REG - Experian plc - Half-year Financial Report
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RNS Number : 1407H Experian plc 12 November 2025
news release
Strategic execution drives strong H1 performance
7am, 12 November 2025 ─ Experian plc, the global data and technology
company, today issues its financial report for the six months ended 30
September 2025.
Brian Cassin, Chief Executive Officer, commented:
"We delivered strong growth in revenue, earnings and cash flow in H1 as we
continued to build momentum in our business. We have enhanced our product
platforms, deepened consumer relationships and transformed customer
experiences and internal processes through AI-driven automation and
personalisation. At constant currency and from ongoing activities, total
revenue was up 12%, organic revenue growth was 8%, Benchmark EBIT increased
14% and Benchmark EBIT margin was up by 50 basis points. Benchmark earnings
per share increased by 12% at actual exchange rates.
"For FY26, we now expect total revenue growth of 11%, with organic revenue
growth of 8%, at the top end of our prior guidance range, with margin
accretion in the range of +30 to +50 basis points, all at constant exchange
rates and on an ongoing basis."
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) 4,058 3,603 13 12 8
Benchmark EBIT - ongoing activities(3,4) 1,149 1,009 14 14 n/a
Total Benchmark EBIT 1,145 999 15 15 n/a
Benchmark EPS USc 85.0 USc 76.0 12 13 n/a
Statutory
Revenue 4,070 3,628 12 n/a n/a
Operating profit 973 880 11 n/a n/a
Profit before tax 975 718 36 n/a n/a
Basic EPS USc 81.7 USc 60.2 36 n/a n/a
First interim dividend USc 21.25 USc 19.25 10 n/a n/a
1. See Appendix 1 (page 13) and note 6 to the condensed interim
financial statements for definitions of non-GAAP measures.
2. Organic revenue growth is at constant currency.
3. Revenue and Benchmark EBIT for the six months ended 30 September
2024 have been re-presented for the reclassification to exited business
activities of certain Business-to-Business (B2B) businesses, detail is
provided in notes 7(a) and 8 to the condensed interim financial statements.
4. See page 14 for reconciliation of Benchmark EBIT from ongoing
activities to Profit before tax.
Highlights
· Strong H1 progress. 8% organic revenue growth with consistent
performance during the half. Q1 organic revenue growth was 8% with Q2 organic
revenue growth of 9%. Total H1 revenue growth from ongoing activities was 12%
at constant exchange rates and 13% at actual exchange rates.
· Consumer Services organic revenue growth was 9%. We have expanded
to over 208 million free members with strengthened engagement and an expanded
product suite across our regions.
· B2B organic revenue grew 8%. Strength in data, analytics,
mortgage and our verticals drove H1 growth.
· All regions contributed to organic revenue growth in H1, up 10%
in North America, 4% in Latin
America, 1% in the UK and Ireland, and 6% in EMEA and Asia Pacific.
· Benchmark EBIT from ongoing activities rose 14% at both actual
and constant exchange. Benchmark EBIT margin was up 50 basis points at
constant exchange rates and 30 basis points at actual exchange rates.
· Good conversion from Benchmark EBIT into Benchmark EPS. Benchmark
EPS grew 12% at actual exchange rates, and 13% at constant exchange rates.
· Benchmark operating cash flow was up 25% year-over-year. Cash
conversion reached 77% in our seasonally weaker H1, compared to 71% in the
prior period, with Net debt to Benchmark EBITDA of 1.8x.
· Statutory profit before tax of US$975m, an increase of 36% (2024:
US$718m), driven by operating performance, non-cash foreign exchange gains on
our Brazilian intercompany funding and other financing fair value
remeasurements. Statutory Basic EPS increased by 36%.
· First interim dividend up 10% to USc 21.25 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 third quarter trading for FY26 on 21 January 2026.
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 the risk section on page 12 and note 26 to the
condensed interim 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 25,100 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
We delivered a strong H1 FY26 performance. Revenue growth was at the top end
of our expectations, we expanded our Benchmark EBIT margins and have further
advanced our strategic initiatives. B2B growth was driven by new product
innovation and key client wins, whilst Consumer Services growth benefitted
from audience expansion, enhanced engagement and increased product
penetration.
H1 B2B highlights included strength in our core data and analytics offerings,
and solid performance in our Health and Automotive verticals. We drove strong
Consumer Services growth across geographies, with particularly strong momentum
in our marketplace. We continue to capitalise on our unique dual-sided
platform, leveraging our broad credit and expanding insurance panels with over
208 million free members.
H1 organic revenue growth was 8%. Consumer Services grew 9% organically, and
B2B delivered 8% growth. All regions contributed to growth in the half. North
America maintained strong momentum, EMEA and Asia Pacific delivered consistent
performance, and Latin America and the UK and Ireland grew modestly, with
strong Consumer Services results offsetting ongoing macro headwinds.
First-half financial highlights
· Revenue growth was at the top end of our expected performance
range. Revenue growth from ongoing activities was 13% at actual rates and 12%
at constant currency. Organic revenue growth was 8%.
· All of our regions contributed to the growth. Organic revenue
growth was 10% in North America, 4% in Latin America, 1% in the UK and
Ireland, and 6% in EMEA and Asia Pacific.
· By quarter, organic revenue growth was 8% in Q1 and 9% in Q2.
Organic revenue growth was 9% in Q1 and 12% in Q2 in North America, 5% in Q1
and 3% in Q2 in Latin America, 1% in both Q1 and Q2 in the UK and Ireland, and
7% in Q1 and 5% in Q2 in EMEA and Asia Pacific
· Consumer Services organic revenue growth was 9%. Excluding a c.4%
headwind from one-off data breach services, Consumer Services organic revenue
growth was 13%, with 13% growth in both Q1 and Q2.
· In Consumer Services, we delivered broad-based growth across
regions. In North America, marketplace was the key driver, with good growth
across credit and insurance marketplaces. Continued rollout of No Ding
Decline, a contractual catch-up on insurance marketplace revenue and expansion
of lenders on our Activate platform bolstered growth. In Brazil, continued
success of Limpa Nome and further partner expansion in our marketplace
supported performance. In the UK and Ireland, app enhancements drove strong
consumer engagement and marketplace momentum.
· B2B organic revenue grew 8%. Organic growth was 8% in Q1 and 7%
in Q2. Good growth across both Financial Services and Verticals was
underpinned by clients wins, cross-sell and new product innovations.
· We delivered strong progress in Benchmark EBIT from ongoing
activities, up 14% at constant and actual exchange rates. Benchmark EBIT
margin from ongoing activities increased by 100 basis points organically, 50
basis points in total at constant rates and 30 basis points at actual rates to
28.3%. Margin benefitted from strong progress in internal productivity from
artificial intelligence (AI) enablement across the workforce. We generated 90
basis points of margin expansion in North America, 60 basis points in the UK
and Ireland and 480 basis points in EMEA and Asia Pacific. Latin America
margin contracted by 240 basis points reflecting the integration of recent
acquisitions.
· Consumer Services margin continued its strong momentum as the
business continues to scale, with margin up 230 basis points. B2B margin
contraction of 30 basis points reflected Cloud transformation dual-run costs
and recent acquisitions.
· We delivered strong growth in Benchmark earnings per share, which
increased by 13% at constant rates driven by revenue growth and margin
expansion. Basic EPS was USc 81.7 (2024: USc 60.2), up 36%.
· We invested US$377m in strategic acquisitions and spent a net
US$194m of our US$200m share repurchase programme. We remain selective in how
we deploy capital, with a disciplined focus on strategic alignment and
financial return. Return on Average Capital Employed remained very strong at
16.5%.
· Benchmark operating cash flow at actual exchange rates was
US$885m, an increase of 25% compared to US$707m in the prior period. Cash flow
conversion of Benchmark EBIT into Benchmark operating cash flow was 77%, in
our seasonally weaker half of the year for cash flow. Our full year guidance
for cash flow conversion remains at greater than 90%.
· We continued to invest in data, technology and innovation through
capital expenditure, which represented 8% of revenue. We expect to invest 8-9%
of revenue in the form of capital expenditure for the full year.
· During H1, we completed the acquisition of Clear Sale S.A.
(ClearSale), a leading provider of digital fraud prevention solutions in
Brazil, for US$329m, net of cash acquired. We are making good strategic
progress across our recent acquisitions of illion in Australia and New
Zealand, Audigent in North America and ClearSale in Brazil. Each integration
is advancing well and on track to deliver revenue and expense synergies that
enhance our bureau, marketing services and fraud capabilities globally.
· Following the end of H1, we acquired KYC360 in the UK and
Ireland, enhancing our fraud and financial crime compliance capabilities.
· We have maintained a strong balance sheet, while we sustain
business investment and capital allocation flexibility. Net debt to Benchmark
EBITDA of 1.8x.
· We have announced a first interim dividend of USc 21.25 per
share, up 10%. This will be paid on 6 February 2026 to shareholders on the
register at the close of business on 9 January 2026.
First-half strategic highlights
We continued to make progress on our strategic agenda this half-year. We are
confident that our differentiated capabilities across Business-to-Business and
Consumer Services position Experian for sustained success in our large and
growing markets.
Strategic highlights this half include:
In Business-to-Business:
· Our Ascend Platform continues to gain momentum with clients,
reflecting strong demand for our advanced data and software capabilities. We
now have 34 capabilities on the platform across more than 2,200
client-specific solutions. Engagement trends show increased user reach and
activity.
· We launched Experian Assistant for Model Risk Management, an
AI-powered solution that helps financial institutions govern and manage models
more efficiently across the entire model‑development lifecycle. Integrated
into the Ascend Platform, the solution streamlines end-to-end model governance
by automating documentation, enhancing validation workflows and delivering
generative (Gen) AI-driven insights to accelerate compliance and reduce risk.
· We have launched solutions that enable lenders to make faster and
more predictive credit decisions by combining consumer-permissioned cash flow
data with Experian's analytics. This approach delivers up to a 25% lift in
predictive performance and supports broader financial inclusion.
· We continue to scale Employer Services and Verification Solutions
and have increased our record count to 64 million. In Verification Solutions,
we onboarded two of the top 15 mortgage lenders in the USA.
· We announced our Experian Score Choice Bundle for the US mortgage
market, offering lenders the freedom to choose the credit score that best fits
their needs. We are excited to introduce VantageScore 4.0 into the conforming
mortgage market. We expect to usher in a more competitive market for scores
centred on our high-quality data, wider VantageScore 4.0 adoption and
supported by the breadth of our Ascend analytical and platform capabilities.
· In Brazil, we are progressing well with the integration of
ClearSale. We have embedded ClearSale's transactional fraud prevention
capabilities into Experian's Identity and Fraud (ID&F) suite, expanding
our total addressable market and enhancing product differentiation.
· In Australia and New Zealand, we are advancing our strategic
initiatives through the combination with illion. We have consolidated our
consumer bureau data and leveraged our software capabilities to create strong
and differentiated capabilities to take to market.
· We remain on track with our cloud migration. By the end of FY26,
we expect our largest geographies of North America (excluding Health) and
Brazil to surpass 85% in the cloud.
In Consumer Services:
· Our free membership base continues to expand as we grow our
capabilities to support consumers. We now serve over 208 million members
globally.
· In North America, we enhanced our leading GenAI enabled Experian
Virtual Assistant (EVA). We added new capabilities for personalised financial
support, credit card recommendations, and direct bank linking, driving deeper
member interaction. Since launch, over two million interactions have been
initiated with EVA
· In Brazil, we leveraged our Consumer Services and fraud
prevention capabilities to develop Serasa Pass. This innovative product
enables consumers to seamlessly log in to third-party digital properties using
their Serasa onboarding credentials, enhancing security and convenience across
Brazil's rapidly digitising economy.
· In the UK and Ireland, we are positively changing the debt
consolidation market with ReFi, a solution that leverages the richness of
Experian's bureau data and marketplace capabilities to remove friction from
the debt consolidation journey for consumers whilst delivering meaningful
savings, more credit offers to choose from and better outcomes for lenders.
Since launching on our marketplace, ReFi has consolidated £60 million of
consumer debt.
· In the UK and Ireland, we are launching a new and enhanced credit
score that gives consumers a clearer picture of their borrowing potential and
more ways to improve their score. The updated score includes new data, such as
rental payments, taking into account more of the positive financial behaviours
people demonstrate in their everyday lives that banks and lenders are now
using.
· We launched "confirm your home" in North America, leveraging
property data from our housing business to drive further engagement with
consumers as they navigate their financial lives.
Sustainability
· We continue to empower consumers through innovative data and
analytics solutions. In the USA, over 18 million consumers have connected
their accounts via Experian Boost and/or Personal Financial Management tools.
Experian Go has helped more than 300,000 individuals establish a financial
identity. Our Premium members have saved over US$45 million on everyday bills
through BillFixer and Subscription Cancellation. In Brazil, our Limpa Nome
platform helped over 2.5 million new consumers renegotiate their debt in H1
FY26. In Colombia, our Midatacrédito app has reached over 800,000 downloads.
· Our United for Financial Health programme to help improve
financial education among the communities where we operate has connected
with 238 million people since launch in 2020.
· We've strengthened our approach to responsible AI. Our GenAI
governance has evolved from a centralised council model into an embedded model
across product development and operations, aligned with global risk oversight.
From 1 December 2025, our new Global AI Policy will formalise strategic
principles, underpinned by our Responsible AI Framework aligned to the US
National Institute of Standards and Technology (NIST)'s Trustworthy AI
guidelines.
· We have launched our Climate Transition Plan, which sets out the
steps we are taking to reduce carbon emissions across our operations and
supply chain.
· We continue to foster a 'People first' culture, now certified as
a Great Place to Work in 26 countries. In the latest survey, 89% of employees
said they're proud to work at Experian, and 93% felt the workplace is
accessible. We were recognised on the Fortune 100 Best Companies to Work For
in Europe and Best Workplaces in Latin America for the first time.
Other financial developments
Benchmark EBIT of US$1,145m, was up 15% at actual exchange rates. Benchmark
EBIT includes the impact of a US$4m operating loss from exited business
activities. Exited businesses were primarily in EMEA and Asia Pacific region.
Benchmark EBIT from ongoing activities of US$1,149m rose 14% at actual
exchange rates and removes the impact of these exited businesses. Benchmark
profit before tax (PBT) was US$1,053m, up 13% at actual exchange rates, after
a net interest expense of US$92m (2024: US$70m). Our interest expense
increased primarily from higher debt due to acquisition financing. For FY26,
we continue to expect net interest expense to be c.US$190m.
The Benchmark tax rate was 25.7% (2024: 25.0%). For FY26, we continue to
expect a rate of c.26% (FY25: 25.3%), taking into account expected profit mix
for the second half of the year.
Our Benchmark EPS was USc 85.0, an increase of 12% at actual exchange rates
and 13% at constant exchange rates. For FY26, we still expect a weighted
average number of ordinary shares (WANOS) of c.914m.
The foreign exchange headwind of 1% to Benchmark EPS in the half, primarily
related to the appreciation of the UK pound sterling relative to the US
dollar. For FY26, we expect the foreign exchange translation effect to be a 1%
benefit to revenue and Benchmark EBIT, assuming recent foreign exchange rates
prevail.
Non-benchmark items:
Statutory profit before tax was US$975m, up from US$718m, driven by operating
performance, non-cash foreign exchange gains on our Brazilian intercompany
funding and other financing fair value remeasurements.
Reconciliation of statutory to Benchmark measures for the six months ended 30
September 2025
Statutory Non-benchmark and other items Benchmark
Investment- Amortisation of acquisition intangibles Non-cash financing items(2) Exceptional items(3)
related items(1)
US$m US$m US$m US$m US$m US$m
4,058 - - - - 4,058 Ongoing
12 - - - - 12 Exited
Revenue 4,070 - - - - 4,070 Revenue
977 35 135 - 2 1,149 Ongoing
(4) - - - - (4) Exited
Operating profit 973 35 135 - 2 1,145 Benchmark EBIT
Profit before tax 975 33 135 (92) 2 1,053 Benchmark PBT
Basic EPS USc 81.7 2.6 10.7 (9.9) (0.1) 85.0 Benchmark EPS USc
1. Investment-related items include the Group's share of continuing
associates' Benchmark post-tax results.
2. Non-cash financing items totalling US$92m include US$66m of foreign
exchange gains on Brazil intra-Group funding and put option gains of US$24m.
3. Exceptional items are analysed in note 10 to the condensed interim
financial statements.
Part 2 - Regional highlights for six months ended 30 September 2025
Year-on-year % change in organic¹ revenue - for the six months ended 30 Benchmark
September 2025
EBIT
margin²
% of Group revenue³ B2B Consumer Services Total Total
North America 68 12 8 10 35.4%
Latin America 14 0 18 4 25.6%
UK and Ireland 11 (1) 11 1 19.5%
EMEA and Asia Pacific 7 6 n/a 6 4.8%
Total global 100 8 9 8 28.3%
1. At constant exchange rates.
2. At actual exchange rates.
3. Percentage of Group revenue from ongoing activities calculated based on
the six months ended 30 September 2025 revenue at actual exchange rates.
% change in organic revenue year-on-year for the six months ended 30 September
2025
Ongoing activities only Percentage of Total revenue Organic revenue growth %
Group Revenue(4) growth %
At actual At constant exchange rates At constant exchange rates
exchange rates
Financial Services 52 14 8
Verticals 20 12 7
B2B 72 14 8
Consumer Services 28 9 9
Total global 100 12 8
4. Percentage of Group Revenue for the six months ended 30 September 2025 at
actual exchange rates.
North America
North America delivered strong growth with revenue of US$2,756m, representing
organic revenue growth of 10%. Total revenue growth was 12% including the
contributions from the NeuroID and Audigent acquisitions completed last year.
B2B delivered organic growth of 12%, with growth of 12% in Q1 and 11% in Q2.
Financial Services performed very well, with organic revenue growth of 13%.
Growth was driven by our unique combination of rich data assets and integrated
software solutions that help clients unlock smarter and more efficient
insights. While the underlying lending environment remained below long-term
trends in H1, client activity did improve across some client cohorts. Clarity,
our leading alternative data business, delivered strong growth, with continued
progress expanding into larger core clients. Ascend and our analytics software
solutions also sustained recent momentum, with good new client wins. Mortgage
profile revenue increased by 43%, primarily due to higher pricing. In Employer
Services and Verification Solutions, we are pleased with our strategic
progress, growing to 64 million active records through a mix of partnerships
and unique employer relationships.
Verticals delivered strong performance, with organic revenue growth of 9%.
There was broad-based growth across Health, Automotive, and Marketing
Services. Health revenue benefitted from good performance of our claims
management product suite and continued traction with Patient Access Curator,
our AI-powered registration solution that delivers a complete and accurate
view of a patient's insurance information upfront. Automotive revenue grew
well, driven by the breadth of our portfolio, with strong performance in our
credit, value recovery, and vehicle history products. Marketing Services also
generated solid growth in H1, with good new business performance and continued
expansion of our digital platform integrations.
Consumer Services delivered organic revenue growth of 8%, with growth of 3% in
Q1 and 13% in Q2. H1 growth reflected variability in one-off data breach
services. Excluding data breach services, Consumer Services delivered H1
growth of 12%.
We continue to build a trusted financial platform that empowers consumers and
delivers measurable value to partners. Our strategy focuses on audience growth
and deeper engagement across a richer and wider ecosystem of consumer offers.
During H1, we continued to enhance EVA (Experian Virtual Assistant), our
GenAI-powered assistant that leverages unique Experian data and capabilities
to drive personal financial insights. EVA embodies agentic AI, collaborating
across systems and delivering consistent, proactive outcomes, freeing
consumers from complexity.
We generated solid Consumer Services performance in H1, with growth driven by
marketplace and premium subscription. In our marketplace, credit cards and
personal loans both performed well as we accelerated lender adoption of key
initiatives such as No Ding Decline and Activate. Insurance revenue increased
due to ongoing policy growth and a contractual catch-up from a large carrier.
In premium subscription, growing membership supported revenue growth as we
continue to enhance our features set.
Benchmark EBIT rose 15% to US$977m and Benchmark EBIT margin increased by 90
basis points to 35.4%. Strong margin expansion reflected revenue mix, further
scaling of Consumer Services and continued productivity initiatives.
Latin America
Latin America delivered revenue from ongoing activities of US$570m, increasing
by 4% organically and total constant currency revenue growing 15%. Acquisition
contributions included CCFacil, ClearSale, SalaryFits and TEx.
B2B organic revenue growth was flat, in-line with recent performance.
In Brazil, persistent macro headwinds and high interest rates moderated B2B
growth. Despite this backdrop, we continue to progress our strategic
priorities, with good performance across key initiatives. We delivered strong
growth in our fraud prevention product suite, driven by new capabilities and
client wins. Our recent acquisition of ClearSale is progressing well.
ClearSale's transactional fraud prevention capabilities are a strong
complement to our existing portfolio and are supporting our ambition to offer
a comprehensive suite of fraud and credit risk solutions to clients. Small
& Medium Enterprises revenue also performed well, as we continue to
deliver unique solutions to this large and important subset of the Brazilian
economy. Within our Verticals, revenue declined primarily related to Marketing
Services.
Spanish Latin America growth reflected solid performance across the bureau
geographies of Colombia, Panama and Peru. We generated good progress in
value-added services, such as proprietary scores and attributes.
Consumer Services organic revenue growth was 18%, reflecting strong underlying
progress and a particularly strong Q2 performance in the prior period. We
continue to build a comprehensive financial ecosystem, aiming to be the most
significant financial platform in the region by offering integrated tools
across credit access, payments, financial education and other personalised
features. In H1, Limpa Nome performance was strong, with good growth in debt
resolution agreements between lenders and consumers. Our credit marketplace
generated solid growth driven by partner expansion. We are also establishing a
strong panel in our auto insurance business, supported by our TEx acquisition
last year.
Benchmark EBIT from ongoing activities in Latin America was US$146m, up 4% at
constant exchange rates. The Benchmark EBIT margin from ongoing activities at
actual exchange rates was 240 basis points lower at 25.6% reflecting the
temporary margin impact from recent acquisitions.
UK and Ireland
The UK and Ireland region delivered revenue from ongoing activities of
US$441m, with organic revenue growth of 1% and total constant currency growth
of 2%.
B2B organic revenue declined by 1%, with Financial Services increasing by 1%
year-on-year offset by an 11% reduction in Verticals. We are advancing our
strategic priorities, with good recent Ascend Sandbox wins and a number of
proof of value trials still ongoing in market, though a subdued economic
backdrop continued to weigh on growth. The decline in Verticals revenue was
largely due to a strong prior year comparable from Experian Data Quality
revenue in the prior period.
Consumer Services organic revenue increased by 11%. Marketplace revenue
continues to grow well, outperforming the underlying market. We have driven
strong growth through increasing customer engagement and better conversion
rates, with our Activate capability supporting a strong and growing lender
panel. Subscription revenue benefitted from a growing membership count, driven
by the rollout of new features and more personalised experiences.
Benchmark EBIT from ongoing activities was US$86m, a 5% increase at constant
exchange rates. Benchmark EBIT margin from ongoing activities improved by 60
basis points to 19.5%, driven by disciplined cost management and Consumer
Services scaling.
EMEA and Asia Pacific
In EMEA and Asia Pacific, revenue from ongoing activities was US$291m, with
organic growth of 6% and total growth at constant exchange rates of 35%. The
difference primarily relates to our illion acquisition, completed on 30
September 2024.
We achieved solid growth across our core markets, with notable strong
performances in Australia and New Zealand (ANZ), India and Southern Europe.
New business initiatives across proprietary scores and attributes along with
solid ID&F performance contributed to growth during the period.
Benchmark EBIT from ongoing activities was US$14m. The Benchmark EBIT margin
from ongoing activities was 4.8%, a 480 basis points rise from the prior
period, primarily due to the positive margin contribution from the illion
acquisition.
FY26 modelling considerations
Organic revenue growth c.8%
Inorganic revenue contribution c.3%
Benchmark EBIT margin¹ Good margin improvement +30 to +50 basis points
Foreign exchange(2) c.+1% to revenue and Benchmark EBIT
Net interest c.US$190m
Benchmark tax rate c.26%
WANOS(3) 914m
Capital expenditure 8 - 9% of revenue
OCF(4) conversion >90%
Share repurchases US$200m
1. At constant exchange rates.
2. From ongoing activities.
3. Weighted average number of ordinary shares.
4. Benchmark operating cash flow.
Medium-Term Framework
Organic revenue growth High-single-digits
Benchmark EBIT margin¹ Good margin improvement
+30 to +50 basis points per annum
Capital expenditure Trend to c.7% of revenue
Revenue by region
Six months ended 30 September 2025 2024¹ Growth %
US$m US$m
Total at actual exchange rates Total at constant exchange rates Organic at constant exchange rates
North America
Financial Services 1,140 1,004 14 13
Verticals 741 652 14 9
Business-to-Business 1,881 1,656 14 12
Consumer Services 875 810 8 8
Total ongoing activities 2,756 2,466 12 12 10
Exited business activities - -
Total North America 2,756 2,466
Latin America
Financial Services 425 383 14 0
Verticals 10 11 (11) (11)
Business-to-Business 435 394 13 0
Consumer Services 135 117 19 18
Total ongoing activities 570 511 12 15 4
Exited business activities 1 7
Total Latin America 571 518
UK and Ireland
Financial Services 277 263 1 1
Verticals 56 57 (7) (11)
Business-to-Business 333 320 (1) (1)
Consumer Services 108 93 11 11
Total ongoing activities 441 413 7 2 1
Exited business activities - -
Total UK and Ireland 441 413
EMEA and Asia Pacific
Financial Services 271 195 36 7
Verticals 20 18 19 3
Total ongoing activities 291 213 37 35 6
Exited business activities 11 18
Total EMEA and Asia Pacific 302 231
Total revenue - ongoing activities 4,058 3,603 13 12 8
Total revenue - exited business activities 12 25
Revenue 4,070 3,628 12 12
1. The results for the six months ended 30 September 2024 have been
re-presented for the reclassification to exited business activities of certain
B2B businesses, detail is provided in notes 7(a) and 8 to the condensed
interim financial statements.
See Appendix 1 (page 13) and note 6 to the condensed interim financial
statements for definitions of non-GAAP measures.
See Appendix 2 (page 14) for analyses of revenue, Benchmark EBIT and Benchmark
EBIT margin from ongoing activities by business line.
Income statement, earnings and Benchmark EBIT margin analysis
Six months ended 30 September 2025 2024¹ Growth %
US$m US$m
Total at actual exchange rates Total at constant exchange rates
Benchmark EBIT by geography
North America 977 850 15
Latin America 146 143 4
UK and Ireland 86 78 5
EMEA and Asia Pacific 14 - n/a
Benchmark EBIT before Central Activities 1,223 1,071 14 14
Central Activities - central corporate costs (74) (62)
Benchmark EBIT from ongoing activities 1,149 1,009 14 14
Exited business activities (4) (10)
Benchmark EBIT 1,145 999 15 15
Net interest (92) (70)
Benchmark PBT 1,053 929 13 14
Exceptional items (2) (13)
Amortisation of acquisition intangibles (135) (95)
Acquisition and disposal expenses (32) (8)
Adjustment to the fair value of contingent consideration (1) (2)
Financing fair value remeasurements 92 (93)
Profit before tax 975 718 36
Tax charge (223) (165)
Profit for the period 752 553 36
Benchmark earnings
Benchmark PBT 1,053 929 13 14
Benchmark tax charge (271) (232)
Total Benchmark earnings 782 697
Owners of Experian plc 778 695 12 13
Non-controlling interests 4 2
Benchmark EPS USc 85.0 USc 76.0 12 13
Basic EPS USc 81.7 USc 60.2 36
Weighted average number of ordinary shares 915 914
Benchmark EBIT margin - ongoing activities
North America 35.4% 34.5%
Latin America 25.6% 28.0%
UK and Ireland 19.5% 18.9%
EMEA and Asia Pacific 4.8% 0.0%
Benchmark EBIT margin 28.3% 28.0%
1. Benchmark results for the six months ended 30 September 2024 have been
re-presented for the reclassification to exited business activities of certain
B2B businesses, detail is provided in notes 7(a) and 8 to the condensed
interim financial statements.
See Appendix 1 (page 13) and note 6 to the condensed interim financial
statements for definitions of non-GAAP measures.
See Appendix 2 (page 14) for analyses of revenue, Benchmark EBIT and Benchmark
EBIT margin from ongoing activities by business line.
Group financial review
Key statutory measures
Statutory revenue
We delivered a strong performance in the half, making further progress against
our strategic priorities. Growth aligned with our expectations and revenue
rose by 12% to US$4,070m (2024: US$3,628m).
Statutory operating profit and profit before tax
Operating profit for the six months ended 30 September 2025 improved by 11% to
US$973m (2024: US$880m), reflecting strong revenue growth, the continued
expansion of our Consumer Services business, and the impact of our
productivity initiatives, tempered by acquisition related costs. The movements
in Benchmark EBIT at constant currency are discussed in the Chief Executive
Officer's review and Regional highlights on pages three to eight.
Net finance expense was US$nil (2024: US$163m). While net interest expense
increased by US$22m due to higher average borrowings, this was offset by
financing fair value gains of US$92m (2024: losses of US$93m). The US$185m
movement in financing fair value remeasurements was primarily attributed to
gains on foreign exchange from funding our Brazilian operations and the
remeasurement of put option liabilities. Profit before tax rose to US$975m
(2024: US$718m), reflecting the improved performance and lower finance charge.
Tax
The effective rate of tax based on profit before tax was 22.9%, a decrease of
10 basis points from the prior period, largely attributable to financing fair
value gains which are not subject to tax.
Statutory Basic EPS
Basic EPS increased by 36% to 81.7 US cents (2024: 60.2 US cents), driven by
stronger pre-tax earnings.
Statutory cash flow
The increase in cash generated from operations to US$1,170m (2024: US$975m)
was largely driven by higher operating profit. Net borrowing inflows amounted
to US$339m (2024: US$803m). Cash outflows for net share purchases totalled
US$194m (2024: US$95m), offsetting deliveries under employee share plans.
Undrawn committed bank borrowing facilities at 30 September 2025 stood at
US$2.5bn (2024: US$2.1bn).
Net assets
Net assets at 30 September 2025 increased to US$5,437m (2024: US$4,790m).
Capital employed, as defined in note 6(p) to the condensed interim financial
statements, was US$10,553m (2024: US$9,718m). The increase in operating
segment net assets was largely acquisition related.
Equity
There was an increase in equity of US$347m from US$5,090m at 31 March 2025,
with movements detailed in the Group statement of changes in equity on page
19.
Key movements in equity in the half include:
· Profit for the period of US$752m.
· Employee share awards and options cost of US$73m.
· Ordinary dividends of US$396m and a movement of US$194m in
connection with net share purchases.
Seasonality
We anticipate Benchmark EBIT to be somewhat weighted towards the second half
of the year reflecting revenue seasonality and historical performance.
Risks
Identifying and managing risk is key to our purpose and the delivery of our
strategy and objectives. All colleagues play a crucial role in managing risks,
and doing so helps us create long-term shareholder value and protect our
business, people, assets, capital and reputation. Experian has developed a
sustainable and embedded risk management framework and culture globally,
focused on reducing critical business risks and advancing operational and
regulatory risk processes. We emphasise and encourage transparent and timely
risk reporting, and our risk governance process includes well-defined roles
and responsibilities, accountability, and adherence to policies and standards.
The principal risks and uncertainties we face in the remaining six months of
the year remain consistent with those explained in detail on pages 81 to 89 of
our Annual Report for the year ended 31 March 2025:
· Data loss/misuse
· Resiliency
· Legislative/regulatory change and compliance
· Macroeconomic
· Investment outcomes
· Competition
· Business conduct
· Talent acquisition and retention.
We continue to develop our responses to these and other risks on an ongoing
basis. The below matters are noted as part of our ongoing assessment.
Data loss/misuse - External cyber security threats to businesses continue to
increase in complexity and evolve in their nature and scope. Our
threat-informed defence programme concurrently monitors and targets the most
active threats to mitigate and reduce risks.
Legislative/regulatory change and compliance - Exposure to the risks
associated with new laws, new interpretations of existing laws and changes to
existing regulations remains heightened but stable. In North America the US
Consumer Financial Protection Bureau remains interested in topics around the
consumer dispute process and Open Banking and state level regulatory activity
and change is active, applying to our core credit bureau activities and to
marketing services. Privacy and AI remain the most prevalent areas of
regulatory change across our geographies, and we are preparing the necessary
processes in line with requirements.
Resiliency - In common with many organisations, Experian faces an external
threat from ransomware and other cyber attacks. This includes cyber resilience
threats to third parties critical to our operations, AI-driven attacks and
social engineering. We continue to assess the potential impact of these
threats, as the nature and sophistication of these attacks continually evolve.
Our accelerated technology transformation combined with continual development
of training and other communications are key aspects of managing this risk.
Given the size and scale of recent cyber and other resiliency events across
the market we remain focused on our preparedness activities. Our response
planning includes a number of key initiatives aimed at continually improving
our existing capability in this area.
Macroeconomic - Moving into FY26, global economic conditions remain mixed with
a degree of residual uncertainty across the Group's three core economies. The
US has maintained moderate growth with easing inflation, although this remains
above target. The UK continues to experience subdued growth and persistent
inflationary pressures, and Brazil faces a deceleration in growth along with
rising inflation. Interest rate cuts in all three economies remain dependent
on a range of broader economic factors and we continue to monitor the
macroeconomic trends impacting our business.
Further information on financial risk management is given in note 24 to the
condensed interim financial statements.
The Chief Executive Officer's, Business and Group financial reviews on pages
three to 11 include consideration of key uncertainties affecting us for the
remainder of the current financial year. There may however be additional risks
unknown to us and other risks, currently believed to be immaterial, which
could turn out to be material. These risks, whether they materialise
individually or simultaneously, could significantly affect our business and
financial results.
Going concern
The principal risks and uncertainties we face and our assessment of viability,
remain largely unchanged from those explained in detail on pages 81 to 91 of
our Annual Report for the year ended 31 March 2025.
The Group has a robust balance sheet with access to considerable funding and
continues to adopt the going concern basis in preparing these condensed
interim financial statements. Cash flow in the period was solid with cash flow
conversion of 77% (2024: 71%). Our undrawn committed bank borrowing facilities
at 30 September 2025 totalled US$2.5bn (2024: US$2.1bn) and had an average
remaining tenor of three years (2024: four years).
The directors believe that the Group is well placed to manage its financing
and other business risks satisfactorily and have a reasonable expectation that
the Group will have adequate resources to continue in operational existence
for at least 12 months from the date of signing these condensed interim
financial statements. See note 2 to the condensed interim financial statements
for further detail.
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. There is a fuller
explanation, and references to where the measures are used and reconciled, in
note 6 to the condensed interim 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.
Appendices (continued)
2. Revenue, Benchmark EBIT and Benchmark EBIT margin by business line
Six months ended 30 September Growth %
2025 2024(1) Total at constant exchange Organic at constant exchange
US$m US$m rates rates
Revenue
Financial Services 2,113 1,845 14 8
Verticals 827 738 12 7
Business-to-Business(2) 2,940 2,583 14 8
Consumer Services 1,118 1,020 9 9
Ongoing activities 4,058 3,603 12 8
Exited business activities 12 25 n/a
Total 4,070 3,628 12
Benchmark EBIT
Business-to-Business 887 787 13
Consumer Services 336 284 18
Business lines 1,223 1,071 14
Central Activities - central corporate costs (74) (62) n/a
Ongoing activities 1,149 1,009 14
Exited business activities (4) (10) n/a
Total Benchmark EBIT 1,145 999 15
Net interest expense (92) (70) n/a
Benchmark PBT(3) 1,053 929 14
Exceptional items(4) (2) (13)
Other adjustments made to derive Benchmark PBT(4) (76) (198)
Profit before tax 975 718
Benchmark EBIT margin - ongoing activities
Business-to-Business 30.2% 30.5%
Consumer Services 30.1% 27.8%
Benchmark EBIT margin(5) 28.3% 28.0%
1. Revenue of US$14m and Benchmark EBIT of US$2m for the six months
ended 30 September 2024 have been re-presented for the reclassification to
exited business activities of certain B2B businesses. See notes 7(a) and 8 to
the condensed interim financial statements.
2. From FY26 we have updated the reporting structure of our business
lines. Effective 1 April 2025, the Business-to-Business business line is
divided into Financial Services and Verticals. The Consumer Services business
line remains unchanged. This categorisation more clearly reflects the way we
service our clients under the One Experian approach. The results for the six
months ended 30 September 2024 have been re-presented accordingly.
3. Benchmark PBT for the six months ended 30 September 2025 calculated
at constant exchange rates is US$1,052m (2024: US$923m). The difference
compared to the reported amounts is attributable to exchange rate movements.
4. See note 10 to the condensed interim financial statements.
5. Benchmark EBIT margin for ongoing activities is calculated by
dividing Benchmark EBIT for ongoing activities, which includes central
corporate costs, by revenue from ongoing activities.
Appendices (continued)
3. Cash flow and Net debt summary(1)
Six months ended 30 September 2025 2024
US$m US$m
Benchmark EBIT 1,145 999
Amortisation and depreciation charged to Benchmark EBIT 300 270
Benchmark EBITDA 1,445 1,269
Impairment of non-current assets charged to Benchmark EBIT 1 6
Net capital expenditure (Appendix 4) (333) (297)
Increase in working capital (275) (314)
Principal lease payments (24) (21)
Benchmark profit retained in associates (2) (1)
Charge for share incentive plans 73 65
Benchmark operating cash flow(2) 885 707
Net interest paid (106) (87)
Tax paid (243) (193)
Dividends paid to non-controlling interests (1) (1)
Benchmark free cash flow 535 426
Acquisitions(3) (377) (818)
Disposal of operations 29 -
Additions to other financial assets (10) (28)
Disposal of other financial assets 2 19
Movement in Exceptional and other non-benchmark items (33) (14)
Ordinary dividends paid (396) (370)
Net cash outflow (250) (785)
Net debt at 1 April (4,684) (4,053)
Net share purchases (194) (95)
Non-cash lease obligation additions and disposals (24) (8)
Principal lease payments 24 21
Additions through business combinations (1) (2)
Foreign exchange and other movements (51) (42)
Net debt at 30 September (5,180) (4,964)
1. For Group cash flow statement see page 20.
2. A reconciliation of Cash generated from operations to Benchmark operating
cash flow is provided in note 18(g) to the condensed interim financial
statements.
3. See note 18(d) to the condensed interim financial statements.
4. Reconciliation of net investment
Six months ended 30 September 2025 2024
US$m US$m
Capital expenditure as reported in the Group cash flow statement 338 298
Disposal of property, plant and equipment (5) (1)
Net capital expenditure 333 297
Acquisitions 377 818
Additions to other financial assets 10 28
Disposal of operations and other financial assets (31) (19)
Net investment 689 1,124
Condensed interim financial statements
Group income statement
for the six months ended 30 September 2025
Six months ended 30 September 2025 Six months ended 30 September 2024
Benchmark(1) Non-benchmark(2) Total Benchmark(1) Non-benchmark(2) Total
US$m US$m US$m US$m US$m US$m
Revenue (note 7(a)) 4,070 - 4,070 3,628 - 3,628
Total operating expenses (2,927) (170) (3,097) (2,630) (118) (2,748)
Operating profit/(loss) 1,143 (170) 973 998 (118) 880
Finance income 19 - 19 11 - 11
Finance expense (111) 92 (19) (81) (93) (174)
Net finance (expense)/income (note 11(a)) (92) 92 - (70) (93) (163)
Share of post-tax profit of associates 2 - 2 1 - 1
Profit/(loss) before tax (note 7(a)) 1,053 (78) 975 929 (211) 718
Tax (charge)/credit (note 12(a)) (271) 48 (223) (232) 67 (165)
Profit/(loss) for the period 782 (30) 752 697 (144) 553
Attributable to:
Owners of Experian plc 778 (30) 748 695 (145) 550
Non-controlling interests 4 - 4 2 1 3
Profit/(loss) for the period 782 (30) 752 697 (144) 553
Total Benchmark EBIT(1) (note 7(a)) 1,145 999
US cents US cents US cents US cents
Earnings per share (note 13(a))
Basic 85.0 81.7 76.0 60.2
Diluted 84.6 81.3 75.5 59.8
1. Total Benchmark EBIT and other Benchmark items are non-GAAP
measures, defined in note 6 to the condensed interim financial statements.
2. The loss before tax for non-benchmark items of US$78m (2024:
US$211m) is analysed in note 10(a) to the condensed interim financial
statements.
Condensed interim financial statements
Group statement of comprehensive income
for the six months ended 30 September 2025
Six months ended 30 September
2025 2024
US$m US$m
Profit for the period 752 553
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss:
Remeasurement of post-employment benefit assets and obligations (note 17(b)) 5 6
Changes in the fair value of investments revalued through OCI (16) (40)
Deferred tax charge (3) (8)
Items that will not be reclassified to profit or loss (14) (42)
Items that are or may be reclassified subsequently to profit or loss:
Currency translation gains 127 2
Cumulative currency translation gain in respect of divestment reclassified to 1 -
profit or loss
Fair value gain on cash flow hedge 21 26
Hedging gain reclassified to profit or loss (note 11(c)) (20) (31)
Items that are or may be reclassified subsequently to profit or loss 129 (3)
Other comprehensive income/(expense) for the period(1) 115 (45)
Total comprehensive income for the period 867 508
Attributable to:
Owners of Experian plc 862 501
Non-controlling interests 5 7
Total comprehensive income for the period 867 508
1. There is no associated tax on amounts reported within Other
comprehensive income (OCI), except as reported for post-employment benefit
assets and obligations. Currency translation items, not reclassified to profit
or loss, are recognised in the hedging or translation reserve within other
reserves and in non-controlling interests. Other items within OCI are
recognised in retained earnings.
Condensed interim financial statements
Group balance sheet
at 30 September 2025
30 September 31 March
2025 2024 2025
Notes US$m US$m US$m
Non-current assets
Goodwill 15 7,012 6,570 6,654
Other intangible assets 2,998 2,714 2,855
Property, plant and equipment 346 359 350
Investments in associates 16 12 13
Deferred tax assets 52 88 71
Post-employment benefit assets 17(a) 218 206 202
Trade and other receivables 238 202 226
Financial assets revalued through OCI 24(b) 215 223 221
Other financial assets 24(b) 245 134 153
11,340 10,508 10,745
Current assets
Trade and other receivables 1,801 1,669 1,684
Current tax assets 64 66 52
Financial assets revalued through OCI 24(b) 24 - 1
Other financial assets 24(b) 51 20 36
Cash and cash equivalents - excluding bank overdrafts 19(b) 288 245 368
2,228 2,000 2,141
Assets classified as held-for-sale 10 - -
2,238 2,000 2,141
Current liabilities
Trade and other payables (1,982) (1,785) (2,127)
Borrowings 19(b) (1,220) (581) (774)
Current tax liabilities (58) (101) (76)
Provisions (22) (33) (21)
Other financial liabilities (6) (24) (4)
(3,288) (2,524) (3,002)
Liabilities classified as held-for-sale (3) - -
(3,291) (2,524) (3,002)
Net current liabilities (1,053) (524) (861)
Total assets less current liabilities 10,287 9,984 9,884
Non-current liabilities
Trade and other payables (153) (167) (172)
Borrowings 19(b) (4,405) (4,617) (4,242)
Deferred tax liabilities (155) (177) (155)
Post-employment benefit obligations 17(a) (37) (40) (37)
Provisions (3) (3) (3)
Other financial liabilities (97) (190) (185)
(4,850) (5,194) (4,794)
Net assets 5,437 4,790 5,090
Equity
Called-up share capital 21 97 97 97
Share premium account 21 1,863 1,837 1,839
Retained earnings 22,088 21,293 21,797
Other reserves (18,651) (18,477) (18,679)
Attributable to owners of Experian plc 5,397 4,750 5,054
Non-controlling interests 40 40 36
Total equity 5,437 4,790 5,090
Condensed interim financial statements
Group statement of changes in equity
for the six months ended 30 September 2025
Called-up share capital Share premium account Retained earnings Other reserves Attributable to owners of Experian plc Non-controlling interests Total equity
(Note 21) (Note 21)
US$m US$m US$m US$m US$m US$m US$m
At 1 April 2025 97 1,839 21,797 (18,679) 5,054 36 5,090
Comprehensive income:
Profit for the period - - 748 - 748 4 752
Other comprehensive income/(expense) - - (14) 128 114 1 115
Total comprehensive income - - 734 128 862 5 867
Transactions with owners:
Employee share incentive plans:
- value of employee services - - 73 - 73 - 73
- shares issued on vesting - 24 - - 24 - 24
- purchase of shares by employee trusts - - - (97) (97) - (97)
- other vesting of awards and exercises of share options - - (103) 112 9 - 9
- related tax charge - - (11) - (11) - (11)
- other payments - - (6) - (6) - (6)
Purchase of shares held as treasury shares - - - (121) (121) - (121)
Shares delivered as acquisition consideration (note 23(a)) - - - 6 6 - 6
Dividends paid - - (396) - (396) (1) (397)
Transactions with owners - 24 (443) (100) (519) (1) (520)
At 30 September 2025 97 1,863 22,088 (18,651) 5,397 40 5,437
Group statement of changes in equity
for the six months ended 30 September 2024
Called-up share capital Share premium account Retained earnings Other reserves Attributable to owners of Experian plc Non-controlling interests Total equity
(Note 21) (Note 21)
US$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 period - - 550 - 550 3 553
Other comprehensive (expense)/income - - (42) (7) (49) 4 (45)
Total comprehensive income/(expense) - - 508 (7) 501 7 508
Transactions with owners:
Employee share incentive plans:
- value of employee services - - 65 - 65 - 65
- shares issued on vesting - 18 - - 18 - 18
- purchase of shares by employee trusts - - - (83) (83) - (83)
- other vesting of awards and exercises of share options - - (66) 80 14 - 14
- related tax credit - - 7 - 7 - 7
- other payments - - (5) - (5) - (5)
Purchase of shares held as treasury shares - - - (30) (30) - (30)
Transactions with non-controlling interests - - (1) - (1) (1) (2)
Dividends paid - - (370) - (370) (1) (371)
Transactions with owners - 18 (370) (33) (385) (2) (387)
At 30 September 2024 97 1,837 21,293 (18,477) 4,750 40 4,790
Condensed interim financial statements
Group cash flow statement
for the six months ended 30 September 2025
Six months ended 30 September
2025 2024
Notes US$m US$m
Cash flows from operating activities
Cash generated from operations 18(a) 1,170 975
Interest paid (121) (94)
Interest received 15 7
Tax paid (243) (193)
Net cash inflow from operating activities 821 695
Cash flows from investing activities
Purchase of other intangible assets 18(c) (320) (283)
Purchase of property, plant and equipment (18) (15)
Disposal of property, plant and equipment 5 1
Additions to other financial assets (10) (28)
Disposal of other financial assets 2 19
Acquisition of subsidiaries, net of cash acquired 18(d) (338) (781)
Disposal of operations 23(e) 29 -
Net cash flows used in investing activities (650) (1,087)
Cash flows from financing activities
Cash inflow in respect of shares issued 18(e) 24 18
Cash outflow in respect of share purchases 18(e) (218) (113)
Other payments on vesting of share awards (6) (5)
Transactions in respect of non-controlling interests 18(d) - (1)
New borrowings 500 1,016
Repayment of borrowings - (537)
Net (payments)/receipts from issuing commercial paper (161) 324
Principal lease payments (24) (21)
Net receipts for derivative contracts 20 39
Dividends paid (397) (371)
Net cash flows (used in)/from financing activities (262) 349
Net decrease in cash and cash equivalents (91) (43)
Cash and cash equivalents at 1 April 366 300
Exchange movements on cash and cash equivalents 10 (14)
Cash and cash equivalents at 30 September 18(f) 285 243
Notes to the condensed interim financial statements
for the six months ended 30 September 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 2025.
2. Basis of preparation
The condensed consolidated interim financial statements (the condensed interim
financial statements) are prepared on the going concern basis and in
accordance with International Accounting Standard (IAS) 34 'Interim Financial
Reporting' (IAS 34) adopted pursuant to Regulation (EC) No 1606/2002 as it
applies in the EU, and as adopted for use in the UK and as issued by the
International Accounting Standards Board (IASB).
The condensed interim financial statements:
· comprise the consolidated results of the Group for the six months
ended 30 September 2025 and 30 September 2024
· were approved for issue on 11 November 2025
· have not been audited but have been reviewed by the Company's
auditor with their report set out on pages 54 and 55
· do not constitute the Group's statutory financial statements but
should be read in conjunction with the Group's statutory financial statements
for the year ended 31 March 2025.
The Group's statutory financial statements comprise the Annual Report and
audited financial statements which are prepared in accordance with the
Companies (Jersey) Law 1991 and IFRS Accounting Standards as adopted pursuant
to Regulation (EC) No 1606/2002 as it applies in the European Union (EU-IFRS),
UK-adopted international accounting standards (UK-IFRS) and IFRS as issued by
the International Accounting Standards Board (IASB-IFRS). EU-IFRS, UK-IFRS,
and IASB-IFRS all differ in certain respects from each other, however the
differences have no material impact for the periods presented.
The most recent such statutory financial statements, for the year ended 31
March 2025, were approved by the directors on 13 May 2025 and subsequently
delivered to the Jersey Registrar of Companies. The auditor's report was
unqualified and did not contain a statement under Article 113B(3) or Article
113B(6) of the Companies (Jersey) Law 1991. Copies of these financial
statements are available on the Company's website, at experianplc.com, and
from the Company Secretary at 2 Cumberland Place, Fenian Street, Dublin 2, D02
HY05, Ireland.
The financial information for the year ended 31 March 2025 included in the
condensed interim financial statements is not the Company's statutory accounts
for that financial year, but has been extracted from the Group's statutory
financial statements.
As required by the UK Financial Conduct Authority Disclosure Guidance and
Transparency Rules Sourcebook, these condensed interim financial statements
have been prepared applying the accounting policies and presentation that were
applied in the preparation of the Group's statutory financial statements for
the year ended 31 March 2025.
No significant events impacting the Group, other than those disclosed herein,
have occurred between 1 October and 11 November 2025.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
2. Basis of preparation (continued)
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 is well placed to manage its financing
and other business risks satisfactorily to continue to meet its liabilities as
they fall due, and have a reasonable expectation that the Group will have
adequate resources to continue in operational existence for at least 12 months
from the date of signing these condensed interim financial statements. The
directors therefore consider it appropriate to adopt the going concern basis
of accounting in preparing the condensed interim financial statements. In
reaching this conclusion, the directors noted the Group's solid cash
performance in the period and the substantial undrawn committed bank borrowing
facilities at 30 September 2025 of US$2.5bn (2024: US$2.1bn) which had an
average remaining tenor of three years (2024: four years).
3. Climate-related matters
As a data and technology business, our main environmental impact is the carbon
footprint generated from our operations and value chain. The majority of our
footprint is made up of greenhouse gas emissions from Purchased Goods and
Services and Upstream Leased Assets, including 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 current climate change scenario analyses undertaken 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.
In preparing these condensed interim financial statements the following
considerations were made in respect of climate change:
· The impact in the going concern period or on the viability of the
Group over the next three years.
· The impact on factors such as residual values, useful lives and
depreciation methods that determine the carrying value of non-current assets.
· The impact on forecasts of cash flows used in impairment
assessments for the value-in-use of non-current assets including goodwill
(note 15).
· The impact on forecasts of cash flows used in the fair value
measurement of assets and liabilities
(note 24(d)).
· The impact on the valuation of post-employment benefit assets
(note 17).
At present, there is no material impact of climate-related matters on the
Group's financial results or on going concern or viability.
4. Accounting and other developments
There have been no accounting standards, amendments or interpretations
effective for the first time in these condensed interim 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.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
5. Accounting policies, estimates and judgments
(a) Introduction
The preparation of the condensed interim financial statements requires
management to make estimates and assumptions that affect the reported amount
of revenues, expenses, assets and liabilities, and the disclosure of
contingent liabilities. If in the future such estimates and assumptions, which
are based on management's best assessment at the date of these condensed
interim financial statements, deviate from actual circumstances, the original
estimates and assumptions will be modified as appropriate in the period in
which the circumstances change. There have been no significant changes in the
bases upon which estimates have been determined, compared to those applied at
31 March 2025, and no change in an estimate has had a material effect in the
current period.
The accounting policies applied in these condensed interim financial
statements are the same as those applied in the Annual Report and Group
financial statements for the year ended 31 March 2025.
(b) Goodwill (note 15)
Goodwill held in the Group's balance sheet is tested annually for impairment,
or more frequently if there is an indication that it may be impaired and
details of the methodology used are set out in the Group's statutory financial
statements for the year ended 31 March 2025.
The annual tests were performed as at 30 September 2025, with no impairment
identified.
(c) Acquisition intangibles (note 23)
On acquisition, specific intangible assets are identified and recognised
separately from goodwill and then amortised over their estimated useful lives.
These include items such as customer relationships and software development,
to which value is first attributed at the time of acquisition. The
capitalisation of these assets and the related amortisation charges are based
on estimates of the value and economic life of such items.
We evaluate sensitivities relating to acquisition intangibles acquired during
the period and determine if there is any material estimation uncertainty
relating to their fair value or economic life from any reasonably possible
change to the inputs and assumptions used in their determination.
The economic lives of acquisition intangibles are estimated at between one and
20 years. Amortisation methods, useful lives and residual values are reviewed
at each reporting date and adjusted if appropriate.
(d) Post-employment benefits (note 17)
We have updated the accounting valuation of our principal defined benefit
pension plan in light of changes in the key actuarial assumptions, and this is
recognised in these condensed interim financial statements. The actuarial
assumption with the most significant impact at 30 September 2025 is the
discount rate of 5.9% (2024: 5.1%). The discount rate used at 31 March 2025
was 5.8%.
(e) Contingent consideration (note 24(c))
The initially recorded cost of an acquisition includes a reasonable estimate
of the fair value of any contingent amounts expected to be payable in the
future. Any cost or benefit arising when such estimates are revised is
recognised in the Group income statement (note 10(a)).
(f) Provisions and contingencies (note 26)
A contingent liability is disclosed where the likelihood of a loss arising is
possible rather than probable. A provision is recognised when it is probable
that an outflow of resources will be required to settle an obligation, and a
reliable estimate can be made of the amount.
The provision is measured at the best estimate of the expenditure required to
settle the obligation at the reporting date, discounted at a pre-tax rate
reflecting current market assessments of the time value of money and risks
specific to the liability. The unwinding of the discount is recognised as a
finance expense in the Group income statement. In making its estimates,
management takes into account the advice of legal counsel.
In the case of pending and threatened litigation claims, management forms a
judgment as to the likelihood of ultimate liability. No liability is
recognised where the likelihood of any loss arising is possible rather than
probable.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
5. Accounting policies, estimates and judgments (continued)
(g) Put options (note 24(c))
Where put option agreements are in place in respect of shares held by
non-controlling shareholders, the liability is stated at the present value of
the expected future payments. Such liabilities are recorded as financial
liabilities in the Group balance sheet. The change in the value of such
options is recognised in the Group income statement as a financing fair value
remeasurement within net finance expense, while any change in that value
attributable to exchange rate movements is recognised directly in OCI.
(h) Revenue recognition (note 7)
Revenue is stated net of any sales taxes, rebates and discounts and reflects
the amount of consideration we expect to receive in exchange for the transfer
of promised goods and services.
Total consideration from contracts with customers is allocated to the
performance obligations identified based on their standalone selling price,
and is recognised when those performance obligations are satisfied and the
control of goods or services is transferred to the customer, either over time
or at a point in time.
Total consideration only includes variable consideration if it is highly
probable a significant reversal will not occur. Estimates of variable
consideration are not typically included within recognised revenue, as the
uncertainty surrounding variable consideration is normally resolved once the
performance obligation is satisfied or begins to be satisfied. Inflationary
increases based on external indices are treated as variable consideration and
only recognised when they become certain.
· The provision and processing of transactional data and associated
services is distinguished between contracts that:
- provide a service on a per unit basis, where the transfer to the
customer of each completed unit is considered satisfaction of a single
performance obligation. Revenue is recognised on the transfer of each unit
- provide a service to the customer over the contractual term,
normally between one and five years, where revenue is recognised on the
transfer of this service to customers. For the majority of contracts, this
means revenue is spread evenly over the contract term, as customers
simultaneously receive and consume the benefits of the service
- require an enhanced service in the initial contract period, where
revenue is recognised to reflect the upfront benefit the customer
simultaneously receives and consumes over the period the service is provided.
Revenue for such contracts is recognised proportionally in line with the
incremental costs of providing the service, as this reflects Experian's
progress of performance.
· Revenue from referral fees for credit products and white-label
partnerships is recognised as transactional revenue.
· Revenue from transactional batch data arrangements that include
an ongoing update service is apportioned across each delivery to the customer
and is recognised when the delivery is complete, and control of the batch data
passes to the customer. Performance obligations are determined based on the
frequency of data refresh: one-off, quarterly, monthly, or real-time.
· Subscription and membership fees for continuous access to a
service are recognised over the period to which they relate, usually one, 12
or 24 months. Customers simultaneously receive and consume the benefits of the
service; therefore, revenue is recognised evenly over the subscription or
membership term.
· Revenue for one-off credit reports is recognised when the report
is delivered to the consumer.
· Software licence and implementation services are primarily
accounted for as a single performance obligation, with revenue recognised when
the combined offering is delivered to the customer. Contract terms normally
vary between one and five years. These services are distinguished between:
- Experian-hosted or Software as a Service (SaaS) solutions, where the
customer has the right to access a software solution over a specified time
period. Customers simultaneously receive and consume the benefits of the
service and revenue is spread evenly over the period that the service is
available.
- On-premise software licence arrangements, where the software
solution is installed in an environment controlled by the customer. The
arrangement represents a right to use licence and so the performance
obligation is considered to be fulfilled on delivery completion, when control
of the configured solution is passed to the customer. Revenue is recognised at
that point in time.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
5. Accounting policies, estimates and judgments (continued)
(h) Revenue recognition (note 7) (continued)
· The delivery of support and maintenance agreements is generally
considered to be a separate performance obligation to provide a technical
support service including minor updates. Contract terms are often aligned with
licence terms. Customers simultaneously receive and consume the benefits of
the service, therefore revenue is spread evenly over the term of the
maintenance period.
· The provision of distinct standalone consultancy and professional
services is distinguished between:
- Professional consultancy services where the performance obligation
is the provision of personnel. Customers simultaneously receive and consume
the benefits of the service, and revenue is recognised over time, in line with
hours provided.
- The provision of analytical models and analyses, where the
performance obligation is a deliverable, or a series of deliverables, and
revenue is recognised on delivery when control is passed to the customer.
Sales are typically invoiced in the geographic area in which the customer is
located. As a result, the geographic location of the invoicing undertaking is
used to attribute revenue to individual countries.
Accrued income balances, which represent the right to consideration in
exchange for goods or services that we have transferred to a customer, are
assessed as to whether they meet the definition of a contract asset:
· When the right to consideration is conditional on something other
than the passage of time, a balance is classified as a contract asset. This
arises where there are further performance obligations to be satisfied as part
of the contract with the customer and typically includes balances relating to
software licensing contracts.
· When the right to consideration is conditional only on the
passage of time, the balance does not meet the definition of a contract asset
and is classified as an unbilled receivable. This typically arises where the
timing of the related billing cycle occurs in a period after the performance
obligation is satisfied.
Costs incurred prior to the satisfaction or partial satisfaction of a
performance obligation are first assessed to see if they are within the scope
of other standards. Where they are not, certain costs are recognised as an
asset providing they relate directly to a contract (or an anticipated
contract), generate or enhance resources that will be used in satisfying (or
to continue to satisfy) performance obligations in the future and are expected
to be recovered from the customer. Costs which meet these criteria are
deferred as contract costs and these are amortised on a systematic basis
consistent with the pattern of transfer of the related goods or services.
· Costs to obtain a contract predominantly comprise sales
commissions.
· Costs to fulfil a contract predominantly comprise labour costs
directly relating to the implementation services provided.
If evidence emerges that a contract is loss making, no further costs are
capitalised and any related contract assets are reviewed for impairment. A
provision for future losses is established when the unavoidable costs of the
contract exceed the economic benefits expected to be received.
Contract liabilities arise when we have an obligation to transfer future goods
or services to a customer for which we have received consideration, or the
amount is due from the customer and includes both deferred income balances and
specific reserves.
(i) Tax (note 12)
The tax charge recognised in the period is derived from the estimated tax rate
for the full year, taking account of one-off tax charges and credits arising
in the period and expected to arise in the full year, and the tax effect of
Exceptional items and other adjustments made to derive Benchmark PBT.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
6. Use of non-GAAP measures in the condensed interim 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.
Measure Purpose Note
(a) Benchmark profit before tax (Benchmark PBT) Benchmark PBT is defined as These measures are disclosed to indicate the Group's underlying profitability. 7(a) and 8
profit before amortisation and impairment of acquisition intangibles, They enable the users of the accounts to assess the Group's performance by
impairment of goodwill, acquisition expenses, adjustments to contingent excluding items that affect short-term profitability and are not related to
consideration, Exceptional items, financing fair value remeasurements, tax the Group's underlying ongoing performance.
(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 6(l). Other adjustments, in addition to Exceptional items, made to
derive Benchmark PBT are explained as follows:
· Charges for the amortisation and impairment of acquisition
intangibles are excluded from the calculation of Benchmark PBT because these
charges are based on judgments about their value and economic life and bear no
relation to the Group's underlying ongoing performance. Impairment of goodwill
is similarly excluded from the calculation of Benchmark PBT.
· Acquisition and disposal expenses (representing the incidental
costs of acquisitions and disposals, one-time integration costs and other
corporate transaction expenses) relating to successful, active or aborted
acquisitions and disposals are excluded from the definition of Benchmark PBT
as they bear no relation to the Group's underlying ongoing performance or to
the performance of any acquired businesses. Adjustments to contingent
consideration are similarly excluded from the definition of Benchmark PBT.
· Charges and credits for financing fair value remeasurements
within finance expense in the Group income statement are excluded from the
definition of Benchmark PBT. These include retranslation of intra-Group
funding, and that element of the Group's derivatives that is ineligible for
hedge accounting, together with gains and losses on put options in respect of
acquisitions. Amounts recognised generally arise from market movements and
accordingly bear no direct relation to the Group's underlying performance.
(b) Benchmark earnings before interest and tax (Benchmark EBIT) and margin 7(a) and 8
(Benchmark EBIT margin)
Benchmark EBIT is defined as Benchmark PBT before the net interest expense
charged therein and accordingly excludes Exceptional items as defined in note
6(l). Total Benchmark EBIT is the sum of Benchmark EBIT from ongoing
activities and Benchmark EBIT from exited business activities. Benchmark EBIT
margin is Benchmark EBIT from ongoing activities expressed as a percentage of
revenue from ongoing activities.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
6. Use of non-GAAP measures in the condensed interim financial statements
(continued)
Measure Purpose Note
(c) Benchmark earnings before interest, tax, depreciation and amortisation This measure is disclosed to indicate the Group's underlying profitability. It 7(a)
(Benchmark EBITDA) enables the users of the accounts to assess the Group's performance by
excluding items that affect short-term profitability and are not related to
Benchmark EBITDA is defined as Benchmark EBIT before the depreciation and the Group's underlying ongoing performance.
amortisation charged therein.
(d) Exited business activities Exited business activities are separated from the Group's ongoing activities 7(a) and 8
to provide clarity on the elements of the business that will not recur in
Exited business activities are businesses sold, closed or identified for future periods having been sold, closed or identified for closure.
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 7(a) and 8
The results of businesses trading at 30 September 2025, that are not disclosed
as exited business activities, are reported as ongoing activities.
(f) Constant exchange rates To highlight our underlying performance, we present certain results and growth 7(c), 7(d), 9, 13(a) and 13(b)
The prior year's average exchange rates. calculated by translating both years' performance at constant exchange rates.
(g) Total growth These measures are used to compare the performance of the business across 7(c) and 7(d)
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 reporting periods.
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 7(c)
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 Benchmark earnings is used in the calculation of Benchmark EPS. Benchmark EPS 13
Benchmark earnings comprises Benchmark PBT less attributable tax and non-controlling interests. The attributable tax for this purpose excludes significant tax credits and is provided to support the assessment of the Group's underlying performance by
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 presenting EPS on a basis aligned with the Group's underlying profitability.
adjustments made to derive Benchmark PBT. Benchmark PBT less attributable tax is designated as Total Benchmark earnings.
(j) Benchmark earnings per share (Benchmark EPS) Benchmark EPS comprises 13(a)
Benchmark earnings divided by the weighted average number of issued ordinary
shares, as adjusted for own shares held.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
6. Use of non-GAAP measures in the condensed interim financial statements
(continued)
Measure Purpose Note
(k) Benchmark tax charge and rate This measure is used to evaluate the tax expense associated with the Group's 12(b)
underlying results.
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 12(b) to these condensed interim financial
statements. The Benchmark effective rate of tax is calculated by dividing the
Benchmark tax charge by Benchmark PBT.
(l) Exceptional items The separate reporting of Exceptional items provides insight into the Group's 10(a)
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.
(m) Benchmark operating and Benchmark free cash flow These measures assist in assessing the underlying cash flow performance of the 18(g)
Group.
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.
(n) Cash flow conversion 18(g)
Cash flow conversion is Benchmark operating cash flow expressed as a
percentage of Benchmark EBIT.
(o) Net debt and Net funding These measures provide an assessment of the Group's indebtedness and support 19
the appraisal of its capital structure.
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.
(p) Return on capital employed (ROCE) 7(f)(iii)
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 condensed interim financial statements
for the six months ended 30 September 2025
7. Segment information
(a) Income statement
North Latin UK and Ireland EMEA and Asia Pacific Total operating segments Central Total
America America Activities Group
Six months ended 30 September 2025 US$m US$m US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 2,756 570 441 291 4,058 - 4,058
Exited business activities - 1 - 11 12 - 12
Total 2,756 571 441 302 4,070 - 4,070
Reconciliation from Benchmark EBIT to
profit/(loss) before tax
Benchmark EBIT
Ongoing activities 977 146 86 14 1,223 (74) 1,149
Exited business activities - - - (4) (4) - (4)
Total(1) 977 146 86 10 1,219 (74) 1,145
Net interest (expense)/income included in (1) (1) 2 (1) (1) (91) (92)
Benchmark PBT (note 11(b))
Benchmark PBT 976 145 88 9 1,218 (165) 1,053
Exceptional items (note 10(a)) (13) - - 11 (2) - (2)
Amortisation and impairment of acquisition intangibles (68) (21) (2) (44) (135) - (135)
Acquisition and disposal expenses (4) (17) (2) (9) (32) - (32)
Adjustment to the fair value of contingent consideration - (2) 1 - (1) - (1)
Financing fair value remeasurements (note 11(c)) - - - - - 92 92
Profit/(loss) before tax 891 105 85 (33) 1,048 (73) 975
North Latin UK and Ireland EMEA and Asia Pacific Total operating segments Central Total
America America Activities Group
Six months ended 30 September 2024(2) US$m US$m US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 2,466 511 413 213 3,603 - 3,603
Exited business activities - 7 - 18 25 - 25
Total 2,466 518 413 231 3,628 - 3,628
Reconciliation from Benchmark EBIT to
profit/(loss) before tax
Benchmark EBIT
Ongoing activities 850 143 78 - 1,071 (62) 1,009
Exited business activities - (3) 1 (8) (10) - (10)
Total(1) 850 140 79 (8) 1,061 (62) 999
Net interest (expense)/income included in (1) (1) 1 (1) (2) (68) (70)
Benchmark PBT (note 11(b))
Benchmark PBT 849 139 80 (9) 1,059 (130) 929
Exceptional items (note 10(a)) (3) (1) (7) - (11) (2) (13)
Amortisation of acquisition intangibles (57) (10) (4) (24) (95) - (95)
Acquisition and disposal expenses - (4) (1) (3) (8) - (8)
Adjustment to the fair value of contingent consideration 4 (6) - - (2) - (2)
Financing fair value remeasurements (note 11(c)) - - - - - (93) (93)
Profit/(loss) before tax 793 118 68 (36) 943 (225) 718
1. Benchmark EBITDA excludes depreciation and amortisation of US$300m
(2024: US$270m), which are included in Benchmark EBIT.
2. Revenue of US$14m and Benchmark EBIT of US$2m for the six months ended
30 September 2024 have been re-presented for the reclassification to exited
business activities of certain B2B businesses.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
7. Segment information (continued)
(b) Revenue by business line
The additional analysis of revenue from external customers provided to the
chief operating decision-maker and accordingly reportable under IFRS 8
'Operating Segments' is given within note 8. This is supplemented by voluntary
disclosure of the profitability of groups of service lines. For ease of
reference, we continue to use the term 'business lines' when discussing the
results of groups of service lines.
(c) Reconciliation of revenue from ongoing activities
North Latin UK and Ireland EMEA and Asia Pacific Total ongoing activities
America America
US$m US$m US$m US$m US$m
Revenue for H1 FY25(1) 2,466 511 413 213 3,603
Adjustment to constant exchange rates - (19) - (3) (22)
Revenue at constant exchange rates for H1 FY25 2,466 492 413 210 3,581
Organic revenue growth 258 20 5 13 296
Revenue from acquisitions 32 53 2 61 148
Revenue at constant exchange rates for H1 FY26 2,756 565 420 284 4,025
Adjustment to actual exchange rates - 5 21 7 33
Revenue for H1 FY26 2,756 570 441 291 4,058
Organic revenue growth at constant exchange rates 10% 4% 1% 6% 8%
Revenue growth at constant exchange rates 12% 15% 2% 35% 12%
1. Revenue of US$14m for the six months ended 30 September 2024 has been
re-presented for the reclassification to exited business activities of certain
B2B businesses.
The table above demonstrates the application of the methodology set out in
note 6 in determining organic and total revenue growth at constant exchange
rates.
(d) Reconciliation of Benchmark EBIT from ongoing activities
North Latin UK and Ireland EMEA and Total operating segments Central Activities Total ongoing activities
America America Asia Pacific
US$m US$m US$m US$m US$m US$m US$m
Benchmark EBIT for H1 FY25(1) 850 143 78 - 1,071 (62) 1,009
Adjustment to constant exchange rates - (4) - (1) (5) (1) (6)
Benchmark EBIT at constant exchange rates for H1 FY25 850 139 78 (1) 1,066 (63) 1,003
Benchmark EBIT growth 127 5 4 15 151 (7) 144
Benchmark EBIT at constant exchange rates for H1 FY26 977 144 82 14 1,217 (70) 1,147
Adjustment to actual exchange rates - 2 4 - 6 (4) 2
Benchmark EBIT for H1 FY26 977 146 86 14 1,223 (74) 1,149
Benchmark EBIT growth at constant exchange rates 15% 4% 5% n/a 14% n/a 14%
Benchmark EBIT growth at actual exchange rates 15% 2% 10% n/a 14% n/a 14%
Benchmark EBIT margin at constant exchange rates H1 FY25 34.5% 28.3% 18.9% (0.5)% 29.8% n/a 28.0%
Benchmark EBIT margin at actual exchange rates H1 FY25 34.5% 28.0% 18.9% 0.0% 29.7% n/a 28.0%
Benchmark EBIT margin at constant exchange rates H1 FY26 35.4% 25.5% 19.5% 4.9% 30.2% n/a 28.5%
Benchmark EBIT margin at actual exchange rates H1 FY26 35.4% 25.6% 19.5% 4.8% 30.1% n/a 28.3%
1. Benchmark EBIT of US$2m for the six months ended 30 September 2024 has
been re-presented for the reclassification to exited business activities of
certain B2B businesses.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
7. Segment information (continued)
(e) Disaggregation of revenue from contracts with customers
North Latin UK and Ireland EMEA and Asia Pacific Total operating segments
America America
Six months ended 30 September 2025 US$m US$m US$m US$m US$m
Revenue from external customers
Financial Services 1,140 425 277 271 2,113
Verticals 741 10 56 20 827
Business-to-Business 1,881 435 333 291 2,940
Consumer Services 875 135 108 - 1,118
Ongoing activities 2,756 570 441 291 4,058
Exited business activities - 1 - 11 12
Total 2,756 571 441 302 4,070
North Latin UK and Ireland EMEA and Asia Pacific Total operating segments
America America
Six months ended 30 September 2024(1) US$m US$m US$m US$m US$m
Revenue from external customers
Financial Services 1,004 383 263 195 1,845
Verticals 652 11 57 18 738
Business-to-Business 1,656 394 320 213 2,583
Consumer Services 810 117 93 - 1,020
Ongoing activities 2,466 511 413 213 3,603
Exited business activities - 7 - 18 25
Total 2,466 518 413 231 3,628
1. From FY26 we have updated the reporting structure of our business
lines. Effective 1 April 2025, the Business-to-Business business line is
divided into Financial Services and Verticals. The Consumer Services business
line remains unchanged. This categorisation more clearly reflects the way we
service our clients under the One Experian approach. The results for the six
months ended 30 September 2024 have been re-presented accordingly.
In addition, Financial Services revenue for the six months ended 30 September
2024 in Latin America and EMEA and Asia Pacific of US$1m and US$13m
respectively has been re-presented for the reclassification of certain B2B
businesses to exited business activities.
Revenue from exited business activities was derived from the Financial
Services business line in both the current and prior periods.
Financial Services revenue is derived from: transactional services (including
both per-unit charges and fees over a contractual term), batch data services,
software sales (comprising recurring licence, support and maintenance and
implementation fees), and consultancy services.
Revenue from Verticals is predominantly transactional and batch-related, with
a portion derived from licence fees.
Consumer Services revenue primarily comprises monthly subscription and one-off
fees, and referral fees for financial products and white-label partnerships.
The timing of revenue recognition in relation to these revenue streams is
discussed in note 5(h).
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
7. Segment information (continued)
(f) Balance sheet
(i) Net assets/(liabilities) North Latin UK and Ireland EMEA and Asia Pacific Total operating segments Central Total
America America Activities and other Group
At 30 September 2025 US$m US$m US$m US$m US$m US$m US$m
Goodwill 4,165 1,199 789 859 7,012 - 7,012
Investments in associates 6 - 10 - 16 - 16
Right-of-use assets 39 19 34 24 116 5 121
Assets classified as held-for-sale - - - 10 10 - 10
Other assets 2,860 1,155 636 604 5,255 1,164 6,419
Total assets 7,070 2,373 1,469 1,497 12,409 1,169 13,578
Lease obligations (50) (22) (39) (25) (136) (5) (141)
Liabilities classified as held-for-sale - - - (3) (3) - (3)
Other liabilities (1,204) (437) (297) (223) (2,161) (5,836) (7,997)
Total liabilities (1,254) (459) (336) (251) (2,300) (5,841) (8,141)
Net assets/(liabilities) 5,816 1,914 1,133 1,246 10,109 (4,672) 5,437
North Latin UK and Ireland EMEA and Asia Pacific Total operating segments Central Total
America America Activities and other Group
At 30 September 2024 US$m US$m US$m US$m US$m US$m US$m
Goodwill 3,952 943 781 894 6,570 - 6,570
Investments in associates 4 - 8 - 12 - 12
Right-of-use assets 48 11 36 20 115 5 120
Other assets 2,615 871 612 657 4,755 1,051 5,806
Total assets 6,619 1,825 1,437 1,571 11,452 1,056 12,508
Lease obligations (62) (13) (41) (22) (138) (5) (143)
Other liabilities (1,113) (471) (279) (205) (2,068) (5,507) (7,575)
Total liabilities (1,175) (484) (320) (227) (2,206) (5,512) (7,718)
Net assets/(liabilities) 5,444 1,341 1,117 1,344 9,246 (4,456) 4,790
(ii) Central Activities and other
30 September
2025 2024
Assets Liabilities Net assets/ Assets Liabilities Net assets/
(liabilities) (liabilities)
US$m US$m US$m US$m US$m US$m
Central Activities 616 (146) 470 619 (124) 495
Net debt(1) 437 (5,482) (5,045) 283 (5,110) (4,827)
Tax (current and deferred) 116 (213) (97) 154 (278) (124)
1,169 (5,841) (4,672) 1,056 (5,512) (4,456)
1. Lease obligations in operating segments net of interest of US$135m
(2024: US$137m), are excluded from Net debt reported within Central
Activities.
(iii) Capital employed
30 September
2025 2024
US$m US$m
Net assets 5,437 4,790
Add: Net debt (note 19(a)) 5,180 4,964
Add: Tax 97 124
Less: right-of-use assets (121) (120)
Less: non-controlling interests (40) (40)
Capital employed attributable to owners 10,553 9,718
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
8. Information on business lines (including non-GAAP disclosures)
Business-to- Consumer Services Total business lines Central Total
Business Activities Group
Six months ended 30 September 2025 US$m US$m US$m US$m US$m
( )
Revenue from external customers
Ongoing activities 2,940 1,118 4,058 - 4,058
Exited business activities 12 - 12 - 12
Total 2,952 1,118 4,070 - 4,070
Reconciliation from Benchmark EBIT to
profit/(loss) before tax
Benchmark EBIT
Ongoing activities 887 336 1,223 (74) 1,149
Exited business activities (4) - (4) - (4)
Total 883 336 1,219 (74) 1,145
Net interest expense included in Benchmark PBT (note 11(b)) (1) - (1) (91) (92)
Benchmark PBT 882 336 1,218 (165) 1,053
Exceptional items (note 10(a)) (1) (1) (2) - (2)
Amortisation and impairment of acquisition intangibles (121) (14) (135) - (135)
Acquisition and disposal expenses (26) (6) (32) - (32)
Adjustment to the fair value of contingent consideration 2 (3) (1) - (1)
Financing fair value remeasurements (note 11(c)) - - - 92 92
Profit/(loss) before tax 736 312 1,048 (73) 975
Business-to- Consumer Services Total business lines Central Total
Business Activities Group
Six months ended 30 September 2024(1) US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 2,583 1,020 3,603 - 3,603
Exited business activities 25 - 25 - 25
Total 2,608 1,020 3,628 - 3,628
Reconciliation from Benchmark EBIT to
profit/(loss) before tax
Benchmark EBIT
Ongoing activities 787 284 1,071 (62) 1,009
Exited business activities (11) 1 (10) - (10)
Total 776 285 1,061 (62) 999
Net interest expense included in Benchmark PBT (note 11(b)) (1) (1) (2) (68) (70)
Benchmark PBT 775 284 1,059 (130) 929
Exceptional items (note 10(a)) (6) (5) (11) (2) (13)
Amortisation of acquisition intangibles (81) (14) (95) - (95)
Acquisition and disposal expenses (11) 3 (8) - (8)
Adjustment to the fair value of contingent consideration - (2) (2) - (2)
Financing fair value remeasurements (note 11(c)) - - - (93) (93)
Profit/(loss) before tax 677 266 943 (225) 718
1. Revenue of US$14m and Benchmark EBIT of US$2m for the six months ended
30 September 2024 have been re-presented for the reclassification to exited
business activities of certain B2B businesses.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
9. Foreign currency
Foreign exchange - average rates
The principal exchange rates used to translate financial results into the US
dollar are shown in the table below.
Six months ended Six months ended Year ended
30 September 2025 30 September 2024 31 March 2025
US dollar : Brazilian real 5.56 5.38 5.61
UK pound sterling : US dollar 1.34 1.28 1.28
Euro : US dollar 1.15 1.09 1.07
US dollar : Australian dollar 1.54 1.51 1.53
The impact of foreign currency movements on revenue from ongoing activities
and Benchmark EBIT from ongoing activities is set out in notes 7(c) and 7(d)
to the condensed interim financial statements, respectively.
Foreign exchange - closing rates
The principal exchange rates used to translate assets and liabilities into the
US dollar at the period end dates are shown in the table below.
30 September 2025 30 September 2024 31 March 2025
US dollar : Brazilian real 5.32 5.45 5.76
UK pound sterling : US dollar 1.34 1.34 1.29
Euro : US dollar 1.17 1.12 1.08
US dollar : Australian dollar 1.51 1.44 1.60
10. Exceptional items and other adjustments made to derive Benchmark PBT
(a) Net charge for Exceptional items and other adjustments made to derive
Benchmark PBT
Six months ended 30 September
2025 2024
US$m US$m
Exceptional items:
Profit on disposal of operations (note 10(b)) (11) -
Restructuring costs (note 10(c)) 3 24
Legal provisions movements (note 10(d)) 10 (11)
Net charge for Exceptional items 2 13
Other adjustments made to derive Benchmark PBT:
Amortisation and impairment of acquisition intangibles 135 95
Acquisition and disposal expenses(1) 32 8
Adjustment to the fair value of contingent consideration (note 24(c)) 1 2
Financing fair value remeasurements (note 11(c)) (92) 93
Net charge for other adjustments made to derive Benchmark PBT 76 198
Net charge for Exceptional items and other adjustments made to derive 78 211
Benchmark PBT
By income statement caption:
Within total operating expenses included in operating profit 170 118
Within finance expense (92) 93
Net charge for Exceptional items and other adjustments made to derive 78 211
Benchmark PBT
1. 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.
(b) Profit on disposal of operations
A profit of US$11m (2024: US$nil) was recognised in the six months ended 30
September 2025 in relation to the disposal of a small subsidiary undertaking
in EMEA and Asia Pacific.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
10. Exceptional items and other adjustments made to derive Benchmark PBT
(continued)
(c) Restructuring costs
Good progress continues to be made effecting the final stages of our
technology transformation and cloud migration, including the realignment of
staff resources to our new technology architecture and the acceleration of the
shift to our global development centres to enhance productivity. Severance
costs of US$3m
(2024: US$24m) were recognised in the six months ended 30 September 2025 in
relation to this programme, with an associated cash outflow of US$17m (2024:
US$15m).
The full-year charge is expected to be c.US$20m - US$30m, primarily comprising
one-off staff exit costs.
(d) Legal provisions movements
Movements in provisions were recognised in respect of a number of historical
legal claims in North America.
11. Net finance expense/(income)
(a) Net finance expense included in profit before tax
Six months ended 30 September
2025 2024
US$m US$m
Interest income:
Bank deposits, short-term investments and loan notes (14) (7)
Interest on pension plan assets (note 17(b)) (5) (4)
Interest income (19) (11)
Finance expense:
Interest on borrowings and derivatives 107 77
Interest on leases 4 4
Net (credit)/charge for financing fair value remeasurements (note 11(c)) (92) 93
Finance expense 19 174
Net finance expense included in profit before tax - 163
(b) Net interest expense included in Benchmark PBT
Six months ended 30 September
2025 2024
US$m US$m
Interest income (19) (11)
Interest expense 111 81
Net interest expense included in Benchmark PBT 92 70
(c) Analysis of net (credit)/charge for financing fair value remeasurements
Six months ended 30 September
2025 2024
US$m US$m
Foreign exchange (gains)/losses on Brazilian real intra-Group funding(1) (66) 31
Foreign currency gains on cross currency-swaps designated as a (20) (31)
cash flow hedge - transfer from OCI
Other financing fair value (gains)/losses(2) (6) 93
Net (credit)/charge for financing fair value remeasurements (92) 93
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 (gains)/losses include fair value gains of
US$24m (2024: losses of US$28m) on put options (note 24(c)), fair value losses
of US$20m (2024: US$31m) on borrowings in a designated cash flow hedge
relationship, movements on our portfolio of interest rate swaps and fair value
hedge ineffectiveness.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
12. Tax
(a) Tax charge and effective rate of tax
Six months ended 30 September
2025 2024
US$m US$m
Tax charge(1) 223 165
Profit before tax 975 718
Effective rate of tax based on profit before tax 22.9% 23.0%
1. The tax charge comprises a current tax charge of US$217m (2024:
US$241m) and a deferred tax charge of US$6m (2024: credit of US$76m).
Tax charged in the six months ended 30 September 2025 has been calculated by
applying the effective rate of tax which is expected to apply to the Group for
the year ending 31 March 2026 using rates substantively enacted by 30
September 2025 as required by IAS 34 'Interim Financial Reporting'.
The Group's tax charge will continue to be influenced by the profile of
profits earned in the different countries in which the Group's subsidiaries
operate, in particular our three core economies of the USA, Brazil and the UK.
Continued focus on tax reform is expected throughout 2025 and the following
years. Indirect tax reforms are ongoing in Brazil and tax reform was
implemented in the USA during the first half of the year. The legislation does
not materially impact the Group's effective tax rate in the current period,
nor is it expected to do so in future periods if enacted in its current form.
However, a notable change is expected for cash tax as the US reform has now
repealed legislation relating to timing differences on US sourced innovation
and development expenditure (as opposed to foreign sourced where legislation
remains) allowing for full expensing of such expenditure in-year. In addition,
in FY26 and FY27 only, there will also be a favourable impact on cash tax
arising from the acceleration of tax relief for US sourced innovation and
development expenditure previously capitalised. For FY26, the combination of
both the in-year and accelerated tax relief is expected to have a c.4%
reduction on the cash tax rate. Therefore, a movement between the deferred and
current tax positions has been recorded in the balance sheet at 30 September
2025 to reflect the impact of this reduction. The net impact on the balance
sheet is US$nil. In the medium term, the cash tax rate is expected to more
closely align to the Benchmark tax rate as the impact of timing differences
unwind.
The Group is subject to the global minimum top-up tax under the Organisation
for Economic Co-operation and Development's (OECD) Pillar Two tax legislation
and, as previously reported, the Group recognised a current tax expense of
US$7m in FY25 and expects a similar charge in FY26.
(b) Reconciliation of the tax charge to the Benchmark tax charge
Six months ended 30 September
2025 2024
US$m US$m
Tax charge 223 165
Tax relief on Exceptional items and other adjustments made to derive 48 67
Benchmark PBT
Benchmark tax charge 271 232
Benchmark PBT 1,053 929
Benchmark tax rate 25.7% 25.0%
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
13. Earnings per share disclosures
(a) Earnings per share (EPS)
Six months ended 30 September
Basic Diluted
2025 2024 2025 2024
US cents US cents US cents US cents
EPS 81.7 60.2 81.3 59.8
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net 3.3 15.8 3.3 15.7
of related tax
Benchmark EPS (non-GAAP measure) 85.0 76.0 84.6 75.5
Adjustment to constant exchange rates - (0.5) - (0.5)
Benchmark EPS at constant FX (non-GAAP measure) 85.0 75.5 84.6 75.0
(b) Analysis of earnings
(i) Attributable to owners of Experian plc
Six months ended
30 September
2025 2024
US$m US$m
Profit for the period attributable to owners of Experian plc 748 550
Add: Exceptional items and other adjustments made to derive Benchmark PBT, 30 145
net of related tax
Benchmark earnings attributable to owners of Experian plc (non-GAAP measure) 778 695
Adjustment to constant exchange rates - (5)
Benchmark earnings attributable to owners of Experian plc at constant FX 778 690
(non-GAAP measure)
(ii) Attributable to non-controlling interests
Six months ended
30 September
2025 2024
US$m US$m
Profit for the period attributable to non-controlling interests 4 3
Deduct: Exceptional items and other adjustments made to derive Benchmark PBT, - (1)
net of related tax
Benchmark earnings attributable to non-controlling interests (non-GAAP 4 2
measure)
(c) Reconciliation of Total Benchmark earnings to profit for the period
Six months ended
30 September
2025 2024
US$m US$m
Total Benchmark earnings (non-GAAP measure) 782 697
Exceptional items and other adjustments made to derive Benchmark PBT, net of
related tax:
- attributable to owners of Experian plc (30) (145)
- attributable to non-controlling interests - 1
Profit for the period 752 553
(d) Weighted average number of ordinary shares
Six months ended
30 September
2025 2024
million million
Weighted average number of ordinary shares 915 914
Add: dilutive effect of share incentive awards, options and share purchases 5 6
Diluted weighted average number of ordinary shares 920 920
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
14. Dividends on ordinary shares
Six months ended 30 September
2025 2024
US cents US cents
per share US$m per share US$m
Amounts recognised and paid:
Second interim - paid in July 2025 (2024: July)(1) 43.25 396 40.50 370
First interim - announced 21.25 194 19.25 176
1. The cost of the second interim dividend for the year ended 31 March
2025, paid in July 2025, was US$1m higher than the announced amount due to
foreign exchange rate movements.
A first interim dividend of 21.25 US cents per ordinary share will be paid on
6 February 2026 to shareholders on the register at the close of business on 9
January 2026 and is not included as a liability in these condensed interim
financial statements. The first interim dividend for the six months ended 30
September 2024 was 19.25 US cents per ordinary share and the total dividend
per ordinary share for the year ended 31 March 2025 was 62.5 US cents, with a
total full year cost of US$572m. Further administrative information on
dividends is given in the Shareholder information section on pages 56 and 57.
Dividend amounts are quoted gross.
15. Goodwill
(a) Movements in goodwill
Six months ended 30 September
2025 2024
US$m US$m
Cost
At 1 April 6,902 6,208
Differences on exchange 181 12
Additions through business combinations (note 23(a)) 206 605
Disposal of business (16) -
At 30 September 7,273 6,825
Accumulated impairment
At 1 April 248 246
Differences on exchange 13 9
At 30 September 261 255
Net book amount at 1 April 6,654 5,962
Net book amount at 30 September 7,012 6,570
(b) Goodwill by group of cash-generating units (CGUs)
30 September
2025 2024
US$m US$m
North America 4,165 3,952
Latin America 1,199 943
UK and Ireland 789 781
EMEA and Asia Pacific 859 505
illion - 389
7,012 6,570
The provisional goodwill arising on the acquisition of illion was disclosed as
a separate group of CGUs at
30 September 2024. As indicated at the time, that goodwill was subsequently
allocated to the EMEA and Asia Pacific group of CGUs during FY25, being the
group of CGUs expected to benefit from the synergies of the combination.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
15. Goodwill (continued)
(c) Key assumptions for value-in-use calculations by group of CGUs
Six months ended Year ended
30 September 2025 31 March 2025(1)
Discount rate Long-term growth rate Discount rate Long-term growth rate
% p.a. % p.a. % p.a. % p.a.
North America 10.2 3.5 9.7 3.5
Latin America 17.4 5.0 17.6 5.2
UK and Ireland 11.2 2.9 10.7 2.8
EMEA and Asia Pacific 12.7 4.1 12.2 4.1
1. The comparatives presented are for the most recent value-in-use
calculation performed for each group of CGUs in the year ended 31 March 2025.
As indicated in note 6(a) of the Group's statutory financial statements for
the year ended 31 March 2025, value-in-use calculations are underpinned by
financial forecasts, which continue to reflect our current assessment of the
impact of climate change and associated commitments the Group has made.
Management's key assumptions for the initial five-year period in the
value-in-use calculations were as follows:
· Forecast revenue growth rates were based on past experience,
adjusted for the strategic opportunities within each group of CGUs; the
forecasts used average nominal growth rates of up to 16%, with rates of up to
11% in EMEA and Asia Pacific.
· Benchmark EBIT was forecast based on historical margins and
expectations of future performance. Margins were expected to improve modestly
throughout the period in the mature CGUs and improve annually by an absolute
mid-single-digit amount in EMEA and Asia Pacific.
· Forecast Benchmark operating cash flow conversion rates were
based on historical conversion rates achieved and performance expectations in
the respective CGUs, with long-term conversion rates of 94% used in EMEA and
Asia Pacific.
Further details of the principles used in determining the basis of allocation
by group of CGUs and annual impairment testing are given in note 6(a) of the
Group's statutory financial statements for the year ended 31 March 2025.
(d) Results of annual impairment review as at 30 September 2025
The annual impairment review of goodwill was performed as at 30 September
2025, using the key modelling assumptions discussed in note 15(c).
The recoverable amount of the EMEA and Asia Pacific group of CGUs exceeded its
carrying value by US$374m. Any decline in the estimated value-in-use in excess
of that amount would result in the recognition of an impairment charge. The
sensitivities, which result in the recoverable amount being equal to the
carrying value, are summarised as follows:
· an absolute increase of 2.0 percentage points in the discount
rate, from 12.7% to 14.7%; or
· an absolute reduction of 3.0 percentage points in the long-term
growth rate, from 4.1% to 1.1%; or
· a reduction of 5.8 percentage points in the forecast FY31 profit
margin, from 27.6% to 21.8%. A reduction in the annual margin improvement of
approximately 1.2 percentage points per year over the five-year forecast
period would also reduce the recoverable amount to the carrying value; or
· an absolute reduction of 21% in the forecast FY31 profit.
The recoverable amounts of all other groups of CGUs exceeded their carrying
value, on the basis of the assumptions set out in note 15(c) and any
reasonably possible changes thereof.
The impairment review considered the potential impact of climate change by
considering the results of the scenario analysis performed consistent with the
recommendations of the TCFD. There was no impact on the reported amounts of
goodwill as a result of this review.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
16. Capital expenditure, disposals and capital commitments
(a) Additions
Six months ended 30 September
2025 2024
US$m US$m
Capital expenditure 338 298
Right-of-use-assets 26 13
364 311
(b) Disposal of other intangible assets and property, plant and equipment
Other intangible assets and property, plant and equipment totalling US$7m
(2024: US$6m) were disposed of at book value in the six months ended 30
September 2025. Of the disposal, US$2m (2024: US$5m) related to right-of-use
assets.
(c) Capital commitments
30 September
2025 2024
US$m US$m
Capital expenditure for which contracts have been placed:
Other intangible assets 38 40
Property, plant and equipment 12 7
50 47
Capital commitments at 30 September 2025 included commitments of US$27m not
expected to be incurred before 30 September 2026. Capital commitments at 30
September 2024 included commitments of US$33m not then expected to be incurred
before 30 September 2025. Obligations of US$2m (2024: US$nil) were committed
at 30 September 2025 for leases where the term had not yet started.
17. Post-employment benefit assets and obligations
(a) Amounts recognised in the Group balance sheet
30 September
2025 2024
US$m US$m
Retirement benefit assets/(obligations) - funded defined benefit plans:
Fair value of funded plans' assets 865 913
Present value of funded plans' obligations (647) (707)
Assets in the Group balance sheet for funded defined benefit pensions 218 206
Obligations for unfunded post-employment benefits:
Present value of defined benefit pensions - unfunded plans (35) (37)
Present value of post-employment medical benefits (2) (3)
Liabilities in the Group balance sheet (37) (40)
Net post-employment benefit assets 181 166
The net post-employment benefit assets of US$165m at 1 April 2025 (1 April
2024: US$147m) comprised assets of US$202m (1 April 2024: US$186m) in respect
of funded plans, and obligations of US$37m
(1 April 2024: US$39m) in respect of unfunded plans. The post-employment
benefit assets and obligations are denominated primarily in UK pounds
sterling.
The funded defined benefit pension plans hold a range of assets including
global equities, global corporate bonds, secured credit, senior private debt
and a Liability Driven Investment strategy which is used to hedge the interest
rate and inflation sensitivities of the obligations. Collateral levels within
the Liability Driven Investment strategy are closely monitored and remain
robust.
The primary drivers impacting the fair value of the plans' funded assets and
obligations are changes to expectations for future UK pound sterling interest
rates and inflation expectations, as well as the retranslation of assets and
obligations into US dollars.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
17. Post-employment benefit assets and obligations (continued)
(b) Movements in net post-employment benefit assets recognised in the Group
balance sheet
Six months ended 30 September
2025 2024
US$m US$m
At 1 April 165 147
Charge to the Group income statement within total operating expenses (2) (2)
Credit to the Group income statement within interest income 5 4
Remeasurements recognised within OCI 5 6
Differences on exchange 7 10
Contributions paid by the Group 1 1
At 30 September 181 166
The Group's principal defined benefit plan is the Experian Pension Scheme,
which was closed to the future accrual of new benefits from 1 April 2022.
Contributions paid relate to unfunded post-employment benefits. The income
statement credit and the remeasurement recognised in OCI relate to defined
benefit pension plans.
(c) Actuarial assumptions
30 September
2025 2024
% p.a. % p.a.
Discount rate 5.9 5.1
Inflation rate - based on the UK Retail Prices Index (the RPI) 3.1 3.2
Inflation rate - based on the UK Consumer Prices Index (the CPI) 2.7 2.8
Increase for pensions in payment - element based on the RPI (where cap is 5%) 2.9 3.0
Increase for pensions in payment - element based on the CPI (where cap is 1.8 1.9
2.5%)
Increase for pensions in payment - element based on the CPI (where cap is 3%) 2.0 2.2
Increase for pensions in deferment 2.7 2.8
Inflation in medical costs 6.5 6.3
The principal financial assumption is the real discount rate, which is the
excess of the discount rate over the rate of inflation. The discount rate is
based on the market yields of high-quality corporate bonds of a currency and
term appropriate to the defined benefit obligations and has increased by five
basis points in the six-month period from 31 March 2025.
Assumptions for eligibility for dependant benefits and mortality have been
updated to reflect the latest analysis undertaken for the full actuarial
funding valuation of the Experian Pension Scheme at 31 March 2025, which is
nearing completion. Mortality assumptions also incorporate the most recent
published UK model for projected improvements in life expectancy. These
updates decreased retirement benefit obligations at 30 September 2025 by
approximately US$6m.
The other demographic assumptions at 30 September 2025 remain unchanged from
those used at 31 March 2025 and disclosed in the Group's statutory financial
statements for the year then ended.
It is anticipated that the funding position of the Experian Pension Scheme at
31 March 2025 will show an improvement over the 31 March 2022 position,
primarily due to an increase in the discount rate and a decrease in long-term
inflation expectations. While these market movements reduce the value of the
plan's liabilities, the value of the assets also reduces but by a lesser
extent, resulting in an increase in the funding surplus. As the scheme is in
surplus, the Group is not expected to make any deficit reduction
contributions.
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.
(d) Virgin Media case
In June 2023, the English High Court handed down a decision in the case of
Virgin Media Limited v NTL Pension Trustees II Limited and others relating to
the validity of certain historical pension changes due to the lack of
actuarial confirmation required by law. On 2 September 2025, the UK Government
published draft amendments to the Pensions Schemes Bill 2025 which would give
affected pension schemes the ability to retrospectively obtain written
actuarial confirmation that historical benefit changes met the necessary
standards.
Following the publication of the draft legislation, the directors do not
expect the Virgin Media ruling to give rise to any additional liabilities and
consequently the defined benefit obligations have not been adjusted and
continue to reflect the benefits currently being administered.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
18. Notes to the Group cash flow statement
(a) Cash generated from operations
Six months ended 30 September
2025 2024
Notes US$m US$m
Profit before tax 975 718
Share of post-tax profit of associates (2) (1)
Net finance expense - 163
Operating profit 973 880
Profit on disposal of operations 10(b) (11) -
Impairment of other intangible assets(1) 7 6
Impairment of property, plant and equipment 1 -
Amortisation and depreciation(2) 428 365
Charge in respect of share incentive plans 73 65
Increase in working capital 18(b) (275) (314)
Acquisition expenses - difference between income statement charge and amounts 2 (4)
paid
Acquisition employee incentives paid - difference between income statement 18(d) (9) (24)
charge and amounts paid
Adjustment to the fair value of contingent consideration 24(c) 1 2
Movement in Exceptional and other non-benchmark items included in (20) (1)
working capital
Cash generated from operations 1,170 975
1. The charge for impairment of other intangible assets of US$7m in the
six months ended 30 September 2025 related to acquisition intangibles.
2. Amortisation and depreciation includes amortisation of acquisition
intangibles of US$128m (2024: US$95m) which is excluded from Benchmark PBT and
Benchmark EBITDA. Depreciation of right-of-use assets totalled US$22m (2024:
US$23m).
(b) (Increase)/decrease in working capital
Six months ended 30 September
2025 2024
US$m US$m
Trade and other receivables (58) 2
Trade and other payables (217) (316)
Increase in working capital(1) (275) (314)
1. There was no material change to contract assets, contract costs or loss
allowance in the current or prior period. Contract liabilities reduced by
US$37m (2024: US$89m) from 1 April 2025 predominantly due to the cyclical
nature of invoicing.
(c) Purchase of other intangible assets
Six months ended 30 September
2025 2024
US$m US$m
Databases 105 98
Internally generated software 181 162
Internal use software 34 23
Purchase of other intangible assets 320 283
(d) Cash flows on acquisitions (non-GAAP measure)
Six months ended 30 September
2025 2024
Notes US$m US$m
Purchase of subsidiaries 23(a) 344 809
Less: net cash acquired with subsidiaries 23(a) (45) (35)
Settlement of deferred and contingent consideration 39 7
As reported in the Group cash flow statement 338 781
Acquisition expenses paid 30 12
Acquisition employee incentives paid 9 24
Transactions in respect of non-controlling interests - 1
Cash outflow for acquisitions (non-GAAP measure) (Appendix 4) 377 818
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
18. Notes to the Group cash flow statement (continued)
(e) Cash outflow in respect of net share purchases (non-GAAP measure)
Six months ended 30 September
2025 2024
Notes US$m US$m
Issue of ordinary shares 21 (24) (18)
Purchase of shares by employee trusts 22 97 83
Purchase of shares held as treasury shares 22 121 30
Cash outflow in respect of net share purchases (non-GAAP measure) 194 95
As reported in the Group cash flow statement:
Cash inflow in respect of shares issued (24) (18)
Cash outflow in respect of share purchases 218 113
Cash outflow in respect of net share purchases (non-GAAP measure) 194 95
(f) Analysis of cash and cash equivalents
30 September
2025 2024
US$m US$m
Cash and cash equivalents in the Group balance sheet 288 245
Bank overdrafts (3) (2)
Cash and cash equivalents in the Group cash flow statement 285 243
Cash and cash equivalents in the Group cash flow statement at 31 March 2025 of
US$366m were reported net of bank overdrafts of US$2m.
(g) Reconciliation of Cash generated from operations to Benchmark operating cash flow
(non-GAAP measure)
Six months ended 30 September
2025 2024
Notes US$m US$m
Cash generated from operations 18(a) 1,170 975
Purchase of other intangible assets 18(c) (320) (283)
Purchase of property, plant and equipment (18) (15)
Disposal of property, plant and equipment 5 1
Principal lease payments (24) (21)
Acquisition expenses paid 18(d) 30 12
Acquisition employee incentives paid 18(d) 9 24
Cash flows in respect of Exceptional and other non-benchmark items 33 14
Benchmark operating cash flow (non-GAAP measure) 885 707
Cash flow conversion for the six months ended 30 September 2025 was 77% (2024:
71%). Benchmark free cash flow for the six months ended 30 September 2025 was
US$535m (2024: US$426m).
19. Net debt (non-GAAP measure)
(a) Analysis by nature
30 September
2025 2024
US$m US$m
Cash and cash equivalents (net of overdrafts) 285 243
Debt due within one year - bonds and notes (1,120) -
Debt due within one year - commercial paper (53) (540)
Debt due within one year - lease obligations (38) (38)
Debt due after more than one year - bonds and notes (4,179) (4,123)
Debt due after more than one year - bank loans (91) (387)
Debt due after more than one year - lease obligations (102) (104)
Derivatives hedging borrowings 118 (15)
Net debt (5,180) (4,964)
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
19. Net debt (non-GAAP measure) (continued)
(b) Analysis by balance sheet caption
30 September
2025 2024
US$m US$m
Cash and cash equivalents 288 245
Current borrowings (1,220) (581)
Non-current borrowings (4,405) (4,617)
Borrowings (5,625) (5,198)
Total of Group balance sheet line items (5,337) (4,953)
Accrued interest reported within borrowings excluded from Net debt 39 4
Derivatives reported within Other financial assets 149 37
Derivatives reported within Other financial liabilities (31) (52)
Net debt (5,180) (4,964)
At 30 September 2025, the fair value of borrowings was US$5,512m (2024:
US$5,055m).
(c) Analysis of movements in Net debt
1 April Movements in the six months ended 30 September 2025 30 September
2025 Net Non-cash lease obligation Principal lease payments Net share purchases Additions Fair Exchange 2025
through business combinations
cash movements(1) value and other movements
flow gains/
(losses)
US$m US$m US$m US$m US$m US$m US$m US$m US$m
Derivatives hedging (68) (17) - - - - 37 166 118
borrowings
Borrowings (5,016) (322) (24) - - (1) (10) (252) (5,625)
Liabilities from financing activities(2) (5,084) (339) (24) - - (1) 27 (86) (5,507)
Accrued interest 32 7 - - - - - - 39
Cash and cash equivalents 368 82 - 24 (194) - - 8 288
Net debt (4,684) (250) (24) 24 (194) (1) 27 (78) (5,180)
1. Non-cash lease obligation movements include additions of US$26m and
disposals of US$2m (note 16).
2. Net cash flows comprised proceeds from the issue on 17 June 2025 of
US$500m 5.25% bonds, due 17 August 2035, less net payments from commercial
paper issuance.
20. Undrawn committed bank borrowing facilities
30 September
2025 2024
US$m US$m
Facilities expiring in:
One to two years 209 113
Two to three years 250 150
Three to four years 2,050 -
Four to five years - 1,800
2,509 2,063
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. At 31 March 2025, undrawn committed bank
borrowing facilities totalled US$2,366m.
There is one financial covenant in connection with the borrowing facilities.
Benchmark EBIT must exceed three times net interest expense before financing
fair value remeasurements. The calculation of the financial covenant excludes
the effects of IFRS 16 'Leases'. The Group monitors this, and the Net debt to
Benchmark EBITDA leverage ratio, and has complied with this covenant
throughout the current and prior period.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
21. Called-up share capital and share premium account
Number of Called-up share Share premium account
shares capital
million US$m US$m
At 1 April 2024 972.2 97 1,819
Shares issued under employee share incentive plans 0.7 - 18
At 30 September 2024 972.9 97 1,837
Shares issued under employee share incentive plans 0.1 - 2
At 31 March 2025 973.0 97 1,839
Shares issued under employee share incentive plans 0.7 - 24
At 30 September 2025 973.7 97 1,863
22. Own shares held
Number of Cost of shares
shares
million US$m
At 1 April 2024 59.1 1,343
Purchase of shares by employee trusts 1.8 83
Purchase of shares held as treasury shares 0.7 30
Other vesting of awards and exercises of share options (3.7) (80)
At 30 September 2024 57.9 1,376
Purchase of shares held as treasury shares 1.9 87
Other vesting of awards and exercises of share options (0.4) (8)
At 31 March 2025 59.4 1,455
Purchase of shares by employee trusts 1.9 97
Purchase of shares held as treasury shares 2.3 121
Other vesting of awards and exercises of share options (3.9) (112)
Shares delivered as acquisition consideration (note 23(a)) (0.1) (6)
At 30 September 2025 59.6 1,555
Own shares held at 30 September 2025 included 3.5 million (2024: 4.6 million)
shares held in employee trusts and 56.1 million (2024: 53.3 million) shares
held as treasury shares. Own shares held at 31 March 2025 included 4.4 million
(1 April 2024: 5.7 million) shares held in employee trusts and 55.0 million (1
April 2024:
53.4 million) shares held as treasury shares.
The total cost of own shares held at each balance sheet date is deducted from
other reserves in the Group balance sheet.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
23. Acquisitions and disposal
(a) Acquisitions in the period
The Group made two acquisitions in the six months ended 30 September 2025,
including the purchase on
1 April 2025 of the entire share capital of Clear Sale S.A. (ClearSale) and
its subsidiary undertakings, a leading provider of digital fraud prevention
solutions in Brazil. The acquisition of ClearSale allows us to access a new
growth avenue for Identity and Fraud and strengthens our Onboarding solutions
in Brazil.
The net assets acquired, goodwill and acquisition consideration are analysed
below:
ClearSale Other Total
US$m US$m US$m
Intangible assets:
Customer and other relationships 60 - 60
Software development 20 1 21
Marketing-related assets 20 - 20
Other intangibles 37 - 37
Intangible assets 137 1 138
Property, plant and equipment 1 1 2
Deferred tax assets 5 7 12
Trade and other receivables 21 - 21
Cash and cash equivalents (note 18(d)) 45 - 45
Trade and other payables (41) (1) (42)
Borrowings - (1) (1)
Total identifiable net assets 168 7 175
Goodwill (note 15(a)) 206 - 206
Total 374 7 381
Satisfied by:
Cash and cash equivalents (note 18(d)) 340 4 344
Shares delivered as acquisition consideration(1) (note 22) 6 - 6
Deferred consideration 14 - 14
Contingent consideration 14 3 17
Total 374 7 381
1. 125,344 Experian plc shares from treasury at market value.
Other includes adjustments to prior year acquisition provisional amounts,
recognised during the six months ended 30 September 2025.
These provisional fair values are determined by using established estimation
techniques.
Acquisition intangibles are valued using discounted cash flow models. For the
six months ended 30 September 2025, the most significant inputs to these
calculations are the proportion of earnings attributable to customer
relationships, software development and marketing-related assets for
ClearSale.
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 have been included at 30 September 2025, as a consequence of
the timing and complexity of the acquisitions.
Goodwill represents the synergies, assembled workforces and future growth
potential of the acquired businesses. The goodwill in relation to ClearSale is
currently expected to be deductible for tax purposes.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
23. Acquisitions and disposal (continued)
(b) Additional information in respect of acquisitions in the period
ClearSale Other Total
US$m US$m US$m
Increase/(decrease) in book value of net assets due to provisional fair value
adjustments:
Intangible assets 92 1 93
Property, plant and equipment (1) 1 -
Deferred tax assets - 7 7
Trade and other receivables (1) - (1)
Trade and other payables (17) (1) (18)
Borrowings 1 (1) -
Increase in book value of net assets due to provisional fair value adjustments 74 7 81
Gross contractual amounts receivable in respect of trade and other receivables 24 - 24
Pro forma revenue from 1 April 2025 to date of acquisition - - -
Revenue from date of acquisition to 30 September 2025 42 - 42
Loss before tax from date of acquisition to 30 September 2025(1) (6) - (6)
1. The loss before tax from date of acquisition to 30 September 2025
includes amortisation of acquisition intangibles, of which US$5m relates to
the ClearSale acquisition.
At the dates of acquisition, the gross contractual amounts receivable in
respect of trade and other receivables of US$24m were expected to be collected
in full. If both transactions had occurred on the first day of the financial
year, there would have been no estimated additional contribution to profit
before tax.
(c) Prior years' acquisitions
Contingent consideration of US$39m (2024: US$7m) was settled during the period
in respect of acquisitions made in earlier years. These cash flows principally
comprised US$37m (2024: US$nil) relating to the acquisition of MOVA Sociedade
de Empréstimo Entre Pessoas S.A. (MOVA) in FY24. Further detail on contingent
consideration fair value adjustments recognised in the period is provided in
note 24(c).
The Group made four acquisitions in the six months ended 30 September 2024,
including that of Credit Data Solutions Pty Ltd and its subsidiary
undertakings (illion) and Neuro-ID, Inc. A cash outflow of US$774m was
reported in the Group cash flow statement for that period, after deduction of
US$35m in respect of net cash acquired.
There have been no other material gains, losses, corrections or other
adjustments recognised in the six months ended 30 September 2025 that relate
to acquisitions in earlier years.
(d) Post balance sheet acquisition
On 24 October 2025, the Group completed the acquisition of the entire share
capital of KYC Global Technologies Limited (KYC360) in Jersey, along with its
subsidiary undertakings. This acquisition enhances our fraud and financial
crime compliance capabilities.
The fair value of goodwill and other assets and liabilities in respect of this
acquisition will be reported in the Experian Annual Report 2026, following
completion of the initial accounting. We expect to recognise acquisition
intangibles for developed technology, customer relationships, and marketing
related assets. Goodwill represents the synergies, skills and technical
expertise of assembled workforces and future growth potential of KYC360.
(e) Disposal
During the six months ended 30 September 2025, we disposed of a small
subsidiary undertaking in EMEA and Asia Pacific, generating a profit on
disposal of US$11m (2024: US$nil) and cash inflow of US$29m
(2024: US$nil).
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
24. 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 2025. Full information
and disclosures were contained in that document.
(b) Analysis by valuation method for put options and items measured at fair
value
At 30 September 2025 Level 1 Level 2 Level 3 Total
US$m US$m US$m US$m
Financial assets:
Derivatives used for hedging - fair value hedges(1) - 155 - 155
Non-hedging derivatives - 107 - 107
Other financial assets at fair value through profit or loss - - 14 14
Financial assets at fair value through profit or loss - 262 14 276
Derivatives used for hedging - cash flow hedge(1) - 24 - 24
Listed and trade investments 64 - 151 215
Financial assets revalued through OCI 64 24 151 239
64 286 165 515
Financial liabilities:
Derivatives used for hedging - fair value hedges(1) - (25) - (25)
Non-hedging derivatives - (15) - (15)
Other liabilities at fair value through profit or loss - - (125) (125)
Financial liabilities at fair value through profit or loss - (40) (125) (165)
Put options - - (63) (63)
- (40) (188) (228)
Net financial assets/(liabilities) 64 246 (23) 287
At 30 September 2024 Level 1 Level 2 Level 3 Total
US$m US$m US$m US$m
Financial assets:
Derivatives used for hedging - fair value hedges(1) - 8 - 8
Non-hedging derivatives - 128 - 128
Other financial assets at fair value through profit or loss - - 18 18
Financial assets at fair value through profit or loss - 136 18 154
Derivatives used for hedging - cash flow hedge(1) - 18 - 18
Listed and trade investments 57 - 148 205
Financial assets revalued through OCI 57 18 148 223
57 154 166 377
Financial liabilities:
Derivatives used for hedging - fair value hedges(1) - (48) - (48)
Non-hedging derivatives - (13) - (13)
Other liabilities at fair value through profit or loss - - (126) (126)
Financial liabilities at fair value through profit or loss - (61) (126) (187)
Put options - - (153) (153)
- (61) (279) (340)
Net financial assets/(liabilities) 57 93 (113) 37
1. Derivatives used for hedging are in documented hedge accounting
relationships.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
24. Financial risk management (continued)
(b) Analysis by valuation method for put options and items measured at fair
value (continued)
Financial assets at fair value through profit or loss (FVPL) are reported
within Other financial assets in the Group balance sheet. Other financial
assets also include financial assets held at amortised cost of US$20m
(2024: US$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 designated as a 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 period-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 period
end. There have been no changes in valuation techniques during the period
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
businesses, with the key area of estimation uncertainty being the estimation
of the relevant financial metrics. Material valuations are based on Monte
Carlo simulations using the most recent management expectations of relevant
business performance, reflecting the different contractual arrangements in
place.
The range of the undiscounted put option exercise price on the FY24
acquisition of MOVA is set out in note 24(c). There would be no material
effect on the other amounts stated from any reasonably possible change in such
inputs at 30 September 2025. There were no transfers between levels during the
current or prior period.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
24. Financial risk management (continued)
(c) Analysis of movements in Level 3 net financial (liabilities)/assets
Six months ended 30 September 2025 Financial assets revalued through OCI Other financial assets at FVPL Contingent consideration Put options Total
US$m US$m US$m US$m US$m
At 1 April 2024 167 13 (140) (84) (44)
Additions(1) 9 1 (17) - (7)
Disposals (2) - - - (2)
Settlement of contingent consideration(2) - - 39 - 39
Adjustment to the fair value of contingent consideration(3) - - (1) - (1)
Valuation gains recognised in the Group income statement(4,5) - - - 24 24
Valuation losses recognised in OCI(6) (23) - - - (23)
Currency translation losses recognised directly in OCI - - (10) (3) (13)
Other - - 4 - 4
At 30 September 2025 151 14 (125) (63) (23)
Six months ended 30 September 2024 Financial assets revalued through OCI Other financial assets at FVPL Contingent consideration Put options Total
US$m US$m US$m US$m US$m
At 1 April 2024 167 14 (92) (133) (44)
Additions(1) 22 6 (43) - (15)
Conversion of convertible debt to equity investments 3 (3) - - -
Settlement of contingent consideration - - 7 - 7
Adjustment to the fair value of contingent consideration(3) - - (2) - (2)
Valuation losses recognised in the Group income statement(4,5) - - - (28) (28)
Valuation losses recognised in OCI(6) (44) - - - (44)
Currency translation gains recognised directly in OCI - - 4 8 12
Other - 1 - - 1
At 30 September 2024 148 18 (126) (153) (113)
1. Additions to contingent consideration comprised US$17m (2024: US$43m)
in respect of acquisitions (note 23(a)).
2. In the six months ended 30 September 2025, contingent consideration
settled included US$37m (2024: US$nil) relating to the FY24 acquisition of
MOVA.
3. Contingent consideration is 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 10(a)). In the six months ended 30 September 2025, these
remeasurements included a valuation gain of US$13m (2024: US$nil) on the
contingent consideration liability relating to the acquisition of Salt
Participações S.A. and its subsidiary undertakings (SalaryFits) in FY25. The
value of this liability 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 contingent
consideration payment to be within an undiscounted range of US$30m to US$62m
(2024: US$20m and US$117m). We have determined the fair value of the
SalaryFits contingent consideration liability at 30 September 2025 to be
US$32m (2024: US$40m). If the discount rate used in this determination
increased or decreased by a percentage point, the contingent consideration
liability would decrease or increase by approximately US$1m.
4. Movements in the present value of expected future payments for put
options are unrealised and are recognised in financing fair value
remeasurements in the Group income statement.
5. In the six months ended 30 September 2025, a valuation gain of US$23m
(2024: loss of US$26m) was recognised on the put option related to acquisition
of MOVA, along with movements on other put option liabilities. The exercise
price of the MOVA put option is linked to the 2028 calendar year revenue and
Benchmark EBIT margin performance of the business. If exercised, we expect the
likely range of the undiscounted option exercise price to be between US$29m
and US$68m (2024: US$82m and US$254m). We have determined the fair value of
the put option liability at 30 September 2025 to be US$31m (2024: US$101m). If
the discount rate used in this determination increased or decreased by a
percentage point, the put option liability would decrease or increase by
approximately US$1m (2024: US$4m). There is also a corresponding call option
in place, the fair value of which is US$nil (2024: US$nil).
6. Of the valuation losses recognised in OCI, US$nil (2024: US$24m)
related to our investment in Vector CM Holdings (Cayman) L.P.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
24. 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 19(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 using a discounted cash flow analysis, employing a valuation
methodology falling within Level 2 of the IFRS 13 fair value hierarchy, apart
from the fair values of trade investments, other financial assets at FVPL and
contingent consideration which are determined using a valuation methodology
falling within Level 3 of the IFRS 13 fair value hierarchy.
The Group considers the impact of climate-related matters, including
legislation, on the fair value measurement of assets and liabilities. At
present, the impact of climate-related matters is not material to these
condensed interim 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 30 September 2025.
25. Related party transactions
The Group had no material or unusual related party transactions during the six
months ended 30 September 2025. The Group's related parties were disclosed in
the Group's statutory financial statements for the year ended 31 March 2025
and there have been no material changes during the six months ended 30
September 2025.
26. 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 have raised 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. During FY25 and H1
FY26, Experian's case relating to the goodwill arising in years 2013 to 2016
was heard at both the first and second-level courts and Experian was
successful in having a portion of the goodwill deductions definitively agreed,
with the remainder still under review. The quantum of the tax deduction for
goodwill amortisation which remains subject to review across the remaining
open years is US$147m (31 March 2025: US$196m). The possibility of this
resulting in a liability (which may consist of underpaid tax, interest and
penalties), to the Group is considered to be remote, based on the advice of
external legal counsel, success in all cases to date and other factors in
respect of the claims.
Notes to the condensed interim financial statements
for the six months ended 30 September 2025
26. 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.
We also continue to see General Data Protection Regulation (GDPR)
investigation and enforcement activity in the European Union (EU). The
directors do not believe that the outcome of any litigation, rulemaking or
regulatory investigation or enforcement will have a materially adverse effect
on the Group's financial position.
There also continue to be individual consumer and class action litigation
matters in Brazil and the USA related to our Marketing Services, Consumer
Services and Credit Reference businesses. Some of these class action
litigation matters in the USA allege willful misconduct under the US Fair
Credit Reporting Act and, if proven, carry the potential for liability which
includes statutory damages between US$100 to US$1,000 per consumer. 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.
27. Events occurring after the end of the reporting period
(a) First interim dividend
Details of the first interim dividend approved by the Board on 11 November
2025 are given in note 14.
(b) Acquisition
The Group completed the acquisition of KYC360 and its subsidiary undertakings
on 24 October 2025. Further details are provided in note 23(d).
(c) Bond maturity
The £400m 0.739% Euronotes matured on 29 October 2025. Repayment was funded
through the issuance of commercial paper and drawings on bank facilities.
28. Company website
The Company has a website which contains up-to-date information on Group
activities and published financial results. The directors are responsible for
the maintenance and integrity of statutory and audited information on this
website. The work carried out by the auditor does not involve consideration of
these matters. Jersey legislation and UK regulation governing the preparation
and dissemination of financial information may differ from requirements in
other jurisdictions.
Statement of directors' responsibilities
The directors are responsible for preparing the half-yearly financial report
for the six months ended
30 September 2025 in accordance with applicable law, regulations and
accounting standards.
The directors confirm that these condensed interim financial statements have
been prepared in accordance with IAS 34 'Interim Financial Reporting' adopted
pursuant to Regulation (EC) No 1606/2002 as it applies in the EU, and as
adopted for use in the UK and as issued by the IASB, and that, to the best of
their knowledge, the interim management report herein includes a fair review
of the information required by:
(a) DTR 4.2.7R of the UK Financial Conduct Authority Disclosure Guidance and
Transparency Rules sourcebook, being an indication of important events that
have occurred during the first six months of the financial year and the impact
on these condensed interim financial statements; and a description of the
principal risks and uncertainties for the remaining six months of the
financial year; and
(b) DTR 4.2.8R of the UK Financial Conduct Authority Disclosure Guidance and
Transparency Rules sourcebook, being related party transactions that have
taken place in the first six months of the financial year and that have
materially affected the financial position or performance of the enterprise
during that period; and any changes in the related party transactions
described in the last annual report that could do so.
The names and functions of the directors of Experian plc at 13 May 2025 were
listed in the Group's statutory financial statements for the year ended 31
March 2025. On 16 July 2025, Luiz Fleury retired from the Board, and Louise
Pentland stepped down from the Board and as Chair of the Remuneration
Committee. On the same date, Kathleen DeRose was appointed as Chair of the
Remuneration Committee. There have been no other changes to directors or their
functions in the six months ended 30 September 2025. 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
11 November 2025
Independent review report to Experian plc
Conclusion
We have been engaged by the Company to review the condensed interim financial
statements in the half-yearly financial report for the six months ended 30
September 2025 which comprises the Group income statement, the Group statement
of comprehensive income, the Group balance sheet, the Group statement of
changes in equity, the Group cash flow statement and the related explanatory
notes.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed interim financial statements in the half-yearly
financial report for the six months ended 30 September 2025 are not prepared,
in all material respects, in accordance with IAS 34 Interim Financial
Reporting adopted pursuant to Regulation (EC) No 1606/2002 as it applies in
the EU, and as adopted for use in the UK and as issued by the IASB, and the
Disclosure Guidance and Transparency Rules sourcebook (the DTR) of the UK's
Financial Conduct Authority (the UK FCA).
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 Review of Interim Financial Information Performed by the
Independent Auditor of the Entity (ISRE (UK) 2410) issued for use in the UK. A
review of interim financial information consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. We read the other information
contained in the half-yearly financial report and consider whether it contains
any apparent misstatements or material inconsistencies with the information in
the condensed interim financial statements.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention that causes us to believe that the directors
have inappropriately adopted the going concern basis of accounting, or that
the directors have identified material uncertainties relating to going concern
that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410. However, future events or conditions may cause the Group to
cease to continue as a going concern, and the above conclusions are not a
guarantee that the Group will continue in operation.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the DTR of the UK FCA.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with IFRS Accounting Standards as adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European Union (EU-IFRS),
UK-adopted international accounting standards (UK-IFRS) and IFRS as issued by
the International Accounting Standards Board (IASB-IFRS).
The directors are responsible for preparing the condensed interim financial
statements included in the half-yearly financial report in accordance with IAS
34 adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the EU,
and as adopted for use in the UK, and as issued by the IASB.
In preparing the condensed interim financial statements, the directors are
responsible for assessing the Group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed
interim financial statements in the half-yearly financial report based on our
review. Our conclusion, including our conclusions relating to going concern,
are based on procedures that are less extensive than audit procedures, as
described in the Basis for conclusion section of this report.
Independent review report to Experian plc (continued)
The purpose of our review work and to whom we owe our responsibilities
This report is made solely to the Company in accordance with the terms of our
engagement to assist the Company in meeting the requirements of the DTR of the
UK FCA. Our review has been undertaken so that we might state to the Company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company for our review work, for this
report, or for the conclusions we have reached.
Zulfikar Walji
for and on behalf of KPMG LLP
Chartered Accountants
15 Canada Square
London
E14 5GL
United Kingdom
11 November 2025
Shareholder information
Company website
A full range of investor information is available at experianplc.com.
Electronic shareholder communication
Shareholders may register for Share Portal, an electronic communication
service provided by MUFG Corporate Markets (Jersey) Limited, via the Company
website at shares.experianplc.com (http://www.experianplc.com) . The service
is free and it facilitates the use of a comprehensive range of shareholder
services online.
When registering for Share Portal, shareholders can select their preferred
communication method - email or post. Shareholders will receive a written
notification of the availability on the Company's website of shareholder
documents 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 ending 31 March 2026
A first interim dividend in respect of the year ending 31 March 2026 of 21.25
US cents per ordinary share will be paid on 6 February 2026 to shareholders on
the register at the close of business on 9 January 2026. Unless shareholders
elect by 9 January 2026 to receive US dollars, their dividends will be paid in
UK pounds sterling at a rate per share calculated on the basis of the exchange
rate from US dollars to UK pounds sterling on
16 January 2026.
Income Access Share (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 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 9 January 2026.
Dividend Reinvestment Plan (DRIP)
The DRIP enables those shareholders who receive their dividends under the IAS
arrangements to use their cash dividends to buy more shares in the Company.
Eligible shareholders, who wish to participate in the DRIP in respect of the
first interim dividend for the year ending 31 March 2026 to be paid on 6
February 2026, should return a completed and signed DRIP application form, to
be received by the registrars by no later than
9 January 2026. 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
First interim ex-dividend date 8 January 2026
First interim dividend record date 9 January 2026
First interim ex-dividend and record date for 9 January 2026
American Depositary Receipts (ADRs)
First interim ex-dividend and record date for 9 January 2026
Brazilian Depositary Receipts (BDRs)
First interim dividend exchange rate determined 16 January 2026
Trading update, third quarter 21 January 2026
First interim dividend payment date 6 February 2026
Preliminary announcement of full-year results 20 May 2026
Annual General Meeting 22 July 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
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