REG - Experian plc - Full-year financial report
Yesterday 07:30
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250514:nRSN6117Ia&default-theme=true
RNS Number : 6117I Experian plc 14 May 2025
news release
Strong performance and excellent strategic progress in FY25
7am, 14 May 2025 ─ Experian plc, the global data and technology company,
today issues its financial report for the year ended 31 March 2025.
Brian Cassin, Chief Executive Officer, commented:
"FY25 was a strong year for Experian, with significant strategic and financial
progress across both Consumer Services and Business-to-Business. At constant
currency and from ongoing activities, revenue was up 8% with organic revenue
growth of 7%. We delivered constant currency EBIT growth of 11%, with margin
expansion above our guidance range. Benchmark earnings per share increased by
11% at constant currency, and 8% at actual rates.
"For FY26, we expect total revenue growth of 9-11%, with organic revenue
growth of 6-8%. We expect margin expansion in line with our Medium-Term
Framework, in the range of 30-50 basis points. All measures are at constant
exchange rates and on an ongoing basis.
"While we are mindful of the outlook for the broader global economy, we have a
broad and resilient portfolio with a strong track record of growth, and we are
confident of another good year of growth in FY26."
Benchmark and Statutory financial highlights
2025 2024 Actual rates growth % Constant rates growth % Organic growth %(2)
US$m
US$m
Benchmark¹
Revenue - ongoing activities(3) 7,507 7,046 7 8 7
Benchmark EBIT - ongoing activities(3,4) 2,107 1,944 8 11 n/a
Total Benchmark EBIT 2,083 1,928 8 11 n/a
Benchmark EPS USc 156.9 USc 145.5 8 11 n/a
Statutory
Revenue 7,523 7,097 6 n/a n/a
Operating profit 1,793 1,694 6 n/a n/a
Profit before tax 1,549 1,551 0 n/a n/a
Basic EPS USc 127.6 USc 131.3 (3) n/a n/a
Total dividend USc 62.50 USc 58.50 7 n/a n/a
1. See Appendix 1 (page 15) and note 5 to the financial statements for
definitions of non-GAAP measures.
2. Organic revenue growth is at constant currency.
3. Revenue and Benchmark EBIT for the year ended 31 March 2024 have
been re-presented for the reclassification to exited business activities of
certain Business-to-Business (B2B) businesses, detail is provided in notes
6(a) and 7 to the financial statements.
4. See page 16 for reconciliation of Benchmark EBIT from ongoing
activities to Profit before tax.
Highlights
· A strong and consistent FY25 performance. Organic growth was 7%
in Q4 and 7% for the full year. Total FY25 revenue growth from ongoing
activities was 8% at constant exchange rates, and 7% at actual exchange rates.
· Consumer Services organic revenue growth was 7%. We now serve
over 200 million free members, deepening engagement across a widening product
ecosystem.
· B2B organic revenue growth was 6%. Performance was driven by
broad-based strength in analytics, mortgage, alternative data, and our
priority growth verticals.
· All regions delivered organic revenue growth during the year.
North America growth strengthened, with both Latin America and the UK and
Ireland showing resilience amid softer economic backdrops. EMEA and Asia
Pacific maintained recent strong growth delivery.
· Benchmark EBIT from ongoing activities rose 8% at actual exchange
rates and 11% at constant currency to US$2,107m.
· Margin delivery was above our expectations, with Benchmark EBIT
margin of 28.1%, up 50 basis points at actual rates and 70 basis points at
constant currency.
· Conversion of Benchmark EBIT into Benchmark EPS was good.
Benchmark EPS growth was 8% at actual exchange rates, and 11% at constant
exchange rates. Statutory Basic EPS was down 3%.
· Cash flow conversion was strong. Benchmark operating cash flow
was US$2.0bn, a conversion rate of 97%.
· We have generated strong returns on invested capital, with ROCE
of 16.6%.
· Our financial position is robust, driven by strong cash
generation and our capital discipline. Net debt to Benchmark EBITDA was 1.8x,
below our 2.0-2.5x target range.
· Good progress on our cloud programme, with significant new
products and Generative Artificial Intelligence (GenAI) features launched.
· We invested US$1.2bn in acquisitions to support our strategic
priorities. US$1.6bn pro forma 1 for our ClearSale acquisition completed on 1
April 2025.
· Statutory profit before tax of US$1,549m, flat year-on-year
(FY24: US$1,551m), principally due to strong revenue growth offset by higher
non-benchmark restructuring costs and non-cash financing fair value
remeasurements compared to the prior year.
· Full year dividend up 7% to USc 62.50 per ordinary share.
Experian
Nadia Ridout-Jamieson Investor queries
+44 (0)20 3042 4220
Nick Jones Media queries
+44 (0)7976 734 702
Teneo
Graeme Wilson, Louise Male and Lisa Jarrett-Kerr
+44 (0)20 7353 4200
There will be a presentation today at 9.30am (UK time) to analysts and
investors via webcast. To view the slides and listen in online please go to
experianplc.com (http://www.experianplc.com) for the link.
Experian will update on first quarter trading for FY26 on 15 July 2025.
Roundings
Certain financial data has been rounded within this announcement. As a result
of this rounding, the totals of data presented may vary slightly from the
actual arithmetic totals of such data.
Forward-looking statements
Certain statements made in this announcement are forward-looking statements.
Such statements are based on current expectations and are subject to a number
of risks and uncertainties that could cause actual events or results to differ
materially from any expected future events or results referred to in these
forward-looking statements. See note 26 to the financial statements for
further information on risks and uncertainties facing Experian.
Company website
Neither the content of the Company's website, nor the content of any website
accessible from hyperlinks on the Company's website (or any other website), is
incorporated into, or forms part of, this announcement.
About Experian
Experian is a global data and technology company, powering opportunities for
people and businesses around the world. We help to redefine lending practices,
uncover and prevent fraud, simplify healthcare, deliver digital marketing
solutions, and gain deeper insights into the automotive market, all using our
unique combination of data, analytics and software. We also assist millions of
people to realise their financial goals and help them to save time and money.
We operate across a range of markets, from financial services to healthcare,
automotive, agrifinance, insurance, and many more industry segments.
We invest in talented people and new advanced technologies to unlock the power
of data and to innovate. A FTSE 100 Index company listed on the London Stock
Exchange (EXPN), we have a team of 23,300 people across 32 countries. Our
corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.
Strategic report
Part 1 - Chief Executive Officer's review
FY25 was a strong year for Experian. We performed well, with results in line
with our Medium-Term Framework, whilst continuing to invest in our business
both organically and inorganically. We achieved high single-digit organic
revenue growth and delivered good margin expansion. Revenue from ongoing
activities at actual exchange rates and organic revenue both grew 7%. Margin
expansion at constant exchange rates of 70 basis points exceeded our guidance
and was 50 basis points at actual exchange rates. We successfully converted
revenue growth into Benchmark EBIT, Benchmark EPS and Benchmark operating cash
flow, with growth rates of 8%, 8% and 9%, respectively, and a cash conversion
rate of 97%.
We saw a good performance across our B2B portfolio with strong growth in
Financial Services and another year of very good growth in Health. Progress in
vertical markets has broadened our portfolio further and they now account for
over one-fifth of our global revenues. Expanded business with existing
clients, new client wins, and new product introductions all contributed to our
performance in FY25.
In Financial Services, we continue to see success in the market with our
Ascend Platform, we have had some notable new product launches such as new
cash flow analytics and scores, and we have expanded our income and employment
data assets. Our vertical markets growth has been driven by leveraging our
data and software capabilities, providing more integrated capabilities across
our product suites and new product introductions such as AI-driven patient
access products in Health.
In Consumer Services, we have grown our membership base, driven higher
engagement, and broadened our consumer offers. Our Experian Activate
capability has gained further traction, creating a more seamless experience
for both our financial institution clients and Experian members. Our consumer
membership base now exceeds 200m free members. Large-scale consumer audiences
such as these open up significant new opportunities for us to address. North
America Insurance Marketplace is a good example of how we can bring additional
value to our members and create material new opportunities for Experian. We
have introduced richer, more personalised experiences for our members in
Brazil and in the UK too.
This year we deployed US$1.2bn in acquisitions in areas central to our
strategy covering credit risk, fraud prevention, and Targeting. The
acquisition of illion gives us a scaled position in Australia and New Zealand,
and shortly after the financial year-end we completed the acquisition of
ClearSale, to bring one of Brazil's premier fraud prevention assets into our
portfolio. Our acquisitions complement our organic growth investments, and we
continue to generate strong financial returns on our expanding capital base.
We reported a post-tax ROCE of 16.6% for the year. Notwithstanding the higher
levels of investment, we ended the year below the lower end of our target
leverage range.
Our cloud technology transformation is progressing well and is on track to
deliver material cost savings from FY27 onwards when dual-run costs start to
fade. Innovation revenue continues to grow as a proportion of our total, and
we have introduced a range of new Generative Artificial Intelligence (GenAI)
tools, which we have embedded in several of our product workflows.
Combined, these investments position us well to capitalise on the structural
growth in our markets. We have extensive and expanding data assets,
unparalleled breadth of capability, a unique strategy encompassing both B2B
and Consumer Services, geographic diversity and a strong balance sheet. This
gives us resilience, portfolio diversity and the flexibility to adapt. So,
while market dynamics may change from year to year, we are confident that we
will continue to progress our business, as we have done in the past.
Great talent drives Experian's success, and our crowning achievement this year
is reserved for our 23,300 people. We are honoured to have been named as one
of the World's Best Workplaces™ 2024, ranked 14th globally by Fortune and
Great Place to Work(®). Experian's culture is unique. Our working environment
is high-performing, collaborative, and we pride ourselves on our 'people
first' approach. I want to extend a huge thank you to all my Experian
colleagues for their commitment, their energy and their support over the past
year.
FY25 financial highlights
· Revenue growth was in line with our expected performance range.
Revenue growth from ongoing activities was 7% at actual exchange rates and 8%
at constant currency. Organic revenue growth was 7%.
· All of our regions contributed to the growth. Organic revenue
growth was 8% in North America, 6% in Latin America, 1% in UK and Ireland, and
8% in EMEA and Asia Pacific.
· Growth was consistent through the year. By quarter, organic
revenue growth was 7% in Q1, 7% in Q2, 6% in Q3 and 7% in Q4.
· Consumer Services organic revenue growth was 7%. Excluding a c.5%
headwind from one-off data breach services, Consumer Services organic revenue
growth was 12%, accelerating to 14% in H2 compared to 10% in H1. We grew to
over 200 million free members. Growth was broad-based across the portfolio. In
North America, premium subscriptions, core partner solutions and marketplace
drove our performance. In Brazil, Limpa Nome and our expansion of product
offerings supported growth, and in the UK and Ireland, we benefitted from
strengthening marketplace revenue.
· B2B organic revenue growth was 6%. New clients, expanded product
penetration and our diversified end markets supported growth amid a
still-subdued global credit backdrop.
· We delivered good progress in Benchmark EBIT from ongoing
activities, up 11% at constant and 8% at actual exchange rates. Benchmark EBIT
margin increased by 70 basis points at constant and 50 basis points at actual
exchange rates to 28.1%. Strong Consumer Services, scaling operating leverage
and technology productivity initiatives drove the year-on-year margin
improvement, while continuing to invest in product innovation, audience
expansion and consumer and client engagement.
· We delivered strong growth in Benchmark earnings per share (EPS),
which increased by 11% at constant and 8% at actual exchange rates, driven by
revenue growth and margin expansion. Basic EPS was USc127.6 (2024: USc131.3),
down 3%, due to higher non-benchmark restructuring costs and non-cash
financing fair value remeasurements, along with a higher statutory tax rate,
compared to the prior year.
· Cash flow conversion was strong, and we converted 97% of
Benchmark EBIT into Benchmark operating cash flow. Benchmark operating cash
flow at actual exchange rates was US$2,025m, reflecting 9% growth.
· We continued to invest in data, technology and product
development that underpins our business. Capital expenditure represented 9% of
revenue, and we continue to expect this to trend down to 7% in the coming
years.
· We invested US$1.2bn in acquisitions to support our strategic
initiatives. After the year-end, we completed our previously announced
acquisition of ClearSale, a leading provider of digital fraud prevention
solutions in Brazil. We finished the year with Net debt to Benchmark EBITDA of
1.8x, below our target range of 2.0-2.5x.
· We have completed our FY25 share repurchase programme. We
executed US$29m from the previous FY24 programme in April 2024, bringing the
total net cash spent during FY25 to US$179m. These repurchases offset
deliveries under employee share plans. We are also announcing that we will
commence a net share repurchase programme up to US$200m in FY26, which will
again offset deliveries under employee share plans.
· We have announced a second interim dividend of USc43.25 per
share, up 7%. This will be paid on 18 July 2025 to shareholders on the
register at the close of business on 20 June 2025. This takes the full-year
dividend up 7% to USc62.50 per ordinary share.
· Our return on investment has consistently been strong, with ROCE
in the mid-to-high-teens over the last decade, and 16.6% for the year (2024:
17%).
Full-year strategic highlights
Our long-term strategy provides the framework for the development of our
business and determines where we invest, the products we build, the markets we
enter and acquisitions we pursue. Our FY25 performance reflects continued
progress towards fulfilling our long-term goals.
In our B2B business, we have a broad and deep product set. It begins with our
rich datasets and extends into software solutions that address various aspects
of client workflows. Our range of product areas such as analytics, marketing,
fraud prevention, and decisioning, help Financial Services customers address
all aspects of risk. We are increasingly integrating our solutions into
platforms that can drive more insights and greater efficiencies for our
clients, positioning ourselves as a key strategic partner. Within our
verticals, we utilise differentiated data and software capabilities to help
our customers navigate complex ecosystems and solve business challenges. Over
time, we expect to be more embedded at our clients, with our focus on
innovation and product integration driving greater strategic value.
Within our Consumer Services business, we use our innovative products and
services to drive better financial outcomes for consumers. Features such as No
Ding Decline enable customers to apply for credit cards without the worry of a
hard enquiry, insurance rate monitoring automatically notifies members of
policies that can save them money, and in Brazil we can assist consumers with
the instant settlement of renegotiated debt. These tools help drive increasing
consumer engagement on our platform.
Going forward, we remain focused on maximising synergies between our
Business-to-Business and Consumer Services businesses, with this breadth of
assets and capabilities a primary source of our competitive advantage.
Highlights of our strategic progress in FY25 include:
In Business-to-Business:
· We have progressed in migrating customers and solutions to our
Ascend Platform. We have implemented over 2,000 client solutions 2 on the
platform, with customers demonstrating promising engagement trends. We now
have 30 product capabilities provisioned on the platform, doubling
year-on-year.
· We enhanced our fraud prevention capabilities and gained traction
in this growing and dynamic market. We acquired NeuroID, an industry leader in
behavioural fraud prevention, and have already incorporated it in our Ascend
Platform. In Brazil, we completed our acquisition of fraud-prevention leader
ClearSale in April 2025, extending our capabilities into transactional fraud
prevention, and establishing a more comprehensive client offering.
· In North America, we launched the Cashflow Score, an innovative
open banking solution, providing lenders with a more complete view of an
applicant's financial behaviour. This solution can provide up to a 25% lift in
predictive performance when compared to conventional credit scores and is a
key example of our dedication to improving financial inclusion.
· We scaled Employer Services and Verification Services. Within
Employer Services, Experian's Compliance Library was named a 2024 Top HR
Product of the Year by Human Resource Executive and the HR Technology
Conference. Within Verification Services, we now have 62 million active
employment records in North America.
· In North America Automotive, the breadth of our product suite
contributed to solid growth. Auto marketing performance was strong, as we
leveraged our unique Auto assets alongside our marketing expertise to drive
enhanced audience prospecting for our clients.
· In North America Health, we generated record bookings during the
year including the largest Health contract win in our history. Our acquisition
of WaveHDC last year enabled a new innovative solution called Patient Access
Curator. This AI-driven offering is a leading eligibility and insurance
identification product, gaining meaningful traction with clients and
facilitating cross-sell opportunities.
· In North America Targeting, we acquired Audigent in December
2024, enhancing our market positioning in the fast-growing digital advertising
space. Targeting's AdTech (digital) channels now make up over 70% of our North
America Targeting revenue.
· In Brazil, we invested in key initiatives such as small &
medium enterprises (SMEs). We grew our client base and diversified our
portfolio, both enhancing the level of data to lenders, and fostering
affordable credit access to SMEs.
· In the UK and Ireland, we continued to invest in areas beyond
core credit. In Verifications, we added records to our employment database and
drove new business opportunities. In Experian Data Quality, following the
financial year-end, we launched Aperture Data Studio 3.0, our innovative
platform, making it easier for businesses to manage, control, and understand
their data.
· In EMEA and Asia Pacific, we completed the acquisition of illion,
one of the leading consumer and commercial credit bureaux in Australia and New
Zealand. Our integration is progressing well as we focus on enhancing our
market position in this strategically important region.
In Consumer Services:
· Global free membership grew to over 200 million as we continue to
improve and expand our offerings to help consumers navigate their financial
lives.
· We continue to focus on savings-intent consumers in North
America, with our capabilities such as Subscription Cancellation and BillFixer
resonating well in the market and driving solid premium enrolment growth.
· We launched No Ding Decline in North America allowing consumers
to explore credit card options without the worry of a hard enquiry affecting
their credit scores. Over 70% of card shoppers are eligible to see a No Ding
Decline offer across a variety of credit card issuers.
· We launched insurance rate monitoring in North America, enabling
consumers who utilise the free tool to receive ongoing alerts if there is a
better available rate on their auto insurance policy.
· In Brazil, we continue to drive substantial debt renegotiations
through Limpa Nome, enabling millions of Brazilians to manage their debts. In
FY25, we facilitated the resolution of US$14.5bn of consumer debt, with our
payment capability reducing friction and improving the customer experience.
· In the UK and Ireland, we made significant product investments
and improved personalisation journeys for our members. Using our Experian
Activate capability, we also strengthened the breadth and depth of our
marketplace panel, driving more targeted and competitive offers by these
lenders. Over 95% of our panel is onboarded or in the process of being
onboarded to Activate.
· Growing adoption of our consumer offerings by our membership base
enabled further strong margin progress, which for Consumer Services globally
was up 270 basis points in the year and over 400 basis points over two years.
Strengthening our foundations
· We have progressed on the delivery of our cloud-native technology
infrastructure, and productivity initiatives such as greater use of GenAI,
automation and offshoring. We are on track to materially complete our cloud
technology transition in North America and Brazil at the end of FY26, at which
point greater than 85% of our non-Health processing capability will be in the
cloud in these two regions.
· We were named one of the World's Best Workplaces™ 2024 by
Fortune and Great Place to Work(®), which recognises a select 25 global
companies that are building the best workplace cultures in the world. This
achievement validates our 'people first' workplace culture that fosters
collaboration and innovation, and prioritises team member well-being, personal
growth, and advancement.
· For the seventh year in a row since FY18, our global client Net
Promoter Scores have increased, driven by an increase in promoters.
· We entered the market with new and innovative GenAI solutions.
During the year, we launched our GenAI-enabled tool for the Ascend Platform,
Experian Assistant, which won the 2025 BIG Innovation Award in the Products
for Financial Services category.
Sustainability
· We are uniquely positioned to help people thrive on their
financial journey, through our direct relationships with consumers and
innovative combinations of data and analytics. More than 17 million US
consumers have connected their accounts to take advantage of Experian Boost to
improve their credit score, or to use Personal Financial Management tools.
Experian Go has now helped around 280,000 'credit invisible' US consumers to
establish their financial identity since it was launched. In Brazil, our Limpa
Nome debt resolution platform helped renegotiate $14.5bn of debt in FY25,
writing off $11.9bn. We are supporting consumers' financial health with a
broad range of financial health features, and US Premium members have now
collectively saved over US$35m on everyday bills through BillFixer and
Subscription Cancellation.
· Our social innovation products, specifically developed to deliver
societal benefits and improve financial health, have reached a further 14
million people this year.
· Our United for Financial Health programme to improve financial
education among the communities we operate has now connected with 200 million
people since launch in 2020.
· We take a people first approach to creating a high performance
culture. This year we've continued to invest in learning opportunities to
support the career development of our people, deepening the resources in our
online Careers Hub, and launching an AI coach. 81% of employees agreed that
they are developing professionally at Experian.
· This year we have reduced energy consumption by 14% and increased
our renewable energy usage from 75% to 87%. This has contributed to an 82%
reduction in our Scope 1 and 2 emissions since 2019, ahead of our 50%
reduction by 2030 target. We now have 32% of our suppliers (by spend) who have
set science-based targets, with a further 13% committing to do so, making good
progress on our target to reach 78% by 2029. Our commitment to help tackle
climate change is reflected in our CDP rating of 'A-', placing us in the
Leadership category.
People
One of our independent non-executive Directors, Luiz Fleury, will retire from
our Board at the conclusion of the Annual General Meeting on 16 July 2025,
having completed nine years' service on the Experian Board. We wish to thank
Luiz for his significant contributions to Experian since joining our Board in
2015.
Louise Pentland, also an independent non-executive Director, has informed us
of her intention to not seek re-election as a Director at the AGM on 16 July
2025, and so will step down from the Board on that date as well. This follows
her acceptance of a new executive role elsewhere. We wish to thank Louise for
her support and considerable contributions since joining our Board in 2022.
Other financial developments
Benchmark EBIT of US$2,083m was up 8% at actual exchange rates. Benchmark EBIT
includes the impact of a US$24m operating loss from exited business
activities. These exited businesses came primarily from our EMEA and Asia
Pacific and Latin America regions. Benchmark EBIT from ongoing activities of
US$2,107m rose 8% at actual exchange rates and removes the impact of these
exited businesses.
Benchmark profit before tax (PBT) was US$1,926m, up 8% at actual exchange
rates, after a net interest expense of US$157m (2024: US$139m). For FY26, we
now expect net interest expense to be c.US$190m. This includes the financing
costs associated with acquisitions completed during the year and ClearSale,
which closed on 1 April 2025.
The Benchmark tax rate was 25.3% (2024: 25.7%), reflecting the mix of profits
and prevailing tax rates by territory. We expect our effective tax rate on
Benchmark PBT in FY26 will be 26%.
Our Benchmark EPS was USc156.9, an increase of 8% at actual exchange rates and
11% at constant exchange rates. For FY26, we expect a weighted average number
of ordinary shares (WANOS) of c.914m.
Foreign exchange translation was a 3% headwind to Benchmark EPS for the full
year. For FY26, we expect the foreign exchange translation effect to be
neutral on revenue and Benchmark EBIT, assuming recent foreign exchange rates
prevail.
Non-benchmark items:
Profit before tax was US$1,549m, largely unchanged from US$1,551m in the prior
year, reflecting revenue growth offset by higher non-benchmark restructuring
costs and non-cash financing remeasurements driven by losses on Brazilian
intra-Group funding and non-hedging interest rate swaps compared to the prior
year.
Reconciliation of statutory to Benchmark measures for the year ended 31 March
2025
Statutory Non-benchmark and other items Benchmark
Investment- Amortisation of acquisition intangibles Non-cash financing items(2) Exceptional items(3)
related items(1)
US$m US$m US$m US$m US$m US$m
7,507 - - - - 7,507 Ongoing
16 - - - - 16 Exited
Revenue 7,523 - - - - 7,523 Revenue
1,817 40 211 - 39 2,107 Ongoing
(24) - - - - (24) Exited
Operating profit 1,793 40 211 - 39 2,083 Benchmark EBIT
Profit before tax 1,549 38 211 89 39 1,926 Benchmark PBT
Basic EPS USc 127.6 0.8 16.7 8.0 3.8 156.9 Benchmark EPS USc
1. Investment-related items include the Group's share of continuing
associates' Benchmark post-tax results.
2. Non-cash financing items of US$89m includes US$58m foreign exchange
losses on Brazil intra-Group funding and US$34m adverse movements on
non-hedging interest rate swaps.
3. Exceptional items are analysed in note 8 to the financial statements.
Part 2 - Regional highlights for the year ended 31 March 2025
Year-on-year % change in organic¹ revenue - for the year ended 31 March 2025 Benchmark
EBIT
margin²
% of Group revenue³ Data Decisioning B2B Consumer Services Total Total
North America 67 10 6 9 5 8 33.4%
Latin America 14 0 8 2 23 6 32.0%
UK and Ireland 12 0 0 0 7 1 23.2%
EMEA and Asia Pacific 7 4 17 8 n/a 8 4.2%
Total global 100 6 6 6 7 7 28.1%
1. At constant exchange rates.
2. At actual exchange rates.
3. Percentage of Group revenue from ongoing activities calculated based on
FY25 revenue at actual exchange rates.
North America
North America delivered strong growth with revenue of US$5,046m, representing
organic revenue growth of 8%. Total revenue growth was also 8% including
contributions from the WaveHDC, NeuroID and Audigent acquisitions.
B2B delivered organic revenue growth of 9%. Growth was driven by our extensive
capabilities and our strategic focus on providing broad coverage across a
client's workflow. We achieved solid growth in our core data products and the
analytical and software solutions designed to leverage this data. This was
despite a still-cautious stance from our financial institution customers as
they navigate an uncertain macro backdrop. We experienced strong growth from
Clarity, our leading alternative credit bureau, and from our Ascend analytical
solutions and fraud prevention products. Additionally, we continue to
establish our position in Employer Services and Verification Solutions. During
the year, we utilised our Employer Services capabilities and partnerships to
grow to 62 million active records. Mortgage profile revenue increased by 56%,
primarily due to higher pricing with relatively flat enquiry volumes.
Our verticals also performed well. Health revenue increased by 8%, with the
breadth of our product suite driving further penetration at our clients.
Innovations such as Patient Access Curator, enabled by our WaveHDC acquisition
last year, contributed to record bookings in FY25. Automotive revenue grew 10%
as we leveraged our differentiated data assets to drive growth. Targeting
delivered 5% growth, benefitting from continued scaling of our digital
identity and activation offerings.
Consumer Services delivered organic revenue growth of 5%. Growth during the
year reflected the variability in one-off data breach services. Excluding a
c.6% headwind from data breach services, Consumer Services delivered growth of
11%. We generated good progress across the portfolio, with growth in premium
subscriptions, partner solutions and marketplace.
We continue to scale our platform, growing our membership base and adding
unique capabilities that help consumers manage their financial lives. We now
have nearly 80 million free members in North America, up 14% year-on-year from
70 million at the end of FY24. During FY25, we launched a variety of new
solutions that enhance our platform, such as the GenAI-powered Experian
Virtual Assistant (EVA), insurance rate monitoring, and No Ding Decline. These
types of innovative tools, and a growing focus on product and personalisation,
drove strong engagement trends during the year.
Marketplace revenue growth was strong, driven by the continued evolution of
our insurance platform, and momentum in our credit marketplace. Within
insurance, we are focused on driving a seamless and transparent process for
consumers, while creating an efficient acquisition channel for carriers. Our
insurance ecosystem continues to scale with strong new policy growth. Our
credit marketplace benefitted from further penetration of Experian Activate,
our platform which creates a more seamless marketplace for both our lender
clients and Experian members. As the year progressed, lenders gradually
increased offers in our marketplace after a period of tighter supply.
Within premium membership, we continue to add new features to drive value for
customers. Our recent focus on financial health features such as Subscription
Cancellation and BillFixer contributed to higher enrolments and drove solid
premium membership revenue growth. Partner Solutions performed well,
benefitting from both new clients and additional penetration of existing
clients, despite a decline in one-time data breach revenue.
Benchmark EBIT rose 10% to US$1,686m and Benchmark EBIT margin increased by 50
basis points to 33.4%. Margins reflected revenue mix and productivity
initiatives, offset by growth investments in areas such as verification
solutions and our Insurance Marketplace.
Latin America
Latin America performance was solid, with revenue from ongoing activities of
US$1,066m, increasing by 6% organically, and total constant currency revenue
growing by 8%. Acquisition contributions included MOVA, Flexpag, AllowMe, TEx,
SalaryFits and Agrosatelite.
B2B organic revenue growth was 2%.
In Brazil, continued macro uncertainty and high interest rates moderated some
client activity and weighed on B2B growth. Over the long term, we continue to
expect data and software innovations to advance more accessible credit and
better consumer outcomes. We are investing in multiple growth areas, to
leverage our scaled position and extend our reach. SME revenue, a key
strategic focus, grew strongly, driven by progress across multiple product
offerings and distribution channels including direct, partnerships, and our
e-commerce solution. We also drove solid growth within our software solutions.
Our PowerCurve suite of products drove expanded client penetration, and our
analytics scores and attributes also performed well.
Spanish Latin America performance was good, reflecting solid growth across
core bureau geographies of Colombia, Chile and Panama. We benefitted from
increased penetration of our value-added data services, such as scores and
attributes, and good traction of our software solutions, such as the Ascend
Sandbox.
Consumer Services organic revenue growth was 23%. We continue to build a
leading consumer financial platform, offering a range of products across the
entire credit journey. Our debt resolution service, Limpa Nome, was a key
growth driver, helping millions of indebted consumers, and we helped settle
US$14.5bn of total debt on the platform. We also are building out capabilities
in other parts of our ecosystem, such as credit marketplace, premium
membership, and payment solutions, and saw positive growth trends in each line
of business.
Benchmark EBIT from ongoing activities in Latin America was US$341m, up 9% at
constant exchange rates. The Benchmark EBIT margin from ongoing activities at
actual exchange rates declined by 50 basis points to 32.0% entirely due to FX
headwinds and acquisitions. Margins expanded by 10 basis points at constant
currency as we continue to benefit from our scaling Consumer Services
business.
UK and Ireland
The UK and Ireland region delivered revenue from ongoing activities of
US$869m, with organic revenue growth of 1% and total constant currency growth
of 2%.
In B2B, organic revenue was flat.
We are making progress with our strategic innovations, though a subdued
economic environment weighed on growth. Experian Data Quality grew strongly,
driven by our innovative Aperture Data Studio, our single data-quality
management platform. We signed numerous Ascend Sandbox trial contracts and are
progressing toward client conversions. We continued to improve our income and
employment verification record count, with this market presenting a large
long-term opportunity.
In Consumer Services, organic revenue was up 7%. Ongoing improvements to our
consumer platform drove increased personalisation and strong member engagement
trends. This contributed to solid membership and marketplace revenue growth
during the year. Our Activate capability remains a key differentiator in the
market, driving an increasing number of lenders to our marketplace panel.
Benchmark EBIT from ongoing activities was US$202m, a 10% increase at constant
exchange rates. The Benchmark EBIT margin from ongoing activities was 23.2%,
compared to 21.5% in the prior period, due to enhanced cost-base efficiency.
EMEA and Asia Pacific
In EMEA and Asia Pacific, revenue from ongoing activities was US$526m, with
organic growth of 8% and total growth at constant exchange rates of 21%. The
difference relates to our illion acquisition, completed on 30 September 2024.
In EMEA and Asia Pacific, we are well positioned in our most profitable core
markets and are now focused on enhancing our market standing and expanding our
proposition breadth. We achieved broad growth across our underlying markets,
with notable strong performance in Australia/New Zealand (A/NZ), Southeast
Asia, and Southern Europe. Innovation revenue was a key growth driver,
stemming from new scores and attributes, and decisioning and fraud prevention
software. In the A/NZ region, the illion acquisition is progressing well. The
combination of illion's strong credit and identity assets with our leading
decisioning capabilities is resonating well with clients.
Benchmark EBIT from ongoing activities was US$22m, compared to US$17m in FY24.
The Benchmark EBIT margin from ongoing activities was 4.2% compared to 3.9% in
the prior year.
FY26 modelling considerations
Organic revenue growth 6 - 8%
Inorganic revenue contribution c.3%
Benchmark EBIT margin¹ Good margin improvement +30 to +50 basis points
Foreign exchange Neutral on revenue and Benchmark EBIT
Net interest c.US$190m
Benchmark tax rate c.26%
WANOS² c.914m
Capital expenditure 8 - 9% of revenue
OCF³ conversion >90%
Share repurchases US$200m
1. At constant exchange rates.
2. Weighted average number of shares.
3. Benchmark operating cash flow.
Medium-Term Framework
Organic revenue growth High-single-digits
Benchmark EBIT margin¹ Good margin improvement
+30 to +50 basis points per annum
Capital expenditure Trend to c.7% of revenue
Group financial results
Business mix including % change in organic revenue year-on-year for the year
ended 31 March 2025
Segment Business unit % of Group revenue¹ Organic revenue growth %²
Q1 Q2 Q3 Q4 FY
North America 67% 8% 7% 6% 10% 8%
Data CI/BI bureaux 24% 6% 11% 11% 15% 11%
- CI/BI bureaux, excluding mortgage 21% 2% 6% 6% 8% 6%
- Mortgage Profiles 3% 37% 56% 71% 66% 56%
Automotive 5% 9% 5% 8% 16% 10%
Targeting 5% 5% 7% 4% 5% 5%
Decisioning Health 8% 8% 8% 5% 12% 8%
DA/Other 3% 7% 2% 2% (1)% 2%
B2B Business to Business 45% 7% 9% 8% 12% 9%
Consumer Consumer Services 22% 10% 3% 2% 5% 5%
Latin America 14% 5% 9% 8% 3% 6%
Data CI/BI bureaux 8% (1)% (1)% 1% 1% 0%
Other 0% 17% 40% 20% (41)% (9)%
Decisioning DA/Other 3% 5% 14% 11% 3% 8%
B2B Business to Business 11% 1% 3% 4% 0% 2%
Consumer Consumer Services 3% 24% 30% 22% 17% 23%
UK and Ireland 12% 2% 2% 1% 1% 1%
Data CI/BI bureaux 5% 4% 3% 0% 0% 2%
Targeting/Auto 1% (14)% (14)% 0% (9)% (9)%
Decisioning DA/Other 3% 3% (1)% (3)% 2% 0%
B2B Business to Business 9% 2% 0% (1)% 0% 0%
Consumer Consumer Services 3% 4% 8% 10% 6% 7%
EMEA and Asia Pacific 7% 7% 8% 9% 8% 8%
Total global 100% 7% 7% 6% 7% 7%
1. Percentage of Group revenue from ongoing activities calculated based on
FY25 revenue at actual exchange rates.
2. Ongoing activities, at constant exchange rates.
CI = Consumer Information, BI = Business Information, DA = Decision Analytics.
Revenue by region
Year ended 31 March 2025 2024¹ Growth %
US$m US$m
Total at actual exchange rates Total at constant exchange rates Organic at constant exchange rates
North America
Data 2,470 2,231 11 10
Decisioning 959 889 8 6
Business-to-Business 3,429 3,120 10 9
Consumer Services 1,617 1,539 5 5
Total ongoing activities 5,046 4,659 8 8 8
Exited business activities - -
Total North America 5,046 4,659
Latin America
Data 610 669 2 -
Decisioning 206 212 9 8
Business-to-Business 816 881 4 2
Consumer Services 250 225 26 23
Total ongoing activities 1,066 1,106 (4) 8 6
Exited business activities 9 21
Total Latin America 1,075 1,127
UK and Ireland
Data 431 423 - -
Decisioning 251 244 1 -
Business-to-Business 682 667 1 -
Consumer Services 187 173 7 7
Total ongoing activities 869 840 3 2 1
Exited business activities - 4
Total UK and Ireland 869 844
EMEA and Asia Pacific
Data 358 304 19 4
Decisioning 168 137 26 17
Total ongoing activities 526 441 19 21 8
Exited business activities 7 26
Total EMEA and Asia Pacific 533 467
Total revenue - ongoing activities 7,507 7,046 7 8 7
Total revenue - exited business activities
16 51
Revenue 7,523 7,097 6 8
1. The results for the year ended 31 March 2024 have been re-presented for
the reclassification to exited business activities of certain B2B businesses,
detail is provided in notes 6(a) and 7 to the financial statements.
See Appendix 1 (page 15) and note 5 to the financial statements for
definitions of non-GAAP measures.
See Appendix 3 (page 16) for analyses of revenue, Benchmark EBIT and Benchmark
EBIT margin from ongoing activities by business line.
Income statement, earnings and Benchmark EBIT margin analysis
Year ended 31 March 2025 2024¹ Growth %
US$m US$m
Total at actual exchange rates Total at constant exchange rates
Benchmark EBIT by geography
North America 1,686 1,531 10
Latin America 341 359 9
UK and Ireland 202 181 10
EMEA and Asia Pacific 22 17 36
Benchmark EBIT before Central Activities 2,251 2,088 8 10
Central Activities - central corporate costs (144) (144)
Benchmark EBIT from ongoing activities 2,107 1,944 8 11
Exited business activities (24) (16)
Benchmark EBIT 2,083 1,928 8 11
Net interest (157) (139)
Benchmark PBT 1,926 1,789 8 10
Exceptional items (39) 4
Amortisation of acquisition intangibles (211) (193)
Acquisition and disposal expenses (37) (41)
Adjustment to the fair value of contingent consideration (1) (4)
Non-benchmark share of post-tax loss of associates - (1)
Interest on uncertain tax provisions (4) 20
Financing fair value remeasurements (85) (23)
Profit before tax 1,549 1,551 0
Tax charge (379) (348)
Profit for the financial year 1,170 1,203 (3)
Benchmark earnings
Benchmark PBT 1,926 1,789 8 10
Benchmark tax charge (487) (459)
Total Benchmark earnings 1,439 1,330
Owners of Experian plc 1,434 1,328 8 11
Non-controlling interests 5 2
Benchmark EPS USc 156.9 USc 145.5 8 11
Basic EPS USc 127.6 USc 131.3 (3)
Weighted average number of ordinary shares 914 913
Benchmark EBIT margin - ongoing activities
North America 33.4% 32.9%
Latin America 32.0% 32.5%
UK and Ireland 23.2% 21.5%
EMEA and Asia Pacific 4.2% 3.9%
Benchmark EBIT margin 28.1% 27.6%
1. Benchmark results for the year ended 31 March 2024 have been re-presented
for the reclassification to exited business activities of certain B2B
businesses, detail is provided in notes 6(a) and 7 to the financial
statements.
See Appendix 1 (page 15) and note 5 to the financial statements for
definitions of non-GAAP measures.
See Appendix 3 (page 16) for analyses of revenue, Benchmark EBIT and Benchmark
EBIT margin from ongoing activities by business line.
Group financial review
Key statutory measures
We delivered strong financial performance in FY25, in line with our
Medium-Term Framework. At constant exchange rates, revenue grew by 8% and
Benchmark EBIT grew by 11%. We invested US$1.9bn in organic and inorganic
capital, while delivering a very strong return on capital employed of 16.6%.
The strong underlying business trend reflects our strategic investment, our
portfolio being enhanced through new product development, acquisitions and
scaling of our leading platforms.
Statutory revenue
Revenue for the year strengthened 6% to US$7,523m (2024: US$7,097m) with
acquisitions adding US$88m (2024: US$32m). Organic revenue growth was 7%.
Statutory operating profit and profit before tax
Continued revenue growth, the scaling of our Consumer Services business and
effective cost management contributed to an improved operating profit of
US$1,793m (2024: US$1,694m), moderated by restructuring costs incurred in
relation to our technology transformation and cloud migration of US$50m (2024:
US$nil).
The movements in Benchmark EBIT at constant currency are discussed in the
Chief Executive Officer's review and Regional highlights on pages 3 to 10.
Profit before tax was flat at US$1,549m (2024: US$1,551m) with a higher net
finance expense of US$246m (2024: US$142m). Financing fair value losses of
US$85m (2024: US$23m) arose, primarily, on foreign exchange losses on the
funding of our Brazilian operations and interest rate swaps.
Tax
The tax charge for the year was US$379m (2024: US$348m). The effective rate of
tax based on profit before tax was 24.5%, an increase of 2.1 percentage points
from FY24. This was largely due to the absence of a reduction in our
provisions for uncertain tax positions, following agreement of open tax issues
in North America, which decreased the rate in FY24. This was partially offset
by the recognition of a one-off deferred tax credit related to tax losses
where recognition is supported by the acquisition of illion.
Statutory cash flow
Cash generated from operations improved to US$2,617m (2024: US$2,440m)
reflecting the higher operating profit and working capital movements. Tax
payments declined to US$447m (2024: US$544m) and net borrowing inflows were
US$696m (2024: US$102m). Acquisition spend increased by US$801m, mitigated by
a reduction in the settlement of contingent consideration of US$105m. Cash
outflows for net share purchases were US$179m (2024: US$100m), offsetting
deliveries under employee share plans. Undrawn committed bank borrowing
facilities totalled US$2.4bn (2024: US$2.4bn) at 31 March 2025.
Statutory Basic EPS
Basic EPS reduced 3% to 127.6 US cents (2024: 131.3 US cents) due to the
increased tax charge and a higher number of shares in issue.
Net assets
Net assets at 31 March 2025 increased to US$5,090m (2024: US$4,669m). Capital
employed, as defined in note 5(q) to the financial statements, was US$9,732m
(2024: US$8,616m), the increase being primarily attributed to acquisition
spend. Our investment yield has consistently been strong, with the return on
capital employed in the mid to high teens over the last decade, and 16.6%
(2024: 17.0%) for the year.
Equity
There was an increase in equity of US$421m from US$4,669m at 31 March 2024,
with movements detailed in the Group statement of changes in equity on page
21.
Key movements in equity during the year include:
· Profit for the financial year of US$1,170m.
· Currency translation losses of US$129m.
· Employee share awards and options cost of US$127m.
· Ordinary dividends of US$546m and a movement of US$180m in
connection with net share purchases.
Experian plc and the UK subsidiary undertaking responsible for distributing
dividends under the Group's Income Access Share arrangements have substantial
distributable profit and loss account reserves which, at 31 March 2025, were
US$20.6bn (2024: US$20.6bn) and US$4.3bn (2024: US$6.6bn) respectively.
Risks and uncertainties
The eight principal risks and uncertainties faced by the Group are summarised
in note 26 to the financial statements.
Appendices
1. Non-GAAP financial information
We have identified and defined certain measures that we believe assist the
understanding of our performance. These 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 we consider them to be
key measures used for assessing the underlying performance of our business.
The table below summarises our non-GAAP measures and there is a fuller
explanation, and references to where the measures are used and reconciled, in
note 5 to the financial statements.
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 This is the year-on-year change in the performance of Experian's activities at
actual exchange rates.
Organic revenue growth 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.
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.
2. Foreign currency
Foreign exchange - average rates
The principal exchange rates used to translate revenue and Benchmark EBIT into
the US dollar are shown in the table below.
2025 2024 Movement against the US dollar
US dollar : Brazilian real 5.61 4.94 (14)%
UK pound sterling : US dollar 1.28 1.26 2%
Euro : US dollar 1.07 1.08 (1)%
US dollar : Australian dollar 1.53 1.52 (1)%
US dollar : Colombian peso 4,142 4,113 (1)%
The impact of foreign currency movements on revenue from ongoing activities is
set out in note 6(e) to the financial statements.
Appendices (continued)
2. Foreign currency (continued)
Foreign exchange - closing rates
The principal exchange rates used to translate assets and liabilities into the
US dollar at the year-end dates are shown in the table below.
2025 2024
US dollar : Brazilian real 5.76 5.01
UK pound sterling : US dollar 1.29 1.26
Euro : US dollar 1.08 1.08
US dollar : Australian dollar 1.60 1.53
US dollar : Colombian peso 4,199 3,852
3. Revenue, Benchmark EBIT and Benchmark EBIT margin by business line
Year ended 31 March Growth %
Total at constant exchange rates Organic at constant exchange rates
2025 2024(1)
US$m US$m
Revenue
Data 3,869 3,627 9 6
Decisioning 1,584 1,482 9 6
Business-to-Business 5,453 5,109 9 6
Consumer Services 2,054 1,937 8 7
Ongoing activities 7,507 7,046 8 7
Exited business activities 16 51 n/a
Total 7,523 7,097 8
Benchmark EBIT
Business-to-Business 1,689 1,609 7
Consumer Services 562 479 19
Business lines 2,251 2,088 10
Central Activities - central corporate costs (144) (144) n/a
Ongoing activities 2,107 1,944 11
Exited business activities (24) (16) n/a
Total Benchmark EBIT 2,083 1,928 11
Net interest expense (157) (139) n/a
Benchmark PBT 1,926 1,789 10
Exceptional items (Appendix 4) (39) 4
Other adjustments made to derive Benchmark PBT(2) (338) (242)
Profit before tax 1,549 1,551
Benchmark EBIT margin - ongoing activities
Business-to-Business 31.0% 31.5%
Consumer Services 27.4% 24.7%
Benchmark EBIT margin(3) 28.1% 27.6%
1. Revenue of US$10m for the year ended 31 March 2024 has been
re-presented for the reclassification to exited business activities of certain
B2B businesses. See notes 6(a) and 7 to the financial statements.
2. See note 8 to the financial statements.
3. Benchmark EBIT margin for ongoing activities is calculated by dividing
Benchmark EBIT for ongoing activities by revenue from ongoing activities.
Appendices (continued)
4. Exceptional items and other adjustments made to derive Benchmark PBT
2025 2024
Year ended 31 March US$m US$m
Charge/(credit) for Exceptional items 39 (4)
Other adjustments made to derive Benchmark PBT:
Amortisation of acquisition intangibles 211 193
Other adjustments 127 49
Charge for other adjustments made to derive Benchmark PBT 338 242
Net charge for Exceptional items and other adjustments made to derive 377 238
Benchmark PBT
An explanation for the exclusion of such items from our definition of
Benchmark PBT is given in note 5(a) to the financial statements.
5. Cash flow and Net debt summary(1)
2025 2024
Year ended 31 March US$m US$m
Benchmark EBIT 2,083 1,928
Amortisation and depreciation charged to Benchmark EBIT 547 521
Benchmark EBITDA 2,630 2,449
Impairment of non-current and held-for-sale assets charged to 15 1
Benchmark EBIT
Net capital expenditure (650) (638)
Increase in working capital (54) (32)
Principal lease payments (41) (48)
Benchmark profit retained in associates (2) -
Charge for share incentive plans 127 132
Benchmark operating cash flow(2) 2,025 1,864
Net interest paid (165) (149)
Tax paid (447) (544)
Dividends paid to non-controlling interests (2) (1)
Benchmark free cash flow 1,411 1,170
Acquisitions(3) (1,244) (512)
Purchase of investments (69) (11)
Disposal of operations and investments 30 11
Movement in Exceptional and other non-benchmark items (36) (59)
Ordinary dividends paid (546) (509)
Net cash (outflow)/inflow (454) 90
Net debt at 1 April (4,053) (4,030)
Net share purchases (179) (100)
Non-cash lease obligation additions and disposals (24) (50)
Principal lease payments 41 48
Additions through business combinations (3) (7)
Foreign exchange and other movements (12) (4)
Net debt at 31 March (4,684) (4,053)
1. For Group cash flow statement see page 22.
2. A reconciliation of Cash generated from operations to Benchmark
operating cash flow is provided in note 16(g) to the financial statements.
3. See note 16(d) to the financial statements.
Group income statement
for the year ended 31 March 2025
2025 2024
Benchmark(1) Non-benchmark(2) Benchmark(1) Non-benchmark(2)
Total Total
US$m US$m US$m US$m US$m US$m
Revenue (note 6(a)) 7,523 - 7,523 7,097 - 7,097
Labour costs (2,520) (60) (2,580) (2,479) (14) (2,493)
Data and information technology costs (1,344) - (1,344) (1,189) - (1,189)
Amortisation and depreciation charges (547) (211) (758) (521) (193) (714)
Marketing and customer acquisition costs (536) - (536) (539) - (539)
Other operating charges (495) (17) (512) (441) (27) (468)
Total operating expenses (5,442) (288) (5,730) (5,169) (234) (5,403)
Operating profit/(loss) 2,081 (288) 1,793 1,928 (234) 1,694
Finance income 21 - 21 18 - 18
Finance expense (178) (89) (267) (157) (3) (160)
Net finance expense (note 9(a)) (157) (89) (246) (139) (3) (142)
Share of post-tax profit/(loss) of associates 2 - 2 - (1) (1)
Profit/(loss) before tax (note 6(a)) 1,926 (377) 1,549 1,789 (238) 1,551
Tax (charge)/credit (note 10(a)) (487) 108 (379) (459) 111 (348)
Profit/(loss) for the financial year 1,439 (269) 1,170 1,330 (127) 1,203
Attributable to:
Owners of Experian plc 1,434 (268) 1,166 1,328 (129) 1,199
Non-controlling interests 5 (1) 4 2 2 4
Profit/(loss) for the financial year 1,439 (269) 1,170 1,330 (127) 1,203
Total Benchmark EBIT(1) 2,083 1,928
US cents US cents US cents US cents
Earnings per share (note 11(a))
Basic 156.9 127.6 145.5 131.3
.
Diluted 155.5 126.5 144.2 130.2
Full-year dividend per share (note 12)(1) 62.50 58.50
1. Total Benchmark EBIT and Full-year dividend per share are
non-GAAP measures, and are defined in note 5 to the financial statements.
2. The loss before tax for non-benchmark items of US$377m (2024:
US$238m) comprises a net charge for Exceptional items of US$39m (2024: credit
of US$4m) and a net charge for other adjustments made to derive Benchmark PBT
of US$338m
(2024: US$242m). Further information is given in note 8 to the financial
statements.
Group statement of comprehensive income
for the year ended 31 March 2025
2025 2024
US$m US$m
Profit for the financial year 1,170 1,203
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss:
Remeasurement of post-employment benefit assets and obligations (note 15(b)) 6 2
Changes in the fair value of investments revalued through OCI (39) (87)
Deferred tax (charge)/credit (9) 7
Items that will not be reclassified to profit or loss (42) (78)
Items that are or may be reclassified subsequently to profit or loss:
Currency translation (losses)/gains (129) 40
Cumulative currency translation gain in respect of divestments 1 -
Fair value gain on cash flow hedge 11 14
Hedging gain reclassified to profit or loss (12) (10)
Items that are or may be reclassified subsequently to profit or loss (129) 44
Other comprehensive expense for the financial year(1) (171) (34)
Total comprehensive income for the financial year 999 1,169
Attributable to:
Owners of Experian plc 994 1,167
Non-controlling interests 5 2
Total comprehensive income for the financial year 999 1,169
1. There is no associated tax on amounts reported within Other
comprehensive income (OCI), except as reported for post-employment benefit
assets and obligations and changes in the fair value of investments revalued
through OCI. Currency translation items, not reclassified to profit or loss,
are recognised in the hedging or translation reserve within other reserves and
in non-controlling interests. Other items within OCI are recognised in
retained earnings.
Group balance sheet
at 31 March 2025
2025 2024
Notes US$m US$m
Non-current assets
Goodwill 13 6,654 5,962
Other intangible assets 2,855 2,437
Property, plant and equipment 350 379
Investments in associates 13 11
Deferred tax assets 71 55
Post-employment benefit assets 15(a) 202 186
Trade and other receivables 226 196
Financial assets revalued through OCI 22(b) 221 234
Other financial assets 22(b) 153 174
10,745 9,634
Current assets
Trade and other receivables 1,684 1,660
Current tax assets 52 97
Financial assets revalued through OCI 22(b) 1 -
Other financial assets 22(b) 36 9
Cash and cash equivalents - excluding bank overdrafts 16(f) 368 312
2,141 2,078
Current liabilities
Trade and other payables (2,127) (2,036)
Borrowings 17(b) (774) (772)
Current tax liabilities (76) (83)
Provisions (21) (28)
Other financial liabilities (4) (44)
(3,002) (2,963)
Net current liabilities (861) (885)
Total assets less current liabilities 9,884 8,749
Non-current liabilities
Trade and other payables (172) (190)
Borrowings 17(b) (4,242) (3,494)
Deferred tax liabilities (155) (129)
Post-employment benefit obligations 15(a) (37) (39)
Provisions (3) (3)
Financial liabilities revalued through OCI - (10)
Other financial liabilities (185) (215)
(4,794) (4,080)
Net assets 5,090 4,669
Equity
Called-up share capital 19 97 97
Share premium account 19 1,839 1,819
Retained earnings 21,797 21,155
Other reserves (18,679) (18,437)
Attributable to owners of Experian plc 5,054 4,634
Non-controlling interests 36 35
Total equity 5,090 4,669
Group statement of changes in equity
for the year ended 31 March 2025
Called-up share capital Share premium account Retained earnings Other reserves Attributable to owners of Experian plc Non-controlling interests Total equity
(Note 19) (Note 19)
US$m US$m US$m US$m US$m US$m US$m
At 1 April 2024 97 1,819 21,155 (18,437) 4,634 35 4,669
Comprehensive income:
Profit for the financial year - - 1,166 - 1,166 4 1,170
Other comprehensive (expense)/income for the - - (42) (130) (172) 1 (171)
financial year
Total comprehensive income/(expense) - - 1,124 (130) 994 5 999
Transactions with owners:
Employee share incentive plans:
- value of employee services - - 127 - 127 - 127
- shares issued on vesting - 20 - - 20 - 20
- purchase of shares by employee trusts - - - (83) (83) - (83)
- other vesting of awards and exercises of share options - - (73) 88 15 - 15
- related tax credit - - 14 - 14 - 14
- other payments - - (5) - (5) - (5)
Purchase of shares held as treasury shares - - - (117) (117) - (117)
Transactions with non-controlling interests - - 1 - 1 (2) (1)
Dividends paid - - (546) - (546) (2) (548)
Transactions with owners - 20 (482) (112) (574) (4) (578)
At 31 March 2025 97 1,839 21,797 (18,679) 5,054 36 5,090
Group statement of changes in equity
for the year ended 31 March 2024
Called-up share capital Share premium account Retained earnings Other reserves Attributable to owners of Experian plc Non-controlling interests Total equity
(Note 19) (Note 19)
US$m US$m US$m US$m US$m US$m US$m
At 1 April 2023 96 1,799 20,447 (18,413) 3,929 35 3,964
Comprehensive income:
Profit for the financial year - - 1,199 - 1,199 4 1,203
Other comprehensive (expense)/income for the financial year - - (78) 46 (32) (2) (34)
Total comprehensive income - - 1,121 46 1,167 2 1,169
Transactions with owners:
Employee share incentive plans:
- value of employee services - - 132 - 132 - 132
- shares issued on vesting 1 20 - - 21 - 21
- purchase of shares by employee trusts - - - (56) (56) - (56)
- other vesting of awards and exercises of share options - - (43) 55 12 - 12
- related tax credit - - 10 - 10 - 10
- other payments - - (4) - (4) - (4)
Purchase of shares held as treasury shares - - - (69) (69) - (69)
Transactions with non-controlling interests - - 1 - 1 (1) -
Dividends paid - - (509) - (509) (1) (510)
Transactions with owners 1 20 (413) (70) (462) (2) (464)
At 31 March 2024 97 1,819 21,155 (18,437) 4,634 35 4,669
Group cash flow statement
for the year ended 31 March 2025
2025 2024
Notes US$m US$m
Cash flows from operating activities
Cash generated from operations 16(a) 2,617 2,440
Interest paid (179) (160)
Interest received 14 11
Tax paid (447) (544)
Net cash inflow from operating activities 2,005 1,747
Cash flows from investing activities
Purchase of other intangible assets 16(c) (603) (600)
Purchase of property, plant and equipment (48) (40)
Disposal of property, plant and equipment 1 1
Disposal of assets classified as held-for-sale - 2
Purchase of other financial assets (69) (11)
Disposal of other financial assets 30 5
Acquisition of subsidiaries, net of cash acquired 16(d) (1,158) (462)
Disposal of operations - 6
Net cash flows used in investing activities (1,847) (1,099)
Cash flows from financing activities
Cash inflow in respect of shares issued 16(e) 20 20
Cash outflow in respect of share purchases 16(e) (199) (120)
Other payments on vesting of share awards (5) (4)
Transactions in respect of non-controlling interests 16(d) (1) -
Acquisition of additional interest in subsidiary undertaking 16(d) (22) -
New borrowings 1,321 -
Repayment of borrowings (621) (7)
Net (payments)/receipts from issuing commercial paper (4) 109
Principal lease payments (41) (48)
Net receipts for derivative contracts 38 9
Dividends paid (548) (510)
Net cash flows used in financing activities (62) (551)
Net increase in cash and cash equivalents 96 97
Cash and cash equivalents at 1 April 300 198
Exchange movements on cash and cash equivalents (30) 5
Cash and cash equivalents at 31 March 16(f) 366 300
Notes to the financial statements
for the year ended 31 March 2025
1. Corporate information
Experian plc (the Company) is the ultimate parent company of the Experian
group of companies (Experian or the Group). Experian is a leading global data
and technology group. The Company is incorporated and registered in Jersey as
a public company limited by shares and is resident in Ireland. The Company's
registered office is at 22 Grenville Street, St Helier, Jersey, JE4 8PX,
Channel Islands. The Company's ordinary shares are traded on the London Stock
Exchange's Regulated Market as equity shares (commercial companies).
There has been no change in this information since the Annual Report for the
year ended 31 March 2024, save for a revision of the listing segment
classification, following changes to the UK Financial Conduct Authority's
Listing Rules effected on 29 July 2024.
2. Basis of preparation
The financial information set out in this preliminary announcement does not
constitute the Group's statutory financial statements, which comprise the
Annual Report and audited financial statements for the years ended 31 March
2025 and 31 March 2024, but is derived from the statutory financial statements
for the year ended 31 March 2025. The Group's statutory financial statements
for the year ended 31 March 2025 will be made available to shareholders in
June 2025 and delivered to the Jersey Companies Registry in due course. The
auditor has reported on those financial statements and has given an
unqualified report which does not contain a statement under Article 113B(3) or
Article 113B(6) of the Companies (Jersey) Law 1991. The Group's statutory
financial statements for the year ended 31 March 2024 have been delivered to
the Jersey Companies Registry. The auditor reported on those financial
statements and gave an unqualified report which did not contain a statement
under Article 113B(3) or Article 113B(6) of the Companies (Jersey) Law 1991.
The Group's statutory financial statements for the year ended 31 March 2025
have been:
· 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 periods presented
· prepared on the going concern basis and under the historical cost
convention, as modified for the revaluation of certain financial assets and
financial liabilities
· presented in US dollars, the most representative currency of the
Group's operations, and generally rounded to the nearest million
· prepared using the principal exchange rates set out on pages 15
and 16
· designed to voluntarily include disclosures in line with those
parts of the UK Companies Act 2006 applicable to companies reporting under
that law.
Other than those disclosed in this preliminary announcement, no significant
events impacting the Group have occurred between 31 March 2025 and 13 May 2025
when this preliminary announcement was approved for issue.
This preliminary announcement has been prepared in accordance with the Listing
Rules of the UK Financial Conduct Authority, using the accounting policies
applied in the preparation of the Group's statutory financial statements for
the year ended 31 March 2025. Those policies were published in full in the
Group's statutory financial statements for the year ended 31 March 2024 and
are available on the corporate website, at experianplc.com
(http://www.experianplc.com) .
Going concern
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, 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.
Notes to the financial statements (continued)
for the year ended 31 March 2025
3. Climate-related matters
As an information services business, our main environmental impact is the
carbon footprint generated from our operations and value chain. The majority
of our footprint is made up of greenhouse gas emissions from Purchased Goods
and Services and Upstream Leased Assets, including third-party data centres.
We are committed to reducing our carbon emissions and continue to develop our
plans to decarbonise our business further and reduce energy consumption at our
data centres and across the Group.
We recognise the importance of identifying and effectively managing the
physical and transitional risks that climate change poses to our operations
and consider the impact of climate-related matters, including legislation, on
our business. The climate change scenario analyses undertaken this year in
line with Task Force on Climate-related Financial Disclosures (TCFD)
recommendations did not identify any material impact on the Group's financial
results or on going concern or viability.
4. Recent accounting developments
There have been no accounting standards, amendments or interpretations
effective for the first time in these financial statements which have had a
material impact on the Group's consolidated results or financial position.
On 9 April 2024 the IASB issued IFRS 18 'Presentation and Disclosure in
Financial Statements', which is expected to be effective for Experian for the
year ending 31 March 2028, subject to EU and UK endorsement. IFRS 18 sets out
requirements for the presentation and disclosure of information in general
purpose financial statements and replaces IAS 1 'Presentation of Financial
Statements'.
Our assessment of the impact of IFRS 18 on the Group financial statements has
commenced; areas of potential change have been noted and are undergoing
further review.
There are no other new standards, amendments to existing standards, or
interpretations that are not yet effective, that are expected to have a
material impact on the Group's financial results. None have been early
adopted. Accounting developments are routinely reviewed by the Group and its
financial reporting systems are adapted as appropriate.
5. Use of non-GAAP measures in the financial statements
As detailed below, the Group has identified and defined certain measures that
it uses to understand and manage its performance. The measures are not defined
under IFRS and they may not be directly comparable with other companies'
adjusted performance measures. These non-GAAP measures are not intended to be
a substitute for any IFRS measures of performance but management considers
them to be key measures used for assessing the underlying performance of our
business.
(a) Benchmark profit before tax (Benchmark PBT) (note 6(a) and note 7)
Benchmark PBT is disclosed to indicate the Group's underlying profitability.
It is defined as profit before amortisation and impairment of acquisition
intangibles, impairment of goodwill, acquisition expenses, adjustments to
contingent consideration, Exceptional items, financing fair value
remeasurements, tax (and interest thereon) and discontinued operations. It
includes the Group's share of continuing associates' Benchmark post-tax
results.
An explanation of the basis on which we report Exceptional items is provided
in note 5(l). Other adjustments, in addition to Exceptional items, made to
derive Benchmark PBT are explained as follows:
· Charges for the amortisation and impairment of acquisition
intangibles are excluded from the calculation of Benchmark PBT because these
charges are based on judgments about their value and economic life and bear no
relation to the Group's underlying ongoing performance. Impairment of goodwill
is similarly excluded from the calculation of Benchmark PBT.
· Acquisition and disposal expenses (representing the incidental
costs of acquisitions and disposals, one-time integration costs and other
corporate transaction expenses) relating to successful, active or aborted
acquisitions and disposals are excluded from the definition of Benchmark PBT
as they bear no relation to the Group's underlying ongoing performance or to
the performance of any acquired businesses. Adjustments to contingent
consideration are similarly excluded from the definition of Benchmark PBT.
· Charges and credits for financing fair value remeasurements
within finance expense in the Group income statement are excluded from the
definition of Benchmark PBT. These include retranslation of intra-Group
funding, and that element of the Group's derivatives that is ineligible for
hedge accounting, together with gains and losses on put options in respect of
acquisitions. Amounts recognised generally arise from market movements and
accordingly bear no direct relation to the Group's underlying performance.
Notes to the financial statements (continued)
for the year ended 31 March 2025
5. Use of non-GAAP measures in the financial statements (continued)
(b) Benchmark earnings before interest and tax (Benchmark EBIT) and margin (Benchmark EBIT margin)
(note 6(a) and note 7)
Benchmark EBIT is defined as Benchmark PBT before the net interest expense
charged therein and accordingly excludes Exceptional items as defined below.
Benchmark EBIT margin is Benchmark EBIT from ongoing activities expressed as a
percentage of revenue from ongoing activities.
(c) Benchmark earnings before interest, tax, depreciation and amortisation (Benchmark EBITDA) (Appendix 5)
Benchmark EBITDA is defined as Benchmark EBIT before the depreciation and
amortisation charged therein.
(d) Exited business activities (note 6(a) and note 7)
Exited business activities are businesses sold, closed or identified for closure during a financial year. These are treated as exited business activities for both revenue and Benchmark EBIT purposes. The results of exited business activities are disclosed separately with the results of the prior period re-presented in the segmental analyses as appropriate. This measure differs from the definition of discontinued operations in IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations'.
(e) Ongoing activities (note 6(a) and note 7)
The results of businesses trading at 31 March 2025, that are not disclosed as exited business activities, are reported as ongoing activities.
(f) Constant exchange rates
To highlight our organic performance, we discuss our results in terms of
growth at constant exchange rates, unless otherwise stated. This represents
growth calculated after translating both years' performance at the prior
year's average exchange rates.
(g) Total growth (note 6(e))
This is the year-on-year change in the performance of our activities at actual
exchange rates. Total growth at constant exchange rates removes the
translational foreign exchange effects arising on the consolidation of our
activities and comprises one of our measures of performance at constant
exchange rates.
(h) Organic revenue growth (note 6(e))
This is the year-on-year change in the revenue of ongoing activities,
translated at constant exchange rates, excluding acquisitions until the first
anniversary of their consolidation.
(i) Benchmark earnings and Total Benchmark earnings (note 11)
Benchmark earnings comprises Benchmark PBT less attributable tax and
non-controlling interests. The attributable tax for this purpose excludes
significant tax credits and charges arising in the year which, in view of
their size or nature, are not comparable with previous years, together with
tax arising on Exceptional items and on other adjustments made to derive
Benchmark PBT. Benchmark PBT less attributable tax is designated as Total
Benchmark earnings.
(j) Benchmark earnings per share (Benchmark EPS) (note 11(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 (note 10(b))
The Benchmark tax charge is the tax charge applicable to Benchmark PBT. It
differs from the tax charge by tax attributable to Exceptional items and other
adjustments made to derive Benchmark PBT, and exceptional tax charges. A
reconciliation is provided in note 10(b) to these financial statements. The
Benchmark effective rate of tax is calculated by dividing the Benchmark tax
charge by Benchmark PBT.
(l) Exceptional items (note 8(a))
The separate reporting of Exceptional items gives an indication of the Group's
underlying performance. Exceptional items include those arising from the
profit or loss on disposal of businesses, closure costs of significant
operations (including onerous global support costs associated with those
operations), costs of significant restructuring programmes and other
financially significant one-off items. All other restructuring costs are
charged against Benchmark EBIT, in the segments in which they are incurred.
Notes to the financial statements (continued)
for the year ended 31 March 2025
5. Use of non-GAAP measures in the financial statements (continued)
(m) Full-year dividend per share (note 12)
Full-year dividend per share comprises the total of dividends per share
announced in respect of the financial year.
(n) Benchmark operating and Benchmark free cash flow (note 16(g) and Appendix 5)
Benchmark operating cash flow is Benchmark EBIT plus amortisation, depreciation and charges in respect of share-based incentive plans, less capital expenditure net of disposal proceeds and adjusted for changes in working capital, principal lease payments and the Group's share of the Benchmark profit or loss retained in continuing associates. Benchmark free cash flow is derived from Benchmark operating cash flow by excluding net interest, tax paid in respect of continuing operations and dividends paid to non-controlling interests.
(o) Cash flow conversion (note 16(g))
Cash flow conversion is Benchmark operating cash flow expressed as a
percentage of Benchmark EBIT.
(p) Net debt and Net funding (note 17)
Net debt is borrowings (and the fair value of derivatives hedging borrowings)
excluding accrued interest, less cash and cash equivalents and other highly
liquid bank deposits with original maturities greater than three months. Net
funding is borrowings (and the fair value of the effective portion of
derivatives hedging borrowings) excluding accrued interest, less cash held in
Group Treasury.
(q) Return on capital employed (ROCE)
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.
Notes to the financial statements (continued)
for the year ended 31 March 2025
6. Segment information
(a) Income statement
North Latin UK and Ireland EMEA and Total operating segments Central Total
America America Asia Pacific Activities Group
Year ended 31 March 2025 US$m US$m US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 5,046 1,066 869 526 7,507 - 7,507
Exited business activities - 9 - 7 16 - 16
Total 5,046 1,075 869 533 7,523 - 7,523
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities 1,686 341 202 22 2,251 (144) 2,107
Exited business activities - (5) 1 (20) (24) - (24)
Total 1,686 336 203 2 2,227 (144) 2,083
Net interest expense included in Benchmark PBT (3) (1) 3 (1) (2) (155) (157)
(note 9(b))
Benchmark PBT 1,683 335 206 1 2,225 (299) 1,926
Exceptional items (note 8(a)) (13) (3) (15) (5) (36) (3) (39)
Amortisation of acquisition intangibles (123) (21) (6) (61) (211) - (211)
Acquisition and disposal expenses (10) (9) (1) (17) (37) - (37)
Adjustment to the fair value of contingent consideration 4 (5) - - (1) - (1)
Interest on uncertain tax provisions - - - - - (4) (4)
Financing fair value remeasurements - - - - - (85) (85)
Profit/(loss) before tax 1,541 297 184 (82) 1,940 (391) 1,549
North Latin UK and Ireland EMEA and Total operating segments Central Total Group
America America Asia Pacific Activities
Year ended 31 March 2024(1) US$m US$m US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 4,659 1,106 840 441 7,046 - 7,046
Exited business activities - 21 4 26 51 - 51
Total 4,659 1,127 844 467 7,097 - 7,097
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities before transfer pricing and other adjustments 1,551 359 173 4 2,087 (143) 1,944
Transfer pricing and other allocation adjustments (20) - 8 13 1 (1) -
Ongoing activities 1,531 359 181 17 2,088 (144) 1,944
Exited business activities - (5) 1 (12) (16) - (16)
Total 1,531 354 182 5 2,072 (144) 1,928
Net interest expense included in Benchmark PBT (3) (2) (2) (1) (8) (131) (139)
(note 9(b))
Benchmark PBT 1,528 352 180 4 2,064 (275) 1,789
Exceptional items (note 8(a)) (1) - - 5 4 - 4
Amortisation of acquisition intangibles (112) (21) (7) (53) (193) - (193)
Acquisition and disposal expenses (1) (17) (7) (16) (41) - (41)
Adjustment to the fair value of contingent consideration 10 (15) - - (5) 1 (4)
Non-benchmark share of post-tax loss of associates - - (1) - (1) - (1)
Interest on uncertain tax provisions - - - - - 20 20
Financing fair value remeasurements - - - - - (23) (23)
Profit/(loss) before tax 1,424 299 165 (60) 1,828 (277) 1,551
1. Revenue of US$10m and the regional allocation of Benchmark EBIT for the
year ended 31 March 2024 have been re-presented for the reclassification to
exited business activities of certain B2B businesses.
Additional information by operating segment, including that on total and
organic growth at constant exchange rates, is provided within pages 3 to 13.
Notes to the financial statements (continued)
for the year ended 31 March 2025
6. Segment information (continued)
(b) Revenue by country
2025 2024
US$m US$m
USA 5,044 4,658
Brazil 936 991
UK 866 839
Other 677 609
7,523 7,097
Revenue is primarily attributable to countries other than Ireland. No single
client accounted for 10% or more of revenue in the current or prior year.
Revenue from the USA, Brazil and the UK in aggregate comprises 91% (2024: 91%)
of Group revenue. Other comprises a number of other countries, none of which
has revenue that is individually material.
(c) Disaggregation of revenue from contracts with customers
North Latin UK and Ireland EMEA and Total operating segments
America America Asia Pacific
Year ended 31 March 2025 US$m US$m US$m US$m US$m
Revenue from external customers
Data 2,470 610 431 358 3,869
Decisioning 959 206 251 168 1,584
Business-to-Business 3,429 816 682 526 5,453
Consumer Services 1,617 250 187 - 2,054
Ongoing activities 5,046 1,066 869 526 7,507
Exited business activities - 9 - 7 16
Total 5,046 1,075 869 533 7,523
North Latin UK and Ireland EMEA and Total operating segments
America America Asia Pacific
Year ended 31 March 2024(1) US$m US$m US$m US$m US$m
Revenue from external customers
Data 2,231 669 423 304 3,627
Decisioning 889 212 244 137 1,482
Business-to-Business 3,120 881 667 441 5,109
Consumer Services 1,539 225 173 - 1,937
Ongoing activities 4,659 1,106 840 441 7,046
Exited business activities - 21 4 26 51
Total 4,659 1,127 844 467 7,097
1. Revenue for the year ended 31 March 2024 of US$10m has been
re-presented for the reclassification to exited business activities of certain
B2B businesses.
Revenue in respect of exited business activities comprises Latin America, UK
and Ireland and EMEA and Asia Pacific Data revenue of US$8m (2024: US$20m),
US$nil (2024: US$4m) and US$4m (2024: US$11m), and Latin America and EMEA and
Asia Pacific Decisioning revenue of US$1m (2024: US$1m) and US$3m (2024:
US$15m) respectively.
Data is predominantly transactional revenue with a portion from licence fees.
Decisioning revenue is derived from:
· software and system sales, and includes recurring licence fees,
consultancy and implementation fees, and transactional charges
· credit score fees which are primarily transactional
· analytics income comprising a mix of consultancy and professional
fees as well as transactional revenue.
Consumer Services revenue primarily comprises monthly subscriptions and
one-off fees, and referral fees for financial products and white-label
partnerships.
Notes to the financial statements (continued)
for the year ended 31 March 2025
6. Segment information (continued)
(d) Revenue by business line
The additional analysis of revenue from external customers provided to the
chief operating decision-maker and accordingly reportable under IFRS 8
'Operating Segments' is given within note 7. This is supplemented by voluntary
disclosure of the profitability of groups of service lines. For ease of
reference, we use the term 'business lines' when discussing the results of
groups of service lines.
(e) Reconciliation of revenue from ongoing activities
North Latin UK and Ireland EMEA and Total operating segments Central Activities Total ongoing activities
America America Asia Pacific
US$m US$m US$m US$m US$m US$m US$m
Revenue for the year ended 31 March 2024(1) 4,659 1,106 840 441 7,046 - 7,046
Adjustment to constant exchange rates - (1) (4) - (5) - (5)
Revenue at constant exchange rates for FY24 4,659 1,105 836 441 7,041 - 7,041
Organic revenue growth 352 65 11 37 465 - 465
Revenue from acquisitions 35 26 4 56 121 - 121
Revenue at constant exchange rates for FY25 5,046 1,196 851 534 7,627 - 7,627
Adjustment to actual exchange rates - (130) 18 (8) (120) - (120)
Revenue for the year ended 31 March 2025 5,046 1,066 869 526 7,507 - 7,507
Organic revenue growth at constant exchange rates 8% 6% 1% 8% 7% n/a 7%
Revenue growth at constant exchange rates 8% 8% 2% 21% 8% n/a 8%
1. Revenue of US$10m for the year ended 31 March 2024 has been
re-presented for the reclassification to exited business activities of certain
B2B businesses.
The table above demonstrates the application of the methodology set out in
note 5 in determining organic and total revenue growth at constant exchange
rates. Revenue at constant exchange rates is reported for both years using the
average exchange rates applicable for the year ended 31 March 2024.
(f) Reconciliation of Benchmark EBIT from ongoing activities
North Latin UK and Ireland EMEA and Total operating segments Central Activities Total ongoing activities
America America Asia Pacific
US$m US$m US$m US$m US$m US$m US$m
Benchmark EBIT for the year ended 31 March 2024(1) 1,531 359 181 17 2,088 (144) 1,944
Adjustment to constant exchange rates - - (1) 1 - - -
Benchmark EBIT at constant exchange rates for FY24 1,531 359 180 18 2,088 (144) 1,944
Benchmark EBIT growth 155 31 17 6 209 2 211
Benchmark EBIT at constant exchange rates for FY25 1,686 390 197 24 2,297 (142) 2,155
Adjustment to actual exchange rates - (49) 5 (2) (46) (2) (48)
Benchmark EBIT for the year ended 31 March 2025 1,686 341 202 22 2,251 (144) 2,107
Benchmark EBIT growth at constant exchange rates 10% 9% 10% 36% 10% n/a 11%
Benchmark EBIT growth at actual exchange rates 10% (5)% 12% 29% 8% n/a 8%
Benchmark EBIT margin at constant exchange rates FY24 32.9% 32.5% 21.5% 4.1% 29.7% n/a 27.6%
Benchmark EBIT margin at actual exchange rates FY24 32.9% 32.5% 21.5% 3.9% 29.6% n/a 27.6%
Benchmark EBIT margin at constant exchange rates FY25 33.4% 32.6% 23.1% 4.5% 30.1% n/a 28.3%
Benchmark EBIT margin at actual exchange rates FY25 33.4% 32.0% 23.2% 4.2% 30.0% n/a 28.1%
1. The regional allocation of Benchmark EBIT for the year ended 31 March
2024 has been re-presented for the reclassification to exited business
activities of certain B2B businesses.
2. Growth rates and margins are calculated using exact numbers.
Notes to the financial statements (continued)
for the year ended 31 March 2025
6. Segment information (continued)
(g) Balance sheet
(i) Net assets/(liabilities) North Latin UK and Ireland EMEA and Total operating segments Central Total
America America Asia Pacific Activities and other Group
At 31 March 2025 US$m US$m US$m US$m US$m US$m US$m
Goodwill 4,170 904 763 817 6,654 - 6,654
Investments in associates 4 - 9 - 13 - 13
Right-of-use assets 43 14 35 17 109 5 114
Other assets 2,829 900 611 643 4,983 1,122 6,105
Total assets 7,046 1,818 1,418 1,477 11,759 1,127 12,886
Lease obligations (56) (17) (42) (17) (132) (4) (136)
Other liabilities (1,353) (408) (307) (255) (2,323) (5,337) (7,660)
Total liabilities (1,409) (425) (349) (272) (2,455) (5,341) (7,796)
Net assets/(liabilities) 5,637 1,393 1,069 1,205 9,304 (4,214) 5,090
North Latin UK and Ireland EMEA and Total operating segments Central Total
America America Asia Pacific Activities and other Group
At 31 March 2024 US$m US$m US$m US$m US$m US$m US$m
Goodwill 3,841 901 742 478 5,962 - 5,962
Investments in associates 4 - 7 - 11 - 11
Right-of-use assets 56 14 37 18 125 6 131
Other assets 2,578 898 565 441 4,482 1,126 5,608
Total assets 6,479 1,813 1,351 937 10,580 1,132 11,712
Lease obligations (71) (17) (39) (19) (146) (5) (151)
Other liabilities (1,301) (478) (298) (207) (2,284) (4,608) (6,892)
Total liabilities (1,372) (495) (337) (226) (2,430) (4,613) (7,043)
Net assets/(liabilities) 5,107 1,318 1,014 711 8,150 (3,481) 4,669
(ii) Central Activities and other comprises:
2025 2024
Assets Liabilities Net assets/ Assets Liabilities Net assets/
(liabilities) (liabilities)
US$m US$m US$m US$m US$m US$m
Central Activities 602 (155) 447 666 (179) 487
Net debt(1) 402 (4,955) (4,553) 314 (4,222) (3,908)
Tax 123 (231) (108) 152 (212) (60)
1,127 (5,341) (4,214) 1,132 (4,613) (3,481)
1. Net debt comprises amounts reported within Central Activities plus
lease obligations in operating segments, net of interest of US$131m (2024:
US$145m).
(iii) Capital employed
2025 2024
US$m US$m
North America 5,637 5,107
Latin America 1,393 1,318
UK and Ireland 1,069 1,014
EMEA and Asia Pacific 1,205 711
Total operating segments 9,304 8,150
Central Activities 447 487
Add: lease obligations in operating segments 132 146
Less: accrued interest on lease obligations in operating segments (1) (1)
Less: right-of-use assets (114) (131)
Less: non-controlling interests (36) (35)
Capital employed attributable to owners 9,732 8,616
The three-point average capital employed figure of US$9,355m (2024:
US$8,406m), used in our calculation of ROCE, is determined by calculating the
arithmetic average of capital employed at 31 March 2025,
30 September 2024 and 31 March 2024.
Notes to the financial statements (continued)
for the year ended 31 March 2025
7. Information on business lines (including non-GAAP disclosures)
Business-to-Business Consumer Services Total business lines Central Total
Activities Group
Year ended 31 March 2025 US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 5,453 2,054 7,507 - 7,507
Exited business activities 16 - 16 - 16
Total 5,469 2,054 7,523 - 7,523
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities 1,689 562 2,251 (144) 2,107
Exited business activities (25) 1 (24) - (24)
Total 1,664 563 2,227 (144) 2,083
Net interest expense included in Benchmark PBT (note 9(b)) (1) (1) (2) (155) (157)
Benchmark PBT 1,663 562 2,225 (299) 1,926
Exceptional items (note 8(a)) (27) (9) (36) (3) (39)
Amortisation of acquisition intangibles (183) (28) (211) - (211)
Acquisition and disposal expenses (36) (1) (37) - (37)
Adjustment to the fair value of contingent consideration 1 (2) (1) - (1)
Interest on uncertain tax provisions - - - (4) (4)
Financing fair value remeasurements - - - (85) (85)
Profit/(loss) before tax 1,418 522 1,940 (391) 1,549
Business-to-Business Consumer Services Total business lines Central Total
Activities Group
Year ended 31 March 2024(1) US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 5,109 1,937 7,046 - 7,046
Exited business activities 51 - 51 - 51
Total 5,160 1,937 7,097 - 7,097
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities before transfer pricing and other adjustments 1,601 486 2,087 (143) 1,944
Transfer pricing and other allocation adjustments 8 (7) 1 (1) -
Ongoing activities 1,609 479 2,088 (144) 1,944
Exited business activities (16) - (16) - (16)
Total 1,593 479 2,072 (144) 1,928
Net interest expense included in Benchmark PBT (note 9(b)) (6) (2) (8) (131) (139)
Benchmark PBT 1,587 477 2,064 (275) 1,789
Exceptional items (note 8(a)) 4 - 4 - 4
Amortisation of acquisition intangibles (163) (30) (193) - (193)
Acquisition and disposal expenses (29) (12) (41) - (41)
Adjustment to the fair value of contingent consideration - (5) (5) 1 (4)
Non-benchmark share of post-tax loss of associates - (1) (1) - (1)
Interest on uncertain tax provisions - - - 20 20
Financing fair value remeasurements - - - (23) (23)
Profit/(loss) before tax 1,399 429 1,828 (277) 1,551
1. Revenue of US$10m for the year ended 31 March 2024 has been
re-presented for the reclassification to exited business activities of certain
B2B businesses.
Additional information by business line, including that on total and organic
growth at constant exchange rates, is provided within pages 3 to 13 and within
Appendix 3 on page 16.
Notes to the financial statements (continued)
for the year ended 31 March 2025
8. Exceptional items and other adjustments made to derive Benchmark PBT
(a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
2025 2024
Notes US$m US$m
Exceptional items:
Loss/(profit) on disposal of operations(1) 8(b), 21(d) 4 (5)
Restructuring costs 8(c) 50 -
Legal provisions movements(1) 8(d) (15) 1
Net charge/(credit) for Exceptional items 39 (4)
Other adjustments made to derive Benchmark PBT:
Amortisation of acquisition intangibles 211 193
Acquisition and disposal expenses(2) 37 41
Adjustment to the fair value of contingent consideration(1) 22(c) 1 4
Non-benchmark share of post-tax loss of associates - 1
Interest on uncertain tax provisions 9(c) 4 (20)
Financing fair value remeasurements 9(c) 85 23
Net charge for other adjustments made to derive Benchmark PBT 338 242
Net charge for Exceptional items and other adjustments made to derive 377 238
Benchmark PBT
By income statement caption:
Labour costs 60 14
Amortisation and depreciation charges 211 193
Other operating charges 17 27
Within operating profit 288 234
Within share of post-tax loss of associates - 1
Within finance expense 89 3
Net charge for Exceptional items and other adjustments made to derive 377 238
Benchmark PBT
1. Included in other operating charges.
2. Acquisition and disposal expenses represent professional fees and
expenses associated with completed, ongoing and terminated acquisition and
disposal processes, as well as the integration and separation costs associated
with completed deals. Of the total, US$10m (2024: US$14m) is recorded within
labour costs and US$27m (2024: US$27m) is included within other operating
charges in the Group income statement.
(b) Loss/(profit) on disposal of operations
The loss on the disposal of operations of US$4m (2024: profit on disposal of
US$5m) relates to the disposal of interests in a number of small subsidiary
undertakings in EMEA and Asia Pacific.
(c) Restructuring costs
During FY25, we have made good progress in executing on the final stages of
our technology transformation and cloud migration, realigning our staff
resources to our new technology architecture and accelerating the shift to our
global development centres to drive productivity. Severance costs of US$50m
(2024: US$nil) were recognised in the year in relation to this programme, with
an associated cash outflow of US$30m
(2024: US$nil). Following the identification of new opportunities within the
current programme, we expect to incur an exceptional charge of c.US$20m-US$30m
in FY26.
(d) Legal provisions movements
Movements have occurred in provisions held for a number of historical legal
claims, and reflect insurance recoveries in North America of US$15m (2024:
legal costs of US$1m).
Notes to the financial statements (continued)
for the year ended 31 March 2025
9. Net finance expense
(a) Net finance expense included in profit before tax
2025 2024
US$m US$m
Interest income:
Bank deposits, short-term investments and loan notes (14) (11)
Interest on pension plan assets (note 15(c)) (7) (7)
Interest income (21) (18)
Finance expense:
Interest expense 178 157
Net non-benchmark finance expense (note 9(c)) 89 3
Finance expense 267 160
Net finance expense included in profit before tax 246 142
(b) Net interest expense included in Benchmark PBT
2025 2024
US$m US$m
Interest income (21) (18)
Interest expense 178 157
Net interest expense included in Benchmark PBT 157 139
(c) Analysis of net non-benchmark finance expense
2025 2024
US$m US$m
Foreign exchange losses on Brazilian real intra-Group funding(1) 58 1
Foreign currency gains on cross-currency swaps designated as a (12) (10)
cash flow hedge - transfer from OCI
Other financing fair value losses(2) 39 32
Interest on uncertain tax provisions 4 (20)
89 3
1. 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.
2. Other financing fair value losses include US$34m of adverse
movements on non-hedging interest rate swaps used for managing the proportion
of fixed rate debt, as well as fair value losses of US$12m (2024: US$10m) on
borrowings which are in a cash flow hedge relationship.
10. Tax
(a) Tax charge and effective rate of tax
2025 2024
US$m US$m
Tax charge(1) 379 348
Profit before tax 1,549 1,551
Effective rate of tax based on profit before tax 24.5% 22.4%
1. The tax charge comprises a current tax charge of
US$500m (2024: US$441m) and a deferred tax credit of US$121m (2024: US$93m).
The Group's tax rate reflects its internal financing arrangements in place to
fund non-UK businesses and is calculated for the first time in FY25 in
accordance with Irish global minimum tax requirements.
At 31 March 2025, the Group held current and deferred tax liabilities of
US$76m (2024: US$61m) in respect of uncertain tax positions. The net increase
in provisions recognised during the year reflects the Group's assessment of
open and judgmental matters and whether additional taxes will be due, after
taking into account external advice where appropriate. In the year ended 31
March 2024, the net decrease in provisions was driven by the agreement of open
tax issues in North America.
While the timing of developments in resolving these matters is inherently
uncertain, the Group does not expect to materially increase its uncertain tax
provisions in the next 12 months.
Notes to the financial statements (continued)
for the year ended 31 March 2025
10. Tax (continued)
(b) Reconciliation of the tax charge to the Benchmark tax charge
2025 2024
US$m US$m
Tax charge 379 348
Tax relief on Exceptional items and other adjustments made to derive Benchmark 108 111
PBT
Benchmark tax charge 487 459
Benchmark PBT 1,926 1,789
Benchmark tax rate 25.3% 25.7%
(c) Tax recognised in Other comprehensive income and directly in equity
Other comprehensive expense of US$171m (2024: US$34m) is stated after a
deferred tax charge of US$9m (2024: credit of US$7m), relating to
remeasurement gains on post-employment benefit assets and obligations, and
changes in the fair value of investments revalued through OCI.
A tax credit relating to employee share incentive plans of US$14m (2024:
US$10m) is recognised in equity and reported as appropriate within
transactions with owners. This amount comprised a current tax credit of US$9m
(2024: US$1m) and a deferred tax credit of US$5m (2024: US$9m).
11. Earnings per share disclosures
(a) Earnings per share (EPS)
Basic Diluted
2025 2024 2025 2024
US cents US cents US cents US cents
EPS 127.6 131.3 126.5 130.2
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net 29.3 14.2 29.0 14.0
of related tax
Benchmark EPS (non-GAAP measure) 156.9 145.5 155.5 144.2
Adjustment to constant exchange rates 3.9 (0.2) 3.9 (0.1)
Benchmark EPS at constant FX (non-GAAP measure) 160.8 145.3 159.4 144.1
(b) Analysis of earnings
(i) Attributable to owners of Experian plc
2025 2024
US$m US$m
Profit for the financial year attributable to owners of Experian plc 1,166 1,199
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net 268 129
of related tax
Benchmark earnings attributable to owners of Experian plc (non-GAAP measure) 1,434 1,328
Adjustment to constant exchange rates 36 (1)
Benchmark earnings attributable to owners of Experian plc at constant FX 1,470 1,327
(non-GAAP measure)
(ii) Attributable to non-controlling interests
2025 2024
US$m US$m
Profit for the financial year attributable to non-controlling interests 4 4
Add/(deduct): Exceptional items and other adjustments made to derive Benchmark 1 (2)
PBT,
net of related tax
Benchmark earnings attributable to non-controlling interests (non-GAAP 5 2
measure)
(c) Reconciliation of Total Benchmark earnings to profit for the financial
year
2025 2024
US$m US$m
Total Benchmark earnings (non-GAAP measure) 1,439 1,330
Exceptional items and other adjustments made to derive Benchmark PBT, net of
related tax:
- attributable to owners of Experian plc (268) (129)
- attributable to non-controlling interests (1) 2
Profit for the financial year 1,170 1,203
Notes to the financial statements (continued)
for the year ended 31 March 2025
11. Earnings per share disclosures (continued)
(d) Weighted average number of ordinary shares
2025 2024
million million
Weighted average number of ordinary shares 914 913
Add: dilutive effect of share incentive awards, options and share purchases 8 8
Diluted weighted average number of ordinary shares 922 921
12. Dividends on ordinary shares
2025 2024
US cents US$m US cents US$m
per share per share
Amounts recognised and paid during the financial year:
First interim - paid in February 2025 (2024: February 19.25 176 18.00 164
2024)
Second interim - paid in July 2024 (2024: July 2023) 40.50 370 37.75 345
Dividends paid on ordinary shares 59.75 546 55.75 509
Full-year dividend for the financial year 62.50 571 58.50 534
A second interim dividend in respect of the year ended 31 March 2025 of 43.25
US cents per ordinary share will be paid on 18 July 2025, to shareholders on
the register at the close of business on 20 June 2025 and is not included as a
liability in these financial statements. This second interim dividend and the
first interim dividend paid in February 2025 comprise the full-year dividend
for the financial year of 62.50 US cents per ordinary share. Further
administrative information on dividends is given in the Shareholder
information section on pages 55 to 56. Dividend amounts are quoted gross.
In the year ended 31 March 2025, the employee trusts waived their entitlements
to dividends of US$3m
(2024: US$3m). There is no entitlement to dividends in respect of own shares
held as treasury shares.
13. Goodwill
(a) Movements in goodwill
2025 2024
US$m US$m
Cost
At 1 April 6,208 5,821
Differences on exchange (121) 19
Additions through business combinations (note 21) 815 368
At 31 March 6,902 6,208
Accumulated impairment
At 1 April 246 246
Differences on exchange 2 -
At 31 March 248 246
Net book amount at 1 April 5,962 5,575
Net book amount at 31 March 6,654 5,962
(b) Goodwill by group of cash-generating units (CGUs)
2025 2024
US$m US$m
North America 4,170 3,841
Latin America 904 901
UK and Ireland 763 742
EMEA and Asia Pacific 817 478
At 31 March 6,654 5,962
Notes to the financial statements (continued)
for the year ended 31 March 2025
13. Goodwill (continued)
(c) Key assumptions for value-in-use calculations by group of CGUs
2025 2024
Discount rate Long-term growth rate Discount rate Long-term growth rate
% p.a. % p.a. % p.a. % p.a.
North America 9.7 3.5 10.6 3.6
Latin America 17.6 5.2 19.1 5.1
UK and Ireland 10.7 2.8 11.7 3.1
EMEA and Asia Pacific 12.2 4.1 13.8 4.1
As indicated in note 6(a) of the Group's statutory financial statements for
the year ended 31 March 2024, value-in-use calculations are underpinned by
financial forecasts, which continue to reflect our current assessment of the
impact of climate change and associated commitments the Group has made.
Management's key assumptions for the initial five-year period in the
value-in-use calculations were as follows:
· Forecast revenue growth rates were based on past experience,
adjusted for the strategic opportunities within each group of CGUs; the
forecasts used average nominal growth rates of up to 19%, with rates of up to
11% in EMEA and Asia Pacific.
· Benchmark EBIT was forecast based on historical margins and
expectations of future performance. Margins were expected to improve modestly
throughout the period in the mature CGUs and improve annually by an absolute
mid-single-digit amount in EMEA and Asia Pacific.
· Forecast Benchmark operating cash flow conversion rates were
based on historical conversion rates achieved and performance expectations in
the respective CGUs, with long-term conversion rates of 95% used in EMEA and
Asia Pacific.
Further details of the principles used in determining the basis of allocation
by CGU and annual impairment testing are given in note 6(a) of the Group's
statutory financial statements for the year ended 31 March 2024.
(d) Results of annual impairment reviews for the year ended 31 March 2025
The annual impairment review of goodwill was performed as at 30 September
2024. The provisional goodwill arising on the acquisition of Credit Data
Solutions Pty Ltd and its subsidiary undertakings (illion) was reported as a
separate group of CGUs at 30 September 2024. As indicated at the time, that
goodwill has now been allocated to the EMEA and Asia Pacific group of CGUs,
being the group of CGUs expected to benefit from the synergies of the
combination. Consequently, a further impairment review of the goodwill
allocated to the EMEA and Asia Pacific group of CGUs was undertaken as at 31
March 2025 to include the goodwill acquired in the annual period. There have
been no other significant changes in the key modelling assumptions discussed
in note 13(c) that would trigger a further review to be required at 31 March
2025.
The recoverable amount of the EMEA and Asia Pacific group of CGUs exceeded its
carrying value by US$546m. Any decline in the estimated value-in-use in excess
of that amount would result in the recognition of an impairment charge. The
sensitivities, which result in the recoverable amount being equal to the
carrying value, are summarised as follows:
· an absolute increase of 2.8 percentage points in the discount
rate, from 12.2% to 15.0%; or
· an absolute reduction of 4.2 percentage points in the long-term
growth rate, from growth of 4.1% to a decline of 0.1%; or
· a reduction of 8.2 percentage points in the forecast FY30 profit
margin, from 24.4% to 16.2%. A reduction in the annual margin improvement of
approximately 1.6 percentage points per year over the five-year forecast
period would also reduce the recoverable amount to the carrying value; or
· an absolute reduction of 34% in the forecast FY30 profit.
The recoverable amounts of all other groups of CGUs exceeded their carrying
value, on the basis of the assumptions set out in note 13(c) and any
reasonably possible changes thereof.
The impairment review considered the potential impact of climate change by
considering the results of the scenario analysis performed consistent with the
recommendations of the TCFD. There was no impact on the reported amounts of
goodwill as a result of this review.
Notes to the financial statements (continued)
for the year ended 31 March 2025
14. Capital expenditure, disposals and capital commitments
(a) Additions
2025 2024
US$m US$m
Capital expenditure 651 640
Right-of-use assets 31 60
682 700
(b) Disposal of other intangible assets and property, plant and equipment
The book value of other intangible fixed assets and property, plant and
equipment disposed of in the year was US$8m (2024: US$10m), of which US$7m
(2024: US$9m) related to the disposal of right-of-use assets.
(c) Capital commitments
2025 2024
US$m US$m
Capital expenditure for which contracts have been placed:
Other intangible assets 38 48
Property, plant and equipment 9 7
47 55
Capital commitments at 31 March 2025 included commitments of US$28m not
expected to be incurred before 31 March 2026. Capital commitments at 31 March
2024 included commitments of US$40m not then expected to be incurred before 31
March 2025.
15. Post-employment benefits - IAS 19 'Employee Benefits' information
(a) Balance sheet assets/(obligations)
2025 2024
US$m US$m
Retirement benefit assets/(obligations) - funded defined benefit plans:
Fair value of funded plans' assets 828 871
Present value of funded plans' obligations (626) (685)
Assets in the Group balance sheet for funded defined benefit pensions 202 186
Obligations for unfunded post-employment benefits:
Present value of defined benefit pensions - unfunded plans (35) (37)
Present value of post-employment medical benefits (2) (2)
Liabilities in the Group balance sheet (37) (39)
Net post-employment benefit assets 165 147
Pension assets are deemed to be recoverable and there are no adjustments in
respect of minimum funding requirements as, under the rules of the UK Experian
Pension Scheme, future economic benefits are available to the Group in the
form of reductions in any future contribution requirements or refunds of
surplus.
The latest full actuarial valuation of the Experian Pension Scheme was carried
out as at 31 March 2022 and there was a moderate funding surplus. The next
full valuation will be carried out as at 31 March 2025, and is expected to be
agreed by 31 March 2026.
(b) Movements in net post-employment benefit assets recognised in the Group
balance sheet
2025 2024
US$m US$m
At 1 April 147 135
Differences on exchange 5 3
Credit to the Group income statement 4 4
Remeasurement gains recognised within OCI 6 2
Contributions paid by the Group 3 3
At 31 March 165 147
The Experian Pension Scheme was closed to the future accrual of new benefits
from 1 April 2022. Contributions paid relate to unfunded post-employment
benefits.
The funded defined benefit pension plans hold a range of assets including
global equities, global corporate bonds, secured credit, senior private debt
and a Liability Driven Investment strategy which is used to hedge the interest
rate and inflation sensitivities of the obligations. Collateral levels within
the Liability Driven Investment strategy are closely monitored and remain
robust. The primary drivers impacting the fair value of the plans' funded
assets and obligations are changes to expectations for future UK pound
sterling interest rates and inflation expectations, as well as the
retranslation of assets and obligations into US dollars.
Notes to the financial statements (continued)
for the year ended 31 March 2025
15. Post-employment benefits - IAS 19 'Employee Benefits' information
(continued)
(c) Income statement credit
2025 2024
US$m US$m
By nature of expense:
Administration expenses 3 3
Charge within labour costs and operating profit 3 3
Interest income (note 9(a)) (7) (7)
Total net credit to the Group income statement (4) (4)
The income statement credit and the remeasurement recognised in the Statement
of comprehensive income relate to defined benefit pension plans.
(d) Financial actuarial assumptions
2025 2024
% p.a. % p.a.
Discount rate 5.8 4.9
Inflation rate - based on the UK Retail Prices Index (the RPI) 3.2 3.3
Inflation rate - based on the UK Consumer Prices Index (the CPI) 2.8 2.8
Increase for pensions in payment - element based on the RPI (where cap is 5%) 3.0 3.1
Increase for pensions in payment - element based on the CPI (where cap is 1.9 1.9
2.5%)
Increase for pensions in payment - element based on the CPI (where cap is 3%) 2.2 2.2
Increase for pensions in deferment 2.8 2.8
Inflation in medical costs 6.5 6.3
The assumed single equivalent margin between RPI and CPI has been reduced to
40 basis points from 45 basis points at 31 March 2024, consistent with our
continued assumption of a 100 basis point margin prior to 2030, with a ten
basis point margin assumed thereafter. The single equivalent differential is
expected to reduce over time towards 2030. This results in an increase in
retirement benefit obligations at 31 March 2025 of approximately US$1m.
The other methods and assumptions used are consistent with those used in the
prior year. Changes to these assumptions in the light of prevailing conditions
may have a significant impact on future valuations.
The principal financial assumption is the real discount rate, which is the
excess of the discount rate over the rate of inflation. The discount rate is
based on the market yields of high-quality corporate bonds of a currency and
term appropriate to the defined benefit obligations. The Experian Pension
Scheme obligations are in UK pounds sterling and have a maturity on average of
12 years. If the real discount rate increased/decreased by 0.25%, the defined
benefit obligations at 31 March 2025 would decrease/increase by approximately
US$17m and the fair value of plan assets would decrease/increase by
approximately US$20m.
The rates of increase for pensions in payment reflect the separate
arrangements applying to different groups of Experian's pensioners. If the
inflation rate underlying the pension increases (both in payment and in
deferment) increased/decreased by 0.1%, the defined benefit obligations at 31
March 2025 would increase/decrease by approximately US$5m.
The accounting valuation assumes that mortality will be in line with standard
tables adjusted to reflect the expected experience of the Experian Pension
Scheme membership, based on analysis carried out for the 2022 actuarial
valuation. A specific allowance for anticipated future improvements in life
expectancy is also incorporated.
The Group has also considered the potential impact of climate change and, at
the present time, we do not believe that there is sufficient evidence to
require a change in the long-term mortality assumptions. We will continue to
monitor any potential future impact on the mortality assumptions used.
An increase in assumed life expectancy of 0.1 years would increase the defined
benefit obligations at 31 March 2025 by approximately US$2m.
Notes to the financial statements (continued)
for the year ended 31 March 2025
15. Post-employment benefits - IAS 19 'Employee Benefits' information
(continued)
(e) Virgin Media case
In June 2023, the English High Court issued a judgment involving the Virgin
Media NTL Pension Plan which held that amendments to the plan's rules in
relation to benefit changes were invalid in the absence of a confirmation from
the scheme actuary under Section 37 of the UK Pension Schemes Act 1993. Virgin
Media appealed the judgment. The Court of Appeal heard the case on 25 July
2024 and dismissed the appeal.
While the ruling applied only to the specific pension plan in question, it
could be expected to apply across other 'UK contracted out' pension plans. The
Trustees of the Experian Pension Scheme continue to receive legal advice
regarding this matter and, subject to further legal clarity in the case of
Verity Trustees Limited v (1) Katherine Anne Wood (2) Save the Children Fund
which has been recently heard in the High Court, are of the view that at this
stage there are no potential issues with the deeds that would require a change
in benefits. The defined benefit obligation has been calculated on the basis
of the pension benefits currently being administered, and at this stage the
Group does not consider it necessary to make any adjustments as a result of
the Virgin Media Court Ruling. Any subsequent developments following the Court
of Appeal's judgment will be monitored by the Group.
16. Notes to the Group cash flow statement
(a) Cash generated from operations
2025 2024
US$m US$m
Profit before tax 1,549 1,551
Share of post-tax (profit)/loss of associates (2) 1
Net finance expense 246 142
Operating profit 1,793 1,694
Profit on disposal of property, plant and equipment - (1)
Loss/(profit) on disposal of operations 4 (5)
Impairment of other intangible assets 13 -
Impairment of property, plant and equipment 2 -
Impairment of held-for-sale assets - 1
Amortisation and depreciation(1) 758 714
Charge in respect of share incentive plans 127 132
Increase in working capital (note 16(b)) (54) (32)
Acquisition expenses - difference between income statement charge (2) 1
and amounts paid
Acquisition employee incentives paid - difference between income statement (24) (10)
charge
and amounts paid
Adjustment to the fair value of contingent consideration 1 4
Movement in Exceptional and other non-benchmark items included in working (1) (58)
capital
Cash generated from operations 2,617 2,440
1. Amortisation and depreciation includes amortisation of acquisition
intangibles of US$211m (2024: US$193m) which is excluded from Benchmark PBT.
(b) (Increase)/decrease in working capital
2025 2024
US$m US$m
Trade and other receivables (63) (155)
Trade and other payables 9 123
Increase in working capital (54) (32)
(c) Purchase of other intangible assets
2025 2024
US$m US$m
Databases 203 201
Internally generated software 340 349
Internal use software 60 50
Purchase of other intangible assets 603 600
Notes to the financial statements (continued)
for the year ended 31 March 2025
16. Notes to the Group cash flow statement (continued)
(d) Cash flows on acquisitions (non-GAAP measure)
2025 2024
US$m US$m
Purchase of subsidiaries (note 21(a)) 1,198 366
Less: net cash acquired with subsidiaries (note 21(a)) (48) (17)
Settlement of deferred and contingent consideration 8 113
As reported in the Group cash flow statement 1,158 462
Acquisition expenses paid 39 33
Acquisition employee incentives paid 24 17
Transactions in respect of non-controlling interests 1 -
Acquisition of additional interest in subsidiary undertaking 22 -
Cash outflow for acquisitions (non-GAAP measure) 1,244 512
(e) Cash outflow in respect of net share purchases (non-GAAP measure)
2025 2024
US$m US$m
Issue of ordinary shares (20) (20)
Purchase of shares by employee trusts 83 56
Purchase of shares held as treasury shares 116 64
Cash outflow in respect of net share purchases (non-GAAP measure) 179 100
As reported in the Group cash flow statement:
Cash inflow in respect of shares issued (20) (20)
Cash outflow in respect of share purchases 199 120
Cash outflow in respect of net share purchases (non-GAAP measure) 179 100
Consideration of US$1m for shares issued was outstanding at 31 March 2024.
(f) Analysis of cash and cash equivalents
2025 2024
US$m US$m
Cash and cash equivalents in the Group balance sheet 368 312
Bank overdrafts (2) (12)
Cash and cash equivalents in the Group cash flow statement 366 300
(g) Reconciliation of Cash generated from operations to Benchmark operating
cash flow (non-GAAP measure)
2025 2024
US$m US$m
Cash generated from operations (note 16(a)) 2,617 2,440
Purchase of other intangible assets (note 16(c)) (603) (600)
Purchase of property, plant and equipment (48) (40)
Disposal of property, plant and equipment 1 1
Disposal of assets classified as held-for-sale - 2
Principal lease payments (41) (48)
Acquisition expenses paid 39 33
Acquisition employee incentives paid 24 17
Cash flows in respect of Exceptional and other non-benchmark items 36 59
Benchmark operating cash flow (non-GAAP measure) 2,025 1,864
Cash flow conversion for the year ended 31 March 2025 was 97% (2024: 97%).
Benchmark free cash flow for the year ended 31 March 2025, as defined in note
5(n) and as set out in Appendix 5 on page 17, was US$1,411m (2024: US$1,170m).
Notes to the financial statements (continued)
for the year ended 31 March 2025
17. Net debt (non-GAAP measure)
(a) Analysis by nature
2025 2024
US$m US$m
Cash and cash equivalents (net of overdrafts) 366 300
Debt due within one year - bonds and notes (518) (499)
Debt due within one year - commercial paper (214) (218)
Debt due within one year - lease obligations (38) (36)
Debt due after more than one year - bonds and notes (4,031) (3,279)
Debt due after more than one year - bank loans (84) (84)
Debt due after more than one year - lease obligations (97) (114)
Derivatives hedging loans and borrowings (68) (123)
Net debt (4,684) (4,053)
(b) Analysis by balance sheet caption
2025 2024
US$m US$m
Cash and cash equivalents 368 312
Current borrowings (774) (772)
Non-current borrowings (4,242) (3,494)
Borrowings (5,016) (4,266)
Total of Group balance sheet line items (4,648) (3,954)
Accrued interest reported within borrowings excluded from Net debt 32 24
Derivatives reported within Other financial assets 34 2
Derivatives reported within Other financial liabilities (102) (125)
Net debt (4,684) (4,053)
At 31 March 2025, the fair value of borrowings was US$4,828m (2024: US$4,034m)
and includes lease obligations of US$136m (2024: US$151m) recognised in
respect of right-of-use assets.
(c) Analysis of movements in Net debt (non-GAAP measure)
1 April Movements in the year ended 31 March 2025 31 March
2024 Net Non-cash lease obligation Principal lease payments Net share purchases Additions Fair Exchange 2025
through business combinations
cash movements(1) value and other movements
flow gains/
(losses)
US$m US$m US$m US$m US$m US$m US$m US$m US$m
Derivatives hedging loans (123) (34) - - - - 49 40 (68)
and borrowings
Borrowings (4,266) (663) (24) - - (3) (13) (47) (5,016)
Liabilities from (4,389) (697) (24) - - (3) 36 (7) (5,084)
financing activities
Accrued interest 24 8 - - - - - - 32
Cash and cash equivalents 312 235 - 41 (179) - - (41) 368
Net debt (4,053) (454) (24) 41 (179) (3) 36 (48) (4,684)
1. Non-cash lease obligation movements include additions of US$31m and
disposals of US$7m.
Notes to the financial statements (continued)
for the year ended 31 March 2025
18. Undrawn committed bank borrowing facilities
2025 2024
US$m US$m
Facilities expiring in:
One to two years 316 100
Two to three years - 216
Three to four years 2,050 150
Four to five years - 1,900
2,366 2,366
These facilities are at variable interest rates and are in place for general
corporate purposes, including the financing of acquisitions and the
refinancing of other borrowings.
19. Called-up share capital and share premium account
Number of shares Called-up share capital Share premium account
million US$m US$m
At 1 April 2023 971.4 96 1,799
Shares issued under employee share incentive plans 0.8 1 20
At 31 March 2024 972.2 97 1,819
Shares issued under employee share incentive plans 0.8 - 20
At 31 March 2025 973.0 97 1,839
20. Own shares held
Number of shares Cost
of shares
million US$m
At 1 April 2023 59.0 1,273
Purchase of shares by employee trusts 1.5 56
Purchase of shares held as treasury shares 2.1 69
Other vesting of awards and exercises of share options (3.5) (55)
At 31 March 2024 59.1 1,343
Purchase of shares by employee trusts 1.8 83
Purchase of shares held as treasury shares 2.6 117
Other vesting of awards and exercises of share options (4.1) (88)
At 31 March 2025 59.4 1,455
Own shares held at 31 March 2025 included 55.0 million shares (2024: 53.4
million) held as treasury shares and 4.4 million (2024: 5.7 million) shares
held by employee trusts.
The total cost of own shares held at 31 March 2025 of US$1,455 (2024:
US$1,343m) is deducted from Other reserves in the Group balance sheet.
Notes to the financial statements (continued)
for the year ended 31 March 2025
21. Acquisitions and disposals
(a) Acquisitions in the year
The Group made eight acquisitions during the year ended 31 March 2025,
including the acquisition on 30 September 2024 of the entire share capital of
Credit Data Solutions Pty Ltd and its subsidiary undertakings (illion), a
leading consumer and commercial credit bureau in Australia and New Zealand. On
4 December 2024, we acquired 100% of Predictive Pop, Inc. (Audigent), a
leading US data activation and identity platform, and on 12 August 2024 we
acquired 100% of Neuro-ID, Inc. (NeuroID) in the USA, an industry leader in
behavioural analytics, supplementing Experian's fraud risk suite.
The net assets acquired, goodwill and acquisition consideration are analysed
below:
illion Audigent NeuroID Other(1) Total
US$m US$m US$m US$m US$m
Intangible assets:
Customer and other relationships 228 62 8 20 318
Software development 36 103 30 31 200
Marketing-related assets 3 3 1 - 7
Other intangibles 27 8 - 3 38
Intangible assets 294 176 39 54 563
Property, plant and equipment 3 1 - 1 5
Deferred tax assets 4 - - (7) (3)
Trade and other receivables 13 16 2 2 33
Cash and cash equivalents (note 16(d)) 21 12 12 3 48
Trade and other payables (25) (13) (9) (12) (59)
Borrowings (2) (1) - - (3)
Deferred tax liabilities (72) (44) (10) (14) (140)
Total identifiable net assets 236 147 34 27 444
Goodwill 349 216 111 139 815
Total 585 363 145 166 1,259
Satisfied by:
Cash and cash equivalents (note 16(d)) 585 358 145 110 1,198
Trade investment - 5 - - 5
Contingent consideration - - - 56 56
Total 585 363 145 166 1,259
1. Other comprises the Group's other five acquisitions made during the
year ended 31 March 2025, alongside adjustments made to provisional fair
values related to prior year acquisitions, made within one year of the date of
acquisition.
These fair values are determined by using established estimation techniques.
Acquisition intangibles are valued using discounted cash flow models. For the
year ended 31 March 2025, the most significant inputs to these calculations
are the proportion of earnings attributable to customer and other
relationships and software development for illion. We have evaluated
sensitivities relating to assets acquired during the year and have determined
that there is no material estimation uncertainty relating to the fair value or
economic life of individual assets acquired from any reasonably possible
change to the inputs and assumptions used in their determination.
The fair value of material contingent consideration is determined using a
Monte Carlo simulation model applied to the forecast performance of the
relevant metric linked to each liability. The contingent consideration payable
for Salt Participações S.A. and its subsidiary undertakings (SalaryFits) in
Brazil, which the Group acquired on 2 September 2024, is linked to the revenue
and Benchmark EBIT margin performance of the business for the year ending 31
March 2027. Providing that certain minimum thresholds are satisfied, we expect
the earnout payment to be within an undiscounted range of US$20m to US$117m.
We have determined the fair value of the contingent consideration at
acquisition to be US$40m, which is included in the US$56m of Other contingent
consideration above.
We engage with third-party valuation experts to assist with the valuation
process for all significant or complex acquisitions, including for the
valuation of contingent consideration and put option liabilities. Provisional
fair values contain amounts which will be finalised no later than one year
after the date of acquisition. Provisional amounts, predominantly for
intangible assets, associated tax balances and contingent consideration have
been included at 31 March 2025, as a consequence of the timing and complexity
of these acquisitions.
Goodwill represents the synergies, skills and technical expertise of assembled
workforces and future growth potential of the acquired businesses. Goodwill of
US$15m, in relation to two acquisitions is currently expected to be deductible
for tax purposes.
Notes to the financial statements (continued)
for the year ended 31 March 2025
21. Acquisitions and disposals (continued)
(b) Additional information
(i) Current year acquisitions
illion Audigent NeuroID Other Total
US$m US$m US$m US$m US$m
Increase/(decrease) in book value of net assets due to provisional fair value adjustments:
Intangible assets 267 168 39 51 525
Deferred tax assets (19) - - (7) (26)
Trade and other payables (2) - (1) (8) (11)
Deferred tax liabilities (72) (44) (10) (14) (140)
Increase in book value of net assets due to provisional fair value adjustments 174 124 28 22 348
Gross contractual amounts receivable in respect of trade and other receivables 13 16 2 3 34
Pro forma revenue from 1 April 2024 to date of acquisition 58 102 4 21 185
Revenue from date of acquisition to 31 March 2025 54 18 5 11 88
Loss before tax from date of acquisition to (5) (8) (12) (3) (28)
31 March 2025
The loss before tax from the date of acquisition to 31 March 2025 includes the
amortisation of acquisition intangibles and one-time integration costs. If the
transactions had occurred on the first day of the financial year, the
estimated additional contribution to profit before tax would have been US$14m.
At the dates of acquisition, the gross contractual amounts receivable in
respect of trade and other receivables of US$34m were expected to be collected
in full.
(ii) Prior years' acquisitions
Contingent consideration of US$8m (2024: US$112m) was settled in the year in
respect of acquisitions made in earlier years. The cash outflow in the year
ended 31 March 2024 principally comprised US$40m relating to the FY22
acquisition of Tax Credit Co, LLC (TCC), and US$60m relating to the
acquisition of BrScan Processamento de Dados e Tecnologia Ltda. (BrScan) in
FY21. Further detail on contingent consideration fair value adjustments
recognised in the year is provided in note 22(c).
The Group made seven acquisitions in the year ended 31 March 2024, including
that of WaveHDC LLC in the USA. A cash outflow of US$349m was reported in the
Group cash flow statement for that year, after deduction of US$17m in respect
of net cash acquired.
There have been no other material gains, losses, corrections or other
adjustments recognised in the year ended 31 March 2025 that relate to
acquisitions in the current or earlier years.
(iii) Post balance sheet acquisition
On 1 April 2025, we acquired the entire share capital of Clear Sale S.A.
(ClearSale), a leading provider of digital fraud prevention solutions in
Brazil, for R$1,948m (US$338m), plus the delivery of 125,344 Experian plc
treasury shares at market value. The acquisition of ClearSale allows us to
access a new growth avenue for Identity and Fraud and strengthens our
Onboarding solutions in Brazil.
Our acquisition accounting is in progress, and the provisional fair values
will be disclosed in full in the Group's condensed consolidated interim
financial statements for the six months ending 30 September 2025. We expect to
recognise acquisition intangibles for developed technology, customer
relationships, and marketing related assets. Initial indications show that the
fair value of these assets may be c.44% of the total consideration paid, with
other identifiable net assets and residual goodwill being c.56%.
Goodwill represents the synergies, skills and technical expertise of assembled
workforces and future growth potential of ClearSale. The goodwill is not
expected to be deductible for tax purposes.
Notes to the financial statements (continued)
for the year ended 31 March 2025
21. Acquisitions and disposals (continued)
(c) Acquisition of additional interest in subsidiary undertaking
On 20 February 2025, the Group completed the acquisition of the remaining 45%
interest in Brain Soluções de Tecnologia Digital Ltda. (Brain). A put option
liability was in place over this minority shareholding, with movements
presented in note 22(c).
(d) Disposals
During the year we disposed of one small subsidiary undertaking in EMEA and
Asia Pacific. The loss on disposal was US$4m (2024: profit US$5m). There was
no related cash flow (2024: inflow US$6m). The profit in FY24 arose on the
disposal of interests in a number of small subsidiary undertakings in EMEA and
Asia Pacific.
22. Financial risk management
(a) Financial risk factors
The Group's activities expose it to a variety of financial risks. These are
market risk, including foreign exchange risk and interest rate risk, credit
risk and liquidity risk. The nature of these risks and the policies adopted by
way of mitigation are unchanged from those reported in the Annual Report and
Group financial statements for the year ended 31 March 2024. Full information
and disclosures were contained in that document.
(b) Analysis by valuation method for put options and items measured at fair
value
Level 1 Level 2 Level 3 Total
At 31 March 2025 US$m US$m US$m US$m
Financial assets:
Derivatives used for hedging - fair value hedges(1) - 26 - 26
Non-hedging derivatives - 133 - 133
Other financial assets at fair value through profit or loss (FVPL) - - 13 13
Financial assets at fair value through profit or loss - 159 13 172
Derivatives used for hedging - cash flow hedge(1) - 1 - 1
Listed and trade investments 54 - 167 221
Financial assets revalued through OCI 54 1 167 222
54 160 180 394
Financial liabilities:
Derivatives used for hedging - fair value hedges(1) - (90) - (90)
Non-hedging derivatives - (15) - (15)
Other liabilities at fair value through profit or loss - - (140) (140)
Financial liabilities at fair value through profit or loss - (105) (140) (245)
Put options - - (84) (84)
- (105) (224) (329)
Net financial assets/(liabilities) 54 55 (44) 65
1. Derivatives used for hedging are in documented hedge accounting
relationships.
Notes to the financial statements (continued)
for the year ended 31 March 2025
22. Financial risk management (continued)
(b) Analysis by valuation method for put options and items measured at fair
value (continued)
Level 1 Level 2 Level 3 Total
At 31 March 2024 US$m US$m US$m US$m
Financial assets:
Non-hedging derivatives - 169 - 169
Other financial assets at fair value through profit or loss - - 14 14
Financial assets at fair value through profit or loss - 169 14 183
Listed and trade investments(1) 67 - 167 234
67 169 181 417
Financial liabilities:
Derivatives used for hedging - fair value hedges(2) - (105) - (105)
Non-hedging derivatives - (21) - (21)
Other liabilities at fair value through profit or loss - - (92) (92)
Financial liabilities at fair value through profit or loss - (126) (92) (218)
Derivatives used for hedging - cash flow hedge(1,2) - (10) - (10)
Put options - - (133) (133)
- (136) (225) (361)
Net financial assets/(liabilities) 67 33 (44) 56
1. Listed and trade investments, and derivatives designated as a cash flow
hedge, which are in a documented hedge accounting relationship, are revalued
through OCI.
2. Derivatives used for hedging are in documented hedge accounting
relationships.
Financial assets at fair value through profit or loss are reported within
Other financial assets in the Group balance sheet. Other financial assets
include financial assets held at amortised cost of US$17m (2024: US$nil).
Contingent consideration is reported within trade and other payables in the
Group balance sheet. Put options and other financial liabilities at fair value
through profit or loss are reported within Other financial liabilities in the
Group balance sheet. Cross-currency swaps in respect of the cash flow hedge
are reported within Financial assets revalued through OCI, or Financial
liabilities revalued through OCI, in the Group balance sheet.
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 appropriate market rates prevailing at the year-end.
There have been no changes in valuation techniques during the year under
review.
The analysis by level in the above tables, is a requirement of IFRS 13 'Fair
Value Measurement' and the definitions are summarised here for completeness:
· assets and liabilities whose valuations are based on unadjusted
quoted prices in active markets for identical assets and liabilities are
classified as Level 1
· assets and liabilities which are not traded in an active market,
and whose valuations are derived from available market data that is observable
for the asset or liability, are classified as Level 2
· assets and liabilities whose valuations are derived from inputs
not based on observable market data are classified as Level 3.
Level 3 items principally comprise minority shareholdings in unlisted
businesses, trade investments, contingent consideration and put options
associated with corporate transactions.
Unlisted equity investments, initially measured at cost, are revalued where
sufficient indicators are identified that a change in the fair value has
occurred. The inputs to any subsequent valuations are based on a combination
of observable evidence from external transactions in the investee's equity and
estimated discounted cash flows that will arise from the investment.
The calculation of the fair value of the Group's acquisition-related
contingent consideration and put option liabilities requires management to
estimate the outcome of uncertain future events. These liabilities are
typically linked to the future financial performance of the acquired business,
with the key area of estimation uncertainty being the estimation of the
relevant financial metrics. Material valuations are based on Monte Carlo
simulations using the most recent management expectations of relevant business
performance, reflecting the different contractual arrangements in place.
Notes to the financial statements (continued)
for the year ended 31 March 2025
22. Financial risk management (continued)
(b) Analysis by valuation method for put options and items measured at fair
value (continued)
The range of the put option exercise price on the FY24 acquisition of MOVA
Sociedade de Empréstimo Entre Pessoas S.A. (MOVA) is set out in note 22(c).
There would be no material effect on the other amounts stated from any
reasonably possible change in inputs at 31 March 2025. There were no transfers
between levels during the current or prior year.
(c) Analysis of movements in Level 3 financial assets/(liabilities)
Financial assets revalued through OCI Other financial assets at FVPL Contingent consideration Put Total
options
Year ended 31 March 2025 US$m US$m US$m US$m US$m
At 1 April 2024 167 14 (92) (133) (44)
Additions(1) 46 6 (56) - (4)
Disposals (5) (11) - - (16)
Conversion of convertible debt to equity investments 3 (3) - - -
Settlement of contingent consideration (note 21(b)(ii)) - - 8 - 8
Adjustment to the fair value of contingent consideration(2) - - (1) - (1)
Valuation gains recognised in the Group income statement(3,4) - 6 - 5 11
Settlement of put options(5) - - - 22 22
Transfer of put option liability to contingent consideration(5) - - (9) 9 -
Valuation losses recognised in OCI(6) (44) - - - (44)
Currency translation gains recognised directly in OCI - - 10 13 23
Other - 1 - - 1
At 31 March 2025 167 13 (140) (84) (44)
Financial assets revalued through OCI Other financial assets at FVPL Contingent consideration Put Total
options
Year ended 31 March 2024 US$m US$m US$m US$m US$m
At 1 April 2023 252 16 (139) (33) 96
Additions(1,7) 9 2 (56) (71) (116)
Disposals (1) - - - (1)
Conversion of convertible debt to equity investments 5 (5) - - -
Settlement of contingent consideration (note 21(b)(ii)) - - 112 - 112
Adjustment to the fair value of contingent consideration(2) - - (4) - (4)
Valuation losses recognised in the Group income statement(3,4) - - - (31) (31)
Valuation losses recognised in OCI(6) (98) - - - (98)
Currency translation gains/(losses) recognised directly in OCI - - (2) 2 -
Other - 1 (3) - (2)
At 31 March 2024 167 14 (92) (133) (44)
1. Additions to contingent consideration comprised US$56m (2024: US$56m)
in respect of acquisitions (note 21). Of the FY25 addition, US$40m relates 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 8(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.
4. In the year ended 31 March 2025, a valuation gain of US$20m (2024: loss
of US$12m) was recorded on the put option recognised on the acquisition of
MOVA in FY24, together with losses on other put option liabilities. The
exercise price of this put option is linked to the 2028 calendar year revenue
and Benchmark EBIT margin performance of the business. If exercised, we expect
the likely range of the undiscounted option exercise price to be between
US$49m and US$131m (2024: between US$66m and US$283m). We have determined the
fair value of the put option liability at 31 March 2025 to be US$50m (2024:
US$81m). If the discount rate used in this determination increased or
decreased by a percentage point, the put option liability would decrease or
increase by approximately US$2m. There is also a corresponding call option in
place, the fair value of which is US$nil.
5. On 20 February 2025, the Group completed the acquisition of the
remaining 45% interest in Brain Soluções de Tecnologia Digital Ltda. (Brain)
for a cash consideration of US$22m. An additional amount may be payable in
future years, which is contingent on the financial performance of Brain.
Contingent consideration of US$9m is recognised in respect of this unpaid
element.
6. Of the valuation losses recognised in OCI US$21m (2024: US$47m),
related to our investment in Vector CM Holdings (Cayman) L.P.
7. Additions to put options in the year ended 31 March 2024 comprised
US$71m in respect of the MOVA acquisition.
Notes to the financial statements (continued)
for the year ended 31 March 2025
22. Financial risk management (continued)
(d) Fair value methodology
Information in respect of the carrying amounts and the fair value of
borrowings is included in note 17(b). There are no material differences
between the carrying value of the Group's other financial assets and
liabilities not measured at fair value and their estimated fair values. The
following assumptions and methods are used to estimate the fair values:
· the fair values of receivables, financial assets held at
amortised cost, cash and cash equivalents and payables are considered to
approximate to the carrying amounts
· the fair values of short-term borrowings, other than bonds, are
considered to approximate to the carrying amounts due to the short maturity
terms of such instruments
· the fair value of that portion of bonds carried at amortised cost
is based on quoted market prices, employing a valuation methodology falling
within Level 1 of the IFRS 13 fair value hierarchy
· the fair value of listed investments is based on quoted market
prices, employing a valuation methodology falling within Level 1 of the IFRS
13 fair value hierarchy
· the fair values of long-term variable rate bank loans and lease
obligations are considered to approximate to the carrying amount
· the fair values of other financial assets and liabilities are
calculated based on a discounted cash flow analysis, using a valuation
methodology falling within Level 2 of the IFRS 13 fair value hierarchy, apart
from the fair values of trade investments and contingent consideration which
are determined using a valuation methodology falling within Level 3 of the
IFRS 13 fair value hierarchy.
The Group considers the impact of climate-related matters, including
legislation, on the fair value measurement of assets and liabilities. At
present, the impact of climate-related matters is not material to the
financial statements.
(e) Carrying value of financial assets and liabilities
There have been no unusual changes in economic or business circumstances that
have affected the carrying value of the Group's financial assets and
liabilities at 31 March 2025.
23. Related party transactions
The Group's related parties were disclosed in the Group's statutory financial
statements for the year ended 31 March 2024 and there have been no material
changes during the year ended 31 March 2025.
24. Contingencies
(a) Latin America tax
As previously indicated, Serasa S.A. has been advised that the Brazilian tax
authorities are challenging the deduction for tax purposes of goodwill
amortisation arising from its acquisition by Experian in 2007. The Brazilian
administrative courts have ultimately upheld Experian's position in respect of
the tax years from 2007 to 2012 with no further right of appeal. The Brazilian
tax authorities continue to pursue similar assessments in respect of the 2013
to 2018 tax years, in relation to the goodwill amortisation related to both
the original acquisition of a majority shareholding in Serasa S.A. in 2007 and
the acquisition of the remaining holding in 2012, and also in relation to the
acquisition of Virid Interatividade Digital Ltda in 2011. Experian has claimed
a tax deduction for goodwill amortisation of US$196m across these years.
During FY25, and consistent with all prior cases, Experian has been successful
at the first-level administrative court in defending the position that US$140m
of this goodwill arising in years 2013 to 2016 is deductible, but Brazilian
tax authorities may appeal this decision and may also raise similar claims in
respect of other years. The possibility of this resulting in a liability
(which may consist of underpaid tax, interest and penalties), to the Group is
considered to be remote, based on the advice of external legal counsel,
success in all cases to date and other factors in respect of the claims.
Notes to the financial statements (continued)
for the year ended 31 March 2025
24. Contingencies (continued)
(b) Other litigation and claims
We continue to see regulatory activity, involving the Group across most of its
major geographies which are in various stages of investigation or enforcement,
and which are being vigorously defended. These include a lawsuit filed in
January 2025 by the US Consumer Financial Protection Bureau related to the
consumer dispute process in our US Credit Reference business, which we are
defending vigorously and believe to be without merit. There also continues to
be some rulemaking and federal and state-level legislation which could impact
our Credit Reference, Consumer Services and Marketing Services businesses in
the USA. The directors do not believe that the outcome of any litigation,
rulemaking or regulatory investigation or enforcement will have a materially
adverse effect on the Group's financial position.
We also continue to see General Data Protection Regulation (GDPR)
investigation and enforcement activity in the European Union (EU), including a
claim from the Dutch Data Protection Authority (the AP) claiming that our
Credit Reference business in the Netherlands (c.US$7m annual turnover) cannot
process credit reference data based on legitimate interest and is not
sufficiently transparent under GDPR, and asserting an associated fine which
could range as high as 4% of global turnover under GDPR. The AP's position is
contrary to well established regulatory positions in our other EU markets.
Based on external legal opinions, relevant precedents, and the facts of the
underlying matter, we believe the AP's position is legally wrong, we will
contest the matter and we do not believe it will have a materially adverse
effect on the Group's financial position.
There also continue to be individual consumer and class action litigation
matters in Brazil and the USA related to our Marketing Services, Consumer
Services and Credit Reference businesses. Some of these class action
litigation matters in the USA allege willful misconduct under the US Fair
Credit Reporting Act and, if proven, carry the potential for liability which
includes statutory damages between US$100 to US$1,000 per consumer. The
directors do not believe that the outcome of any individual litigation matter
would have a materially adverse effect on the Group's financial position.
As is inherent in legal, regulatory and administrative proceedings, there is a
risk of outcomes that may be unfavourable to the Group. In the case of
unfavourable outcomes, the Group may benefit from applicable insurance
recoveries.
25. 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 12.
On 1 April 2025, we acquired the entire share capital of Clear Sale S.A.
(ClearSale), a leading provider of digital fraud prevention solutions in
Brazil, for R$1,948m (US$338m), plus the delivery of 125,344 Experian plc
treasury shares at market value. Further details are provided in note
21(b)(iii).
26. Risks and uncertainties
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 aims to establish 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.
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. Our Enterprise Risk Management Framework 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, within our risk appetite.
Notes to the financial statements (continued)
for the year ended 31 March 2025
26. Risks and uncertainties (continued)
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. In addition to our principal
risks, which are summarised below, we continue to identify and analyse
emerging ones, and discuss as appropriate in one or more of our governance
forums.
(a) Risk area - Data loss/misuse
Description
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.
Potential impact
Loss or unauthorised access to sensitive business, client or consumer data
could adversely impact consumers and clients, result in material loss of
business, substantial legal liability, regulatory enforcement or significant
harm to our reputation. The impact of this risk, if it materialised, would
typically be felt in the short term.
Examples of control mitigation
· We deploy physical and technological security measures, combined
with monitoring and alerting for suspicious activities.
· We maintain an information security programme with strong
governance for identifying, protecting against, detecting and responding to
cyber security risks and recovering from cyber security incidents.
· We routinely refresh our training in light of evolving risks and
circumstances, as well as keeping our people up to date through awareness
activities on specific information-security topics.
· We impose contractual security requirements on our partners and
other third parties that store, process, transmit or have access to our data,
complemented by periodic reviews of third-party controls.
· We maintain insurance coverage, where feasible and appropriate.
(b) Risk area - Resiliency
Description
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.
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.
Notes to the financial statements (continued)
for the year ended 31 March 2025
26. Risks and uncertainties (continued)
(c) Risk area - Legislative/regulatory change and compliance
Description
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.
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.
(d) Risk area - Macroeconomic
Description
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.
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.
Notes to the financial statements (continued)
for the year ended 31 March 2025
26. Risks and uncertainties (continued)
(d) Risk area - Macroeconomic (continued)
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.
(e) Risk area - Investment outcomes
Description
We critically evaluate, and may invest in, equity investments and other growth
opportunities, including internal performance improvement programmes. To the
extent invested, any of these may not produce the desired financial or
operating results.
Potential impact
Failure to produce the desired financial or operating results, due to
ineffective execution of business acquisitions, investments or partnerships,
may result in material loss, substantial legal liability and significant harm
to Experian's reputation. The impact of this risk, if it materialised, would
typically be felt in the long term.
Examples of control mitigation
· Executive management processes are in place to enable
comprehensive business reviews by key stakeholders and committees, such as our
Investment/Valuation Committee and our Global Strategic Projects Committee.
· Due diligence and post-investment reviews are conducted on all
acquisitions and investments to ensure alignment with Group strategy and
mitigation of risk.
· We prioritise our activities within integration plans to ensure
we target first the most significant gaps to Experian policy.
· We employ a robust capital allocation framework.
· We design our incentive programmes to optimise shareholder value
through delivery of balanced, sustainable returns and a sound risk profile
over the long term.
(f) Risk area - Competition
Description
We operate in dynamic market spaces such as consumer and business credit
information, decisioning software, fraud, marketing, and consumer services.
Our competitive landscape is still evolving, with traditional players
reinventing themselves, emerging players investing heavily and new entrants
making commitments in new technologies or approaches to our markets. There is
a risk that we will not respond adequately to such disruptions, or that our
products and services will fail to meet changing client and consumer
preferences.
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.
Notes to the financial statements (continued)
for the year ended 31 March 2025
26. Risks and uncertainties (continued)
(f) Risk area - Competition (continued)
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
Artificial Intelligence (AI) technologies to drive productivity, customer
engagement and product innovation across Experian.
· We deploy robust processes to identify, evaluate and select our
acquisition, investment and partnership opportunities. Where appropriate, and
available, we make acquisitions, minority investments and strategic alliances
so we can efficiently and effectively introduce new products and solutions,
acquire new capabilities and enter new markets.
(g) Risk area - Business conduct
Description
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.
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.
(h) Risk area - Talent acquisition and retention
Description
Our success depends on our ability to attract, motivate and retain key talent
while also building future leadership.
Potential impact
Not having the right people could materially affect our ability to innovate
our products, service our clients and grow our business. The impact of this
risk, if it materialised, would typically be felt in the medium term.
Examples of control mitigation
· In every region, we have ongoing programmes for recruitment,
personal and career development, and talent identification and development.
· As part of our strategy, we conduct periodic employee surveys and
track the progress of any resulting action plans.
· We offer competitive compensation and benefits, and review these
regularly.
· We monitor attrition rates, with a focus on individuals
designated as high talent or in strategically important roles. Our predictive
models help us proactively mitigate potential attrition risks.
Statement of directors' responsibilities
The directors 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 of the Company and the Group taken as a whole; and the
Strategic report contains a fair review of the development and performance of
the business and the position of the Company and the Group taken as a whole,
together with a description of the principal risks and uncertainties that they
face, which is included in note 26.
The names and functions of the directors in office as at 14 May 2024 were
listed in the Experian Annual Report 2024. On 20 August 2024, Craig Boundy
stepped down as a director. Eduardo Vassimon was appointed as a new
independent non-executive director on 1 March 2025. There have been no other
changes to directors or their functions, and a list of current directors is
maintained on the Company website at experianplc.com
(http://www.experianplc.com) .
By order of the Board
Charles Brown
Company Secretary
13 May 2025
Shareholder information
Company website
A full range of investor information is available at experianplc.com. Details
of the 2025 AGM, to be held in Dublin, Ireland on Wednesday 16 July 2025, are
given on the website and in the notice of meeting. Information on the
Company's share price is available on the website.
Electronic shareholder communication
Shareholders may register for Share Portal, an electronic communication
service provided by MUFG Corporate Markets (Jersey) Limited, via the Company
website at experianplc.com (http://www.experianplc.com) /shares. The service
is free and it facilitates the use of a comprehensive range of shareholder
services online.
When registering for Share Portal, shareholders can select their preferred
communication method - email or post. Shareholders will receive a written
notification of the availability on the Company's website of shareholder
documents, such as the Annual Report, unless they have elected to either: (i)
receive such notification via email; or (ii) receive paper copies of
shareholder documents where such documents are available in that format.
Dividend information
Dividends for the year ended 31 March 2025
A second interim dividend in respect of the year ended 31 March 2025 of 43.25
US cents per ordinary share will be paid on 18 July 2025, to shareholders on
the register of members at the close of business on
20 June 2025. Unless shareholders elect by 20 June 2025 to receive US dollars,
their dividends will be paid in UK pounds sterling at a rate per share
calculated on the basis of the exchange rate from US dollars to UK pounds
sterling on 27 June 2025. A first interim dividend of 19.25 US cents per
ordinary share was paid on 7 February 2025.
Income Access Share arrangements (IAS 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 IAS
arrangements have been put in place. The purpose of the IAS arrangements is to
preserve the tax treatment of dividends paid to Experian shareholders in the
UK, in respect of dividends paid by the Company. Shareholders who elect, or
are deemed to elect, to receive their dividends via the IAS arrangements will
receive their dividends from a UK source (rather than directly from the
Company) for UK tax purposes.
Shareholders who hold 50,000 or fewer Experian plc shares on the first
dividend record date after they become shareholders, unless they elect
otherwise, will be deemed to have elected to receive their dividends under the
IAS arrangements.
Shareholders who hold more than 50,000 shares and who wish to receive their
dividends from a UK source must make an election to receive dividends via the
IAS arrangements. All elections remain in force indefinitely unless revoked.
Unless shareholders have made an election to receive dividends via the IAS
arrangements, or are deemed to have made such an election, dividends will be
received from an Irish source and will be taxed accordingly. The final date
for submission of elections to receive UK-sourced dividends via the IAS
arrangements is
20 June 2025.
Dividend Reinvestment Plan (DRIP)
The DRIP enables those shareholders who receive their dividends under the IAS
arrangements to use their cash dividends to buy more shares in the Company.
Eligible shareholders, who wish to participate in the DRIP in respect of the
second interim dividend for the year ended 31 March 2025, to be paid on
18 July 2025, should return a completed and signed DRIP application form, to
be received by the registrars by no later than 20 June 2025. Shareholders
should contact the registrars for further details.
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
(https://urldefense.com/v3/__http:/www.shareowneronline.com__;!!MfzFaTml5A!ys1WHD-koMbeUMWgVggHZIPnaFnMKLuJrWnHT3extrcXUrYSy_vyE49M4b_wbYGGaQ$)
, then select 'Contact Us'
W adr.com
(https://urldefense.com/v3/__http:/www.adr.com__;!!MfzFaTml5A!0aGDuQts0NUpYNHqxAzQy11LTs_WwOsyp-82yELpSaVo0RuSzaJ3j9O914K83VDEAQ$)
Shareholder information (continued)
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 (mailto:dr.itau@itau-unibanco.com.br)
W itau.com.br/investmentservices-en/registrar/bdr
Financial calendar
Second interim ex-dividend date 19 June 2025
Second interim dividend record date 20 June 2025
Second interim ex-dividend and record date for 20 June 2025
American Depositary Receipts (ADRs)
Second interim ex-dividend and record date for 20 June 2025
Brazilian Depositary Receipts (BDRs)
Trading update, first quarter 15 July 2025
Annual General Meeting 16 July 2025
Second interim dividend payment date 18 July 2025
Half-yearly financial report 12 November 2025
Trading update, third quarter 21 January 2026
Preliminary announcement of full-year results May 2026
Contact information
Corporate headquarters Registered office
Experian plc Experian plc
2 Cumberland Place 22 Grenville Street
Fenian Street St Helier
Dublin 2 Jersey
D02 HY05 JE4 8PX
Ireland Channel Islands
T +353 (0) 1 846 9100 Registered number - 93905
ISIN - GB00B19NLV48
Investor relations
E investors@experian.com (mailto:investors@experian.com)
Registrars
MUFG Corporate Markets (Jersey) Limited
12 Castle Street
St Helier
Jersey
JE2 3RT
Channel Islands
Shareholder helpline 0371 664 9245 (+44 800 141 2952 for calls from outside
the UK)
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 between 8.30am and 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
1 Pro forma acquisition spend reflects FY25 acquisitions of US$1,244m and
ClearSale purchase price of US$338m.
2 Client solutions refer to any client specific instance of a product
provisioned on the Ascend Platform
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR GPUMUAUPAUQCRecent news on Experian
See all newsREG - Experian plc - Additional Listing
AnnouncementREG - Experian plc - Full-year financial report
AnnouncementREG - Stock Exch Notice - Admission to ISM - 06/05/2025
AnnouncementREG - Stock Exch Notice - Admission to Trading - 02/05/2025
AnnouncementREG - Official List - Official List Notice
Announcement