1:2 match | 1:1 match | 2:1 match | Actual | vesting 2 |
Benchmark earnings per share (average annual growth) | 50% | Below 5% | 5% | 7% | 9% | 10.4% | 50% |
Cumulative Benchmark operating cash flow 3 | 50% | Below | US$5.5bn | US$5.75bn | US$6.0bn | US$6.2bn | 50% |
US$5.5bn | |||||||
Total | 100% | ||||||
2023 PSP awards | |||||||
| Vesting 1 | Percentage | ||||||
Performance measure | Weighting | 0% | 25% | 50% | 100% | Actual | vesting |
Benchmark earnings per share (average annual growth) | 50% | Below 5% | 5% | 7% | 9% | 10.4% | 50% |
Adjusted Return on capital employed 4 | 25% | Below 14.5% | 14.5% | 15.4% | 16.0% | 18.3% | 25% |
TSR of Experian vs TSR of FTSE 100 Index | 25% | Below Index | Equal to Index | 8.3% above | 25% above | Below Index | 0% |
Index | Index | ||||||
Total | 75% | ||||||
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 invested.
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$6.2bn, 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.
4
Average over three years.
No discretion was applied in determining the share-based payments that vested in either FY26 or FY25.
The June 2023 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 £28.08. The value of the awards included in the single total figure of remuneration
is as follows:
Total value of | |||||||
Value of | shares | ||||||
Value of | dividend | vesting | |||||
CIP | PSP | shares | equivalent | and dividend | |||
Shares | Shares | Shares | Shares | vesting | payments | payments | |
awarded | vesting | awarded | vesting | ‘000 | ‘000 | ‘000 | |
Brian Cassin | 81,414 | 81,414 | 72,351 | 54,263 | £3,810 | £189 | £3,999 |
Lloyd Pitchford | 50,291 | 50,291 | 44,726 | 33,544 | £2,354 | £117 | £2,471 |
Dividend equivalents of 180 US cents (139 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.
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Annual report on directors’ remuneration
continued
Update to 2025 disclosure
We originally calculated the value of the share awards realised by our executive directors in 2025 using the average share price from 1 January 2025
to 31 March 2025, in line with the prescribed single figure methodology. This has now been revised to reflect the actual share price on vesting,
as follows:
Three-month | Estimated value of | Actual value of | ||
average share | long-term | long-term | ||
price to | incentive awards | Share price | incentive awards | |
31 March 2025 | ‘000 | on vesting | ‘000 | |
Brian Cassin | £7,254 | £7,306 | ||
£37.16 | £37.44 | |||
Lloyd Pitchford | £4,481 | £4,514 |
What share-based incentive awards did we make in the year? (audited)
On 13 June 2025, awards were granted to the executive directors under the CIP and PSP. All awards have been calculated using a three-day average
share price. In line with the CIP rules, invested shares for the executive directors were purchased with their bonuses net of tax and matching awards
are based on the gross value of the bonus invested. Details of these awards are set out in the following table:
Vesting at | ||||||
Face value | Number | threshold | ||||
Type of interest in shares | Basis of award | £‘000 | of shares | performance | Vesting date | |
Brian Cassin | ||||||
CIP invested shares | Invested shares | 100% of net bonus | 1,130 | 30,157 | n/a | 13 June 2028 |
CIP matching shares 1 | Conditional shares | 200% of value of gross bonus invested | 4,263 | 113,802 | 25% | 13 June 2028 |
PSP 2 | Conditional shares | 200% of salary | 2,700 | 71,516 | 25% | 13 June 2028 |
Lloyd Pitchford | ||||||
CIP invested shares | Invested shares | 100% of net bonus | 795 | 21,221 | n/a | 13 June 2028 |
CIP matching shares 1 | Conditional shares | 200% of value of gross bonus invested | 3,000 | 80,079 | 25% | 13 June 2028 |
PSP 2 | Conditional shares | 200% of salary | 1,540 | 40,791 | 25% | 13 June 2028 |
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, which was £37.46, and the face value shown above is
based on this.
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 £37.75, and the face value shown above is based on this.
PSP awards and CIP matching shares granted in June 2025 will vest subject to the achievement of the following performance conditions:
| Vesting 1 | |||||
Performance measure | Weighting | 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$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% |
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.
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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.
Value of £100 invested in Experian and the FTSE 100 on 31 March 2016
Experian
FTSE 100 Index
£400
£350
£300
£250
£200
£150
£100
£50
£0
31 March
31 March
31 March
31 March
31 March
31 March
31 March
31 March
31 March
31 March
31 March
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
The table below sets out our CEO’s pay for the last ten financial years:
Brian Cassin | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
CEO total single figure of | ||||||||||
remuneration (‘000) 1 | £3,647 | £6,387 | £11,882 | £10,836 | £7,821 | £8,579 | £7,469 | £ 10,584 | £10,632 | £8,090 |
Annual bonus paid against | ||||||||||
maximum opportunity (%) | 89% | 58% | 85% | 80% | 91% | 100% | 59% | 98% | 100% | 96% |
LTI vesting against | ||||||||||
maximum opportunity (%) 2 | 32% | 95% | 90% | 90% | 84% | 100% | 88% | 93% | 81% | 89% |
1
Prior year numbers have been updated to reflect actual long-term incentive plan outcomes.
2
The maximum LTI opportunity varies as the CIP opportunity is based upon the actual bonus earned.
CEO pay ratio
We have presented below the CEO pay ratio for the year ended 31 March 2026, 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.
25th percentile | Median | 75th percentile | ||
Year | Method | pay ratio | pay ratio | pay ratio |
Option A | 267:1 | 178:1 | 112:1 | |
FY20 | Total pay and benefits | £38,630 | £57,803 | £91,736 |
Salary | £33,362 | £47,869 | £77,000 | |
Option A | 185:1 | 124:1 | 81:1 | |
FY21 | Total pay and benefits | £40,969 | £61,115 | £93,574 |
Salary | £32,569 | £49,983 | £75,000 | |
Option A | 226:1 | 155:1 | 101:1 | |
FY22 | Total pay and benefits | £43,957 | £64,062 | £98,754 |
Salary | £35,467 | £50,333 | £66,458 | |
Option A | 142:1 | 97:1 | 65:1 | |
FY23 | Total pay and benefits | £51,978 | £75,887 | £112,982 |
Salary | £46,778 | £62,667 | £85,846 | |
Option A | 198:1 | 138:1 | 91:1 | |
FY24 | Total pay and benefits | £50,091 | £72,026 | £109,161 |
Salary | £36,492 | £54,250 | £74,104 | |
Option A | 195:1 | 136:1 | 93:1 | |
FY25 | Total pay and benefits | £49,638 | £72,045 | £106,081 |
Salary | £39,686 | £57,273 | £77,083 | |
Option A | 147:1 | 100:1 | 70:1 | |
FY26 | Total pay and benefits | £55,198 | £80,977 | £116,343 |
Salary | £40,625 | £61,050 | £78,806 |
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Annual report on directors’ remuneration
continued
The CEO value used is the total single figure for the year of £8.1m, as outlined on page 119. For UK employees, total pay and benefits are based on
equivalent single figure calculations for the year to 31 March 2026. 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 FY26, as disclosed on page 120, rather than regional or
market 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 shares, 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 2026 to the number of
restricted shares awards granted to the employee in June 2023. This approach provides a like-for-like comparison and ensures the share price
movements are 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, 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. The CEO’s total target remuneration is 76% ‘at risk’, compared to 17% on average for UK-based employees. As
shown in the table on page 123 for FY26, and evidenced previously 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 and share price movements.
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 seven-year period covered.
Observations on FY26 pay ratio
The median pay ratio for FY26 of 100:1, as shown on page 123, reflects not only the performance achieved in FY26, but also the strong performance
achieved in the preceding three financial years, which are reflected in the CEO’s LTI values. As LTI values can be highly variable, in part due to
fluctuations in share price, a supplemental pay ratio has been provided below, excluding the value of LTIs. The CEO single figure value excluding LTIs
was £4.1m for FY26.
25th percentile | Median | 75th percentile | ||
Year | Method | pay ratio | pay ratio | 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 |
FY26 | Option A excluding long-term incentives | 74:1 | 51:1 | 35:1 |
Some important additional context regarding our FY26 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 page 123,
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. As highlighted in last
year’s report, the FY26 pay increase for the CEO exceeded the UK salary review budget of 3%, as his compensation was adjusted to reflect the wider
scope of his responsibilities and his sustained strong performance and contribution delivered. With the exception of FY26, since his appointment as
CEO in 2014, Brian had consistently received base pay increases either aligned with or below those provided to employees. For FY27, the UK salary
review budget is 2.5%, which is aligned with the CEO’s salary increase.
• An ‘individual performance modifier’ is 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 leaders, 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 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 FY26 was about £3,755, but this value has not been included in the all-employee values on page 123.
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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 from FY21 to FY26, and how this
compares to the average percentage change for our UK employees. While the Regulations require the comparison with Experian plc employees, the
proportion of our workforce employed by Experian plc is comparatively very small. We have therefore continued to provide the comparison with our
UK employees, which we believe is more representative. We have selected this group of employees because Experian operates in 33 countries and,
as such, has widely varying approaches to pay across regions. This approach also avoids collating and comparing remuneration data across different
regional populations, including the impact of foreign exchange 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 | ||||||||||||
Independent | ||||||||||||
| Executive directors | Chair | Non-executive directors | ||||||||||
Average | Brian | Lloyd | Alison | Kathleen | Caroline | Luiz | Jonathan | Louise | Eduardo | |||
employee | Cassin 1 | Pitchford | Mike Rogers | Brittain | DeRose | Donahue | Fleury 3 | Howell | Esther Lee | Pentland 3 | Vassimon 2 | |
Base salary/fee change | ||||||||||||
FY26 | 4.5% | 26.7% | 2.2% | 3.2% | 2.4% | 14.8% | 11.9% | (64.3)% | (1.5)% | (10.3)% | (64.7)% | 8.9% |
FY25 | 4.7% | 2.4% | 9.2% | 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% | 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% | 2.7% | 47% | n/a | 17% | 16% | 39% | n/a | n/a | n/a |
FY22 | 6.1% | 16% | 17% | 2% | 9% | n/a | 5% | 13% | n/a | n/a | n/a | n/a |
FY21 | 2.6% | (12)% | (12)% | 21% | n/a | n/a | (14)% | (11)% | n/a | n/a | n/a | n/a |
Taxable benefits | ||||||||||||
FY26 | 2.9% | (36.5)% | (11.6)% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
FY25 | (7)% | (7.6)% | 53.4% | 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)% | 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 |
FY22 | 8.7% | 6% | 155% | 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 |
Annual bonus | ||||||||||||
FY26 | 24.7% | 21.6% | (1.9)% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
FY25 | (15)% | 5% | 12% | 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% | 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 |
FY22 | 32.2% | 12% | 12% | 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 |
1
The FY26 increase in base salary for Brian Cassin is a result of his salary increase, with effect from 1 April 2025, following extensive shareholder consultation.
2
Eduardo Vassimon joined the Board on 1 March 2025 and received pro-rated fees in FY25. To provide meaningful comparison we have used the full-time equivalent fee value that Eduardo would have received
in FY25, had he been a Board member for the full year.
3
Luiz Fleury retired and Louise Pentland stepped down from the Board on 16 July 2025 and therefore their fees earned in FY26 are lower compared to FY25.
How do we intend to implement the remuneration policy next year?
Salary
The table below outlines the salary increase that will take effect from 1 June 2026. The employee salary review budget for FY27 is 2.5% for our
employees in the UK.
1 June 2026 | 1 June 2025 | Percentage | |
‘000 | ‘000 | increase | |
Brian Cassin | £1,383 | £1,350 | 2.4% |
Lloyd Pitchford | £789 | £770 | 2.5% |
Annual bonus
For the year ending 31 March 2027, the annual bonus opportunity and the performance measures for executive directors will remain unchanged
from FY26.
In line with our custom, we will disclose the targets for the annual bonus in next year’s Annual report on directors’ remuneration. While the FY27
annual bonus targets cannot be disclosed due to their commercial sensitivity, they reflect the Group’s ability to perform resiliently in a challenging and
uncertain economic environment and our continued commitment to delivering strong, sustainable growth. 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.
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Annual report on directors’ remuneration
continued
Share-based incentives
While investment of 50% is compulsory, the executive directors have each elected to invest 100% of their FY26 bonuses into the CIP. We expect to grant
matching shares in the first quarter of the year ending 31 March 2027, 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:
| Vesting 1 | |||||
Performance measure | Weighting | 0% | 25% | 50% | 100% |
CIP awards | |||||
Benchmark EPS (average annual growth) 2 | 50% | Below 6% | 6% | 8% | 10% |
Cumulative Benchmark operating cash flow | 50% | Below US$7.2bn | US$7.2bn | US$7.5bn | US$7.8bn |
PSP awards | |||||
Benchmark EPS (average annual growth) 2 | 50% | Below 6% | 6% | 8% | 10% |
Adjusted Return on capital employed 3 | 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.
3
Average over three years.
As mentioned earlier in this report, we are proposing a number of targeted changes to the Policy at the Company’s Annual General Meeting (AGM) on
22 July 2026. Subject to shareholder approval of these changes, including the proposal to increase the CEO’s annual PSP award to 300%, we propose
to grant the CEO an additional PSP award equivalent to 100% of salary as soon as practicable after the AGM. The 100% of salary award, if approved, is
intended to replicate the terms of the June grant outlined above, and will be subject to the same terms, including vesting schedule and performance
conditions outlined above for PSP awards, as if the award was granted on the original date.
The Committee selected adjusted Benchmark EPS, cumulative Benchmark operating cash flow and adjusted ROCE as performance metrics for our
long-term incentive (LTI) plans, as they reflect three of our key performance indicators. As such, using these measures directly links Experian’s LTI
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 LTI 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 a bespoke comparator group. We believe it would be difficult to compare
our TSR performance with sector peers on a consistent basis, since many of them are listed in different markets and, as such, may be subject to
different market forces.
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 base salary in Experian shares and other executive directors should
hold the equivalent of at least two times their base salary. Subject to shareholder approval of the Policy changes at the AGM, it is proposed to increase
the CEO’s shareholding guidelines to four times base salary. These guidelines include invested 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.
As set out in the table on the following page, 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, a two-year post-employment
shareholding guideline also applies to executive directors.
Code principle
Experian plc
Governance
Annual Report 2026
Remuneration
127
The interests of the directors and their connected persons in the Company’s ordinary shares are shown below:
Share awards subject to | |||||||
Shares held in | Shareholding guidelines | performance conditions | |||||
Experian plc at | Guideline 1 | Shareholding 2 | CIP matching | ||||
31 March 2026 | (% of salary/fee) | (% of salary/fee) | Guideline met? | awards 3 | PSP awards | Share options 4 | |
Brian Cassin 5 | 1,098,387 | 300% | 2114% | Yes | 304,412 | 201,301 | — |
Lloyd Pitchford 5 | 625,892 | 200% | 2112% | Yes | 202,410 | 125,744 | 885 |
Mike Rogers | 18,387 | 100% | 103% | Yes | — | — | — |
Alison Brittain | 12,500 | 100% | 127% | Yes | — | — | — |
Kathleen DeRose | 8,690 | 100% | 108% | Yes | — | — | — |
Caroline Donahue | 10,000 | 100% | 162% | Yes | — | — | — |
Jonathan Howell | 13,000 | 100% | 162% | Yes | — | — | — |
Esther Lee | 6,761 | 100% | 110% | Yes | — | — | — |
Eduardo Vassimon 6 | 4,350 | 100% | 71% | No | — | — | — |
1
Executive director shareholding guideline will apply for two years post-employment. Subject to approval of the Policy, the CEO’s guideline, both in and post employment, will increase to 400% from the 2026 AGM.
2
Shareholding guidelines have been calculated using the closing share price on 31 March 2026, which was £25.98 and the exchange rate at 31 March 2026 of £1:€1.15.
3
Matching shares granted to Brian Cassin and Lloyd Pitchford are in the form of conditional share awards, which are unvested at 31 March 2026.
4
Share options granted under the 2024 and 2025 all-employee Sharesave plans.
5
The number of Experian shares held by Brian Cassin and Lloyd Pitchford includes 80,668 and 53,638 invested shares in the CIP respectively.
6
Eduardo Vassimon was appointed to the Board on 1 March 2025 and continues to build his shareholding.
Payments made to former directors (audited)
Two former directors of Experian Finance 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 His Majesty’s Revenue and
Customs (HMRC) earnings cap. The total unfunded pensions paid to the former directors amounted to £712,004 in the year ended 31 March 2026.
Payments for loss of office (audited)
No payments for loss of office were made in the year (2025: 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:
2026 | 2025 | Percentage | |
US$m | US$m | change | |
Employee remuneration costs | 2,731 | 2,580 | 5.9% |
Dividends paid on ordinary shares | 590 | 546 | 8.1% |
Net share repurchases 1 | 509 | — | 100% |
1
We executed net share repurchases of US$725m in FY26, of which US$216m was used to offset deliveries under employee share plans during the year. In the year ended 31 March 2025, all share repurchases
were used to offset deliveries under employee share plans.
Experian plc
Code principle
Governance
Remuneration
128
Annual report on directors’ remuneration
continued
The Committee’s role, and responsibilities and activities during the year
Advice provided to the Committee
In making its decisions, the Committee consults the Chair of the Board,
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 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. Following an extensive review, Ellason was
appointed as the Committee’s external adviser on 1 April 2025. Ellason
is a member of the Remuneration Consultants Group and voluntarily
operates under the Code of Conduct in relation to executive remuneration
consulting in the UK. As such, the Committee was satisfied that its advice
was objective and independent. Taking into consideration Experian’s
significant US operations, the Committee also appointed Pay Governance
on 1 April 2025, to provide the Committee with insights on US
compensation matters, as appropriate. Pay Governance is a market
leading US advisory practice, advising c.15% of the S&P500.
The Remuneration Committee
All our non-executive directors are members of the Committee, which met five times during the year ended 31 March 2026. Each member
is considered to be independent in accordance with the UK Corporate Governance Code 2024. You can find the Committee’s terms of reference
via the QR code on page 113.
1
Reviewing the
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
Reviewing the
design of the
Group’s short- and
long-term incentive
plans, including
setting appropriate
targets
5
Monitoring
workforce pay,
equity and
employee insights
6
Overseeing
employee share
plans and
participation
May
• Reviewed and approved the 2025 Report on directors’
remuneration.
• Discussed the Sharesave Plan and approved its continued
operation in 2025 across 23 participating countries, providing
employees with further opportunities to share in Experian’s growth.
• Agreed the 2025 incentive plan outcomes, the FY26 bonus targets,
and targets for LTI awards made in the year. Approved the LTI plan
participants.
• Received updates on the Group’s outstanding LTI plans.
September
• Extensively reviewed and considered the Remuneration Policy
(Policy) in advance of its renewal at the 2026 AGM, to ensure its
continued alignment with the Group’s long-term strategic priorities.
• Received an update on the 2025 UK-listed company AGM
remuneration reporting season, including emerging trends in
executive remuneration and anticipated focus areas for 2026.
• Considered a range of potential targeted changes to future-proof
the Policy and ensure continued alignment with market practice.
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.
• Discussed the Policy, and the potential targeted changes for 2026.
• Agreed the Committee Chair write to our top 40 shareholders and
proxy advisory agencies, to seek feedback on the Policy changes.
• Received an update on take-up rates and outcomes of the 2025
Sharesave Plan.
• Reviewed the Committee’s performance during the year against
its terms of reference.
January
• Received an update on current trends in executive remuneration.
The update included remuneration trends in the Group’s key
markets including the UK, USA, and Brazil.
• Received an update on the Group’s FY25 UK gender pay gap
disclosure requirement. The Committee discussed the results and
was provided with additional detailed analysis on Experian’s gender
pay position.
• Received feedback from the Committee Chair on her extensive
engagement with shareholders on the proposed Policy changes.
March
• Reviewed salaries of certain Group Operating Committee
members.
• Reviewed the calibration of performance targets for Group
incentive plans.
• Received further updates on shareholder engagement in relation
to the proposed Policy changes and, following due and careful
consideration, approved the proposed changes to the Policy for
approval by shareholders at the 2026 AGM.
• Reviewed a draft of the 2026 Report on directors’ remuneration.
In addition, the Chair of the Remuneration Committee attended the
UK and Ireland Experian People Forum in March 2026, 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.
Code principle
Experian plc
Governance
Annual Report 2026
Remuneration
129
The fees paid to these advisers for services to the Committee in the year ended 31 March 2026, based on hours spent, were as follows:
Adviser |
Fees paid in the year |
Ellason |
£72,830 |
Pay Governance |
US$33,339 |
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 of the Board and non-executive directors (NEDs) for the years ended
31 March 2026 and 31 March 2025:
Fees ‘000 |
Benefits ‘000 |
Share-based incentives ‘000 |
Total ‘000 |
|||||
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
|
Mike Rogers 1 |
€533 |
€517 |
— |
— |
— |
— |
€533 |
€517 |
Alison Brittain 2 |
€311 |
€304 |
— |
— |
— |
— |
€311 |
€304 |
Kathleen DeRose 6 |
€261 |
€227 |
— |
— |
— |
— |
€261 |
€227 |
Caroline Donahue |
€232 |
€207 |
— |
— |
— |
— |
€232 |
€207 |
Luiz Fleury 3 |
€104 |
€292 |
— |
— |
— |
— |
€104 |
€292 |
Jonathan Howell 4 |
€247 |
€251 |
— |
— |
— |
— |
€247 |
€251 |
Esther Lee |
€222 |
€247 |
— |
— |
— |
— |
€222 |
€247 |
Louise Pentland 5 |
€99 |
€281 |
— |
— |
— |
— |
€99 |
€281 |
Eduardo Vassimon 3 |
€318 |
€15 |
— |
— |
— |
— |
€318 |
€15 |
1
Mike Rogers was appointed Chair of the Board on 24 July 2019. His fee was increased by 3.1% to €536,000 on 1 June 2025.
2
Alison Brittain was appointed as Senior Independent Director on 21 July 2022.
3
Prior to his retirement from the Board on 16 July 2025, Luiz Fleury acted as an independent adviser to Serasa S.A., our Brazilian business. Following Luiz Fleury’s retirement from the Board, Eduardo Vassimon
acted as an independent adviser to Serasa S.A. Their respective remuneration includes their corresponding fees for these services, paid in Brazilian reais, along with their individual annual NED fees.
4
Jonathan Howell was appointed Audit Committee Chair on 1 July 2022.
5
Louise Pentland was appointed Remuneration Committee Chair on 1 January 2024 and held the role until she stepped down from the Board on 16 July 2025.
6
Kathleen DeRose was appointed Remuneration Committee Chair on 16 July 2025.
Non-executive director fees are reviewed annually and were last reviewed in 2025. The current fee levels are as follows:
Annual fee |
Annual fee prior to |
|
from 1 October 2025 |
1 October 2025 |
|
Base fee |
€184,000 |
€179,250 |
Audit Committee Chair fee |
€55,750 |
€54,250 |
Remuneration Committee Chair fee |
€55,750 |
€54,250 |
Senior Independent Director fee |
€111,000 |
€108,250 |
NEDs required to undertake intercontinental travel to attend Board meetings receive a supplementary payment of €10,000 per trip, in addition to any
travel expenses.
Statement of AGM voting
The voting to approve the Annual report on directors’ remuneration at the AGM held on 16 July 2025, 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) |
Votes against |
Total number |
Number of |
|
% Number |
% Number |
of votes cast |
votes withheld |
|
Annual report on directors’ remuneration |
93.39% |
6.61% |
||
683,890,008 |
48,391,620 |
732,281,628 |
113,799 |
|
Directors’ Remuneration Policy |
94.31% |
5.69% |
||
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 2026 are set out below:
Length of service at 31 March 2026 |
|||
Name |
Date of appointment |
Years |
Months |
Mike Rogers (appointed Chair on 24 July 2019) |
1 July 2017 |
8 |
9 |
Alison Brittain |
1 September 2020 |
5 |
7 |
Kathleen DeRose |
1 November 2022 |
3 |
5 |
Caroline Donahue |
1 January 2017 |
9 |
3 |
Jonathan Howell |
1 May 2021 |
4 |
11 |
Esther Lee |
31 March 2023 |
3 |
0 |
Eduardo Vassimon |
1 March 2025 |
1 |
1 |
* Mike Rogers and Caroline Donahue will retire from the Board at the conclusion of the AGM on 22 July 2026.
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
Experian plc
Governance
130
Code principle
Remuneration
Directors’ Remuneration Policy
The Directors’ Remuneration Policy was last approved by shareholders at the AGM on 19 July 2023 and the Committee implemented that Policy for
the three years to July 2026. The detailed Policy below presents our proposed formal Policy, to be considered for approval by shareholders at the AGM
on 22 July 2026. Alongside the Policy table, we have also included the updated Malus and Clawback disclosures in accordance with the UK Corporate
Governance Code 2024.
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
typically 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
Benefits are provided as
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, death in service provision, company
car or allowance and financial and tax advice.
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.
US-based executive directors may also 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 Company.
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 &
Customs (HMRC) pension limits, an individual may
elect to receive a cash allowance instead.
US-based 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 current level of benefit
provided to the wider workforce.
In the USA, the contribution rate is
up to 4% of earnings, up to an annual
compensation limit set by the
Internal Revenue Service.
If required, pension arrangements
in other jurisdictions would be in
line with local market practice.
None.
Experian plc
Annual Report 2026
131
Code principle
Remuneration
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 invested for a period
of three years. However, the executive director may
elect to invest up to 100% of their bonus into the
Co-investment Plan. 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 on page 132.
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 (CIP)
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 invested, 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 on page 132.
Maximum award levels depend on
the bonus invested, 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 (PSP)
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 normally vest after
three years, subject to achieving performance targets
over a 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 on page 132.
Normal maximum award levels are
200% of salary for executive directors
and 300% of salary for the CEO.
Awards of up to 600% 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.
Governance
Experian plc
Governance
132
Directors’ Remuneration Policy
continued
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.
Executive directors are required to establish and
maintain a minimum personal shareholding equal
in value to 4x 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 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 Chair 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
undertaking additional responsibilities including, but
not limited to, chairing a Board committee and for the
role of Senior Independent Director. NED fees are paid
in equal quarterly instalments during the year.
In all cases, fees may be delivered in cash or in
combination with Experian shares. All independent
directors are expected to establish and maintain a
shareholding of at least 1x their estimated annual
fee (excluding travel fees).
NEDs receive an additional fee where Board business
involves intercontinental travel from their home
location. The Company may settle any tax due to travel
expenses incurred by the Chair and NEDs and provide
tax advice as required.
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 year.
No performance-related
arrangements are in
place for the Chair
or the NEDs.
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.
The Committee considers this to reflect the timeframe over which it would reasonably expect any of the listed circumstances to be detected by the
Group’s processes and systems.
Experian plc
Annual Report 2026
133
Code principle
Remuneration
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 2026 Annual General Meeting (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 2023 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.
How does our executive remuneration align with the pay of employees across the Group?
Salary
The salary review date for executive directors aligns with the salary review date for all our employees: 1June each year.
Executive director increases are typically aligned with increases awarded in the relevant local market.
Benefits and pension
Benefits and pension arrangements are determined based on local market practice for all of our employees across the
Group, including executive directors. The employer pension contributions for UK-based executive directors are aligned
with those provided to the wider UK workforce.
Annual bonus
All of our contracted employees participate in either an annual bonus plan or a commission scheme.
For the annual bonus, the opportunity and performance measures vary depending on grade, location and business unit,
however the structure is broadly consistent for all employees.
Long-term incentives
Pay for senior management is primarily differentiated through the use of our long-term incentive plans. Executive directors
and around 1,800 senior managers participate in a LTI arrangement. As such, their pay is contingent on the achievement of
performance targets and/or delivered in Experian shares. This makes outcomes conditional on successfully delivering our
business strategy and, in doing so, incentivises the delivery of long-term shareholder returns.
Brian Cassin
(£’000)
Lloyd Pitchford
(£’000)
Pay scenarios
The charts illustrate, for various pay
scenarios, the potential future total
remuneration that each executive director
may realise under the proposed Policy.
The above charts are prepared on the following basis:
Fixed pay:
includes FY27 base salary, FY27 cash in lieu of pension allowances and assumes a similar value of benefits as FY26.
Target:
includes fixed pay plus the level of performance required to deliver 50% of the maximum annual bonus, and 50% of the maximum PSP and CIP awards respectively, with the CIP matching award
being based on 100% deferral.
Maximum:
includes fixed pay plus the maximum annual bonus payment and full vesting of the CIP and PSP awards, with the CIP matching award being based on 100% deferral of a maximum annual bonus.
Maximum with 50% share price increase:
includes all elements included in maximum and assumes the share price increases 50% above that on the date of grant. The 50% share price increase has been
applied to shares received under the PSP and matching shares awarded under the CIP. Dividend equivalents are excluded from the above scenario models.
Fixed
Annual bonus
Long-term incentives
20,000
1
8,000
1
6,000
1
4,000
1
2,000
1
0,000
8,000
6,000
4,000
2,000
0
1,535
6,376
13,982
18,823
100%
24%
11%
8%
22%
20%
15%
54%
69%
77%
Fixed
pay
Target
Maximum
Maximum
with 50% share
price increase
10,000
8,000
6,000
4,000
2,000
0
890
3,257
7,202
9,569
100%
27%
12%
9%
24%
22%
17%
49%
66%
74%
Fixed
pay
Target
Maximum
Maximum
with 50% shar
e
price increase
Our approach to pay on recruitment of executive directors
As a global organisation, Experian competes for executive talent worldwide. In the marketplace of data and technology companies, the demand
for talented leaders often outstrips supply. From time to time, it may be necessary to appoint high-calibre executives to the Board, either by recruiting
externally or by promoting from within the Group.
In developing a remuneration package for a newly appointed executive director, we would generally set a base salary which takes into account factors
such as the individual’s skills and experience, the role they would be taking up, internal relativities, the marketplace they will operate in and their
current remuneration package. The incentive arrangements and benefits we offer, including any relocation arrangements, would be in line with the
remuneration policy set out in this report.
Governance
Experian plc
Governance
134
Directors’ Remuneration Policy
continued
Code principle
Remuneration
Maximum level of variable remuneration
We have set the usual maximum level of variable remuneration on recruitment at 900% of base salary for the CEO and 800% of base salary for
the executive directors. This is in line with the normal levels under our variable remuneration structure, and covers the maximum annual bonus,
the maximum face value of a matching award under the CIP and the normal maximum face value of an award under the PSP.
When recruiting an executive director, the Committee would always seek to apply the normal maximum limits. However, we may, in exceptional
circumstances, make use of one or more of the higher limits outlined in the Policy if we consider this necessary in order to secure the appointment of a
particular individual.
In the case of an internal promotion to the Board, any existing variable pay element or benefit may be allowed to continue on the same terms.
Buyout awards
For an external appointment to the Board, the Committee may offer further one-off cash and/or share-based remuneration, to compensate the
individual for forfeiting any incentive awards made to them by their former employer. We would aim to make this equivalent in value, by taking into
account the likelihood of vesting, after assessing the conditions attached to any such awards. As far as possible, we would also replicate the form
(i.e. whether cash or share based) and the timeframe in which vesting was scheduled to occur. These awards may be granted under the terms of
the relevant UKLRs.
Directors’ service contracts
Current contracts
Brian Cassin and Lloyd Pitchford have service agreements which are terminable by 12 months’ notice from Experian Limited or six months’ notice
from them. The agreement provides for payment in lieu of notice in respect of base salary only.
Non-executive directors do not have service contracts but each has a letter of appointment with no provision for any termination payment. Each
appointment is for a renewable three-year term, subject to election or re-election by shareholders, but may be terminated by either party on one
month’s written notice (six months’ notice in the case of the Chair). Upon termination a non-executive director will be entitled to receive fees and
benefits up to the date of termination.
Policy for new hires
Our policy for new hires is that service contracts will generally require no more than 12 months’ notice of termination of employment and will follow
the UK Corporate Governance Code (Code) guidelines. We believe that this is in line with best practice, remains market competitive and allows Experian
to recruit people who we identify as critical to our future performance.
Policy on payments for loss of office
The table below sets out our policy for how we treat executive directors leaving the Group (subject to the current contractual commitments described
above).
We reserve the right to make additional exit payments if we need to discharge an existing legal obligation (or pay damages for breaching an obligation).
We also reserve the right to make an exit payment by way of settlement or compromise of any claim arising in connection with terminating a director’s
office or employment.
Voluntary resignation or
termination
Other circumstances such as death, ill health, retirement, disability
Base salary, pension
and benefits
Paid, and eligible for, up
to the date of termination
and for any holidays not
taken as at that date.
Paid, and eligible for, up to the date of death or leaving and for any holidays not taken as at
that date.
If, in the judgment of the Committee, exceptional circumstances apply, such as in the case of
death, the Committee may agree to a different approach from that outlined above, for example
not applying pro-rating to a payment or not terminating family medical cover immediately.
Annual bonus
Normally no annual bonus
is paid in respect of a
financial year if an
individual has left
employment or is under
notice prior to the bonus
payment date.
In the exceptional event any
bonus is paid, any election
already made to invest
annual bonus under the
CIP will not apply.
Annual bonus will usually be paid on the normal bonus payment date, in line with performance
achieved, pro-rated for the proportion of the financial year worked.
If the Committee judges that exceptional circumstances apply, for example in the case of death,
the Committee may agree that it is not appropriate to time pro-rate the annual bonus payment.
Any election already made to invest annual bonus under the CIP will not apply.
Experian plc
Annual Report 2026
135
Voluntary resignation or
termination
Other circumstances such as death, ill health, retirement, disability
CIP invested shares
Invested shares will be
transferred to the individual.
Invested shares will be transferred to the individual.
CIP matching shares
and PSP awards
Unvested awards will lapse.
Any vested awards
structured as nil-cost
options which have not
been exercised may be
exercised up to the normal
lapse date.
In the case of death, performance conditions will cease to apply and unvested awards will
vest immediately.
In all other cases, subject to the Committee’s discretion and its view of the director’s performance,
unvested awards will vest at the end of the performance period and remain subject to the relevant
performance conditions.
In all circumstances, the number of shares vesting will normally be reduced pro rata, to reflect
the number of months from the start of the performance period to the date of cessation of
employment as a proportion of the performance period. If the Committee judges that exceptional
circumstances apply, for example in the case of death, the Committee may agree that it is not
appropriate to time pro-rate the number of shares vesting.
Vested awards structured as nil-cost options which have not been exercised may be exercised
up to the normal lapse date.
Awards under
all-employee plans
In accordance with the
relevant tax regulations or
plan rules.
In accordance with the relevant plan rules and tax regulations.
For executive directors who leave the Group in other circumstances, the treatment will normally fall between the two described above. In any event,
the overall treatment will be subject to the Committee’s judgment.
If there’s a change of control, executive directors may exchange their incentive awards (other than CIP invested shares) for awards in the acquiring
company. CIP invested shares will be transferred to the individual. Alternatively, incentive awards may vest to the extent that the performance condition
has been satisfied. In this circumstance, CIP matching shares and PSP shares will be pro-rated to reflect the number of months from the start of the
performance period to the date of the change of control as a proportion of the performance period.
Statement of consideration of employee and shareholder views
While the Committee’s remit understandably includes the executive directors’ remuneration, we also approve the remuneration structure for other
senior executives and work closely with the Global Reward team to ensure a consistent approach is taken to remuneration more widely across the
Group. When setting the remuneration policy for the executive directors, we also take into account the pay, employment considerations and
remuneration trends across the Group, particularly in determining salary increases.
As part of the Committee’s standing annual agenda, we are provided with an extensive paper setting out details of all-employee pay and workforce
policies across Experian. The discussions on this topic provide the Committee with helpful insights for framing executive pay considerations. This year,
the Chair of the Committee enhanced this level of insight by attending the UK and Ireland Experian People Forum to explain to forum members how
executive pay arrangements align with wider Group pay policy and invited the forum members to share their views on executive pay arrangements.
Additionally, as outlined earlier in this report, every year we review and act upon the outcome of our regular people surveys, and the Committee
members are provided with a summary of both the survey results and actions the company has taken. The Committee also engaged with shareholders
in designing the policy as outlined on the previous pages.
The Chair of the Committee frequently writes to our largest shareholders and investor representative bodies, such as the Investment Association, Glass
Lewis and Institutional Shareholder Services, to seek their input on any proposed changes to our remuneration structure or Directors’ Remuneration
Policy. We then engage in further discussion and clarification, to help them make an informed voting decision as required. Any major concerns are
discussed with the Committee Chair first, and the rest of the Committee as appropriate.
At the Committee’s first meeting following each AGM, we consider all shareholder feedback received in relation to the AGM. We also consider this
feedback, and any other feedback received during meetings or from any correspondence, as part of our annual review of the Policy, which normally
takes place at our meetings in November and January.
On behalf of the Remuneration Committee
Charles Brown
Company Secretary
19 May 2026
Code principle
Remuneration
Governance
Experian plc
Governance
136
Directors’ report
The directors present their report and the audited financial statements
for the year ended 31 March 2026. 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 2026 of US$1,508m (2025: US$1,170m). The directors have
announced the payment of a second interim dividend, in lieu of a final
dividend, of 48.00 US cents (2025: 43.25 US cents) per ordinary share
to be paid on 24 July 2026 to shareholders on the register of members
on 26 June 2026. A first interim dividend of 21.25 US cents per ordinary
share was paid on 6 February 2026, giving a total dividend for the year
of 69.25 US cents per ordinary share (2025: 62.50 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 2026 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 2026.
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. Luiz Fleury retired as
a non-executive director and Louise Pentland stepped down as a
non-executive director at the 2025 Annual General Meeting (AGM).
At the upcoming 2026 AGM Mike Rogers will retire as a non-executive
director and Chair and Caroline Donahue will retire as a non-executive
director. Adam Crozier joined the Board as a non-executive director
on 12 May 2026 and he will succeed Mike Rogers as Chair from the
conclusion of the AGM.
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 19 May 2026.
In line with the UK Corporate Governance Code, as at the date of this
report, all directors, being eligible, except for Mike Rogers and Caroline
Donahue as noted above, will offer themselves for election or re-election
at the 2026 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
Annual Report 2026
137
Governance
Annual General Meeting
The Company’s 2026 AGM will be held at The Merrion Hotel,
Upper Merrion Street, Dublin 2, D02 KF79, Ireland, at 9.30am
on Wednesday 22 July 2026. 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 19 May 2026, 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 2026 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
25 November 2025
Massachusetts Financial Services Company
46, 648, 461
5.08%
Experian plc
Governance
138
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 16 July 2025. It permits the Company
to purchase 91,817,240 of its own shares in the market.
On 14 May 2025, the Company announced its intention to repurchase
shares, through a net US$200m share repurchase programme.
On 30 January 2026, the Company further announced its intention to
repurchase shares, through a net US$1bn share repurchase programme.
During the year ended 31 March 2026, the Company purchased
17,542,627 of its own shares, for a cash consideration of US$656,819,878
(with 430,000 shares purchased before the 2025 AGM). Since 31 March
2026, 4,590,610 shares have been purchased by the Company.
During the year, the Company transferred 1,063,824 ordinary shares 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.
As at the date of approval of this Annual Report, the Company holds
56,683,651 (2025: 54,816,013) of its own shares as treasury shares,
and had an unexpired authority to purchase up to 70,114,003 of its
own shares.
Details of the new authority being requested at the 2026 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, re-deployment or workplace
accommodations 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 19 May 2026, 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.
Directors’ report
continued
Experian plc
Annual Report 2026
139
Governance
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, in preparing the financial statements, the directors are
required to:
• select suitable accounting policies and then apply them consistently
• make judgments and estimates that are reasonable, relevant
and reliable
• state whether the Group financial statements have been prepared
in accordance with EU-IFRS, UK-IFRS and IASB-IFRS
• for the Company financial statements state whether applicable
UK Accounting Standards including FRS 101 ‘Reduced Disclosure
Framework’ have been followed, subject to any material departures
disclosed and explained in the financial statements
• assess the Group’s and the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern
• use the going concern basis of accounting unless they intend to
liquidate the Group or the Company or to cease operations, or have
no realistic alternative but to do so.
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
19 May 2026
Experian plc
Financial statements
140
Financial statements
In this section
141 Independent auditor’s report
Group financial statements
154 Group income statement
155
Group statement of comprehensive income
156 Group balance sheet
157
Group statement of changes in equity
158 Group cash flow statement
Notes to the Group financial statements
159 1.
Corporate information
159 2.
Basis of preparation
159 3.
Climate-related matters
159 4.
Recent accounting developments
159 5.
Material accounting policies
166 6.
Critical accounting estimates, assumptions and judgments
168 7.
Use of non-GAAP measures in the Group financial statements
170 8.
Financial risk management
172 9.
Revenue
173 10.
Segment information
178 11.
Foreign currency
179 12.
Labour costs and employee numbers
179 13.
Amortisation and depreciation charges
179 14.
Fees payable to the Company’s auditor
180 15.
Exceptional items and other adjustments made to derive Benchmark PBT
181 16.
Net finance expense
182 17.
Tax charge
184 18.
Earnings per share disclosures
185 19.
Dividends on ordinary shares
185 20.
Goodwill
186 21.
Other intangible assets
188 22.
Property, plant and equipment
188 23.
Investments in associates
189 24.
Trade and other receivables
190 25.
Cash and cash equivalents – excluding bank overdrafts
190 26.
Trade and other payables
191 27.
Borrowings
192 28.
Net debt (non-GAAP measure)
194 29.
Leases
195 30.
Financial assets and liabilities
201 31.
Fair value methodology
201 32.
Contractual undiscounted future cash flows for financial liabilities
202 33.
Share incentive plans
204 34.
Post-employment benefit plans and related risks
205 35.
Post-employment benefits – IAS 19 information
208 36.
Deferred and current tax
209 37.
Provisions
209 38.
Called-up share capital and share premium account
209 39.
Retained earnings and other reserves
211 40.
Notes to the Group cash flow statement
213 41.
Acquisitions and disposals
215 42.
Capital commitments
215 43.
Contingencies
216 44.
Related party transactions
216 45.
Events occurring after the end of the reporting period
Company financial statements
217 Company profit and loss account
217
Company statement of comprehensive income
218 Company balance sheet
219
Company statement of changes in equity
220
Notes to the Company financial statements
Financial statements
141
Experian plc
Annual Report 2026
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 state of the Group’s affairs as at 31 March 2026 and of its profit and cash
flows 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 2026 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 and IFRS Accounting
Standards as issued by the International Accounting Standards Board
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 2026 (FY26) 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 FY25 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 FY25.
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 FY25.
Our assessment is that the risk of recoverability of the Parent Company’s investments in subsidiaries
remains consistent with FY25.
Key Audit Matters
Vs FY25
Item
Recoverability of goodwill
in respect of the EMEA and
Asia Pacific group of 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 four times. KPMG were invited to attend all AC meetings and were provided with an opportunity to meet with the AC in private
sessions without the Executive Directors being present. 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 Audit Committee Chair’s report on pages 108-109 are materially consistent with our observations of those meetings.
Experian plc
Financial statements
142
Independent auditor’s report
continued
Our independence
We have fulfilled our ethical responsibilities under, 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 FY26 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 ten financial years ended 31 March 2026.
The Group engagement partner is required to rotate every five years. As these are the fourth 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 three.
Total audit fee
US$7.8m
Audit related fees (including
interim review)
US$2.5m
Other services
US$0.1m
Non-audit fee as a % of total audit
and audit related fee %
33%
Date first appointed
20 July 2016
Uninterrupted audit tenure
10 years
Next financial period which
requires a tender
31 March 2037
Tenure of Group engagement
partner
4 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 (“RMM”).
We have determined overall materiality for the Group financial statements as a whole at US$80m
(FY25: US$73m) and for the Parent Company financial statements as a whole at US$25m (FY25: US$25m).
Consistent with FY25, we determined that profit before tax from continuing operations (“PBTCO”) remains
the benchmark for the Group considering the sector in which the Group operates, its ownership and
financing structure, and the focus of users of the financial statements. As such, we based our Group
materiality on profit before tax from continuing operations, of which it represents 4.1% (FY25: 4.7%).
Materiality for the Parent Company financial statements was determined with reference to a benchmark
of Parent Company total assets of which it represents 0.1% (FY25: 0.1%).
Group
Group
Group Materiality
GPM
Group Performance Materiality
HCM
Highest Component Materiality
PLC
Parent Company Materiality
LCM
Lowest Component Materiality
AMPT
Audit Misstatement Posting Threshold
GPM
HCM
PLC
LCM
AMPT
Materiality levels used in our audit
55
60
54
60
21
24
25
25
4.0
3.6
73
80
FY26 US$m
FY25 US$m
2. Overview of our Audit continued
Financial statements
143
Experian plc
Annual Report 2026
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 89% of Group revenue:
We performed audit procedures in relation
to components that accounted for
the following percentages:
89
11
Group profit before tax
81
19
Group total assets
92
8
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 56-57, 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 48-60 and considered
consistency with the financial statements and our audit knowledge.
2. Overview of our Audit continued
Experian plc
Financial statements
144
Independent auditor’s report
continued
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 79 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.
Financial statements
145
Experian plc
Annual Report 2026
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 include below the key audit matters in decreasing order of audit significance, together with our key audit procedures to address those matters and,
our results from those procedures. These matters were addressed, and our results are based on procedures undertaken, for the purpose of, our audit
of the financial statements as a whole. 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 FY25
Our results
FY26
FY25
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.
FY26: Acceptable
FY25: Acceptable
EMEA and Asia Pacific Goodwill
US$872m
US$817m
Impairment charge
US$nil
US$nil
Description of the Key Audit Matter
Our response to the risk
Forecast based assessment:
The Europe, Middle East and Africa (“EMEA”) and Asia Pacific group
of CGUs estimated recoverable amount provides relatively low
headroom between the value-in-use and carrying value of group
of CGU assets. The carrying value of assets for this group of CGUs
has increased as a result of foreign exchange movements in the
current year.
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. We utilised macroeconomic specialists as part of our challenge of these
assumptions to assess reasonableness with respect to country specific
macroeconomic conditions.;
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
Area 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 (FY25 result: acceptable).
Further information in the Annual Report and Accounts: See the Audit Committee Report on page 108 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.
Experian plc
Financial statements
146
Independent auditor’s report
continued
4.2 Litigation and contingent liabilities (Group)
Financial Statement Elements
Our assessment of risk vs FY25
Our results
FY26
FY25
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 FY25.
FY26: Acceptable
FY25: 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 enforcement activity and litigation.
Those matters with significant judgement involved include
investigations by the US Consumer Financial Protection Bureau
(“CFPB”), 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
Area 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 (FY25 result: acceptable) and the associated disclosures made to be
acceptable (FY25 result: acceptable).
Further information in the Annual Report and Accounts: See the Audit Committee Report on page 108 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.
Financial statements
147
Experian plc
Annual Report 2026
4.3 Recoverability of investments in subsidiaries (Parent Company)
Financial Statement Elements
Our assessment of risk vs FY25
Our results
FY26
FY25
Our assessment is that the risk of recoverability of the
Parent Company’s investments in subsidiaries remains
consistent with FY25.
FY26: Acceptable
FY25: Acceptable
Investments in subsidiaries
US$22,925.4m
US$22,087.0m
Impairment charge
US$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 98% (FY25: 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 (FY25 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.
Experian plc
Financial statements
148
Independent auditor’s report
continued
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
licenses 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.
Financial statements
149
Experian plc
Annual Report 2026
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 Key Audit Matters
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.
Experian plc
Financial statements
150
Independent auditor’s report
continued
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$80m
(FY25: US$73m)
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$80m (FY25: US$73m). This was determined with reference to a
benchmark of PBTCO.
Consistent with FY25, we determined that PBTCO remains the main
benchmark for the Group as 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 FY26
to this benchmark (FY25: no adjustments made).
Our Group materiality of US$80m 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 4.1% (FY25: 4.7%) to the benchmark.
Materiality for the Parent Company financial statements as a whole was
set at US$25m (FY25: US$25m), determined with reference to a benchmark
of Parent Company total assets, of which it represents 0.1% (FY25: 0.1%).
US$60m
(FY25: US$55m)
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% (FY25: 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
(FY25: US$19m), which equates to 75% (FY25: 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$4.0m
(FY25: US$3.6m)
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% (FY25: 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$80m (FY25: US$73m) compares as follows to the main financial statement
caption amounts:
Total Group Revenue
Total Assets
Net Assets
FY26
FY25
FY26
FY25
FY26
FY25
Financial statement Caption
US$8,445m
US$7,523m
US$14,290m
US$12,886m
US$5,583m
US$5,090m
Group Materiality as % of caption
0.9%
1.0%
0.6%
0.6%
1.4%
1.4%
Financial statements
151
Experian plc
Annual Report 2026
7. The scope of our audit
Group scope
What we mean
How the Group auditor determined the procedures to be performed across
the Group.
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 177 (FY25: 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/or disclosures contributing to the specific risk of material
misstatements of the Group financial statements.
The below summarises where we performed audit procedures, with the prior
year comparatives indicated in brackets:
Component type
Number of components
where we performed
audit procedures
Range of materiality applied
Quantitatively
significant components
3 (FY25: 3)
US$24m – US$60m
(FY25: US$21m – US$54m)
Other components
where we performed
procedures
1 (FY25: 1)
US$56m
(FY25: US$51m)
Total
4
(FY25: 4)
We involved component auditors in performing the audit work on three
(FY25: 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 89% (FY25: 90%) of Group revenue.
We performed audit procedures in relation to components that accounted
for 81% (FY25: 83%) of total profits and losses that made up Group profit
before tax and 92% (FY25: 94%) of Group total assets.
Impact of controls on our group audit
We identified three key financial IT systems that were relevant to our audit
being the main Enterprise Resource Planning (‘ERP’) finance system, a global
revenue accounting system and a journals approval 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
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. Whilst we tested the general IT controls and
automated controls of the global revenue accounting system, given the
current proportion of revenue covered by this system, we did not plan to rely
on this system. For the journals approval system, as this was implemented
mid-way through the year, we did not plan to rely on IT controls for this
system, taking a fully substantive approach to auditing journals.
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.
Group auditor 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 three 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.
Experian plc
Financial statements
152
Independent auditor’s report
continued
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.
Financial statements
153
Experian plc
Annual Report 2026
9. Respective responsibilities
Directors’ responsibilities
As explained more fully in their statement set out on page 139, 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
19 May 2026
Experian plc
Financial statements
154
Notes
2026
2025
Benchmark¹
US$m
Non-
benchmark²
US$m
Total
US$m
Benchmark¹
US$m
Non-
benchmark²
US$m
Total
US$m
Revenue
9, 10
Labour costs
12(a)
(2,686 )
(45 )
(2,731 )
(2,520 )
(60 )
(2,580 )
Data and information technology costs
(1,625 )
(1,625 )
(1,344 )
(1,344 )
Amortisation and depreciation charges
13
(613 )
(263 )
(876 )
(547 )
(211 )
(758 )
Marketing and customer acquisition costs
(596 )
(596 )
(536 )
(536 )
Other operating charges
15(a)
(532 )
(40 )
(572 )
(495 )
(17 )
(512 )
Total operating expenses
(6,052 )
(348 )
(6,400 )
(5,442 )
(288 )
(5,730 )
Operating profit/(loss)
(348 )
(288 )
Finance income
Finance expense
(219 )
(132 )
(178 )
(89 )
(267 )
Net finance expense
16
(185 )
(98 )
(157 )
(89 )
(246 )
Share of post-tax profit of associates
Profit/(loss) before tax
10
(261 )
(377 )
Tax (charge)/credit
17
(563 )
(443 )
(487 )
(379 )
Profit/(loss) for the financial year
(141 )
(269 )
Attributable to:
Owners of Experian plc
(140 )
(268 )
Non-controlling interests
(1 )
(1 )
Profit/(loss) for the financial year
(141 )
(269 )
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$261 m (2025: US$377 m) comprises a net charge for Exceptional items of US$20 m (2025: US$39 m), and a net charge for other adjustments made to derive
Benchmark PBT of US$241 m (2025: US$338 m). Further information is given in note 15.
Group income statement
for the year ended 31 March 2026
Financial statements
155
Experian plc
Annual Report 2026
2026
US$m
2025
US$m
Profit for the financial year
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss:
Remeasurement of post-employment benefit assets and obligations (note 35(b))
Changes in the fair value of investments revalued through OCI
(39 )
Deferred tax charge
(2 )
(9 )
Items that will not be reclassified to profit or loss
(42 )
Items that are or may be reclassified subsequently to profit or loss:
Currency translation gains/(losses)
(129 )
Cumulative currency translation (loss)/gain in respect of divestments
(1 )
Fair value gain on cash flow hedge
Hedging gain reclassified to profit or loss
(11 )
(12 )
Items that are or may be reclassified subsequently to profit or loss
(129 )
Other comprehensive income/(expense) for the financial year
1
(171 )
Total comprehensive income for the financial year
Attributable to:
Owners of Experian plc
Non-controlling interests
Total comprehensive income for the financial year
1
There is no associated tax on amounts reported within Other comprehensive income (OCI), except as reported for post-employment benefit assets and obligations and changes in the fair value of investments
revalued through OCI. Currency translation items, other than those that have been reclassified to profit or loss, are recognised in the hedging or translation reserve within other reserves and in non-controlling
interests. Other items within OCI are recognised in retained earnings.
Group statement of comprehensive income
for the year ended 31 March 2026
Experian plc
Financial statements
156
Notes
2026
US$m
2025
US$m
Non-current assets
Goodwill
20
Other intangible assets
21
Property, plant and equipment
22
Investments in associates
23
Deferred tax assets
36(a)
Post-employment benefit assets
35(a)
Trade and other receivables
24(a)
Financial assets revalued through OCI
30(a)
Other financial assets
30(b)
Current assets
Trade and other receivables
24(a)
Current tax assets
36(b)
Financial assets revalued through OCI
30(a)
Other financial assets
30(b)
Cash and cash equivalents – excluding bank overdrafts
25(a)
Current liabilities
Trade and other payables
26(a)
(2,231 )
(2,127 )
Borrowings
27(a)
(900 )
(774 )
Current tax liabilities
36(b)
(38 )
(76 )
Provisions
37
(18 )
(21 )
Other financial liabilities
30(b)
(19 )
(4 )
(3,206 )
(3,002 )
Net current liabilities
(467 )
(861 )
Total assets less current liabilities
Non-current liabilities
Trade and other payables
26(a)
(503 )
(172 )
Borrowings
27(a)
(4,665 )
(4,242 )
Deferred tax liabilities
36(a)
(179 )
(155 )
Post-employment benefit obligations
35(a)
(35 )
(37 )
Provisions
37
(7 )
(3 )
Other financial liabilities
30(b)
(112 )
(185 )
(5,501 )
(4,794 )
Net assets
Equity
Called-up share capital
38
Share premium account
38
Retained earnings
39(a)
Other reserves
39(b)
(18,629 )
(18,679 )
Attributable to owners of Experian plc
Non-controlling interests
Total equity
Mike Rogers
Group balance sheet
at 31 March 2026
Financial statements
157
Experian plc
Annual Report 2026
Called-up
share
capital
(Note 38)
US$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 2025
(18,679 )
Comprehensive income:
Profit for the financial year
Other comprehensive income for the financial year
Total comprehensive income
Transactions with owners:
Employee share incentive plans:
– value of employee services
– shares issued on vesting
– purchase of shares by employee trusts
(97 )
(97 )
(97 )
– other vesting of awards and share option exercises
(109 )
– related tax charge
(1 )
(1 )
(1 )
– other payments
(7 )
(7 )
(7 )
Purchase of shares held as treasury shares
(143 )
(143 )
(143 )
Purchase and cancellation of own shares
(1 )
(513 )
(514 )
(514 )
Shares delivered as acquisition consideration (note 39(b)(iii))
Transactions with non-controlling interests
(18 )
(18 )
(4 )
(22 )
Dividends paid
(590 )
(590 )
(2 )
(592 )
Transactions with owners
(1 )
(1,100 )
(116 )
(1,188 )
(6 )
(1,194 )
At 31 March 2026
(18,629 )
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$m
At 1 April 2024
(18,437 )
Comprehensive income:
Profit for the financial year
Other comprehensive (expense)/income for the financial year
(42 )
(130 )
(172 )
(171 )
Total comprehensive income/(expense)
(130 )
Transactions with owners:
Employee share incentive plans:
– value of employee services
– shares issued on vesting
– purchase of shares by employee trusts
(83 )
(83 )
(83 )
– other vesting of awards and share option exercises
(73 )
– related tax credit
– other payments
(5 )
(5 )
(5 )
Purchase of shares held as treasury shares
(117 )
(117 )
(117 )
Transactions with non-controlling interests
(2 )
(1 )
Dividends paid
(546 )
(546 )
(2 )
(548 )
Transactions with owners
(482 )
(112 )
(574 )
(4 )
(578 )
At 31 March 2025
(18,679 )
Group statement of changes in equity
for the year ended 31 March 2026
Experian plc
Financial statements
158
Notes
2026
US$m
2025
US$m
Cash flows from operating activities
Cash generated from operations
40(a)
Interest paid
(222 )
(179 )
Interest received
Tax paid
(438 )
(447 )
Net cash inflow from operating activities
Cash flows from investing activities
Purchase of other intangible assets
40(c)
(677 )
(603 )
Purchase of property, plant and equipment
(49 )
(48 )
Disposal of property, plant and equipment
Additions to other financial assets
(52 )
(69 )
Disposal of other financial assets
Acquisition of subsidiaries, net of cash acquired
40(d)
(692 )
(1,158 )
Disposal of operations
41(d)
Net cash flows used in investing activities
(1,345 )
(1,847 )
Cash flows from financing activities
Cash inflow in respect of shares issued
40(e)
Cash outflow in respect of share purchases
40(e)
(727 )
(199 )
Other payments on vesting of share awards
(7 )
(5 )
Transactions in respect of non-controlling interests
40(d)
(2 )
(1 )
Acquisition of additional interest in subsidiary undertaking
40(d)
(20 )
(22 )
New borrowings
Repayment of borrowings
(528 )
(621 )
Net receipts/(payments) from issuing commercial paper
(4 )
Principal lease payments
(48 )
(41 )
Net receipts for derivative contracts
Dividends paid
(592 )
(548 )
Net cash flows used in financing activities
(954 )
(62 )
Net (decrease)/increase in cash and cash equivalents
(60 )
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 2026
Experian plc
Financial statements
Annual Report 2026
159
Notes to the Group financial statements
for the year ended 31 March 2026
Experian group of companies (Experian or the Group). Experian is
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 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
• 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 2026, the Group had undrawn committed bank borrowing
facilities of US$2.5bn (2025: US$2.4.bn) which have an average
remaining tenor of four years (2025: four years).
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
As a data and technology 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 cloud services and 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.
In preparing the Group financial statements the following considerations
were made in respect of climate change:
• 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 the valuation of 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 effective for Experian for the year ending
31 March 2028. 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’.
The impact of IFRS 18 on the Group financial statements is under
assessment; areas of potential change have been noted and are subject
to 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 statements. The Group has not
applied any standards, interpretations or amendments that have been
issued but are not yet effective. Accounting developments are routinely
reviewed by the Group and its financial reporting systems are adapted
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:
Experian plc
Financial statements
160
Notes to the Group financial statements
continued
5. Material accounting policies continued
• 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.
As part of the Group’s Brazilian payments business, we acquired a
sub-acquiring operation, which acts as a payment intermediary enabling
small and medium-sized merchants to accept card payments without
a direct relationship with an acquirer. Revenue is not material and
primarily comprises merchant discount rates (MDR) and intermediation
fees for the early settlement of credit card receivables for merchants.
Historically, these receivables were largely passed on and settled directly
with acquirers and banks. To broaden the range of available structures,
on 10 December 2025, the Group structured and acquired the
subordinated quotas of ‘Endurance Fundo de Investimento em Direitos
Creditórios’ (FIDC), an unincorporated Brazilian investment fund focused
on credit card receivables, regulated by the Comissão de Valores
Mobiliários (CVM). As the sole holder of subordinated quotas, the Group
has decision-making authority over the relevant activities and is exposed
to the FIDC’s residual risks and returns. Accordingly, the Group has
concluded that it controls the FIDC and has consolidated it from the
acquisition date. Capital contributions to acquire the subordinated
quotas are classified as investing cash outflows.
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 2026. 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 recorded 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 at acquisition the Group
adopts the ‘anticipated acquisition’ approach, recording the other side
of the put liability as an increase to goodwill, with no subsequent profits
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
Experian plc
Financial statements
Annual Report 2026
161
5. Material accounting policies continued
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
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.
Goodwill is not amortised but is tested annually for impairment, or more
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
which the carrying value of the goodwill exceeds the recoverable amount.
Goodwill is allocated to groups of CGUs and monitored for internal
management purposes by operating segment. The allocation is made
to those groups of CGUs that are expected to benefit from the business
combination in which the goodwill arose. Corporate balances are allocated
to the groups of CGUs on the basis of expected consumption by each group.
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
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.
• Developed and purchased software – comprises computer software
purchased from third parties as well as the cost of internally generated
software. Costs incurred to purchase and bring into use specific
computer software, or costs directly associated with producing
identifiable and unique software products controlled by the Group 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)
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
The Group has reviewed the useful lives of its data centres and main
plant and equipment assets to determine if any are affected by
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.
We apply the IFRS 9 ‘Financial Instruments’ simplified lifetime expected
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
Experian plc
Financial statements
162
Notes to the Group financial statements
continued
5. Material accounting policies continued
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.
• Fair value through Other comprehensive income (FVOCI): Assets that
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. Interest
income from these financial assets is recognised using the effective
interest method.
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
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
Financial liabilities are measured subsequently at amortised cost using
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
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.
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.
Experian plc
Financial statements
Annual Report 2026
163
5. Material accounting policies continued
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 effective
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.
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
(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.
Experian plc
Financial statements
164
Notes to the Group financial statements
continued
5. Material accounting policies continued
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 recorded 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 recorded as a deduction from equity at cost. When shares in
the Company are purchased and cancelled under a share purchase
programme, the par value of those shares is recorded as a reduction in
called-up share capital, with any cost in excess of that amount deducted
from retained earnings.
Contractual obligations to purchase own shares are recognised at the
present value of the redemption amount, with a corresponding deduction
from equity. Subsequent remeasurement of this liability is recognised in
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 one, 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.
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:
Experian plc
Financial statements
Annual Report 2026
165
5. Material accounting policies continued
• 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 licensing 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 they
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
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
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
Experian plc
Financial statements
166
Notes to the Group financial statements
continued
5. Material accounting policies continued
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 – EMEA and Asia Pacific (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
the group of CGUs is generally determined on the basis of value-in-use
calculations, which requires 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. 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 group of 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.
Intangible assets (note 21)
Identifiable intangible assets arise either through business combinations
or from internally generated projects. On acquisition, identifiable
intangible assets, such as customer lists, are recognised separately from
goodwill at their fair value at the acquisition date and are subsequently
amortised over their estimated useful lives. Determining both the initial
valuation and economic life of these assets requires the use of estimates
and assumptions.
We evaluate sensitivities relating to intangible assets acquired during
the year to assess whether any reasonably possible changes in the key
inputs and assumptions used could give rise to a material estimation
uncertainty in respect of their fair value or economic life. Further detail
is provided in note 41.
Internally generated intangible assets are capitalised only when the
relevant recognition criteria are met and are amortised over their
estimated useful lives. The estimated useful lives range from one
to 20 years for acquired intangibles and from three to ten years for
internally generated projects. Amortisation methods, useful lives
and residual values are reviewed at each reporting date and adjusted
where 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.
Experian plc
Financial statements
Annual Report 2026
167
6. Critical accounting estimates, assumptions
and judgments continued
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 and 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
Experian plc
Financial statements
168
Notes to the Group financial statements
continued
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.
Measure |
Purpose |
Note |
(a) Benchmark profit before tax (Benchmark PBT) |
These measures are disclosed to |
10(a)(i) and 10(b) |
Benchmark PBT is defined as profit before amortisation and impairment of acquisition |
indicate the Group’s underlying |
|
intangibles, impairment of goodwill, acquisition expenses, adjustments to contingent |
profitability. They enable the users |
|
consideration, Exceptional items, financing fair value remeasurements, tax (and interest |
of the accounts to assess the Group’s |
|
thereon) and discontinued operations. It includes the Group’s share of continuing associates’ |
performance by excluding items that |
|
Benchmark post-tax results. |
affect short-term profitability and are |
|
| An explanation of the basis on which we report Exceptional items is provided in note 7(l). Other |
not related to the Group’s underlying |
|
| adjustments, in addition to Exceptional items, made to derive Benchmark PBT are explained |
ongoing performance. |
|
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) |
||
Benchmark EBIT is defined as Benchmark PBT before the net interest expense charged therein |
||
and accordingly excludes Exceptional items as defined in note 7(l). Total Benchmark EBIT is the |
||
sum of Benchmark EBIT from ongoing activities and Benchmark EBIT from exited business |
||
activities. Benchmark EBIT margin is Benchmark EBIT from ongoing activities expressed as |
||
a percentage of revenue from ongoing activities. |
||
(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. |
||
(d) Exited business activities |
Exited business activities are separated |
|
Exited business activities are businesses sold, closed or identified for closure during a financial |
from the Group’s ongoing activities to |
|
year. These are treated as exited business activities for both revenue and Benchmark EBIT |
provide clarity on the elements of the |
|
purposes. The results of exited business activities are disclosed separately with the results of |
business that will not recur in future |
|
the prior period re-presented in the segmental analyses as appropriate. This measure differs |
periods having been sold, closed or |
|
from the definition of discontinued operations in IFRS 5 ‘Non-current Assets Held for Sale and |
identified for closure. |
|
Discontinued Operations’. |
||
(e) Ongoing activities |
||
The results of businesses trading at 31 March 2026, that are not disclosed as exited business |
||
activities, are reported as ongoing activities. |
||
(f) Constant exchange rates |
To highlight our underlying performance, |
10(a)(ii), 10(a)(iii) |
The prior year’s average exchange rates. |
we present certain results and growth |
11(a), 18(a) and |
calculated by translating both years’ |
18(b) |
|
performance at constant exchange rates. |
||
(g) Total growth |
These measures are used to compare |
10(a)(ii) and |
This is the year-on-year change in the performance of our activities at actual exchange rates. |
the performance of the business across |
10(a)(iii) |
Total growth at constant exchange rates removes the translational foreign exchange effects |
reporting periods. |
|
arising on the consolidation of our activities and comprises one of our measures of |
||
performance at constant exchange rates. |
||
(h) Organic revenue growth |
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. |
Experian plc
Financial statements
Annual Report 2026
169
7. Use of non-GAAP measures in the Group financial statements continued
Measure
Purpose
Note
(i) Benchmark earnings and Total Benchmark earnings
Benchmark earnings is used in the
18(b) and 18(c)
Benchmark earnings comprises Benchmark PBT less attributable tax and non-controlling
calculation of Benchmark EPS.
interests. The attributable tax for this purpose excludes significant tax credits and charges
Benchmark EPS is provided to support
arising in the year which, in view of their size or nature, are not comparable with previous
the assessment of the Group’s
years, together with tax arising on Exceptional items and on other adjustments made to
underlying performance by presenting
derive Benchmark PBT. Benchmark PBT less attributable tax is designated as Total
EPS on a basis aligned with the Group’s
underlying profitability.
Benchmark earnings.
(j) Benchmark earnings per share (Benchmark EPS)
18(a)
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
This measure is used to evaluate the tax
17(b)(ii)
The Benchmark tax charge is the tax charge applicable to Benchmark PBT. It differs from
expense associated with the Group’s
the tax charge by tax attributable to Exceptional items and other adjustments made to derive
underlying results.
Benchmark PBT, and exceptional tax charges. A reconciliation is provided in note 17(b)(ii).
The Benchmark effective rate of tax is calculated by dividing the Benchmark tax charge by
Benchmark PBT.
The separate reporting of Exceptional
15(a)
Exceptional items include those arising from the profit or loss on disposal of businesses,
items provides insight into the Group’s
closure costs of significant operations (including onerous global support costs associated
underlying performance.
with those operations), costs of significant restructuring programmes and other financially
significant one-off items. All other restructuring costs are charged against Benchmark EBIT,
(m) Full-year dividend per share
This measure indicates the Group’s
19
Full-year dividend per share comprises the total of dividends per share announced in respect
ability to generate sustainable
of the financial year.
distributable earnings and apply
a balanced approach to capital
allocation and shareholder returns.
(n) Benchmark operating and Benchmark free cash flow
These measures assist in assessing
40(g)
Benchmark operating cash flow is Benchmark EBIT plus amortisation, depreciation and
the underlying cash flow performance
charges in respect of share-based incentive plans, less capital expenditure net of disposal
of the Group.
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
Cash flow conversion is Benchmark operating cash flow expressed as a percentage of
Benchmark EBIT.
(p) Net debt and Net funding
These measures provide an assessment
28
Net debt is borrowings (and the fair value of derivatives hedging borrowings) excluding
of the Group’s indebtedness and support
accrued interest, less cash and cash equivalents and other highly liquid bank deposits with
the appraisal of its capital structure.
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)
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 to add or deduct
the net tax liability or asset and to add Net debt.
Experian plc
Financial statements
170
Notes to the Group financial statements
continued
(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 2025 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.
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
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
Financial statements
Annual Report 2026
171
8. Financial risk management continued
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
Financial statements
172
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 2026 |
US$m |
US$m |
US$m |
US$m |
US$m |
Revenue from external customers |
|||||
Financial Services |
2,363 |
949 |
595 |
556 |
4,463 |
Verticals |
1,510 |
25 |
127 |
43 |
1,705 |
Business-to-Business |
3,873 |
974 |
722 |
599 |
6,168 |
Consumer Services |
1,714 |
323 |
220 |
— |
2,257 |
Ongoing activities |
5,587 |
1,297 |
942 |
599 |
8,425 |
Exited business activities |
— |
2 |
— |
18 |
20 |
Total |
5,587 |
1,299 |
942 |
617 |
8,445 |
Total |
|||||
North |
Latin |
UK and |
EMEA and |
operating |
|
America |
America |
Ireland |
Asia Pacific |
segments |
|
Year ended 31 March 2025 1 |
US$m |
US$m |
US$m |
US$m |
US$m |
Revenue from external customers |
|||||
Financial Services |
2,073 |
791 |
555 |
455 |
3,874 |
Verticals |
1,356 |
25 |
127 |
39 |
1,547 |
Business-to-Business |
3,429 |
816 |
682 |
494 |
5,421 |
Consumer Services |
1,617 |
250 |
187 |
— |
2,054 |
Ongoing activities |
5,046 |
1,066 |
869 |
494 |
7,475 |
Exited business activities |
— |
9 |
— |
39 |
48 |
Total |
5,046 |
1,075 |
869 |
533 |
7,523 |
1
From FY26 we have updated the reporting structure of our business lines. Effective 1 April 2025, the Business-to-Business business line is divided into Financial Services and Verticals, while the Consumer
Services business line remains unchanged. This categorisation more clearly reflects the way we service our clients. The results for the year ended 31 March 2025 have been re-presented accordingly.
In addition, EMEA and Asia Pacific Financial Services revenue of US$32m for the year ended 31 March 2025 has been re-presented to reflect the reclassification of certain B2B businesses to exited business
activities.
Revenue from exited business activities was derived from the Financial Services business line in both the current and prior year.
Financial Services revenue is derived from: transactional services (including both per-unit charges and fees over a contractual term), batch
data services, software sales (comprising recurring licence, support and maintenance and implementation fees), and consultancy services.
Revenue from Verticals is predominantly transactional and batch-related, with a portion derived from licence fees.
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 for on-premise arrangements is recognised as the solution is
transferred to the customer, while invoicing is typically annual over the contract term. Contract assets recognised during the year totalled US$128m
(2025: US$109m). The contract asset balance for work completed but not invoiced upon 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. During the year, contract assets of US$108m (2025: US$98m) were reclassified to receivables. Contract assets decreased by US$3m
(2025: US$nil) due to disposals, and an impairment charge of US$nil (2025: US$3m) was recognised.
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$397m (2025: US$381m) was included in the opening contract liability, while cash received in advance and not
recognised as revenue amounted to US$345m (2025: US$312m). Contract liabilities increased by US$11m (2025: US$8m) from acquisitions and
decreased by US$1m (2025: US$nil) as a result of disposals during the year.
Foreign exchange movements increased contract asset balances by US$1m and contract liability balances by US$10m during the year (2025:
Experian plc
Financial statements
Annual Report 2026
173
9. Revenue continued
(c) Contract costs
The carrying amounts of assets recognised from costs to obtain, and costs to fulfil, contracts with customers at 31 March 2026 were US$18m and
US$58m, respectively (2025: US$19m and US$67m).
Amortisation of contract costs in the year was US$47m (2025: US$51m); 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. The Group has applied a
portfolio approach to contracts with similar characteristics, where it reasonably expects that the outcome is not materially different from calculating
contract costs 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 2026 was US$6.4bn (2025: US$6.1bn). We expect to
recognise approximately 46% (2025: 42%) of this value within one year, 30% (2025: 34%) within one to two years, 12% (2025: 14%) within two to three
years and 12% (2025: 10%) thereafter.
The aggregate amount of the transaction price allocated to unsatisfied, or partially satisfied, performance obligations which are transactional in nature
includes estimates of variable consideration. These estimates are based on forecast transactional volumes and do not take into account all external
market factors that may impact future revenue recognised from such contracts.
A portfolio approach has been applied to calculate the aggregate amount of the transaction price allocated to the unsatisfied, or partially satisfied,
performance obligations for contracts with similar characteristics, where the Group reasonably expects that the effects of applying a portfolio
approach does not differ materially from calculating the amounts at an individual contract level.
We apply the practical expedient in paragraph 121(a) of IFRS 15 ‘Revenue from Contracts with Customers’ and do not disclose information about
remaining performance obligations that have original expected durations of one year or less. This excludes contracts across a number of business
units which have revenue due to be recognised in the financial year ending 31 March 2027; it also excludes the majority of our direct-to-consumer
(a) IFRS 8 disclosures
(i) Income statement
Total |
|||||||
North |
Latin |
UK and |
EMEA and |
operating |
Central |
Total |
|
America |
America |
Ireland |
Asia Pacific |
segments |
Activities |
Group |
|
Year ended 31 March 2026 |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
Revenue from external customers |
|||||||
Ongoing activities |
5,587 |
1,297 |
942 |
599 |
8,425 |
— |
8,425 |
Exited business activities |
— |
2 |
— |
18 |
20 |
— |
20 |
Total |
5,587 |
1,299 |
942 |
617 |
8,445 |
— |
8,445 |
Reconciliation from Benchmark EBIT to profit/(loss) before tax |
|||||||
Benchmark EBIT |
|||||||
Ongoing activities |
1,912 |
399 |
220 |
40 |
2,571 |
(164) |
2,407 |
Exited business activities |
— |
— |
— |
(10) |
(10) |
— |
(10) |
Total 1 |
1,912 |
399 |
220 |
30 |
2,561 |
(164) |
2,397 |
Net interest expense included in Benchmark PBT (note 16(b)) |
(2) |
(1) |
4 |
(2) |
(1) |
(184) |
(185) |
Benchmark PBT 2 |
1,910 |
398 |
224 |
28 |
2,560 |
(348) |
2,212 |
Exceptional items (note 15(a)) |
(22) |
— |
(4) |
6 |
(20) |
— |
(20) |
Amortisation and impairment of acquisition intangibles (note 21) |
(136) |
(39) |
(6) |
(90) |
(271) |
— |
(271) |
Acquisition and disposal expenses |
(8) |
(24) |
(5) |
(22) |
(59) |
— |
(59) |
Adjustment to the fair value of contingent consideration |
— |
2 |
1 |
(1) |
2 |
— |
2 |
Interest on tax liabilities |
— |
— |
— |
— |
— |
(14) |
(14) |
Financing fair value remeasurements (note 16(c)) |
— |
— |
— |
— |
— |
101 |
101 |
Profit/(loss) before tax |
1,744 |
337 |
210 |
(79) |
2,212 |
(261) |
1,951 |
1
Benchmark EBITDA excludes depreciation and amortisation of US$613m, which are included in Benchmark EBIT.
2
Benchmark PBT at constant exchange rates is calculated by adjusting reported Benchmark PBT for exchange differences of US$(22)m.
Experian plc
Financial statements
174
Notes to the Group financial statements
continued
10. Segment information continued
(i) Income statement continued
Total | |||||||
North | Latin | UK and | EMEA and | operating | Central | Total | |
America | America | Ireland | Asia Pacific | segments | Activities | Group | |
Year ended 31 March 2025 ¹ | 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 | 494 | 7,475 | — | 7,475 |
Exited business activities | — | 9 | — | 39 | 48 | — | 48 |
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 | 17 | 2,246 | (144) | 2,102 |
Exited business activities | — | (5) | 1 | (15) | (19) | — | (19) |
Total 2 | 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 3 | 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 tax liabilities | — | — | — | — | — | (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 |
1
Revenue of US$32m and Benchmark EBIT of US$5m for the year ended 31 March 2025 have been re-presented for the reclassification to exited business activities of certain B2B businesses.
2
Benchmark EBITDA excludes depreciation and amortisation of US$547m, which are included in Benchmark EBIT.
3
Benchmark PBT at constant exchange rates is calculated by adjusting reported Benchmark PBT for exchange differences of US$3m.
Additional information by operating segment, including that on total and organic growth at constant exchange rates, is provided in the Strategic report.
(ii) Reconciliation of revenue from ongoing activities
Total | |||||
North | Latin | UK and | EMEA and | ongoing | |
America | America | Ireland | Asia Pacific | activities | |
US$m | US$m | US$m | US$m | US$m | |
Revenue for the year ended 31 March 2025 1 | 5,046 | 1,066 | 869 | 494 | 7,475 |
Adjustment to constant exchange rates 2 | — | 2 | 3 | 2 | 7 |
Revenue at constant exchange rates for the year ended 31 March 2025 2 | 5,046 | 1,068 | 872 | 496 | 7,482 |
Organic revenue growth | 494 | 86 | 19 | 23 | 622 |
Revenue from acquisitions | 47 | 98 | 10 | 59 | 214 |
Revenue at constant exchange rates for the year ended 31 March 2026 | 5,587 | 1,252 | 901 | 578 | 8,318 |
Adjustment to actual exchange rates | — | 45 | 41 | 21 | 107 |
Revenue for the year ended 31 March 2026 | 5,587 | 1,297 | 942 | 599 | 8,425 |
Organic revenue growth at constant exchange rates | 10% | 8% | 2% | 5% | 8% |
Revenue growth at constant exchange rates | 11% | 17% | 3% | 17% | 11% |
1
Revenue of US$32m for the year ended 31 March 2025 has been re-presented for the reclassification to exited business activities of certain B2B businesses.
2
Non-GAAP constant exchange rate measures are calculated using the prior year’s average exchange rates. Accordingly, FY25 amounts previously reported at constant exchange rates have been restated using
the latest prior year average exchange rates.
The table above demonstrates the application of the methodology set out in note 7 in determining organic and total revenue growth at constant
exchange rates. Revenue at constant exchange rates is reported for both years using the average exchange rates applicable for the year ended
31 March 2025.
Experian plc
Financial statements
Annual Report 2026
175
10. Segment information continued
(iii) Reconciliation of Benchmark EBIT from ongoing activities
Total | Total | ||||||
North | Latin | UK and | EMEA and | operating | Central | ongoing | |
America | America | Ireland | Asia Pacific | segments | Activities | activities | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
Benchmark EBIT for the year ended 31 March 2025 1 | 1,686 | 341 | 202 | 17 | 2,246 | (144) | 2,102 |
Adjustment to constant exchange rates 2 | (1) | 3 | — | 1 | 3 | — | 3 |
Benchmark EBIT at constant exchange rates for FY25 2 | 1,685 | 344 | 202 | 18 | 2,249 | (144) | 2,105 |
Benchmark EBIT growth | 227 | 38 | 8 | 22 | 295 | (16) | 279 |
Benchmark EBIT at constant exchange rates for FY26 | 1,912 | 382 | 210 | 40 | 2,544 | (160) | 2,384 |
Adjustment to actual exchange rates | — | 17 | 10 | — | 27 | (4) | 23 |
Benchmark EBIT for the year ended 31 March 2026 | 1,912 | 399 | 220 | 40 | 2,571 | (164) | 2,407 |
Benchmark EBIT growth at constant exchange rates | 13% | 11% | 4% | 116% | 13% | n/a | 13% |
Benchmark EBIT growth at actual exchange rates | 13% | 17% | 9% | 135% | 14% | n/a | 15% |
Benchmark EBIT margin at constant exchange rates FY25 | 33.4% | 32.2% | 23.2% | 3.6% | 30.1% | n/a | 28.1% |
Benchmark EBIT margin at actual exchange rates FY25 | 33.4% | 32.0% | 23.2% | 3.4% | 30.0% | n/a | 28.1% |
Benchmark EBIT margin at constant exchange rates FY26 | 34.2% | 30.5% | 23.3% | 6.9% | 30.6% | n/a | 28.7% |
Benchmark EBIT margin at actual exchange rates FY26 | 34.2% | 30.8% | 23.4% | 6.7% | 30.5% | n/a | 28.6% |
1
Benchmark EBIT of US$5m for the year ended 31 March 2025 has been re-presented for the reclassification to exited business activities of certain B2B businesses.
2
Non-GAAP constant exchange rate measures are calculated using the prior year’s average exchange rates. Accordingly, FY25 amounts previously reported at constant exchange rates have been restated using
the latest prior year average exchange rates.
*
Growth rates and margins are calculated using exact numbers.
(iv) Balance sheet
Net assets/(liabilities)
Total | Central | ||||||
North | Latin | UK and | EMEA and | operating | Activities | Total | |
America | America | Ireland | Asia Pacific | segments | and other | Group | |
At 31 March 2026 | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
Goodwill | 4,308 | 1,213 | 868 | 872 | 7,261 | — | 7,261 |
Investments in associates | 7 | — | 11 | — | 18 | — | 18 |
Right-of-use assets | 39 | 16 | 31 | 19 | 105 | 5 | 110 |
Other assets | 2,958 | 1,617 | 704 | 570 | 5,849 | 1,052 | 6,901 |
Total assets | 7,312 | 2,846 | 1,614 | 1,461 | 13,233 | 1,057 | 14,290 |
Lease obligations | (52) | (19) | (36) | (22) | (129) | (4) | (133) |
Other liabilities | (1,367) | (797) | (320) | (235) | (2,719) | (5,855) | (8,574) |
Total liabilities | (1,419) | (816) | (356) | (257) | (2,848) | (5,859) | (8,707) |
Net assets/(liabilities) | 5,893 | 2,030 | 1,258 | 1,204 | 10,385 | (4,802) | 5,583 |
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$m |
Goodwill | 4,170 | 904 | 763 | 817 | 6,654 | — | 6,654 |
Investments in associates | 4 | — | 9 | — | 13 | — | 13 |
Right-of-use assets | 43 | 14 | 35 | 17 | 109 | 5 | 114 |
Other assets | 2,829 | 900 | 611 | 643 | 4,983 | 1,122 | 6,105 |
Total assets | 7,046 | 1,818 | 1,418 | 1,477 | 11,759 | 1,127 | 12,886 |
Lease obligations | (56) | (17) | (42) | (17) | (132) | (4) | (136) |
Other liabilities | (1,353) | (408) | (307) | (255) | (2,323) | (5,337) | (7,660) |
Total liabilities | (1,409) | (425) | (349) | (272) | (2,455) | (5,341) | (7,796) |
Net assets/(liabilities) | 5,637 | 1,393 | 1,069 | 1,205 | 9,304 | (4,214) | 5,090 |
Experian plc
Financial statements
176
Notes to the Group financial statements
continued
10. Segment information continued
(iv) Balance sheet continued
Central Activities and other comprises:
| 2026 | 2025 | |||||
Net assets/ | Net assets/ | |||||
Assets | Liabilities | (liabilities) | Assets | Liabilities | (liabilities) | |
US$m | US$m | US$m | US$m | US$m | US$m | |
Central Activities | 549 | (194) | 355 | 602 | (155) | 447 |
Net debt 1 | 397 | (5,448) | (5,051) | 402 | (4,955) | (4,553) |
Tax | 111 | (217) | (106) | 123 | (231) | (108) |
1,057 | (5,859) | (4,802) | 1,127 | (5,341) | (4,214) | |
1
Lease obligations in operating segments net of interest of US$128m (2025: US$131m), are excluded from Net debt reported within Central Activities.
Capital employed | ||
2026 | 2025 | |
US$m | US$m | |
Net assets | 5,583 | 5,090 |
Add: Net debt (note 28) | 5,179 | 4,684 |
Add: Tax | 106 | 108 |
Less: right-of-use assets | (110) | (114) |
Less: non-controlling interests | (38) | (36) |
Capital employed attributable to owners | 10,720 | 9,732 |
ROCE is determined by dividing Benchmark EBIT of US$2,397m (2025: 2,083m), less tax at the Benchmark rate of 25.5% (2025: 25.3%) and Benchmark
EBIT attributable to non-controlling interests of US$7m (2025: US$5m), by the three-point average capital employed. This average of US$10,335m
(2025: US$9,355m) is calculated as the arithmetic average of capital employed at 31 March 2026, 30 September 2025 and 31 March 2025.
(v) Capital expenditure, amortisation and depreciation
Capital expenditure | Right-of-use asset additions | Amortisation | Depreciation | |||||
2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
North America | 350 | 342 | 16 | 8 | 246 | 218 | 40 | 46 |
Latin America | 190 | 140 | 6 | 8 | 120 | 97 | 17 | 14 |
UK and Ireland | 73 | 66 | 5 | 8 | 50 | 47 | 20 | 19 |
EMEA and Asia Pacific | 52 | 49 | 16 | 6 | 46 | 39 | 19 | 15 |
Total operating segments | 665 | 597 | 43 | 30 | 462 | 401 | 96 | 94 |
Central Activities | 61 | 54 | 1 | 1 | 51 | 49 | 4 | 3 |
Total Group | 726 | 651 | 44 | 31 | 513 | 450 | 100 | 97 |
Amortisation and depreciation above only include amounts charged to Benchmark PBT.
(vi) Revenue by country
2026 | 2025 | |
US$m | US$m | |
USA | 5,585 | 5,044 |
Brazil | 1,146 | 936 |
UK | 937 | 866 |
Other | 777 | 677 |
8,445 | 7,523 |
Revenue is primarily attributable to countries other than Ireland. No single client accounted for 10% or more of revenue in the current or prior year.
Revenue from the USA, Brazil and the UK in aggregate comprises 91% (2025: 91%) of Group revenue. Other comprises a number of other countries,
none of which has revenue that is individually material.
Experian plc
Financial statements
Annual Report 2026
177
10. Segment information continued
(vii) Non-current assets by country
2026 | 2025 | |
US$m | US$m | |
USA | 1,905 | 1,859 |
UK | 487 | 432 |
Brazil | 762 | 536 |
Australia | 313 | 300 |
Germany | 58 | 103 |
Other | 239 | 244 |
Segment non-current assets by country | 3,764 | 3,474 |
Goodwill | 7,261 | 6,654 |
Central Activities | 480 | 546 |
Deferred tax | 46 | 71 |
11,551 | 10,745 |
To add clarity to the presentation of this information, non-current assets for Central Activities and deferred tax have been excluded from the analysis
by country. Goodwill is allocated and monitored based on regional groups of CGUs, this allocation is shown in note 20. The Group has no significant
non-current assets located in Ireland.
(b) Information on business lines (including non-GAAP disclosures)
Business-to- | Consumer | Total business | Central | Total | |
Business | Services | lines | Activities | Group | |
Year ended 31 March 2026 | US$m | US$m | US$m | US$m | US$m |
Revenue from external customers | |||||
Ongoing activities | 6,168 | 2,257 | 8,425 | — | 8,425 |
Exited business activities | 20 | — | 20 | — | 20 |
Total | 6,188 | 2,257 | 8,445 | — | 8,445 |
Reconciliation from Benchmark EBIT to profit/(loss) before tax | |||||
Benchmark EBIT | |||||
Ongoing activities | 1,903 | 668 | 2,571 | (164) | 2,407 |
Exited business activities | (10) | — | (10) | — | (10) |
Total 1 | 1,893 | 668 | 2,561 | (164) | 2,397 |
Net interest expense included in Benchmark PBT (note 16(b)) | (1) | — | (1) | (184) | (185) |
Benchmark PBT 2 | 1,892 | 668 | 2,560 | (348) | 2,212 |
Exceptional items (note 15(a)) | (13) | (7) | (20) | — | (20) |
Amortisation and impairment of acquisition intangibles (note 21) | (242) | (29) | (271) | — | (271) |
Acquisition and disposal expenses | (49) | (10) | (59) | — | (59) |
Adjustment to the fair value of contingent consideration | (9) | 11 | 2 | — | 2 |
Interest on tax liabilities | — | — | — | (14) | (14) |
Financing fair value remeasurements (note 16(c)) | — | — | — | 101 | 101 |
Profit/(loss) before tax | 1,579 | 633 | 2,212 | (261) | 1,951 |
1
Benchmark EBITDA excludes depreciation and amortisation of US$613m, which are included in Benchmark EBIT.
2
Benchmark PBT at constant exchange rates is calculated by adjusting reported Benchmark PBT for exchange differences of US$(22)m.
Experian plc
Financial statements
178
Notes to the Group financial statements
continued
10. Segment information continued
Business-to- |
Consumer |
Total business |
Central |
Total |
|
Business |
Services |
lines |
Activities |
Group |
|
Year ended 31 March 2025¹ |
US$m |
US$m |
US$m |
US$m |
US$m |
Revenue from external customers |
|||||
Ongoing activities |
5,421 |
2,054 |
7,475 |
— |
7,475 |
Exited business activities |
48 |
— |
48 |
— |
48 |
Total |
5,469 |
2,054 |
7,523 |
— |
7,523 |
Reconciliation from Benchmark EBIT to profit/(loss) before tax |
|||||
Benchmark EBIT |
|||||
Ongoing activities |
1,684 |
562 |
2,246 |
(144) |
2,102 |
Exited business activities |
(20) |
1 |
(19) |
— |
(19) |
Total 2 |
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 3 |
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 tax liabilities |
— |
— |
— |
(4) |
(4) |
Financing fair value remeasurements (note 16(c)) |
— |
— |
— |
(85) |
(85) |
Profit/(loss) before tax |
1,418 |
522 |
1,940 |
(391) |
1,549 |
1
Revenue of US$32m and Benchmark EBIT of US$5m for the year ended 31 March 2025 have been re-presented for the reclassification to exited business activities of certain B2B businesses.
2
Benchmark EBITDA excludes depreciation and amortisation of US$547m, which are included in Benchmark EBIT.
3
Benchmark PBT at constant exchange rates is calculated by adjusting reported Benchmark PBT for exchange differences of US$3m.
(a) Principal exchange rates used
Average |
Closing |
||||
2026 |
2025 |
2026 |
2025 |
2024 |
|
US dollar : Brazilian real |
5.44 |
5.61 |
5.23 |
5.76 |
5.01 |
UK pound sterling : US dollar |
1.34 |
1.28 |
1.32 |
1.29 |
1.26 |
Euro : US dollar |
1.16 |
1.07 |
1.15 |
1.08 |
1.08 |
US dollar : Australian dollar |
1.51 |
1.53 |
1.45 |
1.60 |
1.53 |
(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 strengthening of the Brazilian real by 9% against the US dollar during the year, a gain of US$82m (2025: US$58m charge due to a
15% weakening) has been recognised within financing fair value remeasurements (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 9%
would result in a US$78m impact on profit before tax. There is no effect on total equity as a result of this exposure, since it arises on intra-Group
funding and there would be a related equal but opposite foreign exchange movement recognised in the translation reserve within equity.
(ii) Other exposures
On the basis of the profile of foreign exchange exposures, and an assessment of reasonably possible changes in such exposures, there are no other
material sensitivities to foreign exchange risk at the balance sheet dates. In making these assessments, actual data on movements in the principal
currencies over the most recent three-year period has been considered together with exposures at the balance sheet dates. This methodology has
Experian plc
Financial statements
Annual Report 2026
179
2026 |
2025 |
||
Notes |
US$m |
US$m |
|
Wages and salaries |
1,863 |
1,710 |
|
Social security costs |
353 |
332 |
|
Share incentive plans |
33(a) |
155 |
138 |
Pension costs – defined benefit plans |
35(a) |
3 |
3 |
Pension costs – defined contribution plans |
85 |
75 |
|
Other employee benefit costs |
42 |
35 |
|
Employee benefit costs |
2,501 |
2,293 |
|
Other labour costs |
230 |
287 |
|
2,731 |
2,580 |
Other labour costs include those in respect of severance, external contractors, outsourcing and the recruitment, development and training of
(b) Average monthly number of employees (including executive directors)
2026 |
2025 |
|
North America |
9,399 |
9,207 |
Latin America |
7,563 |
6,071 |
UK and Ireland |
3,761 |
3,790 |
EMEA and Asia Pacific |
4,225 |
3,964 |
Total operating segments |
24,948 |
23,032 |
Central Activities |
273 |
265 |
25,221 |
23,297 |
2026 |
2025 |
|
US$m |
US$m |
|
Benchmark: |
||
Amortisation of other intangible assets |
513 |
450 |
Depreciation of property, plant and equipment |
100 |
97 |
613 |
547 |
|
Non-benchmark: |
||
Amortisation of acquisition intangibles |
263 |
211 |
876 |
758 |
An analysis by segment of amounts charged within Benchmark PBT is given in note 10(a)(v). Analyses by asset type are given in notes 21 and 22.
2026 |
2025 |
|
US$m |
US$m |
|
Audit of the Company and Group financial statements |
1.2 |
1.2 |
Audit of the financial statements of the Company's subsidiaries |
6.6 |
6.4 |
Audit-related assurance services |
2.5 |
1.3 |
Other assurance services |
0.1 |
0.1 |
Total fees payable to the Company's auditor and its associates |
10.4 |
9.0 |
Summary of fees by nature: |
||
Fees for audit services |
7.8 |
7.6 |
Fees for audit-related assurance services |
2.5 |
1.3 |
Fees for other assurance services |
0.1 |
0.1 |
10.4 |
9.0 |
The guidelines covering the use of the Company’s auditor for non-audit services are set out in the Audit Committee report. Fees for other assurance
services are capped at 70% of the average audit fees paid over the previous three consecutive financial years. In the year ended 31 March 2026, fees
payable for non-audit services, were 36% (2025: 20%) of the average audit fees paid over the previous three consecutive financial years. Such fees are
Experian plc
Financial statements
180
Notes to the Group financial statements
continued
(a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
2026 |
2025 |
||
Notes |
US$m |
US$m |
|
Exceptional items: |
|||
(Profit)/loss on disposal of operations 1 |
15(b), 41(d) |
(9) |
4 |
Restructuring costs |
15(c) |
28 |
50 |
Legal provisions movements 1 |
15(d) |
1 |
(15) |
Net charge for Exceptional items |
20 |
39 |
|
Other adjustments made to derive Benchmark PBT: |
|||
Amortisation and impairment of acquisition intangibles 2 |
13, 21 |
271 |
211 |
Acquisition and disposal expenses 3 |
59 |
37 |
|
Adjustment to the fair value of contingent consideration 1 |
30(h) |
(2) |
1 |
Interest on tax liabilities |
16(c) |
14 |
4 |
Financing fair value remeasurements |
16(c) |
(101) |
85 |
Net charge for other adjustments made to derive Benchmark PBT |
241 |
338 |
|
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT |
261 |
377 |
|
By income statement caption: |
|||
Labour costs |
45 |
60 |
|
Amortisation and depreciation charges |
263 |
211 |
|
Other operating charges |
40 |
17 |
|
Within operating profit |
348 |
288 |
|
Within finance expense |
16(a) |
(87) |
89 |
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT |
261 |
377 |
1
Included in other operating charges.
2
The impairment charge on acquisition intangibles of US$8m (2025: US$nil) is included in other operating charges.
3
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$25m (2025: US$10m) is recorded within labour costs and US$34m (2025: US$27m) is included within other operating charges in the Group income
statement.
(b) (Profit)/loss on disposal of operations
The profit on the disposal of operations of US$9m (2025: loss on disposal of US$4m) relates to the disposal of a number of subsidiary undertakings
primarily in EMEA and Asia Pacific.
(c) Restructuring costs
Substantial progress has been made in completing the final stages of our technology transformation and cloud migration, including the realignment
of staff resources to our new technology architecture and the acceleration of the shift to our global development centres to enhance productivity.
Severance costs of US$20m (2025: US$50m) and other restructuring costs of US$8m (2025: US$nil) were recognised during the year in relation
to this programme. The associated cash outflow was US$21m (2025: US$30m).
(d) Legal provisions movements
Movements in provisions were recognised in respect of a number of historical legal claims in North America, with associated costs presented net
Experian plc
Financial statements
Annual Report 2026
181
2026 |
2025 |
|
US$m |
US$m |
|
Interest income: |
||
Bank deposits, short-term investments and loan notes |
(24) |
(14) |
Interest on pension plan assets (note 35(a)(ii)) |
(10) |
(7) |
Interest income |
(34) |
(21) |
Finance expense: |
||
Eurobonds and notes |
151 |
104 |
Bank loans, commercial paper, overdrafts and other |
29 |
40 |
Interest differentials on derivatives |
26 |
22 |
Interest on leases |
7 |
7 |
Commitment and facility fees |
6 |
5 |
Interest expense |
219 |
178 |
Net non-benchmark finance (income)/expense (note 16(c)) |
(87) |
89 |
Finance expense |
132 |
267 |
Net finance expense included in profit before tax |
98 |
246 |
(b) Net interest expense included in Benchmark PBT
2026 |
2025 |
|
US$m |
US$m |
|
Interest income |
(34) |
(21) |
Interest expense |
219 |
178 |
Net interest expense included in Benchmark PBT |
185 |
157 |
(c) Analysis of net non-benchmark finance (income)/expense
2026 |
2025 |
|
US$m |
US$m |
|
Fair value (gains)/ losses on borrowings – attributable to interest rate risk |
(9) |
14 |
Fair value losses on borrowings – attributable to currency risk |
123 |
43 |
Gains on interest rate swaps – fair value hedges |
(6) |
(9) |
Gains on cross-currency swaps – fair value hedges |
(105) |
(39) |
Foreign currency gains on cross-currency swaps designated as a cash flow hedge – transfer from OCI |
(11) |
(12) |
Gains on items in hedging relationships – hedge ineffectiveness |
(8) |
(3) |
Fair value losses on non-hedging derivatives |
17 |
34 |
Foreign exchange (gains)/losses on Brazilian real intra-Group funding |
(82) |
58 |
Other foreign exchange (gains)/losses on financing activities |
(7) |
8 |
Monetary loss on hyperinflation |
2 |
— |
Decrease in the present value of put options |
(19) |
(5) |
Movement in Other financial assets at FVPL |
(4) |
(6) |
Movement in connection with commitments to purchase own shares |
— |
(1) |
Net (credit)/charge for financing fair value remeasurements |
(101) |
85 |
Interest on tax liabilities |
14 |
4 |
(87) |
89 |
Experian plc
Financial statements
182
Notes to the Group financial statements
continued
16. Net finance expense continued
The following table shows the sensitivity to interest rate risk, on the basis of the profile of Net debt at the balance sheet dates and an assessment
of reasonably possible changes in the principal interest rates, with all other variables held constant. In making this assessment, actual movements
in relevant interest rates over the most recent three-year period have been considered and a consistent methodology applied. An indication of the
primary cause of the reported sensitivity is included.
2026 |
2025 |
|
Gain/(loss) |
US$m |
US$m |
Impact on profit for the financial year: |
||
Effect of an increase of 1.2% (2025: 1.8%) on US dollar-denominated Net debt: |
||
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest |
||
income on cash and cash equivalents |
(7) |
43 |
Effect of an increase of 1.4% (2025: 1.8%) on UK pound sterling-denominated Net debt: |
||
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest |
||
income on cash and cash equivalents |
2 |
4 |
Effect of an increase of 2.3% (2025: 3.5%) on Brazilian real-denominated Net debt: |
||
Due to higher interest income on cash and cash equivalents |
2 |
5 |
Effect of an increase of 1.6% (2025: 1.6%) on euro-denominated Net debt: |
||
Due to the revaluation of borrowings and related derivatives, higher interest expense on borrowings and higher interest |
||
income on cash and cash equivalents |
(6) |
(10) |
Impact on other components of equity: |
||
Effect of an increase of 1.2% (2025: 1.8%): |
||
On the fair value of the US dollar leg of cross-currency swaps treated as a cash flow hedge |
n/a |
4 |
Effect of an increase of 1.4% (2025: 1.8%): |
||
On the fair value of the UK pound sterling leg of cross-currency swaps treated as a cash flow hedge |
n/a |
(4) |
2026 |
2025 |
|
US$m |
US$m |
|
Current tax: |
||
Tax on income for the year |
437 |
503 |
Global minimum top-up tax |
10 |
7 |
Adjustments in respect of earlier years |
(39) |
(10) |
Total current tax charge |
408 |
500 |
Deferred tax: |
||
Origination and reversal of temporary differences |
29 |
(111) |
Adjustments in respect of earlier years |
6 |
(10) |
Total deferred tax charge/(credit) |
35 |
(121) |
Tax charge |
443 |
379 |
The tax charge comprises: |
||
UK tax |
38 |
18 |
Non-UK tax |
405 |
361 |
443 |
379 |
Experian plc
Financial statements
Annual Report 2026
183
17. Tax charge continued
(b) Tax reconciliations
(i) Reconciliation of the tax charge
As the Group is subject to the tax rates of more than one country, it has chosen to present its reconciliation of the tax charge using the main rate
of corporation tax in the UK. The effective rate of tax based on profit before tax is lower (2025: lower) than the main rate of corporation tax in the UK,
with the differences explained in note 17(c).
2026 | 2025 | |
US$m | US$m | |
Profit before tax | 1,951 | 1,549 |
Profit before tax multiplied by the main rate of UK corporation tax of 25% (2025: 25%) | 488 | 387 |
Effects of: | ||
Adjustments in respect of earlier years 1 | (33) | (20) |
Income not taxable 1 | (46) | (11) |
Losses not recognised | 10 | 9 |
Expenses not deductible 1 | 69 | 62 |
Different effective tax rates in non-UK businesses | (75) | (64) |
Local taxes 2 | 69 | 61 |
Current year movement in uncertain tax positions | 20 | 20 |
Recognition of previously unrecognised tax losses 3 | (17) | (27) |
Research and development incentive claims | (42) | (38) |
Tax charge | 443 | 379 |
Effective rate of tax based on profit before tax | 22.7% | 24.5% |
1
Refer to note 17(c).
2
Local taxes comprise US state taxes and the current tax expense related to the global minimum top-up tax, reflected in note17(a) above.
3
Recognition of previously unrecognised tax losses acquired with the illion Group (2025: relates to tax losses supported by the acquisition of the illion Group).
(ii) Reconciliation of the tax charge to the Benchmark tax charge
2026 | 2025 | |
US$m | US$m | |
Tax charge | 443 | 379 |
Tax relief on Exceptional items and other adjustments made to derive Benchmark PBT | 120 | 108 |
Benchmark tax charge | 563 | 487 |
Benchmark PBT | 2,212 | 1,926 |
Benchmark tax rate | 25.5% | 25.3% |
(c) Factors that affect the tax charge
The Group’s tax rate reflects its internal financing arrangements in place to fund non-UK businesses and is influenced by the profile of profits earned
in the different countries in which the Group’s subsidiaries operate, in particular our three core economies of the USA, Brazil and the UK.
Expenses not deductible include acquisition and disposal expenses as well as business expenses that are not deductible for tax. Income not taxable
includes financing fair value remeasurements which are not subject to tax.
Adjustments in respect of earlier years reflect adjustments for matters that have been substantively agreed with local tax authorities.
At 31 March 2026, the Group held current tax liabilities of US$93m (2025: US$76m) and deferred tax liabilities of US$14m (2025: US$12m) in respect
of uncertain tax positions. In both FY26 and FY25, 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.
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.
The Group is subject to the global minimum top-up tax under the Organisation for Economic Co-operation and Development’s (OECD) Pillar Two tax
legislation. In FY26, the Group recognised a current tax expense of US$10m (2025: US$7m) related to the top-up tax, of which US$9m (2025: US$7m)
is levied on Experian plc.
Experian plc
Financial statements
184
Notes to the Group financial statements
continued
17. Tax charge continued
(d) Other factors that affect the future tax charge
The Group’s tax charge will continue to be influenced by the profile of profits earned in the different countries in which the Group’s subsidiaries
operate. Continued focus on tax reform is expected in FY27, particularly in Brazil noting that the Group could be impacted by the introduction of
a 10% withholding tax on dividends which is effective from 1 January 2026. There is no impact of this legislative change in the current period,
nor is a material impact expected in future periods.
In addition, indirect tax reforms are ongoing in Brazil and tax reform was implemented in the USA during the first half of the year. Both matters
do not materially impact the Group’s effective tax rate in the current period, nor are they expected to do so in future periods.
(a) Earnings per share
Basic |
Diluted |
|||
2026 |
2025 |
2026 |
2025 |
|
US cents |
US cents |
US cents |
US cents |
|
EPS |
164.5 |
127.6 |
163.4 |
126.5 |
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of |
||||
related tax |
15.3 |
29.3 |
15.3 |
29.0 |
Benchmark EPS (non-GAAP measure) |
179.8 |
156.9 |
178.7 |
155.5 |
Adjustment to constant exchange rates 1 |
(1.8) |
0.2 |
(1.9) |
0.2 |
Benchmark EPS at constant exchange rates (non-GAAP measure) 1 |
178.0 |
157.1 |
176.8 |
155.7 |
1
Non-GAAP constant exchange rate measures are calculated using the prior year’s average exchange rates. Accordingly, FY25 amounts previously reported at constant exchange rates have been restated using
the latest prior year average exchange rates.
(b) Analysis of earnings
(i) Attributable to owners of Experian plc
2026 |
2025 |
|
US$m |
US$m |
|
Profit for the financial year attributable to owners of Experian plc |
1,502 |
1,166 |
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax |
140 |
268 |
Benchmark earnings attributable to owners of Experian plc (non-GAAP measure) |
1,642 |
1,434 |
Adjustment to constant exchange rates 1 |
(17) |
2 |
Benchmark earnings attributable to owners of Experian plc at constant FX (non-GAAP measure) 1 |
1,625 |
1,436 |
1
Non-GAAP constant exchange rate measures are calculated using the prior year’s average exchange rates. Accordingly, FY25 amounts previously reported at constant exchange rates have been restated using
the latest prior year average exchange rates.
(ii) Attributable to non-controlling interests
2026 |
2025 |
|
US$m |
US$m |
|
Profit for the financial year attributable to non-controlling interests |
6 |
4 |
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax |
1 |
1 |
Benchmark earnings attributable to non-controlling interests (non-GAAP measure) |
7 |
5 |
(c) Reconciliation of Total Benchmark earnings to profit for the financial year
2026 |
2025 |
|
US$m |
US$m |
|
Total Benchmark earnings (non-GAAP measure) |
1,649 |
1,439 |
Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax: |
||
– attributable to owners of Experian plc |
(140) |
(268) |
– attributable to non-controlling interests |
(1) |
(1) |
Profit for the financial year |
1,508 |
1,170 |
(d) Weighted average number of ordinary shares
2026 |
2025 |
|
million |
million |
|
Weighted average number of ordinary shares |
913 |
914 |
Add: dilutive effect of share incentive awards, options and share purchases |
6 |
8 |
Diluted weighted average number of ordinary shares |
919 |
922 |
Experian plc
Financial statements
Annual Report 2026
185
2026 |
2025 |
|||
US cents |
US cents |
|||
per share |
US$m |
per share |
US$m |
|
Amounts recognised and paid during the financial year: |
||||
First interim – paid in February 2026 (2025: February 2025) |
21.25 |
194 |
19.25 |
176 |
Second interim – paid in July 2025 (2025: July 2024) 1 |
43.25 |
396 |
40.50 |
370 |
Dividends paid on ordinary shares |
590 |
546 |
||
Full-year dividend for the financial year |
626 |
571 |
||
1
The cost of the second interim dividend for the year ended 31 March 2025, paid in July 2025, was US$1m higher than the announced amount due to foreign exchange rate movements.
A second interim dividend in respect of the year ended 31 March 2026 of 48.00 US cents per ordinary share will be paid on 24 July 2026, to
shareholders on the register at the close of business on 26 June 2026 and is not included as a liability in these financial statements. This second
interim dividend and the first interim dividend paid in February 2026 comprise the full-year dividend for the financial year of 69.25 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 2026, the employee trusts waived their entitlements to dividends of US$2m (2025: US$3m). There is no entitlement to
(a) Movements in goodwill
2026 |
2025 |
|
US$m |
US$m |
|
Cost |
||
At 1 April |
6,902 |
6,208 |
Differences on exchange |
204 |
(121) |
Additions through business combinations (note 41(a)) |
429 |
815 |
Disposal of businesses |
(16) |
— |
At 31 March |
7,519 |
6,902 |
Accumulated impairment |
||
At 1 April |
248 |
246 |
Differences on exchange |
10 |
2 |
At 31 March |
258 |
248 |
Net book amount at 1 April |
6,654 |
5,962 |
Net book amount at 31 March |
7,261 |
6,654 |
(b) Goodwill by group of CGUs
2026 |
2025 |
|
US$m |
US$m |
|
North America |
4,308 |
4,170 |
Latin America |
1,213 |
904 |
UK and Ireland |
868 |
763 |
EMEA and Asia Pacific |
872 |
817 |
At 31 March |
7,261 |
6,654 |
(c) Key assumptions for value-in-use calculations by group of CGUs
2026 |
2025 |
|||
Long-term |
Long-term |
|||
Discount rate |
growth rate |
Discount rate |
growth rate |
|
% p.a. |
% p.a. |
% p.a. |
% p.a. |
|
North America |
10.2 |
3.5 |
9.7 |
3.5 |
Latin America |
17.4 |
5.0 |
17.6 |
5.2 |
UK and Ireland |
11.2 |
2.9 |
10.7 |
2.8 |
EMEA and Asia Pacific |
12.7 |
4.1 |
12.2 |
4.1 |
Experian plc
Financial statements
186
Notes to the Group financial statements
continued
20. Goodwill continued
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 16%, 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 94% used in EMEA and Asia Pacific.
Further details of the principles used in determining the basis of allocation by group of CGUs and annual impairment testing are given in note 6(a).
The annual impairment review of goodwill was performed as at 30 September 2025. We have assessed the movement in modelling assumptions
in the second half of the year. Despite recent increases in risk-free rates, our discount rates remained in line with those used in September. The
sector-wide share price movements driven by risks and opportunities of artificial intelligence do not significantly impact our forecasts. Our proprietary
data assets, deeply embedded platforms and differentiated strategy position us well to take advantage of these developments. 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 2026.
The recoverable amount of the EMEA and Asia Pacific group of CGUs exceeded its carrying value by US$374m. Any decline in the estimated
value-in-use in excess of that amount would result in the recognition of an impairment charge. The sensitivities, which result in the recoverable
amount being equal to the carrying value, are summarised as follows:
• an absolute increase of 2.0 percentage points in the discount rate, from 12.7% to 14.7%, or
• an absolute reduction of 3.0 percentage points in the long-term growth rate, from 4.1% to 1.1%, or
• a reduction of 5.8 percentage points in the forecast FY31 profit margin, from 27.6% to 21.8%. A reduction in the annual margin improvement of
approximately 1.2 percentage points per year over the five-year forecast period would also reduce the recoverable amount to the carrying value, or
• an absolute reduction of 21% in the forecast FY31 profit.
The recoverable amounts of all other groups of CGUs exceeded their carrying value, on the basis of the assumptions set out in the table in note 20(c)
and any reasonably possible changes thereof.
The impairment review considered the potential impact of climate change by considering the results of the scenario analysis performed consistent
Acquisition intangibles |
||||||
Customer |
Acquired |
Marketing- |
Developed |
|||
and other |
software |
related |
and purchased |
|||
relationships |
development |
assets |
Databases |
software |
Total |
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
|
Cost |
||||||
At 1 April 2025 |
1,763 |
647 |
60 |
1,668 |
2,452 |
6,590 |
Differences on exchange |
59 |
21 |
5 |
89 |
57 |
231 |
Additions through business combinations (note 41) |
134 |
50 |
28 |
9 |
28 |
249 |
Other additions |
— |
— |
— |
216 |
461 |
677 |
Disposal of businesses |
(8) |
— |
— |
— |
(4) |
(12) |
Other disposals 1 |
— |
— |
(1) |
(197) |
(247) |
(445) |
At 31 March 2026 |
1,948 |
718 |
92 |
1,785 |
2,747 |
7,290 |
Accumulated amortisation and impairment |
||||||
At 1 April 2025 |
881 |
330 |
44 |
1,161 |
1,319 |
3,735 |
Differences on exchange |
23 |
9 |
3 |
69 |
34 |
138 |
Charge for the year |
174 |
81 |
8 |
193 |
320 |
776 |
Impairment charge |
5 |
3 |
— |
— |
4 |
12 |
Disposal of businesses |
(2) |
— |
— |
— |
(2) |
(4) |
Other disposals 1 |
— |
— |
(1) |
(197) |
(247) |
(445) |
At 31 March 2026 |
1,081 |
423 |
54 |
1,226 |
1,428 |
4,212 |
Net book amount at 31 March 2026 |
867 |
295 |
38 |
559 |
1,319 |
3,078 |
1
As we complete the final stages of our technology transformation and cloud migration, and realign to our new technology architecture, we have disposed of a number of assets with US$nil net book value.
Experian plc
Financial statements
Annual Report 2026
187
21. Other intangible assets continued
| Acquisition intangibles |
Developed |
|||||
Customer |
Acquired |
Marketing- |
and purchased |
|||
and other |
software |
related |
software |
|||
relationships |
development |
assets |
Databases |
(Re-presented) 1 |
Total |
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
|
Cost |
||||||
At 1 April 2024 |
1,645 |
544 |
98 |
1,655 |
2,168 |
6,110 |
Differences on exchange |
(41) |
(13) |
(5) |
(90) |
(26) |
(175) |
Additions through business combinations |
318 |
200 |
7 |
11 |
27 |
563 |
Other additions |
— |
— |
— |
203 |
400 |
603 |
Disposals |
(159) |
(84) |
(40) |
(111) |
(117) |
(511) |
At 31 March 2025 |
1,763 |
647 |
60 |
1,668 |
2,452 |
6,590 |
Accumulated amortisation and impairment |
||||||
At 1 April 2024 |
907 |
357 |
84 |
1,159 |
1,166 |
3,673 |
Differences on exchange |
(12) |
(6) |
(3) |
(69) |
(11) |
(101) |
Charge for the year |
145 |
63 |
3 |
178 |
272 |
661 |
Impairment charge |
— |
— |
— |
4 |
9 |
13 |
Disposals |
(159) |
(84) |
(40) |
(111) |
(117) |
(511) |
At 31 March 2025 |
881 |
330 |
44 |
1,161 |
1,319 |
3,735 |
Net book amount at 1 April 2024 |
738 |
187 |
14 |
496 |
1,002 |
2,437 |
Net book amount at 31 March 2025 |
882 |
317 |
16 |
507 |
1,133 |
2,855 |
1
During the year, the former asset categories ‘internal-use software’ and ‘internally generated software’ were combined into a single asset class, ‘developed and purchased software’. The assets have similar
characteristics and are managed together within the business. Separate disclosure is not considered to provide more relevant information. Comparative amounts have been re-presented accordingly.
Within the above are the following individually material assets at 31 March 2026:
• Credit Data Solutions Pty Ltd (illion) core customer relationships with a net book value of US$168m (2025: US$163m) and a remaining amortisation
period of 15 years (2025: 16 years). The increase in the asset value during the year is attributable to exchange rate movements.
• Tapad, Inc. customer relationships with a net book value of US$106m (2025: US$115m) and a remaining amortisation period of 12 years (2025:
13 years).
• Predictive Pop, Inc. (Audigent) acquired software development with a net book value of US$79m (2025: US$97m) and a remaining amortisation
period of five years (2025: six years).
• North America Healthcare customer relationships with a net book value of US$47m (2025: US$75m) and a remaining amortisation period of
two years (2025: three years).
The impairment charge for the year includes US$4m (2025: US$7m) for the fair value write-down of technology due to planned upgrades and US$nil
(2025: US$6m) in relation to exited businesses. There were no indicators of material impairment as a result of climate-related matters in either the
Experian plc
Financial statements
188
Notes to the Group financial statements
continued
Right-of-use assets |
||||||
Freehold |
Leasehold |
Plant and |
Land and |
Motor vehicles |
||
properties |
improvements |
equipment |
buildings |
and equipment |
Total |
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
|
Cost |
||||||
At 1 April 2025 |
83 |
138 |
578 |
196 |
49 |
1,044 |
Differences on exchange |
2 |
1 |
15 |
5 |
1 |
24 |
Additions through business combinations |
— |
1 |
— |
1 |
— |
2 |
Other additions |
— |
7 |
42 |
30 |
14 |
93 |
Disposal of businesses |
— |
— |
(1) |
— |
— |
(1) |
Other disposals |
(9) |
(4) |
(195) |
(41) |
(16) |
(265) |
At 31 March 2026 |
76 |
143 |
439 |
191 |
48 |
897 |
Accumulated depreciation and impairment |
||||||
At 1 April 2025 |
25 |
71 |
467 |
107 |
24 |
694 |
Differences on exchange |
1 |
— |
10 |
3 |
1 |
15 |
Charge for the year |
3 |
6 |
48 |
30 |
13 |
100 |
Impairment charge |
1 |
— |
1 |
3 |
— |
5 |
Disposal of businesses |
— |
— |
(1) |
— |
— |
(1) |
Other disposals |
(4) |
(3) |
(194) |
(37) |
(15) |
(253) |
At 31 March 2026 |
26 |
74 |
331 |
106 |
23 |
560 |
Net book amount at 31 March 2026 |
50 |
69 |
108 |
85 |
25 |
337 |
Right-of-use assets |
||||||
Motor vehicles |
||||||
Freehold |
Leasehold |
Plant and |
Land and |
and equipment |
||
properties |
improvements |
equipment |
buildings |
(Re-presented) 1 |
Total |
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
|
Cost |
||||||
At 1 April 2024 |
84 |
154 |
652 |
210 |
64 |
1,164 |
Differences on exchange |
— |
(3) |
(5) |
(2) |
— |
(10) |
Additions through business combinations |
— |
1 |
1 |
3 |
— |
5 |
Other additions |
— |
7 |
41 |
15 |
16 |
79 |
Disposals |
(1) |
(21) |
(111) |
(30) |
(31) |
(194) |
At 31 March 2025 |
83 |
138 |
578 |
196 |
49 |
1,044 |
Accumulated depreciation and impairment |
||||||
At 1 April 2024 |
22 |
87 |
533 |
105 |
38 |
785 |
Differences on exchange |
— |
— |
(3) |
(1) |
— |
(4) |
Charge for the year |
2 |
5 |
47 |
29 |
14 |
97 |
Impairment charge |
2 |
— |
— |
— |
— |
2 |
Disposals |
(1) |
(21) |
(110) |
(26) |
(28) |
(186) |
At 31 March 2025 |
25 |
71 |
467 |
107 |
24 |
694 |
Net book amount at 1 April 2024 |
62 |
67 |
119 |
105 |
26 |
379 |
Net book amount at 31 March 2025 |
58 |
67 |
111 |
89 |
25 |
350 |
1
During the year, the former right-of-use asset categories ‘motor vehicles’ and ‘plant and equipment’ were combined into a single asset class, ‘motor vehicles and equipment’, as neither category was individually
material and further disaggregation is not considered to provide more relevant information. Comparative amounts have been re-presented accordingly.
There were no indicators of material impairment as a result of climate-related matters in the current or prior year. The disposal of right-of-use assets
2026 |
2025 |
|
US$m |
US$m |
|
At 1 April |
13 |
11 |
Differences on exchange |
1 |
— |
Share of profit after tax |
4 |
2 |
At 31 March |
18 |
13 |
Experian plc
Financial statements
Annual Report 2026
189
2026 |
2025 |
|
US$m |
US$m |
|
Trade and unbilled receivables |
1,733 |
1,508 |
Credit note provision |
(63) |
(41) |
Trade receivables – after credit note provision |
1,670 |
1,467 |
Contract assets |
171 |
153 |
Trade receivables and contract assets |
1,841 |
1,620 |
Loss allowance |
(61) |
(46) |
Net trade receivables and contract assets |
1,780 |
1,574 |
VAT and equivalent taxes recoverable |
10 |
11 |
Prepayments and other debtors 1 |
695 |
239 |
Contract costs |
76 |
86 |
2,561 |
1,910 |
|
As reported in the Group balance sheet: |
||
Current trade and other receivables |
2,315 |
1,684 |
Non-current trade and other receivables |
246 |
226 |
2,561 |
1,910 |
1
Prepayments and other debtors include an amount of US$389m (2025: US$nil) relating to the operation of a creditors’ rights investment fund (FIDC), with an associated balance of US$350m recognised within
other creditors. The operation of the FIDC involves the investment of funds received from senior (US$350m) and subordinated (US$39m) quota holders. These funds are restricted and may only be used for the
direct operations of the sub-acquiring business. The assets are assigned into credit card receivables through trading operations, and are recorded within prepayments and other debtors. Cash collected from
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.
At 31 March 2024, the value of trade and unbilled receivables was US$1,419m and contract assets was US$146m.
2026 |
2025 |
|||
Gross carrying |
Gross carrying |
|||
Loss allowance |
amount |
Loss allowance |
amount |
|
US$m |
US$m |
US$m |
US$m |
|
Not past-due |
(7) |
1,408 |
(6) |
1,246 |
Up to three months past-due |
(3) |
260 |
(1) |
201 |
Three to six months past-due |
(9) |
45 |
(2) |
40 |
Over six months past-due |
(42) |
128 |
(37) |
133 |
Trade receivables and contract assets |
(61) |
1,841 |
(46) |
1,620 |
Loss allowance (note 24(c)) |
(61) |
(46) |
||
Net trade receivables and contract assets |
1,780 |
1,574 |
||
(c) Movements in the loss allowance
2026 |
2025 |
|
US$m |
US$m |
|
At 1 April |
46 |
27 |
Increase in the loss allowance recognised in the Group income statement |
24 |
31 |
Receivables written off in the year as uncollectable |
(11) |
(12) |
Differences on exchange |
2 |
— |
At 31 March |
61 |
46 |
(d) Analysis by currency denomination
Contract assets |
Trade receivables |
|||
2026 |
2025 |
2026 |
2025 |
|
US$m |
US$m |
US$m |
US$m |
|
US dollar |
106 |
76 |
896 |
822 |
Brazilian real |
1 |
3 |
359 |
276 |
UK pound sterling |
36 |
38 |
209 |
195 |
Euro |
10 |
15 |
48 |
50 |
Other |
18 |
21 |
97 |
78 |
171 |
153 |
1,609 |
1,421 |
|
Experian plc
Financial statements
190
Notes to the Group financial statements
continued
(a) Analysis by nature
2026 |
2025 |
|
US$m |
US$m |
|
Cash at bank and in hand |
72 |
129 |
Short-term investments |
256 |
239 |
328 |
368 |
The effective interest rate for cash and cash equivalents held at 31 March 2026 was 8.0% (2025: 7.4%). There is no material difference between the fair
value and the book value stated above.
(b) Analysis by external credit rating
2026 |
2025 |
|
US$m |
US$m |
|
Counterparty holding of more than US$2m: |
||
A rated |
154 |
223 |
B rated |
159 |
133 |
Non-rated |
4 |
— |
Counterparty holding of more than US$2m |
317 |
356 |
Counterparty holding of less than US$2m |
11 |
12 |
328 |
368 |
2026 |
2025 |
|||
Current |
Non-current |
Current |
Non-current |
|
US$m |
US$m |
US$m |
US$m |
|
Trade payables |
322 |
— |
358 |
— |
VAT and other equivalent taxes payable |
39 |
— |
36 |
— |
Social security costs |
145 |
— |
145 |
— |
Accruals |
1,060 |
10 |
949 |
8 |
Contract liabilities |
375 |
43 |
392 |
61 |
Other payables 1 |
290 |
450 |
247 |
103 |
2,231 |
503 |
2,127 |
172 |
|
1
Other payables include employee benefits of US$152m (2025: US$136m); deferred and contingent consideration of US$120m (2025: US$140m); interest payable of US$26m (2025: US$15m) and liabilities
of US$350m (2025: US$nil) relating to the operation of a creditors’ rights investment fund (FIDC), for which an associated balance of US$389m is recognised within prepayments and other debtors. FIDC senior
quota holders receive contractually agreed remuneration, which is settled through withdrawal of assets from the fund and will recover their investment at the end of the four-year contractual agreement,
following the liquidation of the fund (further details are provided in note 5(a)).
There is no material difference between the fair value and the book value stated above.
At 31 March 2024, the value of contract liabilities was
US$520m.
2026 |
2025 |
|
US$m |
US$m |
|
Financial instruments |
1,280 |
963 |
VAT and other equivalent taxes payable |
39 |
36 |
Social security costs |
145 |
145 |
Amounts within accruals and contract liabilities |
1,270 |
1,155 |
Items other than financial instruments |
1,454 |
1,336 |
2,734 |
2,299 |
Experian plc
Financial statements
Annual Report 2026
191
(a) Analysis by carrying amounts and fair value
Carrying amount | Fair value | |||
2026 | 2025 | 2026 | 2025 | |
US$m | US$m | US$m | US$m | |
Current: | ||||
Bonds: | ||||
£400m 0.739% Euronotes 2025 | — | 519 | — | 505 |
€500m 1.375% Euronotes 2026 | 579 | — | 574 | — |
Commercial paper | 278 | 214 | 278 | 214 |
Bank overdrafts | 5 | 2 | 5 | 2 |
Lease obligations (note 29) | 38 | 39 | 38 | 39 |
900 | 774 | 895 | 760 | |
Non-current: | ||||
Bonds: | ||||
€500m 1.375% Euronotes 2026 | — | 538 | — | 533 |
€300m floating rate Euronotes 2028 | 345 | — | 345 | — |
US$500m 4.25% Notes 2029 | 502 | 502 | 496 | 495 |
US$750m 2.75% Notes 2030 | 725 | 718 | 702 | 686 |
€500m 1.56% Euronotes 2031 | 581 | 545 | 520 | 495 |
£400m 3.25% Euronotes 2032 | 543 | 530 | 475 | 460 |
€500m 3.51% Euronotes 2033 | 565 | 536 | 561 | 535 |
€650m 3.375% Euronotes 2034 | 724 | 692 | 717 | 683 |
US$500m 5.25% Notes 2035 | 495 | — | 506 | — |
Bank loans | 90 | 84 | 90 | 84 |
Lease obligations (note 29) | 95 | 97 | 95 | 97 |
4,665 | 4,242 | 4,507 | 4,068 | |
Total borrowings | 5,565 | 5,016 | 5,402 | 4,828 |
The effective interest rates for bonds approximate to the coupon rates indicated above. Other than lease obligations, borrowings are unsecured.
(b) Analysis by maturity
2026 | 2025 | |
US$m | US$m | |
Less than one year | 900 | 774 |
One to two years | 468 | 652 |
Two to three years | 524 | 24 |
Three to four years | 739 | 515 |
Four to five years | 9 | 726 |
Over five years | 2,925 | 2,325 |
5,565 | 5,016 |
(c) Analysis by currency
2026 | 2025 | |
US$m | US$m | |
US dollar | 4,457 | 4,001 |
Euro | 557 | 547 |
UK pound sterling | 369 | 297 |
Australian dollar | 165 | 126 |
Other | 17 | 45 |
5,565 | 5,016 |
The above analysis takes account of the effect of cross-currency swaps and forward foreign exchange contracts and reflects the way in which the
Group manages its exposures.
Experian plc
Financial statements
192
Notes to the Group financial statements
continued
27. Borrowings continued
(d) Undrawn committed bank borrowing facilities
2026 |
2025 |
|
US$m |
US$m |
|
Facilities expiring in: |
||
Less than one year |
150 |
— |
One to two years |
60 |
316 |
Two to three years |
200 |
— |
Three to four years |
2,100 |
2,050 |
2,510 |
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. On 17 April 2026, the Group executed a new US$250m facility agreement, which was fully drawn on 23 April 2026. On 8 May 2026,
a further US$250m facility was executed, which remained undrawn as at 19 May 2026.
(e) Covenants and leverage ratio
There is one financial covenant in connection with the borrowing facilities. Benchmark EBIT must exceed three times net interest expense before
financing fair value remeasurements. The calculation of the financial covenant excludes the effects of IFRS 16 ‘Leases’. The Group monitors this,
and the Net debt to Benchmark EBITDA leverage ratio, and has complied with this covenant throughout the year.
(a) Analysis by nature
2026 |
2025 |
|
US$m |
US$m |
|
Cash and cash equivalents (net of overdrafts) |
323 |
366 |
Term deposits |
3 |
— |
Debt due within one year – bonds and notes |
(572) |
(518) |
Debt due within one year – commercial paper |
(278) |
(214) |
Debt due within one year – lease obligations |
(38) |
(38) |
Debt due after more than one year – bonds and notes |
(4,456) |
(4,031) |
Debt due after more than one year – bank loans |
(90) |
(84) |
Debt due after more than one year – lease obligations |
(95) |
(97) |
Derivatives hedging borrowings |
24 |
(68) |
Net debt |
(5,179) |
(4,684) |
(b) Analysis by balance sheet caption
2026 |
2025 |
|
US$m |
US$m |
|
Cash and cash equivalents |
328 |
368 |
Other financial assets 1 |
3 |
— |
Current borrowings |
(900) |
(774) |
Non-current borrowings |
(4,665) |
(4,242) |
Borrowings |
(5,565) |
(5,016) |
Total of Group balance sheet line items |
(5,234) |
(4,648) |
Accrued interest reported within borrowings excluded from Net debt |
31 |
32 |
Derivatives reported within Other financial assets |
66 |
34 |
Derivatives reported within Other financial liabilities |
(42) |
(102) |
Net debt |
(5,179) |
(4,684) |
1
Other financial assets included in Net debt comprise highly liquid bank deposits with original maturities greater than three months.
Experian plc
Financial statements
Annual Report 2026
193
28. Net debt (non-GAAP measure) continued
(c) Analysis of movements in Net debt (non-GAAP measure)
Derivatives |
Liabilities |
|||||||
hedging |
from |
Other |
Cash |
|||||
loans and |
Current |
Non-current |
financing |
Accrued |
financial |
and cash |
||
borrowings |
borrowings |
borrowings |
activities |
interest |
assets |
equivalents |
Net debt |
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
|
At 1 April 2025 |
(68) |
(774) |
(4,242) |
(5,084) |
32 |
— |
368 |
(4,684) |
Cash flow |
(29) |
48 |
— |
19 |
— |
2 |
790 |
811 |
Borrowings cash flow |
— |
464 |
(845) |
(381) |
— |
— |
— |
(381) |
Reclassification of borrowings |
— |
(609) |
609 |
— |
— |
— |
— |
— |
Net interest paid |
— |
— |
— |
— |
— |
— |
(198) |
(198) |
Movement on accrued interest |
— |
(5) |
6 |
1 |
(1) |
— |
— |
— |
Net cash flow |
(29) |
(102) |
(230) |
(361) |
(1) |
2 |
592 |
232 |
Non-cash lease obligation additions and disposals 1 |
— |
(9) |
(31) |
(40) |
— |
— |
— |
(40) |
Principal lease payments |
— |
— |
— |
— |
— |
— |
48 |
48 |
Net share purchases |
— |
— |
— |
— |
— |
— |
(698) |
(698) |
Additions through business combinations |
— |
— |
(1) |
(1) |
— |
— |
— |
(1) |
Fair value gains |
4 |
— |
9 |
13 |
— |
— |
— |
13 |
Exchange and other movements |
117 |
(15) |
(170) |
(68) |
— |
1 |
18 |
(49) |
At 31 March 2026 |
24 |
(900) |
(4,665) |
(5,541) |
31 |
3 |
328 |
(5,179) |
Derivatives |
Liabilities |
|||||||
hedging |
from |
Other |
Cash |
|||||
loans and |
Current |
Non-current |
financing |
Accrued |
financial |
and cash |
||
borrowings |
borrowings |
borrowings |
activities |
interest |
assets |
equivalents |
Net debt |
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
|
At 1 April 2024 |
(123) |
(772) |
(3,494) |
(4,389) |
24 |
— |
312 |
(4,053) |
Cash flow |
(34) |
41 |
— |
7 |
— |
— |
400 |
407 |
Borrowings cash flow |
— |
625 |
(1,321) |
(696) |
— |
— |
— |
(696) |
Reclassification of borrowings |
— |
(637) |
637 |
— |
— |
— |
— |
— |
Net interest paid |
— |
— |
— |
— |
— |
— |
(165) |
(165) |
Movement on accrued interest |
— |
4 |
(12) |
(8) |
8 |
— |
— |
— |
Net cash flow |
(34) |
33 |
(696) |
(697) |
8 |
— |
235 |
(454) |
Non-cash lease obligation additions and disposals 1 |
— |
(6) |
(18) |
(24) |
— |
— |
— |
(24) |
Principal lease payments |
— |
— |
— |
— |
— |
— |
41 |
41 |
Net share purchases |
— |
— |
— |
— |
— |
— |
(179) |
(179) |
Additions through business combinations |
— |
(1) |
(2) |
(3) |
— |
— |
— |
(3) |
Fair value gains/(losses) |
49 |
(5) |
(8) |
36 |
— |
— |
— |
36 |
Exchange and other movements |
40 |
(23) |
(24) |
(7) |
— |
— |
(41) |
(48) |
At 31 March 2025 |
(68) |
(774) |
(4,242) |
(5,084) |
32 |
— |
368 |
(4,684) |
1
Experian plc
Financial statements
194
Notes to the Group financial statements
continued
The Group’s lease portfolio consists of 39 (2025: 39) significant property leases across the countries in which we operate. In addition, we lease
approximately 37 (2025: 57) smaller properties, 915 (2025: 865) motor vehicles, and a small number of hardware assets. The average remaining
lease term is 3.4 years (2025: 3.2 years) for significant property leases, 1.9 years (2025: 1.3 years) for other minor property leases and 1.9 years
(2025: 1.9 years) for motor vehicles and plant and equipment. Extension and termination options are included within a number of property and
equipment leases across the Group. These are used to maximise operational flexibility in terms of managing assets and lease exposures.
The majority of extension and termination options are exercisable only by the Group and not by the respective lessor.
(a) Amounts recognised in the Group balance sheet
2026 |
2025 |
||
Notes |
US$m |
US$m |
|
Right-of-use assets: |
|||
Land and buildings |
22 |
85 |
89 |
Motor vehicles and equipment |
22 |
25 |
25 |
At 31 March |
110 |
114 |
|
Lease obligations: |
|||
Current |
27 |
38 |
39 |
Non-current |
27 |
95 |
97 |
At 31 March |
133 |
136 |
Sublease receivables at 31 March 2026 were US$4m (2025: US$6m), of which US$2m (2025: US$4m) falls due after more than one year.
Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for
leases in the Group, the incremental borrowing rate is used. The incremental borrowing rate is unique to each country and class of assets therein
and is based on the Group’s cost of debt, adjusted for factors specific to individual lessees and their borrowing capacity.
The Group is exposed to potential future increases in variable lease payments based on an index or a rate, which are not included in the lease
obligation until they take effect.
(b) Maturity of lease obligations – contractual undiscounted cash flows
2026 |
2025 |
|
US$m |
US$m |
|
Less than one year |
48 |
44 |
One to two years |
37 |
34 |
Two to three years |
25 |
27 |
Three to four years |
16 |
15 |
Four to five years |
11 |
9 |
Over five years |
21 |
26 |
Total undiscounted lease obligations at 31 March |
158 |
155 |
(c) Amounts recognised in the Group income statement
2026 |
2025 |
||
Notes |
US$m |
US$m |
|
Depreciation charge for right-of-use assets: |
|||
Land and buildings |
22 |
30 |
29 |
Motor vehicles and equipment |
22 |
13 |
14 |
Total depreciation charge for right-of-use assets |
43 |
43 |
|
Interest expense |
16 |
7 |
7 |
Expense relating to the lease of low-value assets |
4 |
2 |
|
Total |
54 |
52 |
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$55m (2025: US$48m) comprised US$48m (2025: US$41m) for repayments of principal and US$7m
(2025: US$7m) for payments of interest.
Experian plc
Financial statements
Annual Report 2026
195
(a) Financial assets and liabilities revalued through OCI
| 2026 |
2025 |
|||||
Current |
Non-current |
Total |
Current |
Non-current |
Total |
|
Assets |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
Cash flow hedge of borrowings (cross-currency swaps) 1 |
— |
— |
— |
1 |
— |
1 |
Listed investments 2 |
— |
37 |
37 |
— |
54 |
54 |
Trade investments |
— |
141 |
141 |
— |
167 |
167 |
— |
178 |
178 |
1 |
221 |
222 |
|
1
Derivatives designated as a cash flow hedge are in a documented hedge accounting relationship and consequently are revalued through OCI.
2
(i) Summary
| 2026 |
2025 |
|||||
Current |
Non-current |
Total |
Current |
Non-current |
Total |
|
Assets |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
Financial assets held at amortised cost |
3 |
— |
3 |
17 |
— |
17 |
Derivative financial instruments: |
||||||
Fair value hedge of borrowings (cross-currency swaps) 1 |
16 |
58 |
74 |
— |
26 |
26 |
Non-hedging derivatives (interest rate swaps) |
1 |
96 |
97 |
2 |
118 |
120 |
Non-hedging derivatives (foreign exchange contracts) |
6 |
— |
6 |
10 |
— |
10 |
Non-hedging derivatives (equity swaps) |
— |
— |
— |
2 |
1 |
3 |
Derivative financial instruments |
23 |
154 |
177 |
14 |
145 |
159 |
Other financial assets at fair value through profit or loss 2 |
5 |
15 |
20 |
5 |
8 |
13 |
Assets at fair value through profit or loss |
28 |
169 |
197 |
19 |
153 |
172 |
Other financial assets |
31 |
169 |
200 |
36 |
153 |
189 |
| 2026 |
2025 |
|||||
Current |
Non-current |
Total |
Current |
Non-current |
Total |
|
Liabilities |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
Derivative financial instruments: |
||||||
Fair value hedge of borrowings (cross-currency swaps) |
— |
— |
— |
— |
59 |
59 |
Fair value hedge of borrowings (interest rate swaps) |
— |
25 |
25 |
— |
31 |
31 |
Derivatives used for hedging 1 |
— |
25 |
25 |
— |
90 |
90 |
Non-hedging derivatives (cross-currency swaps) |
— |
4 |
4 |
— |
— |
— |
Non-hedging derivatives (interest rate swaps) |
— |
11 |
11 |
— |
11 |
11 |
Non-hedging derivatives (foreign exchange contracts) |
14 |
— |
14 |
4 |
— |
4 |
Non-hedging derivatives (equity swaps) |
5 |
4 |
9 |
— |
— |
— |
Derivative financial instruments 3 |
19 |
44 |
63 |
4 |
101 |
105 |
Put options |
— |
68 |
68 |
— |
84 |
84 |
Other financial liabilities |
19 |
112 |
131 |
4 |
185 |
189 |
1
Derivatives used for hedging are in documented hedge accounting relationships.
2
Other financial assets at fair value through profit or loss comprise convertible loan notes arising from investments in associates or minority investments.
3
Amounts recognised in the Group income statement in connection with the Group’s hedging instruments are disclosed in note 16. There is no material
difference between the fair values and the book values stated above.
Experian plc
Financial statements
196
Notes to the Group financial statements
continued
30. Financial assets and liabilities continued
| 2026 | 2025 | |||||||
Assets | Liabilities | Assets | Liabilities | |||||
Fair value | Notional | Fair value | Notional | Fair value | Notional | Fair value | Notional | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
Cross-currency swaps | 74 | 1,735 | 4 | 349 | 27 | 1,029 | 59 | 1,222 |
Interest rate swaps | 97 | 1,700 | 36 | 1,050 | 120 | 1,350 | 42 | 550 |
Foreign exchange contracts | 6 | 556 | 14 | 928 | 10 | 402 | 4 | 608 |
Equity swaps | — | — | 9 | 35 | 3 | 33 | — | — |
177 | 3,991 | 63 | 2,362 | 160 | 2,814 | 105 | 2,380 | |
Notional principal amounts represent the principal amounts underlying the derivative contracts at the reporting date.
Assets | Liabilities | |||
2026 | 2025 | 2026 | 2025 | |
US$m | US$m | US$m | US$m | |
Reported in the Group balance sheet | 177 | 160 | 63 | 105 |
Related amounts not offset in the Group balance sheet | (57) | (86) | (57) | (86) |
Net amount | 120 | 74 | 6 | 19 |
(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
Financial statements
Annual Report 2026
197
30. Financial assets and liabilities continued
(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 2026 | 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 |
| 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 | — | — | — | — | — |
Experian plc
Financial statements
198
Notes to the Group financial statements
continued
30. Financial assets and liabilities continued
(d) Impact of hedging instruments
2026 |
||||
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 |
74 |
— |
1 |
Interest rate swaps |
300 |
— |
(25) |
(6) |
Foreign exchange risk |
||||
Cross-currency swaps |
1,736 |
74 |
— |
(106) |
Cash flow hedge |
||||
Foreign exchange risk |
||||
Cross-currency swaps |
n/a |
n/a |
n/a |
(12) |
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) |
Cross-currency swaps designated as part of a cash flow hedge are reported within Financial assets revalued through OCI or Financial liabilities
revalued through OCI in the Group balance sheet. Other interest rate and cross-currency swaps are reported within Other financial assets and
Other financial liabilities in the Group balance sheet.
(e) Impact of hedged items
| 2026 |
2025 |
|||||
Accumulated |
Accumulated |
|||||
amount of fair |
amount of fair |
|||||
value hedge |
value hedge |
|||||
adjustments |
adjustments |
|||||
included in |
included in |
|||||
the carrying |
Changes in fair value |
the carrying |
Changes in fair value |
|||
Carrying amount |
amount of the |
used for calculating |
Carrying amount of |
amount of the |
used for calculating |
|
of hedged item |
hedged item |
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 |
(2,088) |
(62) |
(9) |
(1,983) |
(52) |
14 |
Foreign exchange risk |
||||||
Borrowings |
(1,810) |
99 |
112 |
(1,712) |
(13) |
31 |
Cash flow hedge |
||||||
Foreign exchange risk |
||||||
Borrowings |
n/a |
n/a |
12 |
(519) |
n/a |
11 |
The hedging reserve at 31 March 2026 included a debit of US$nil (2025: US$1m) in respect of the cash flow hedge. Borrowings are reported within
Borrowings in the Group balance sheet.
Experian plc
Financial statements
Annual Report 2026
199
30. Financial assets and liabilities continued
(f) Impact of hedge ineffectiveness
2026 | 2025 | |
Fair value hedges (Note 16(c)) | US$m | US$m |
Interest rate risk | (14) | 2 |
Foreign exchange risk | 6 | (5) |
Net gains on items in hedging relationships – hedge ineffectiveness | (8) | (3) |
Hedge ineffectiveness is reported within Net finance expense in the Group income statement.
| 2026 | 2025 | |||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
US$m | US$m | US$m | US$m | US$m | US$m | US$m | US$m | |
Financial assets: | ||||||||
Derivatives used for hedging – fair value hedges | — | 74 | — | 74 | — | 26 | — | 26 |
Non-hedging derivatives | — | 103 | — | 103 | — | 133 | — | 133 |
Other financial assets at fair value through profit or loss | — | — | 20 | 20 | — | — | 13 | 13 |
Financial assets at fair value through profit or loss (note 30(b)) | — | 177 | 20 | 197 | — | 159 | 13 | 172 |
Derivatives used for hedging – cash flow hedge 1 | — | — | — | — | — | 1 | — | 1 |
Listed and trade investments | 37 | — | 141 | 178 | 54 | — | 167 | 221 |
Financial assets revalued through OCI (note 30(a)) | 37 | — | 141 | 178 | 54 | 1 | 167 | 222 |
37 | 177 | 161 | 375 | 54 | 160 | 180 | 394 | |
Financial liabilities: | ||||||||
Derivatives used for hedging – fair value hedges | — | (25) | — | (25) | — | (90) | — | (90) |
Non-hedging derivatives | — | (38) | — | (38) | — | (15) | — | (15) |
Other liabilities at fair value through profit or loss | — | — | (99) | (99) | — | — | (140) | (140) |
Financial liabilities at fair value through profit or loss (note 30(b)) | — | (63) | (99) | (162) | — | (105) | (140) | (245) |
Put options | — | — | (68) | (68) | — | — | (84) | (84) |
— | (63) | (167) | (230) | — | (105) | (224) | (329) | |
Net financial assets/(liabilities) | 37 | 114 | (6) | 145 | 54 | 55 | (44) | 65 |
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, 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 businesses, 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 undiscounted 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 such inputs at 31 March 2026. There were no
transfers between levels during the current or prior year.
Experian plc
Financial statements
200
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 2026 |
Year ended 31 March 2025 |
|||||||||
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 |
13 |
(140) |
(84) |
(44) |
167 |
14 |
(92) |
(133) |
(44) |
Additions 1 |
8 |
3 |
(20) |
— |
(9) |
46 |
6 |
(56) |
— |
(4) |
Disposals |
(36) |
(1) |
— |
— |
(37) |
(5) |
(11) |
— |
— |
(16) |
Conversion of convertible debt to equity |
||||||||||
investments |
— |
— |
— |
— |
— |
3 |
(3) |
— |
— |
— |
Settlement of contingent consideration |
||||||||||
(note 41(b)(ii)) |
— |
— |
66 |
— |
66 |
— |
— |
8 |
— |
8 |
Adjustment to the fair value of |
||||||||||
contingent consideration 2 |
— |
— |
2 |
— |
2 |
— |
— |
(1) |
— |
(1) |
Valuation gains recognised in the Group |
||||||||||
income statement 3 |
— |
4 |
— |
19 |
23 |
— |
6 |
— |
5 |
11 |
Settlement of put options 4 |
— |
— |
— |
— |
— |
— |
— |
— |
22 |
22 |
Transfer of put option liability to |
||||||||||
contingent consideration 4 |
— |
— |
— |
— |
— |
— |
— |
(9) |
9 |
— |
Valuation gains/(losses) recognised in |
||||||||||
OCI |
2 |
— |
— |
— |
2 |
(44) |
— |
— |
— |
(44) |
Currency translation (losses)/gains |
||||||||||
recognised directly in OCI |
— |
— |
(10) |
(3) |
(13) |
— |
— |
10 |
13 |
23 |
Other |
— |
1 |
3 |
— |
4 |
— |
1 |
— |
— |
1 |
At 31 March |
141 |
20 |
(99) |
(68) |
(6) |
167 |
13 |
(140) |
(84) |
(44) |
1
Additions to contingent consideration comprised US$20m (2025: US$56m) in respect of acquisitions (note 41). Of the FY25 additions, US$40m related to the acquisition of Salt Participações S.A. and its subsidiary
undertakings (SalaryFits) in Brazil.
2
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)).
3
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.
A valuation gain of US$20m (2025: US$20m) was recorded on the put option recognised on the FY24 acquisition of MOVA, together with movements on other put option liabilities. The exercise price of the MOVA
put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, the likely range of the undiscounted option exercise price is expected to be between
US$33m and US$67m (2025: US$49m and US$131m). The fair value of the put option liability at 31 March 2026 was US$34m (2025: US$50m). 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$1m. A corresponding call option is also in place, which has no fair value.
4
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
Experian plc
Financial statements
Annual Report 2026
201
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, employing a valuation methodology
falling within Level 2 of the IFRS 13 fair value hierarchy, apart from the fair values of trade investments, other financial assets at FVPL 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 2026 | US$m | US$m | US$m | US$m | US$m | US$m | US$m |
Borrowings | 1,061 | 619 | 665 | 884 | 109 | 3,272 | 6,610 |
Net settled derivative financial instruments – interest rate swaps | 16 | 15 | 11 | 7 | — | — | 49 |
Gross settled derivative financial instruments: | |||||||
Outflows for derivative contracts | 798 | 362 | — | — | — | — | 1,160 |
Inflows for derivative contracts | (782) | (354) | — | — | — | — | (1,136) |
Gross settled derivative financial instruments | 16 | 8 | — | — | — | — | 24 |
Options in respect of non-controlling interests | — | 24 | — | 68 | — | — | 92 |
Trade and other payables | 823 | 72 | 8 | 359 | 26 | 2 | 1,290 |
Cash outflows | 1,916 | 738 | 684 | 1,318 | 135 | 3,274 | 8,065 |
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$m |
Borrowings | 898 | 776 | 137 | 625 | 848 | 2,588 | 5,872 |
Net settled derivative financial instruments – interest rate swaps | 15 | 15 | 15 | 15 | 9 | — | 69 |
Gross settled derivative financial instruments: | |||||||
Outflows for derivative contracts | 359 | 555 | 44 | 44 | 44 | 928 | 1,974 |
Inflows for derivative contracts | (315) | (517) | (24) | (24) | (24) | (821) | (1,725) |
Gross settled derivative financial instruments | 44 | 38 | 20 | 20 | 20 | 107 | 249 |
Options in respect of non-controlling interests | — | — | 27 | — | 108 | — | 135 |
Trade and other payables | 853 | 56 | 71 | 5 | 2 | 4 | 991 |
Cash outflows | 1,810 | 885 | 270 | 665 | 987 | 2,699 | 7,316 |
The table above analyses financial liabilities into maturity groupings, based on the period from the balance sheet date to the contractual maturity date.
As the amounts disclosed are the contractual undiscounted cash flows, they differ from the carrying values and fair values. Contractual undiscounted
Experian plc
Financial statements
202
Notes to the Group financial statements
continued
(a) Cost of share-based compensation
2026 |
2025 |
|
US$m |
US$m |
|
Share awards |
124 |
114 |
Share options |
14 |
13 |
Expense recognised (all equity-settled) |
138 |
127 |
Charge for associated social security obligations |
17 |
11 |
Total expense recognised in the Group income statement |
155 |
138 |
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
ended 31 March 2025.
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 Total shareholder return performance condition (TSR 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
Financial statements
Annual Report 2026
203
33. Share incentive plans continued
(i) Summary of arrangements and performance conditions continued
Year ended |
31 March 2026 |
31 March 2025 |
31 March 2024 |
|||
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 |
5% per annum |
5% per annum |
Target payout requirement |
7% per annum |
7% per annum |
7% per annum |
7% per annum |
7% per annum |
7% per annum |
Maximum payout requirement |
9% per annum |
9% per annum |
9% per annum |
9% per annum |
9% per annum |
9% per annum |
Assumed outcome at grant date |
100% |
100% |
50% |
50% |
50% |
50% |
Cash flow condition: |
||||||
Proportion of awards subject to |
||||||
condition |
50% |
50% |
50% |
|||
Minimum payout requirement |
US$6.5bn |
US$5.9bn |
US$5.5bn |
|||
Target payout requirement |
US$6.8bn |
US$6.15bn |
US$5.75bn |
|||
Maximum payout requirement |
US$7.1bn |
US$6.4bn |
US$6.0bn |
|||
Assumed outcome at grant date |
64% |
57% |
53% |
|||
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% |
100% |
75% |
|||
TSR condition: |
||||||
Proportion of awards subject to |
||||||
condition |
25% |
25% |
25% |
|||
Assumed outcome at grant date |
42% |
48% |
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 2026 had a weighted
average fair value per share of £35.99 (2025: £36.11).
(iii) Share awards outstanding
2026 |
2025 |
|
million |
million |
|
At 1 April |
10.3 |
12.4 |
Grants |
3.2 |
3.4 |
Forfeitures |
(0.8) |
(1.7) |
Lapse of awards |
(0.4) |
(0.1) |
Vesting |
(3.6) |
(3.7) |
At 31 March |
8.7 |
10.3 |
Analysis by plan: |
||
CIP |
2.3 |
2.9 |
PSP - conditional awards |
1.8 |
2.2 |
PSP - unconditional awards |
4.6 |
5.2 |
At 31 March |
8.7 |
10.3 |
Experian plc
Financial statements
204
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 2026 there were 981 (2025: 1,063) deferred and 2,384 (2025: 2,411) 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 2025 by independent qualified actuaries Mercer Limited, using the projected unit credit method.
The 2025 actuarial valuation has been agreed and indicated a funding surplus. The funding position improved compared with the valuation at 31 March
2022, primarily reflecting an increase in the discount rate and a decrease in long-term inflation expectations. While these market movements reduced
the value of the plan’s liabilities, the value of the assets also reduced but to a lesser extent, resulting in an increase in the funding surplus. As the plan
is in surplus, the Group is not expected to make any deficit-reduction contributions. The next full valuation will be carried out as at 31 March 2028.
The Experian Pension Scheme is governed by a trust deed, which ensures that its finances and governance are independent from those of the Group.
The Trustee is responsible for overseeing the investments and funding of the plan 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.
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.
Experian plc
Financial statements
Annual Report 2026
205
35. Post-employment benefits – IAS 19 information
(a) Post-employment benefit amounts recognised in the Group financial statements
(i) Balance sheet assets/(obligations)
2026 | 2025 | |
US$m | US$m | |
Retirement benefit assets/(obligations) – funded defined benefit plans: | ||
Fair value of funded plans' assets | 852 | 828 |
Present value of funded plans' obligations | (634) | (626) |
Assets in the Group balance sheet for funded defined benefit pensions | 218 | 202 |
Obligations for unfunded post-employment benefits: | ||
Present value of defined benefit pensions – unfunded plans | (33) | (35) |
Present value of post-employment medical benefits | (2) | (2) |
Liabilities in the Group balance sheet | (35) | (37) |
Net post-employment benefit assets | 183 | 165 |
Pension assets are deemed to be recoverable and there are no adjustments in respect of minimum funding requirements as, under the rules of the
UK Experian Pension Scheme, future economic benefits are available to the Group in the form of reductions in any future contribution requirements
or refunds of surplus.
(ii) Income statement (credit)/charge
2026 | 2025 | |
US$m | US$m | |
By nature of expense: | ||
Administration expenses | 3 | 3 |
Charge within labour costs and operating profit | 3 | 3 |
Interest income (note 16(a)) | (10) | (7) |
Total net credit to the Group income statement | (7) | (4) |
The Group income statement credit and the remeasurement recognised in the Group statement of comprehensive income relate to defined benefit
pension plans.
(b) Movements in net post-employment benefit assets/(obligations) recognised in the Group balance
sheet
Present value of obligations | ||||||
Defined | Defined | Post- | ||||
benefit | benefit | employment | ||||
Fair value of | pensions | pensions | medical | Movements in | ||
plan assets | – funded | – unfunded | benefits | Total | net position | |
US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 2025 | 828 | (626) | (35) | (2) | (663) | 165 |
Income statement credit/(charge): | ||||||
Administration expenses | (3) | — | — | — | — | (3) |
Interest income/(expense) | 48 | (36) | (2) | — | (38) | 10 |
Total credit/(charge) to the Group income statement | 45 | (36) | (2) | — | (38) | 7 |
Remeasurements: | ||||||
Return on plan assets other than interest | 2 | — | — | — | — | 2 |
Gains from change in demographic assumptions | — | 5 | 1 | — | 6 | 6 |
Gains from change in financial assumptions | — | 10 | 1 | — | 11 | 11 |
Experience (losses)/gains | — | (15) | 1 | — | (14) | (14) |
Remeasurement of post-employment benefit assets | ||||||
and obligations | 2 | — | 3 | — | 3 | 5 |
Differences on exchange | 20 | (16) | (1) | — | (17) | 3 |
Contributions paid by the Group | 3 | — | — | — | — | 3 |
Benefits paid | (46) | 44 | 2 | — | 46 | — |
At 31 March 2026 | 852 | (634) | (33) | (2) | (669) | 183 |
Experian plc
Financial statements
206
Notes to the Group financial statements
continued
35. Post-employment benefits – IAS 19 information continued
Present value of obligations | ||||||
Defined | Defined | Post- | ||||
benefit | benefit | employment | ||||
Fair value of | pensions | pensions | medical | Movements in | ||
plan assets | – funded | – unfunded | benefits | Total | net position | |
US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 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 |
(c) Actuarial assumptions and sensitivities
The accounting valuations at 31 March 2026 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 35 basis points from 40 basis points at 31 March 2025, consistent
with our continued assumption of a 100-basis-point margin prior to 2030 and a ten-basis-point margin assumed thereafter. This results in an increase
in retirement benefit obligations at 31 March 2026 of approximately US$1m. The single equivalent differential is expected to reduce over time
towards 2030.
Assumptions for eligibility for dependant benefits and mortality have been updated to reflect the latest analysis undertaken for the full actuarial
funding valuation of the Experian Pension Scheme at 31 March 2025. Mortality assumptions also incorporate the most recent published UK model
for projected improvements in life expectancy. These updates decreased retirement benefit obligations at 31 March 2026 by approximately US$5m.
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 2026 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
2026. 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
2026 | 2025 | |
% p.a. | % p.a. | |
Discount rate | 6.1 | 5.8 |
Inflation rate – based on the UK Retail Prices Index (the RPI) | 3.4 | 3.2 |
Inflation rate – based on the UK Consumer Prices Index (the CPI) | 3.0 | 2.8 |
Increase for pensions in payment – element based on the RPI (where cap is 5%) | 3.1 | 3.0 |
Increase for pensions in payment – element based on the CPI (where cap is 2.5%) | 2.0 | 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 | 3.0 | 2.8 |
Inflation in medical costs | 6.5 | 6.5 |
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 11 years. If the real discount rate increased/decreased by 0.25%, the
defined benefit obligations at 31 March 2026 would decrease/increase by approximately US$17m and the fair value of plan assets would decrease/
increase by approximately US$19m.
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
2026 would increase/decrease by approximately US$6m.
Experian plc
Financial statements
Annual Report 2026
207
35. Post-employment benefits – IAS 19 information continued
(ii) Mortality assumptions - average life expectancy on retirement at age 65 in normal health
2026 |
2025 |
|
years |
years |
|
For a male currently aged 65 |
21.7 |
22.1 |
For a female currently aged 65 |
23.6 |
24.2 |
For a male currently aged 50 |
22.8 |
23.1 |
For a female currently aged 50 |
24.9 |
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 2025 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 2026 by approximately US$2m.
(iii) Post-employment medical benefits
The accounting valuation in respect of post-employment medical benefits assumes a rate of increase for medical costs. If this rate increased/
decreased by 1.0% per annum, the obligations at 31 March 2026 and the finance expense would remain unchanged.
(d) Assets of the Group's defined benefit plans at fair value
2026 |
2025 (Re-presented) |
|||
US$m |
% |
US$m |
% |
|
Alternative Credit 1 |
242 |
28 |
166 |
20 |
Index-linked gilts/Liability Driven Investments |
225 |
26 |
227 |
28 |
Global corporate bonds |
210 |
25 |
276 |
33 |
Equities |
94 |
11 |
116 |
14 |
Other |
81 |
10 |
43 |
5 |
852 |
100 |
828 |
100 |
|
1
The FY26 asset categories have been updated to better reflect underlying portfolio characteristics. Senior private debt and secured credit, previously reported separately, are now combined into a single category:
alternative credit. Accordingly, the categorisation of assets as at 31 March 2025 has been re-presented.
The funded defined benefit pension plans hold a range of assets including global equities, global corporate bonds, alternative credit 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 a small allocation within
the Alternative Credit category, 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 comprise highly liquid investments and 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 handed down its decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others, relating
to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. Following enactment on 29 April 2026,
the UK Pension Schemes Act 2026 enables affected pension schemes to retrospectively obtain written actuarial confirmation that historical benefit
changes met the necessary standards.
Accordingly, the directors do not expect the Virgin Media ruling to give rise to any additional liabilities and consequently the defined benefit obligations
have not been adjusted and continue to reflect the benefits currently being administered.
(f) Future payments
Experian plc
Financial statements
208
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:
2026 |
2025 |
|
US$m |
US$m |
|
Deferred tax assets |
46 |
71 |
Deferred tax liabilities |
(179) |
(155) |
Net deferred tax liability |
(133) |
(84) |
(ii) Movements in net deferred tax assets/(liabilities)
Other |
|||||||||
intangible |
|||||||||
assets |
Share |
Post- |
Accounting |
||||||
(excluding |
Tax losses |
incentive |
Accelerated |
employment |
provisions |
Deferred |
|||
goodwill) |
Goodwill |
and credits |
plans |
depreciation |
benefits |
and accruals |
interest |
Total |
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
|
At 1 April 2025 |
(199) |
(381) |
86 |
68 |
193 |
(40) |
166 |
23 |
(84) |
Differences on exchange |
(3) |
(9) |
2 |
1 |
1 |
(1) |
1 |
— |
(8) |
(Charge)/credit recognised in the Group |
|||||||||
income statement |
58 |
(21) |
(5) |
(6) |
(67) |
(4) |
1 |
9 |
(35) |
Additions through business |
|||||||||
combinations |
(10) |
— |
24 |
— |
— |
— |
— |
— |
14 |
Disposal of businesses |
2 |
— |
— |
— |
— |
— |
— |
— |
2 |
Charge recognised within OCI |
— |
— |
— |
— |
— |
(2) |
— |
— |
(2) |
Charge recognised directly in equity on |
|||||||||
transactions with owners |
— |
— |
— |
(17) |
— |
— |
— |
— |
(17) |
Transfers |
— |
— |
— |
— |
— |
— |
(3) |
— |
(3) |
At 31 March 2026 |
(152) |
(411) |
107 |
46 |
127 |
(47) |
165 |
32 |
(133) |
Other |
|||||||||
intangible |
|||||||||
assets |
Share |
Post- |
Accounting |
||||||
(excluding |
Tax losses |
incentive |
Accelerated |
employment |
provisions |
Deferred |
|||
goodwill) |
Goodwill |
and credits |
plans |
depreciation |
benefits |
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) |
(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$546m (2025:
US$431m) that could be utilised against future taxable income or on US$231m (2025: US$209m) 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$8,537m (2025: US$9,212m) relating to the unremitted earnings of
overseas subsidiaries. The Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse
in the foreseeable future. In addition, tax legislation and double tax treaties provide for exemptions from tax for most repatriated profits, subject to
certain exceptions.
During the year the main rate of UK corporation tax was 25% (2025: 25%). Deferred tax is recognised at the rate prevailing when temporary differences
Experian plc
Financial statements
Annual Report 2026
209
36. Deferred and current tax continued
2026 |
2025 |
||
Notes |
US$m |
US$m |
|
At 1 April |
(24) |
14 |
|
Differences on exchange |
2 |
(2) |
|
Tax charge in the Group income statement |
17(a) |
(408) |
(500) |
Tax recognised directly in equity on transactions with owners |
16 |
9 |
|
Other tax paid |
438 |
447 |
|
Transfers |
3 |
8 |
|
At 31 March |
27 |
(24) |
|
Presented in the Group balance sheet as: |
|||
Current tax assets |
65 |
52 |
|
Current tax liabilities |
(38) |
(76) |
|
27 |
(24) |
2026 |
2025 |
|||||||
North |
North |
|||||||
America |
Other |
America |
Other |
|||||
legal claims |
Restructuring |
liabilities |
Total |
legal claims |
Restructuring |
liabilities |
Total |
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
|
At 1 April |
4 |
3 |
17 |
24 |
4 |
7 |
20 |
31 |
Differences on exchange |
— |
— |
1 |
1 |
— |
— |
(1) |
(1) |
Amounts charged in the year |
30 |
1 |
— |
31 |
— |
— |
— |
— |
Utilised |
(31) |
— |
— |
(31) |
— |
(4) |
(2) |
(6) |
At 31 March |
3 |
4 |
18 |
25 |
4 |
3 |
17 |
24 |
Presented in the Group balance sheet as: |
||||||||
Current provisions |
3 |
4 |
11 |
18 |
4 |
3 |
14 |
21 |
Non-current provisions |
— |
— |
7 |
7 |
— |
— |
3 |
3 |
3 |
4 |
18 |
25 |
4 |
3 |
17 |
24 |
|
A charge and corresponding utilisation of US$30m was recognised during the year for a legal settlement in North America.
The restructuring provision primarily relates to restructuring activity in the EMEA and Asia Pacific region.
At 31 March 2026, there were 959.2m shares in issue (2025: 973.0m). During the year ended 31 March 2026, 0.9m (2025: 0.8m) shares were issued
and 14.6m (2025: 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.
Accumulated losses on investments revalued through OCI at 31 March 2026 were US$168m (2025: US$176m; 2024: US$137m).
Experian plc
Financial statements
210
Notes to the Group financial statements
continued
39. Retained earnings and other reserves continued
(b) Other reserves
Merger |
Hedging |
Translation |
Own shares |
Total other |
|
reserve |
reserve |
reserve |
reserve |
reserves |
|
US$m |
US$m |
US$m |
US$m |
US$m |
|
At 1 April 2025 |
(15,682) |
10 |
(1,552) |
(1,455) |
(18,679) |
Purchase of shares by employee trusts |
— |
— |
— |
(97) |
(97) |
Purchase of shares held as treasury shares |
— |
— |
— |
(143) |
(143) |
Other vesting of awards and share option exercises |
— |
— |
— |
118 |
118 |
Shares delivered as acquisition consideration (note 41(a)) |
— |
— |
— |
6 |
6 |
Change in the fair value of hedging instruments recognised in OCI |
— |
12 |
— |
— |
12 |
Amounts reclassified from OCI to the Group income statement |
— |
(11) |
— |
— |
(11) |
Currency translation gains |
— |
— |
165 |
— |
165 |
At 31 March 2026 |
(15,682) |
11 |
(1,387) |
(1,571) |
(18,629) |
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 share option exercises |
— |
— |
— |
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) |
(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 2026 comprises currency translation
gains of US$165m (2025: losses of US$129m) recognised directly in Other comprehensive income.
between the amounts shown in the Group and Company financial statements in respect of this reserve arose due to translation of UK pound sterling
amounts into US dollars at different exchange rates on different translation dates.
(iii) Movements in own shares held and own shares reserve
Number of own shares held |
Cost of own shares held |
|||||
Treasury |
Trusts |
Total |
Treasury |
Trusts |
Total |
|
million |
million |
million |
US$m |
US$m |
US$m |
|
At 1 April 2025 |
55 |
4 |
59 |
1,177 |
278 |
1,455 |
Purchase of shares by employee trusts |
— |
2 |
2 |
— |
97 |
97 |
Purchase of shares held as treasury shares |
3 |
— |
3 |
143 |
— |
143 |
Shares delivered as acquisition consideration (note 41(a)) |
— |
— |
— |
(6) |
— |
(6) |
Other vesting of awards and share option exercises |
(1) |
(3) |
(4) |
(20) |
(98) |
(118) |
At 31 March 2026 |
57 |
3 |
60 |
1,294 |
277 |
1,571 |
Number of own shares held |
Cost of own shares held |
|||||
Treasury |
Trusts |
Total |
Treasury |
Trusts |
Total |
|
million |
million |
million |
US$m |
US$m |
US$m |
|
At 1 April 2024 |
53 |
6 |
59 |
1,076 |
267 |
1,343 |
Purchase of shares by employee trusts |
— |
1 |
1 |
— |
83 |
83 |
Purchase of shares held as treasury shares 1 |
3 |
— |
3 |
117 |
— |
117 |
Other vesting of awards and share option exercises |
(1) |
(3) |
(4) |
(16) |
(72) |
(88) |
At 31 March 2025 |
55 |
4 |
59 |
1,177 |
278 |
1,455 |
1
Experian plc
Financial statements
Annual Report 2026
211
(a) Cash generated from operations
2026 |
2025 |
||
Notes |
US$m |
US$m |
|
Profit before tax |
1,951 |
1,549 |
|
Share of post-tax profit of associates |
(4) |
(2) |
|
Net finance expense |
98 |
246 |
|
Operating profit 1 |
2,045 |
1,793 |
|
(Profit)/loss on disposal of operations |
15(b) |
(9) |
4 |
Impairment of other intangible assets 2 |
21 |
12 |
13 |
Impairment of property, plant and equipment 3 |
5 |
2 |
|
Amortisation and depreciation 4 |
13 |
876 |
758 |
Charge in respect of share incentive plans |
33(a) |
138 |
127 |
Increase in working capital |
40(b) |
(163) |
(54) |
Acquisition expenses – difference between income statement charge and amounts paid |
(7) |
(2) |
|
Acquisition employee incentives – difference between income statement charge and amounts paid |
(12) |
(24) |
|
Adjustment to the fair value of contingent consideration |
(2) |
1 |
|
Movement in Exceptional and other non-benchmark items included in working capital |
(8) |
(1) |
|
Cash generated from operations |
2,875 |
2,617 |
1
There was no net impact on operating profit from the disposal of property, plant and equipment, as a US$1m (2025: US$nil) profit on purchased assets was offset by a US$1m (2025: US$nil) loss on
right-of-use assets.
2
The charge for impairment of other intangible assets includes US$8m (2025: US$nil) relating to acquisition intangibles, which is excluded from Benchmark PBT and Benchmark EBITDA.
3
The impairment charge for property, plant and equipment includes US$3m (2025: US$nil) of exceptional restructuring costs, which are excluded from Benchmark EBIT.
4
Amortisation and depreciation includes amortisation of acquisition intangibles of US$263m (2025: US$211m) which is excluded from Benchmark PBT and Benchmark EBITDA.
(b) (Increase)/decrease in working capital
2026 |
2025 |
|
US$m |
US$m |
|
Trade and other receivables |
(534) |
(63) |
Trade and other payables |
371 |
9 |
Increase in working capital 1 |
(163) |
(54) |
1
In December 2025, the Group structured an unincorporated creditors’ rights investment fund for the Brazilian payments business. As part of this transaction, the gross cash flows relating to trade and other
debtors, and trade and other creditors, were both increased by US$350m, with no net impact on the overall position. Excluding this effect, the underlying movements were US$(184)m and US$21m respectively.
(c) Purchase of other intangible assets
2025 |
||
2026 |
(Re-presented) |
|
US$m |
US$m |
|
Databases |
216 |
203 |
Developed and purchased software 1 |
461 |
400 |
Purchase of other intangible assets |
677 |
603 |
1
During the year, the former asset categories ‘internal-use software’ and ‘internally generated software’ were combined into a single asset class, ‘developed and purchased software’. Comparative amounts have
been re-presented accordingly (note 21).
(d) Cash flows on acquisitions (non-GAAP measure)
2026 |
2025 |
|
US$m |
US$m |
|
Purchase of subsidiaries (note 41(a)) |
680 |
1,198 |
Less: net cash acquired with subsidiaries (note 41(a)) |
(54) |
(48) |
Settlement of deferred and contingent consideration |
66 |
8 |
As reported in the Group cash flow statement |
692 |
1,158 |
Acquisition expenses paid |
66 |
39 |
Acquisition employee incentives paid |
12 |
24 |
Acquisition of additional interest in subsidiary undertaking |
20 |
22 |
Transactions in respect of non-controlling interests |
2 |
1 |
Cash outflow for acquisitions (non-GAAP measure) |
792 |
1,244 |
Experian plc
Financial statements
212
Notes to the Group financial statements
continued
40. Notes to the Group cash flow statement continued
(e) Cash outflow in respect of net share purchases (non-GAAP measure)
2026 |
2025 |
|
US$m |
US$m |
|
Issue of ordinary shares |
(29) |
(20) |
Purchase of shares by employee trusts |
97 |
83 |
Purchase of shares held as treasury shares |
143 |
116 |
Purchase and cancellation of own shares |
487 |
— |
Cash outflow in respect of net share purchases (non-GAAP measure) |
698 |
179 |
As reported in the Group cash flow statement: |
||
Cash inflow in respect of shares issued |
(29) |
(20) |
Cash outflow in respect of share purchases |
727 |
199 |
Cash outflow in respect of net share purchases (non-GAAP measure) |
698 |
179 |
Consideration of US$27m for share purchases was outstanding at 31 March 2026, and US$1m for shares issued was outstanding at 31 March 2024.
(f) Analysis of cash and cash equivalents
2026 |
2025 |
|
US$m |
US$m |
|
Cash and cash equivalents in the Group balance sheet |
328 |
368 |
Bank overdrafts |
(5) |
(2) |
Cash and cash equivalents in the Group cash flow statement |
323 |
366 |
(g) Reconciliation of Cash generated from operations to Benchmark operating cash flow and Benchmark
free cash flow (non-GAAP measures)
2026 |
2025 |
||
Notes |
US$m |
US$m |
|
Cash generated from operations |
40(a) |
2,875 |
2,617 |
Purchase of other intangible assets |
40(c) |
(677) |
(603) |
Purchase of property, plant and equipment |
(49) |
(48) |
|
Disposal of property, plant and equipment |
8 |
1 |
|
Principal lease payments |
(48) |
(41) |
|
Acquisition expenses paid |
40(d) |
66 |
39 |
Acquisition employee incentives paid |
40(d) |
12 |
24 |
Cash flows in respect of Exceptional and other non-benchmark items |
34 |
36 |
|
Benchmark operating cash flow (non-GAAP measure) |
2,221 |
2,025 |
|
Net interest paid |
(198) |
(165) |
|
Tax paid |
(438) |
(447) |
|
Dividends paid to non-controlling interests |
(2) |
(2) |
|
Benchmark free cash flow (non-GAAP measure) |
1,583 |
1,411 |
Cash flow conversion, as defined in note 7(o) and disclosed in the Financial review within the Strategic report, for the year ended 31 March 2026 was
Experian plc
Financial statements
Annual Report 2026
213
(a) Acquisitions in the year
The Group completed four 100% acquisitions during the year ended 31 March 2026. These included: the acquisition of Clear Sale S.A. (ClearSale)
and its subsidiary undertakings on 1 April 2025, a leading provider of digital fraud prevention solutions in Brazil; the acquisition of AtData, LLC (AtData),
and two related undertakings, in the USA on 18 February 2026, a leading data and email intelligence company that strengthens our digital identity and
fraud prevention capabilities; and the acquisition of KYC Global Technologies Limited (KYC360) in Jersey, together with its subsidiary undertakings,
on 24 October 2025, enhancing our fraud prevention and financial crime compliance capabilities.
The net assets acquired, goodwill and acquisition consideration are analysed below:
ClearSale |
AtData |
KYC360 |
Other 1 |
Total |
|
US$m |
US$m |
US$m |
US$m |
US$m |
|
Intangible assets: |
|||||
Customer and other relationships |
61 |
39 |
32 |
2 |
134 |
Software development |
28 |
14 |
8 |
— |
50 |
Marketing-related assets |
20 |
7 |
1 |
— |
28 |
Other intangibles |
28 |
10 |
— |
(1) |
37 |
Intangible assets |
137 |
70 |
41 |
1 |
249 |
Property, plant and equipment |
1 |
— |
— |
1 |
2 |
Deferred tax assets |
3 |
— |
— |
21 |
24 |
Trade and other receivables |
20 |
4 |
1 |
— |
25 |
Cash and cash equivalents (note 40(d)) |
45 |
2 |
7 |
— |
54 |
Trade and other payables |
(27) |
(9) |
(14) |
(2) |
(52) |
Borrowings |
— |
— |
— |
(1) |
(1) |
Deferred tax liabilities |
— |
— |
(10) |
— |
(10) |
Total identifiable net assets |
179 |
67 |
25 |
20 |
291 |
Goodwill |
195 |
158 |
89 |
(13) |
429 |
Total |
374 |
225 |
114 |
7 |
720 |
Satisfied by: |
|||||
Cash and cash equivalents (note 40(d)) |
340 |
222 |
114 |
4 |
680 |
Shares delivered as acquisition consideration (note 39(b)(iii)) 2 |
6 |
— |
— |
— |
6 |
Deferred consideration |
14 |
— |
— |
— |
14 |
Contingent consideration |
14 |
3 |
— |
3 |
20 |
Total |
374 |
225 |
114 |
7 |
720 |
1
Other comprises the Group’s other acquisition made during the year ended 31 March 2026, together with adjustments to provisional fair values relating to prior year acquisitions, recognised within one year of
the acquisition date.
2
125,344 Experian plc shares from treasury at market value.
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 2026, the most significant inputs to these
calculations are the proportion of earnings attributable to customer relationships, software development and marketing-related assets. 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.
We engage 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. The fair values arising on the acquisition of ClearSale have been finalised, other amounts are
provisional and will be finalised no later than one year after the date of acquisition. Provisional amounts recognised at 31 March 2026 relate primarily
to intangible assets, associated tax balances and contingent consideration, 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.
The goodwill arising from the acquisitions of ClearSale and AtData is currently expected to be deductible for tax purposes.
Experian plc
Financial statements
214
Notes to the Group financial statements
continued
41. Acquisitions and disposals continued
(b) Additional information
(i) Current year acquisitions
ClearSale |
AtData |
KYC360 |
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 |
71 |
39 |
40 |
1 |
151 |
Deferred tax assets |
(2) |
— |
— |
22 |
20 |
Trade and other receivables |
(1) |
(1) |
— |
— |
(2) |
Trade and other payables |
1 |
(3) |
— |
(2) |
(4) |
Deferred tax liabilities |
— |
— |
(10) |
(1) |
(11) |
Increase in book value of net assets due to provisional fair value |
|||||
adjustments |
69 |
35 |
30 |
20 |
154 |
Gross contractual amounts receivable in respect of trade and other |
|||||
receivables |
23 |
3 |
1 |
— |
27 |
Pro forma revenue from 1 April 2025 to date of acquisition |
— |
28 |
7 |
— |
35 |
Revenue from date of acquisition to 31 March 2026 |
87 |
3 |
7 |
— |
97 |
Loss before tax from date of acquisition to 31 March 2026 |
(4) |
— |
— |
(1) |
(5) |
The loss before tax from the date of acquisition to 31 March 2026 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$5m.
At the dates of acquisition, the gross contractual amounts receivable in respect of trade and other receivables of US$27m were expected to be
collected in full.
(ii) Prior years' acquisitions
Contingent consideration of US$66m (2025: US$8m) was settled in the year in respect of acquisitions made in earlier years and includes US$37m
(2025: US$nil) relating to the acquisition of MOVA Sociedade de Empréstimo entre Pessoas S.A. (MOVA) in FY24. Further detail on contingent
consideration fair value adjustments recognised in the year is provided in note 30(h)).
The Group made eight acquisitions in the year ended 31 March 2025. A cash outflow of US$1,150m was reported in the Group cash flow statement
for that year, after deducting US$48m 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 2026 that relate to
acquisitions in the current or earlier years.
(iii) Post balance sheet acquisitions
In April 2026, the Group completed two acquisitions. We acquired the entire share capital of Own Up Holdings, Inc. and its subsidiaries (Own Up),
a digital mortgage marketplace in the USA, for US$175m; and Konfir Limited and its subsidiaries, strengthening our digital verification capabilities
in the UK and Ireland, for US$25m.
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 2026. For Own Up 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.28% of the total
consideration paid, with other identifiable net assets and residual goodwill being c.72%.
Goodwill represents the synergies, skills and technical expertise of assembled workforces and future growth potential of the acquired businesses.
The goodwill is not expected to be deductible for tax purposes.
On 29 April 2026, we agreed to acquire the entire share capital of IDWall Tecnologia Ltda. (idwall), a specialist in digital identity management in Brazil,
for R$430m (c.US$86m). Completion is expected in the first half of FY27, subject to regulatory approval.
(c) Acquisition of additional interest in subsidiary undertaking
On 18 December 2025, the Group completed the acquisition of the remaining 26% interest in Experian Information Services (Malaysia) Sdn. Bhd. for
During the year, we disposed of a number of subsidiary undertakings, primarily in EMEA and Asia Pacific. The profit on disposal was US$9m (2025:
loss on disposal of US$4m). The related cash inflow was US$35m (2025: US$nil). The loss in FY25 arose from the disposal of one small subsidiary
Experian plc
Financial statements
Annual Report 2026
215
2026 |
2025 |
|
US$m |
US$m |
|
Capital expenditure for which contracts have been placed: |
||
Other intangible assets |
34 |
38 |
Property, plant and equipment |
15 |
9 |
49 |
47 |
Capital commitments at 31 March 2026 included commitments of US$25m not expected to be incurred before 31 March 2027. Capital commitments
(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 previously upheld Experian’s position in respect
of the tax years from 2007 to 2012 with no further right of appeal. In May 2026, the same decision was reached in respect of 2017 and 2018, meaning
that these years are also now closed to appeal on the merits. The Brazilian tax authorities have raised similar assessments in respect of the 2013 to
2016 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’s cases relating
to the goodwill arising in years 2013 to 2016 have been heard at both the first- and second-level courts and Experian was successful in having a
portion of the goodwill deductions definitively agreed, with the remainder still under review. The quantum of the tax deduction for goodwill amortisation
which remains open to review across the remaining open years is US$89m (2025: US$196m). 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 litigation and 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. We also continue to see some General Data Protection Regulation (GDPR) investigation and
enforcement activity in the European Union (EU). 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.
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. We have
also seen some limited class action activity in the UK, including an action which purports to assert claims on behalf of consumers in other regions
where the Group operates. We have in limited circumstances also seen claims from third parties for amounts owed based on acquisition, partnership
or other agreements which we vigorously defend. The directors do not believe that the outcome of any claim or 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
Financial statements
216
Notes to the Group financial statements
continued
A full list of the Company's related undertakings, including subsidiary and associate undertakings, is given in note U to the Company financial
Transactions with associates are made on normal market terms and in the year ended 31 March 2026 comprised the receipt of services of US$15m
(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,
the provision of medical cover in the UK and receivables-based financing arrangements in Brazil. These undertakings are listed in note U(v) to the
Company financial statements.
• The assets, liabilities, income and expenses of the Experian UK Approved All-Employee Share Plan, The Experian plc Employee Share Trust and
Endurance Fundo de Investimento em Direitos Creditórios (FIDC) 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 2026, US$3m (2025: US$3m)
was paid to Experian Medical Plan Limited, in connection with the provision of healthcare benefits.
• There were no other material transactions or balances with these related undertakings during the current or prior year.
2026 |
2025 |
|
US$m |
US$m |
|
Salaries and short-term employee benefits |
11 |
10 |
Share incentive plans |
12 |
6 |
23 |
16 |
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 ended 31 March 2025 for share incentive plans included a one-time
credit arising from the forfeiture of shares, following the departure of key management personnel. There were no other material transactions with the
Events occurring after the end of the reporting period include:
• the second interim dividend announced since the end of the reporting period (note 19)
• acquisitions agreed and completed subsequent to 31 March 2026 (note 41(b)(iii))
• two new US$250m bank borrowing facilities note (27(d))
• the purchase by the Company of 4.6m of its own shares for a total consideration of US$165m
Experian plc
Financial statements
Annual Report 2026
217
Company profit and loss account
for the year ended 31 March 2026
Company statement of comprehensive income
for the year ended 31 March 2026
2026 | 2025 | ||
Notes | US$m | US$m | |
Other operating income | F | 137.4 | 96.9 |
Staff costs | G | (5.4) | (4.8) |
Depreciation | M | (0.7) | (0.7) |
Other operating charges | F | (180.8) | (124.2) |
Operating loss | (49.5) | (32.8) | |
Dividend income from subsidiary undertakings | H | 1,795.0 | 75.0 |
Interest receivable and similar income | I | 2.9 | 5.7 |
Interest payable and similar expenses | J | (1.7) | (0.2) |
Profit before tax | 1,746.7 | 47.7 | |
Tax on profit | K | (3.0) | (4.7) |
Profit after tax and for the financial year | 1,743.7 | 43.0 |
The Company has no recognised items of income and expenditure other than those included in the profit and loss account. Total comprehensive
income for the financial year is therefore equal to the profit for the financial year.
Experian plc
Financial statements
218
Company balance sheet
at 31 March 2026
Notes
2026 | 2025 | ||
US$m | US$m | ||
Fixed assets | |||
Tangible assets | M(i) | 3.3 | 4.0 |
Investments – shares in Group undertakings | N | 22,925.4 | 22,087.0 |
Deferred tax assets | K | 2.9 | 2.9 |
22,931.6 | 22,093.9 | ||
Current assets | |||
Debtors – amounts falling due within one year | O | 550.1 | 82.4 |
Cash at bank and in hand | 0.1 | 0.1 | |
Current liabilities | |||
Creditors – amounts falling due within one year | P | (218.7) | (27.0) |
Net current assets | 331.5 | 55.5 | |
Total assets less current liabilities | 23,263.1 | 22,149.4 | |
Creditors – amounts falling due after more than one year | P | (10.6) | (13.4) |
Net assets | 23,252.5 | 22,136.0 | |
Equity | |||
Called-up share capital | Q | 72.0 | 73.4 |
Share premium account | Q | 1,539.4 | 1,510.4 |
Profit and loss account reserve | R | 21,641.1 | 20,552.2 |
Total shareholders’ funds | 23,252.5 | 22,136.0 |
These financial statements were approved by the Board on 19 May 2026 and were signed on its behalf by:
Mike Rogers
Director
Experian plc
Financial statements
Annual Report 2026
219
Company statement of changes in equity
for the year ended 31 March 2026
Called-up | Share | |||||
share | premium | Profit and loss account reserve | ||||
capital | account | Profit and | Own shares | Total | Total | |
(Note Q) | (Note Q) | loss account | reserve | (Note R) | equity | |
US$m | US$m | US$m | US$m | US$m | US$m | |
At 1 April 2025 | 73.4 | 1,510.4 | 21,970.1 | (1,417.9) | 20,552.2 | 22,136.0 |
Profit and Total comprehensive income for the financial year | — | — | 1,743.7 | — | 1,743.7 | 1,743.7 |
Transactions with owners: | ||||||
Employee share incentive plans: | ||||||
– value of employee services | — | — | 138.4 | — | 138.4 | 138.4 |
– shares issued on vesting | 0.1 | 29.0 | — | — | — | 29.1 |
– purchase of shares by employee trusts | — | — | — | (96.8) | (96.8) | (96.8) |
– other vesting of awards and share option exercises | — | — | (117.6) | 117.6 | — | — |
Purchase of shares held as treasury shares | — | — | — | (142.8) | (142.8) | (142.8) |
Purchase and cancellation of own shares | (1.5) | — | (512.5) | — | (512.5) | (514.0) |
Dividends paid | — | — | (41.1) | — | (41.1) | (41.1) |
Transactions with owners | (1.4) | 29.0 | (532.8) | (122.0) | (654.8) | (627.2) |
At 31 March 2026 | 72.0 | 1,539.4 | 23,181.0 | (1,539.9) | 21,641.1 | 23,252.5 |
Called-up | Share | |||||
share | premium | Profit and loss account reserve | ||||
capital | account | Profit and | Own shares | Total | Total | |
(Note Q) | (Note Q) | loss account | reserve | (Note R) | equity | |
US$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 share option exercises | — | — | (88.0) | 88.0 | — | — |
Purchase of shares held as treasury shares | — | — | — | (117.6) | (117.6) | (117.6) |
Shares delivered to a subsidiary undertaking 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 |
Experian plc
Financial statements
220
Notes to the Company financial statements
for the year ended 31 March 2026
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 2026 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.
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 2026
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 2026
221
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. When
shares in the Company are purchased and cancelled under a share
purchase programme, the par value of those shares is recorded as
a reduction in called-up share capital, with any cost in excess of that
amount 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
present value of the redemption amount, with a corresponding deduction
from equity. Subsequent remeasurement of this liability is recognised
in profit or loss.
(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 2026
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 (2025: US$0.1m)
payable to the Company’s auditor and its associates for the audit of
the Company financial statements.
Experian plc
Financial statements
222
Notes to the Company financial statements
continued
G. Staff costs
2026 | 2025 | |
US$m | US$m | |
Directors' fees | 3.0 | 2.9 |
Wages and salaries | 2.1 | 1.7 |
Social security costs | 0.1 | 0.1 |
Other pension costs | 0.2 | 0.1 |
5.4 | 4.8 |
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$1,795.0m (2025: US$75.0m) to the Company.
I. Interest receivable and similar income
2026 | 2025 | |
US$m | US$m | |
Interest income: | ||
Interest receivable on amounts owed by subsidiary undertakings | 2.6 | 5.1 |
Foreign exchange gains and other movements | 0.3 | 0.6 |
2.9 | 5.7 |
J. Interest payable and similar expenses
2026 | 2025 | |
US$m | US$m | |
Interest payable on lease obligation | 0.2 | 0.2 |
Interest payable on amounts owed to subsidiary undertakings | 1.5 | — |
1.7 | 0.2 |
K. Tax on profit
(i) Analysis of tax charge in the profit and loss account
2026 | 2025 | |
US$m | US$m | |
Current tax: | ||
Irish corporation tax charge on profit for the financial year | 3.2 | 5.2 |
Adjustments in respect of earlier years | (0.2) | (0.5) |
Tax charge for the year | 3.0 | 4.7 |
(ii) Factors affecting the tax charge for the financial year
The tax charge for the year is at a rate lower (2025: lower) than the applicable rate of Irish corporation tax of 25% (2025: 25%) with the differences
explained below.
2026 | 2025 | |
US$m | US$m | |
Profit before tax | 1,746.7 | 47.7 |
Profit before tax multiplied by the applicable rate of tax | 436.7 | 11.9 |
Effects of: | ||
Income not taxable 1 | (448.8) | (18.9) |
Expenses not deductible | 4.2 | 3.4 |
Global minimum top-up tax 2 | 8.5 | 7.0 |
Adjustments in respect of earlier years | (0.2) | (0.5) |
Losses recognised at a lower rate of tax (12.5%) | 2.6 | 1.8 |
Tax charge for the year | 3.0 | 4.7 |
1
The increase in income not taxable is attributable to higher dividend receipts from subsidiary undertakings in FY26.
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$8.5m (2025: US$7.0m) was levied on the Company.
The Company's tax charge will continue to be influenced by the nature of its income and expenditure and prevailing Irish and Jersey tax laws.
Experian plc
Financial statements
Annual Report 2026
223
K. Tax on profit continued
(iii) Deferred tax asset
2026 | 2025 | |
US$m | US$m | |
At 1 April and 31 March | 2.9 | 2.9 |
The deferred tax asset relates to tax losses. There were no movements thereon in the current or prior year. The Company has no unrecognised
deferred tax (2025: US$nil).
L. Dividends
Total gross dividends of US$590.2m (2025: US$546.4m) were paid to Experian shareholders during the year. The Company paid interim dividends of
US$41.1m (2025: US$46.3m) to those shareholders who did not elect to receive dividends under the Income Access Share arrangements. The balance
of US$549.1m (2025: US$500.1m) 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 2026, the distributable
reserves of EUKFL as determined under UK company law were US$12,916.9m (2025: US$4,287.0m).
Since the balance sheet date, the directors have announced a second interim dividend of 48.00 US cents per ordinary share for the year ended
31 March 2026. No part of this dividend is included as a liability in these financial statements. Further details of payment arrangements, including
the Income Access Share arrangements, are given in the Shareholder and corporate information section of the Annual Report.
M. Leases
The Company leases its office, and payments are reset periodically to reflect market rental rates.
(i) Tangible assets
Right-of-use | |||
Leasehold | assets | ||
improvements | Buildings | Total | |
US$m | US$m | US$m | |
Cost | |||
At 1 April 2025 and 31 March 2026 | 2.2 | 3.7 | 5.9 |
Accumulated depreciation | |||
At 1 April 2025 | 0.7 | 1.2 | 1.9 |
Charge for the year | 0.3 | 0.4 | 0.7 |
At 31 March 2026 | 1.0 | 1.6 | 2.6 |
Net book amount at 31 March 2025 | 1.5 | 2.5 | 4.0 |
Net book amount at 31 March 2026 | 1.2 | 2.1 | 3.3 |
There were no additions to right-of-use assets in the year ended 31 March 2025.
(ii) Lease obligation
2026 | 2025 | |
US$m | US$m | |
Current | 0.4 | 0.4 |
Non-current | 2.6 | 2.8 |
At 31 March | 3.0 | 3.2 |
(iii) Maturity of lease obligation - contractual undiscounted cash flows
2026 | 2025 | |
US$m | US$m | |
Less than one year | 0.6 | 0.5 |
One to two years | 0.6 | 0.5 |
Two to three years | 0.6 | 0.5 |
Three to four years | 0.6 | 0.5 |
Four to five years | 0.6 | 0.5 |
Over five years | 0.5 | 1.3 |
Total undiscounted lease obligation at 31 March | 3.5 | 3.8 |
Experian plc
Financial statements
224
Notes to the Company financial statements
continued
M. Leases continued
(iv) Amounts recognised in the Company profit and loss account
2026 | 2025 | |
US$m | US$m | |
Depreciation charge for right-of-use assets | 0.4 | 0.4 |
Interest expense | 0.2 | 0.2 |
0.6 | 0.6 |
(v) Lease cash flow
Lease payments in the year were US$0.7m (2025: US$0.7m), of which US$0.2m (2025: US$0.2m) related to payments of interest and US$0.5m
(2025: US$0.5m) was for repayments of principal.
N. Investments – shares in Group undertakings
2026 | 2025 | |
US$m | US$m | |
Cost and net book amount | ||
At 1 April | 22,087.0 | 21,960.1 |
Additions – fair value of share incentives issued to Group employees | 138.4 | 126.9 |
Additional investment in direct subsidiary undertakings | 700.0 | — |
Net book amount at 31 March | 22,925.4 | 22,087.0 |
During the year, Experian plc undertook a number of transactions in connection with Group restructuring, including the subscription for additional
shares in an existing subsidiary undertaking for US$700m.
A list of the Company’s subsidiary undertakings is given in note U(i). The Company directly holds interests in the whole of the issued share capital
of the following undertakings:
Company | Country of incorporation |
Experian Group Services Limited | Ireland |
Experian Holdings Ireland Limited | Ireland |
O. Debtors – amounts falling due within one year
2026 | 2025 | |
US$m | US$m | |
Amounts owed by Group undertakings | 549.6 | 81.7 |
Other debtors | 0.5 | 0.7 |
550.1 | 82.4 |
Amounts owed by Group undertakings are primarily unsecured, interest bearing and repayable on demand.
P. Creditors
Due within | Due after more | Due within | Due after more | |
one year | than one year | one year | than one year | |
2026 | 2026 | 2025 | 2025 | |
US$m | US$m | US$m | US$m | |
Amounts owed to Group undertakings | 174.6 | — | 13.3 | — |
Lease obligation (note M) | 0.4 | 2.6 | 0.4 | 2.8 |
Corporation tax | 11.3 | — | 5.2 | — |
Accruals and deferred income | 32.4 | 8.0 | 8.1 | 10.6 |
218.7 | 10.6 | 27.0 | 13.4 |
Amounts owed to Group undertakings are primarily unsecured, interest bearing and repayable on demand.
Experian plc
Financial statements
Annual Report 2026
225
Q. Called-up share capital and share premium account
2026 | 2025 | |
US$m | US$m | |
Allotted and fully paid | ||
959,249,743 (2025: 972,976,312) ordinary shares of 10 US cents | 72.0 | 73.4 |
20 (2025: 20) deferred shares of 10 US cents | — | — |
72.0 | 73.4 |
At 31 March 2026 and 31 March 2025, 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 2026, the Company issued 910,760 (2025: 787,265) ordinary shares for a consideration of US$29.1m (2025:
US$20.3m) 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 17,542,627 (2025: 2,588,150) of its own shares for a consideration of US$656.8m (2025: US$116.7m). Of the
shares repurchased in the year, 2,905,298 were retained as treasury shares and 14,637,329 shares were cancelled. All shares repurchased in the year
ended 31 March 2025 were retained as treasury shares.
R. Profit and loss account reserve
The profit and loss account reserve is stated after deducting the balance on the own shares reserve from that on the profit and loss account.
The balance on the profit and loss account comprises net profits retained in the Company after the payment of equity dividends. The balance
on the own shares reserve is the cost of ordinary shares in the Company and further details are given below.
| Number of shares held | Cost of shares held | |||||
Treasury | Trusts | Total | Treasury | Trusts | Total | |
million | million | million | US$m | US$m | US$m | |
At 1 April 2025 | 54.9 | 4.4 | 59.3 | 1,170.5 | 247.4 | 1,417.9 |
Purchase of shares by employee trusts | — | 1.9 | 1.9 | — | 96.8 | 96.8 |
Purchase of shares held as treasury shares | 2.9 | — | 2.9 | 142.8 | — | 142.8 |
Other vesting of awards and share option exercises | (1.1) | (3.0) | (4.1) | (20.1) | (97.5) | (117.6) |
At 31 March 2026 | 56.7 | 3.3 | 60.0 | 1,293.2 | 246.7 | 1,539.9 |
| 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 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 undertaking in | ||||||
connection with an acquisition | (0.1) | — | (0.1) | (5.9) | — | (5.9) |
Other vesting of awards and share option exercises | (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 |
S. Contingencies and guarantees
The Company has guaranteed:
• borrowings of Group undertakings of US$5,059m (2025: US$4,580m)
• 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.
Since 31 March 2026, the Company has purchased 4,590,610 of its own shares for a total consideration of US$164.6m and has announced a new
US$1bn share repurchase programme, valid to 30 June 2027.
Company |
Country of incorporation |
Clear Sale Argentina SRL |
Argentina 1 |
Experian Strategic Solutions SA |
Argentina 2 |
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 Operations Pty Ltd (formerly |
|
illion Australia Pty Ltd) |
Australia |
Experian Australia Pty Ltd |
Australia |
Experian Data Registries Pty Ltd (formerly illion Data |
|
Registries Pty Ltd) |
Australia |
Experian Decisioning Pty Ltd (formerly illion |
|
Decisioning Pty Ltd) |
Australia |
Experian Holdings (AU) Pty Ltd (formerly illion Group |
|
Holdings Pty Ltd) |
Australia |
Experian Open Data Solutions Pty Ltd (formerly illion |
|
Open Data Solutions Pty Ltd) |
Australia |
illion (Nominees) Pty Limited |
Australia |
illion Australia Unit Trust *** |
Australia |
illion Decisioning Technologies Pty Ltd* |
Australia |
illion Financial Viability Reports 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 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 |
ClearSale S.A. |
Brazil 1 |
Financeira Veloz Holding Financeira S.A. |
Brazil 2 |
Holding Veloz Investimentos e Participações S.A. |
Brazil 3 |
Mova Sociedade de Empréstimo entre Pessoas S.A. |
Brazil 4 |
Pagueveloz Instituição de Pagamento Ltda. |
Brazil 5 |
Salaryfits Sistemas Ltda. |
Brazil 6 |
Salt Participações S.A. |
Brazil 6 |
Salt Tecnologia Ltda. |
Brazil 6 |
Serasa S.A. |
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 |
CCN UK 2005 Limited |
England and Wales |
Company |
Country of incorporation |
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 ReFi Outsource Services Limited (formerly |
|
Paylink Outsource Services Limited) |
England and Wales |
Experian ReFi Solutions Limited (formerly |
|
Paylink Solutions 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 |
International Communication & Data Limited |
England and Wales |
Intozetta Holdings Limited**** |
England and Wales |
Intozetta Limited**** |
England and Wales |
KYC Global Technologies (UK) Limited |
England and Wales |
Pay Dashboard 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 |
Experian France S.A.S. |
France |
Experian GmbH |
Germany 1 |
Informa HIS GmbH |
Germany 1 |
Infoscore Consumer Data GmbH |
Germany 1 |
Tapad Germany GmbH |
Germany 2 |
GHU Insurance Company Limited |
Guernsey |
Experian plc
Financial statements
226
Notes to the Company financial statements
continued
Company | Country of incorporation |
Experian Account Aggregator Private Limited | India |
Experian Credit Information Company of India Private | |
Limited | India |
Experian Services India (Private Limited) | India |
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 Limited | Ireland |
GUS Investments 2003 Unlimited Company | Ireland |
Experian Holding Italia S.r.l. | Italy |
Experian Italia S.p.A. | Italy |
Swipe Technologies Italia S.r.l. | Italy |
Experian Japan Co., Ltd | Japan |
KYC360 Academy Limited | Jersey |
KYC Global Technologies Limited | Jersey |
Experian Lesotho (Pty) Ltd | Lesotho |
Experian (Malaysia) Sdn. Bhd. | Malaysia |
Experian Information Services (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 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 |
Experian Data Registries (NZ) Limited (formerly | |
illion New Zealand Limited) | New Zealand 1 |
Experian New Zealand Limited | New Zealand 1 |
Experian New Zealand Operations Limited (formerly | |
CDS Holdings (NZ) Limited) | New Zealand 1 |
Experian Open Data Solutions (NZ) Limited | New Zealand 1 |
Experian Tenancy Limited (formerly | |
illion Tenancy Limited) | New Zealand 1 |
Experian Tenderlink Limited (formerly illion Tenderlink | |
Limited) | New Zealand 1 |
illion Marketplaces (New Zealand) Limited | New Zealand 1 |
illion New Zealand Marketing Services Limited | New Zealand 2 |
Experian AS | Norway |
Experian Gjeldsregister AS | Norway |
Tapad Norway AS | Norway |
APC Buró, S.A. | Panama |
Experian Perú S.A.C. | Peru |
Gabi Polska spółka z ograniczoną odpowiedzialnością | Poland |
Experian Asia-Pacific Holdings Pte. Ltd. | Singapore |
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.U. | Spain 1 |
Experian Bureau de Crédito, S.A.U. | Spain 2 |
Experian España, S.L.U. | Spain 2 |
Experian Holdings España, S.L.U. | Spain 2 |
Experian Latam España Inversiones, S.L. | Spain 2 |
Experian Switzerland AG | Switzerland |
Company | Country of incorporation |
Experian (Thailand) Co., Ltd**** | Thailand |
Experian Bilgi Hizmetleri Limited Şirketi | Türkiye |
At Data, LLC | USA 1 |
Auto I.D., Inc. | USA 2 |
BillFixers, LLC | USA 3 |
ChargebackOps LLC | USA 4 |
CH Transaction Sub, Inc. | USA 2 |
CIC Plus, LLC | USA 1 |
ClarityBlue Inc. | USA 1 |
Clarity Services, Inc. | USA 3 |
Clear Sale LLC | USA 5 |
ConsumerInfo.com, Inc. | USA 6 |
CSIdentity Corporation | USA 3 |
CSIdentity Insurance Services, Inc. | USA 7 |
Employment Tax Servicing, LLC | USA 6 |
Experian Background Data, Inc. | USA 3 |
Experian Consumer Financial Services, Inc. | USA 2 |
Experian Credit Advisors, Inc. | USA 3 |
Experian Data Corp | USA 3 |
Experian Employer Services, Inc. | USA 8 |
Experian Finance US, Inc. | USA 2 |
Experian Fraud Prevention Solutions, Inc. | USA 3 |
Experian Health, Inc. | USA 3 |
Experian Holdings, Inc. | USA 3 |
Experian Information Solutions, Inc. | USA 9 |
Experian Marketing Solutions, LLC | USA 3 |
Experian Reserved Response, Inc. | USA 3 |
Experian Services Corp. | USA 3 |
Experian Verification Services, LLC (formerly Frontline | |
eSolutions, LLC) | USA 10 |
Gabi Personal Insurance Agency, Inc. | USA 3 |
MyExperian, Inc. | USA 3 |
My Health Direct, Inc. | USA 3 |
Neuro-ID, Inc. | USA 1 |
Predictive Pop, Inc. | USA 1 |
RewardStock, Inc. | USA 3 |
Statschedules India, LLC | USA 3 |
String Automotive Solutions, Inc. | USA 3 |
String Enterprises, Inc. | USA 3 |
Tapad, Inc. | USA 3 |
Tax Credit Co, LLC | USA 3 |
Tayvah, LLC | USA 6 |
The 41st Parameter, Inc. | USA 3 |
WaveHDC LLC | USA 3 |
Waveland Technologies LLC | USA 1 |
Xverify, LLC | USA 1 |
Numeric superscripts refer to registered office addresses given in note U(ii).
* Placed in voluntary liquidation on 15 May 2026.
** Placed in voluntary liquidation on 12 May 2026.
*** Unincorporated trust, the country of incorporation provided is the principal place of business.
**** In voluntary liquidation.
***** Dissolved on 8 April 2026.
****** Dissolved on 20 April 2026.
Experian plc
Financial statements
Annual Report 2026
227
U. Related undertakings at 31 March 2026 continued
(i) Subsidiary undertakings continued
U. Related undertakings at 31 March 2026 continued
(ii) Addresses of registered offices of subsidiary undertakings
Country of incorporation | Address of registered office |
Argentina 1 | Tucuman 1, C1049AAB, Buenos Aires, 1000-1499 |
Argentina 2 | Olga Cossettini 363, Piso 3, Edificio Yacht VI, Ciudad de |
Buenos Aires | |
Australia | Level 14, 2 Southbank Boulevard, Southbank, VIC 3006 |
Austria | Gumpendorfer Straße 19-21/1/6. OG 1060 Vienna |
Brazil 1 | Avenida Marcos Penteado de Ulhoa Rodrigues, No. |
939, Jacarandá, 3rd floor, Alphaville Industria, São | |
Paulo | |
Brazil 2 | Rua Almirante Tamandaré, No. 1024 - Sala |
Negociação, Vila Nova, Blumenau, Santa Catarina, | |
89035-000 | |
Brazil 3 | Rua Almirante Tamandaré, No. 1024 - Sala Acordo, Vila |
Nova, Blumenau, Santa Catarina, 89035-000 | |
Brazil 4 | Avenida das Nações Unidas, No. 14401 – Torre C-1 do |
Complexo Parque da Cidade, 19th Floor, Conjunto 1, | |
Chácara Santo Antônio, 04794-000 | |
Brazil 5 | Rua Almirante Tamandaré, No. 1024, Sala Mezanino, |
Bairro Vila Nova, Blumenau, Santa Catarina, | |
89035-000 | |
Brazil 6 | Alameda Oscar Niemeyer, No. 132, Room 1102, Nova |
Lima, Minas Gerais, 34.006-049 | |
Brazil 7 | 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 | |
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 Gran Torre Costanera, |
Providencia, 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 | |
France | 19 Boulevard Malesherbes, 75008 Paris |
Germany 1 | Rheinstraße 99, 76532, Baden-Baden |
Germany 2 | Walther-von-Cronberg-Platz 13, 60594 Frankfurt a. |
Main | |
Guernsey | Level 3, Mill Court, La Charroterie, St Peter Port, GY1 |
4ET | |
India | 5th Floor, East Wing, Tower 3, Equinox Business Park, |
LBS Marg, Kurla (West), Mumbai, 400070 | |
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 |
Country of incorporation | Address of registered office |
Japan | Otemachi First Square East Tower 4F, 1-5-1 Otemachi, |
Chiyoda-ku, Tokyo 100-0004 | |
Jersey | 6 Esplanade, St Helier, JE1 1BX |
Lesotho | Block C Level 7 Office C702, LNDC Development |
House, 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 | Schenkkade 50k, 2595 AR Den Haag |
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 | Lysaker Torg 12, 1366 Lysaker |
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 |
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 | Avd. del Conocimiento, 16, Ed. I+D Armilla, 2ª planta, |
Esc. A, 18100 Armilla, Granada | |
Spain 2 | C/Principe de Vergara 132, 2a Planta, 28002, 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 | 475 Anton Boulevard, Costa Mesa, CA 92626 |
USA 2 | The Corporation Trust Company, 1209 Orange Street, |
Wilmington DE 19801 | |
USA 3 | C T Corporation, 300 Montvue Road, Knoxville TN |
37919-5546 | |
USA 4 | 859 W South Jordan Pkwy, Ste 104, South Jordan, UT |
84095, USA | |
USA 5 | C T Corporation System, 818 West 7th Street, Los |
Angeles, CA 90017 | |
USA 6 | 7300 Biscayne Boulevard, Suite 200, Miami, Florida, |
33138 | |
USA 7 | 208 South LaSalle St., Ste 814 Chicago IL 60604 |
USA 8 | C T Corporation System, 155 Federal Street, Ste 700, |
Boston Massachusetts 02110 | |
USA 9 | 4400 Easton Commons Way, Ste 125, Columbus Ohio |
43219 | |
USA 10 | 3026 Woodbridge Lane, Canton, GA 30114 |
Numeric superscripts refer to subsidiary undertakings given in note U(i).
Experian plc
Financial statements
228
Notes to the Company financial statements
continued
Experian plc
Financial statements
Annual Report 2026
229
U. Related undertakings at 31 March 2026
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%
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 – 66.71%
Experian Italia S.p.A. – 95.35%
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. – 54.91%
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, GUS 2004 Limited and
GUS Investments 2003 Unlimited Company – A ordinary and B
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 |
(v) Other undertakings
Country of incorporation |
|
Undertaking |
or operation |
Endurance Fundo de Investimento em Direitos |
|
Creditórios (FIDC) |
Brazil |
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. Endurance Fundo
de Investimento em Direitos Creditórios (FIDC) is an unincorporated
creditors’ rights investment fund and Brigstock Finance Limited is a
finance company. The other undertakings operate in connection with
the Group’s share incentive plans, pension arrangements in Germany,
Experian plc
Shareholder and corporate information
230
Shareholder and corporate information
Analysis of share register at 31 March 2026
By size of shareholding
Number of | Number of | |||
shareholders | % | shares | % | |
Over 1,000,000 | 141 | 0.8 | 789,611,351 | 82.3 |
100,001 to 1,000,000 | 367 | 2.1 | 128,377,404 | 13.4 |
10,001 to 100,000 | 718 | 4.1 | 25,861,080 | 2.7 |
5,001 to 10,000 | 442 | 2.6 | 3,011,696 | 0.3 |
2,001 to 5,000 | 1,519 | 8.7 | 4,617,251 | 0.5 |
1 to 2,000 | 14,232 | 81.7 | 7,770,961 | 0.8 |
Total | 17,419 | 100.0 | 959,249,743 | 100.0 |
By nature of shareholding
Number of | Number of | |||
shareholders | % | shares | % | |
Corporates | 2,390 | 13.7 | 887,217,199 | 92.5 |
Individuals | 15,028 | 86.3 | 15,348,893 | 1.6 |
Treasury shares | 1 | — | 56,683,651 | 5.9 |
Total | 17,419 | 100.0 | 959,249,743 | 100.0 |
Company website
A full range of investor information is available at
experianplc.com
.
Details of the 2026 AGM, to be held in Dublin, Ireland on Wednesday
22 July 2026, 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
shares.experianplc.com
.
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 2026
A second interim dividend in respect of the year ended 31 March 2026
of 48.00 US cents per ordinary share will be paid on 24 July 2026, to
shareholders on the register of members at the close of business on
26 June 2026. Unless shareholders elect by 26 June 2026 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 3 July 2026. A first interim dividend of 21.25
US cents per ordinary share was paid on 6 February 2026.
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 26 June 2026.
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
2026, to be paid on 24 July 2026, should return a completed and signed
DRIP application form, to be received by the registrars by no later than 26
June 2026. Shareholders should contact the registrars for further details.
Experian plc
Shareholder and corporate information
Annual Report 2026
231
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 | 25 June 2026 |
Second interim dividend record date | 26 June 2026 |
Second interim ex-dividend and record date for | |
American Depositary Receipts (ADRs) | 26 June 2026 |
Second interim ex-dividend and record date for | |
Brazilian Depositary Receipts (BDRs) | 26 June 2026 |
Trading update, first quarter | 16 July 2026 |
AGM | 22 July 2026 |
Second interim dividend payment date | 24 July 2026 |
Half-yearly financial report | 18 November 2026 |
Trading update, third quarter | 21 January 2027 |
Preliminary announcement of full-year results | May 2027 |
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
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
B3
Brasil, Bolsa, Balcão, the stock exchange of Brazil
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
bps
Basis points
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 2024
Company
Experian plc
CPRA
California Privacy Rights Act
DRIP
Dividend Reinvestment Plan
ECS
Experian Consumer 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
FVOCI
Fair value through Other comprehensive income
FVPL
Fair value through profit or loss
FX
Foreign exchange rate(s)
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 ended 31 March 2026
FY27
Year ending 31 March 2027
FY28
Year ending 31 March 2028
FY31
Year ending 31 March 2031
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
232
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 2025
LGPD
Brazil General Data Protection Law
LLM
Large language model
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
SMEs
Small and medium-sized enterprises
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 2026
TSR
Total shareholder return
TSSI
Technology, Software Solutions, and Innovation
UK&I
UK and Ireland
UKLR
UK Listing Rules
UN SDGs
United Nations’ Sustainable Development Goals
WACC
The Group’s pre-tax weighted average cost of capital
Glossary
233
Experian plc
Annual Report 2026
Notes
Experian plc
Notes
234
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 (Reducing 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 2026
www.experianplc.com/Experian-Annual-Report-2026
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