REG - Experian plc - Full-year financial report
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260520:nRST9859Ea&default-theme=true
RNS Number : 9859E Experian plc 20 May 2026
news release
Strong FY26 strategic and financial performance
7am, 20 May 2026 ─ Experian plc, the global data and technology company,
today issues its financial report for the year ended 31 March 2026.
Brian Cassin, Chief Executive Officer, commented:
FY26 was a record year for Experian, with performance at the upper end of our
expectations and strong strategic momentum. We delivered Benchmark EPS growth
of 15%, reflecting operating leverage ahead of guidance, alongside 13% total
and 8% organic revenue growth, at the top of our guidance range. We also
achieved another year of very strong post-tax return on capital employed, at
17.2%.
Given the strength of our performance, cash generation and balance sheet
flexibility, we have today announced a further US$1 billion share repurchase
programme, whilst retaining significant capacity to continue investing in
growth opportunities.
Looking ahead, we expect another year of strong growth in FY27, supported by
continued expansion of our addressable markets, successful strategic progress,
further productivity gains, and whilst taking a prudent approach to
macroeconomic uncertainties linked to the Middle East. We expect to deliver
another year of double-digit Benchmark EPS growth, underpinned by total
revenue growth of 8-11%, organic growth of 6-8%, and margin expansion at the
higher end of our Medium-Term Framework.
Benchmark and Statutory financial highlights
2026 2025 Actual rates growth % Constant rates growth % Organic growth %(2)
US$m
US$m
Benchmark¹
Revenue - ongoing activities(3) 8,425 7,475 13 11 8
Benchmark EBIT - ongoing activities(3,4) 2,407 2,102 15 13 n/a
Total Benchmark EBIT 2,397 2,083 15 14 n/a
Benchmark EPS USc 179.8 USc 156.9 15 13 n/a
Statutory
Revenue 8,445 7,523 12 n/a n/a
Operating profit 2,045 1,793 14 n/a n/a
Profit before tax 1,951 1,549 26 n/a n/a
Basic EPS USc 164.5 USc 127.6 29 n/a n/a
Total dividend USc 69.25 USc 62.50 11 n/a n/a
1. See Appendix 1 (page 14) and note 5 to the financial statements for
definitions of non-GAAP measures.
2. Organic revenue growth is at constant currency.
3. Revenue and Benchmark EBIT for the year ended 31 March 2025 have
been re-presented for the reclassification to exited business activities of
certain Business-to-Business (B2B) businesses, detail is provided in notes
6(a) and 7 to the financial statements.
4. See page 15 for reconciliation of Benchmark EBIT from ongoing
activities to Profit before tax.
Highlights
· Strong performance in FY26. Revenue growth from ongoing
activities was 11% at constant exchange rates, and 13% at actual exchange
rates. Organic growth was 9% in Q4 and 8% for the full year.
· Benchmark EBIT from ongoing activities rose 15% at actual
exchange rates and 13% at constant currency to US$2,407m.
· Margin expansion was above our expectations, with Benchmark EBIT
margin of 28.6%, up 50 basis points at actual rates and 60 basis points at
constant currency, and ahead of our Medium-Term Framework.
· EPS growth was 15% at actual exchange rates, and 13% at constant
exchange rates. Statutory Basic EPS increased by 29%.
· Benchmark operating cash flow was US$2.2bn, a conversion rate of
93%. Return on invested capital was very strong, with ROCE of 17.2%.
· Our financial position is supported by consistent cash generation
and disciplined capital management, with net debt to Benchmark EBITDA of 1.7x.
· All regions contributed to organic revenue growth during the
year. North America delivered growth of 10%, with performance of 10% in H1 and
9% in H2.
· Latin America grew 8%, showing good momentum, accelerating from
4% in H1 to 12% in H2.
· UK and Ireland delivered growth of 2%, with 1% in H1 increasing
to 3% in H2. EMEA and Asia Pacific grew 5%, with 6% in H1 and 3% in H2.
· Consumer Services organic revenue growth was 9%. We now serve
over 215 million free members globally.
· B2B organic revenue growth was 8%, supported by strong
performance across alternative data, mortgage, fraud prevention, analytics and
our priority growth verticals.
· As planned, we largely completed our cloud migration in North
America and Brazil (excluding Health), creating a strong foundation for future
innovation and productivity benefits.
· Statutory profit before tax of US$1,951m increased by 26%
increase year-on-year (FY25: US$1,549m), principally due to revenue growth,
favourable non-cash financing fair value remeasurements and lower
non-benchmark restructuring costs compared to the prior year.
· We invested US$792m in acquisitions, expanding our differentiated
data and capabilities to advance our strategic priorities.
· We returned significant capital to shareholders. We executed
US$725m in share repurchases during FY26 and increased our full year dividend
by 11% to USc 69.25 per ordinary share.
· We also today announce a new US$1bn share repurchase programme,
with the programme valid to 30 June 2027.
This announcement contains Inside Information.
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 Jessica
Reid
+44 (0)20 7353 4200
There will be a presentation today at 9.30am (UK time) to analysts and
investors via webcast. To view the slides and listen in online please go to
experianplc.com (http://www.experianplc.com) for the link.
Experian will update on first quarter trading for FY27 on 16 July 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 note 27 to the financial statements for
further information on risks and uncertainties facing Experian.
Company website
Neither the content of the Company's website, nor the content of any website
accessible from hyperlinks on the Company's website (or any other website), is
incorporated into, or forms part of, this announcement.
About Experian
Experian is a global data and technology company, powering opportunities for
people and businesses around the world. We help to redefine lending practices,
uncover and prevent fraud, simplify healthcare, deliver digital marketing
solutions, and gain deeper insights into the automotive market, all using our
unique combination of data, analytics and platforms. 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 25,200 people across 33 countries. Our
corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.
Strategic report
Part 1 - Chief Executive Officer's review
FY26 was a record year for Experian, with strong revenue growth, margin
expansion and continued strategic progress. Revenue from ongoing activities
grew 13% at actual exchange rates and 8% on an organic basis, (accelerating to
9% in Q4) with significant margin expansion of 60 basis points at constant
currency, exceeding our guidance. Over the past six years we have consistently
delivered sustained growth in revenue, Benchmark EBIT and Benchmark EPS
reflecting the strength of our business and the successful execution of our
growth strategy.
These results were driven by sustained demand for our solutions across our B2B
and Consumer Services portfolios. In B2B, it was a very successful year of
commercial execution, securing new clients and, in a significant renewal year,
deepening relationships with our largest strategic accounts. This translated
into higher contract values and longer durations as clients increasingly rely
on Experian as a trusted partner across multiple areas of risk.
In Consumer Services, we continue to grow our membership and increase
engagement, supported by an expanding range of products that help consumers
improve their financial health. Our global membership base expanded again this
year and now exceeds 215 million free members, providing a scaled platform for
continued growth and monetisation.
Our performance also reflects continued improvement in our operating model and
in product innovation. We continue to build new products that solve business
and consumer needs and increasingly drive our growth. In FY26, we generated
US$2bn of revenue from new and scaling products, including our Ascend modules
and consumer marketplaces.
Our cloud technology transformation is now substantially complete, enabling
Experian to operate as a cloud‑native organisation with increased agility
and improved capital efficiency. As expected, we remain on track to deliver
material cost savings from FY27 onwards, as dual‑run costs begin to decline.
This positions us to accelerate product development and improve scalability
across our platforms.
Artificial Intelligence (AI) is becoming a core driver of how we operate and
grow. We are embedding it across products, platforms and workflows to improve
performance. It is already driving measurable efficiency gains, with a
c.10-15% uplift in coding productivity in FY26, and select areas achieving
gains of over 30%. To put this into context, labour costs, at 32% of revenue,
are over 300 basis points lower than two years ago. It is also helping us to
extend our reach in existing and new markets.
We have already identified over US$15bn of AI-enabled addressable market
opportunities, in Health, agentic commerce, Ascend platform expansion and
embedded consumer marketplaces, and we are positioning the business to
penetrate these emerging areas. We see accelerating internal and external
opportunities as usage scales across the organisation, which will support
continued margin delivery in line with our Medium-Term Framework expectations,
alongside additional revenue expansion.
We continue to complement this with a disciplined approach to capital
allocation. During the year, we completed four acquisitions totalling US$792m,
focused on strengthening our identity and data assets and expanding
addressable markets. For example, AtData adds significant depth to our email
intelligence, bringing over 10 billion email addresses into Experian's data
assets. Own Up, an AI-powered mortgage platform, extends our consumer
marketplace into the mortgage space, which, combined with Experian's housing
data and scaled membership base, allows the creation of significantly
differentiated proposition for consumers and lenders, simplifying the mortgage
journey and improving access to relevant offers.
Our acquisitions complement our organic growth investments, and we continue to
deliver strong financial returns as we scale our capital base. We reported a
post-tax ROCE of 17.2%, an increase from 16.6% in the prior year.
Our performance reflects consistent execution against our long-term strategy
which continues to guide our business, shaping how we invest, innovate and
grow. We are well positioned to drive sustainable growth over the long-term
value. This performance, alongside our financial flexibility, has enabled us
to return incremental capital to shareholders, while retaining significant
capacity to continue investing in growth and operating within our 2-2.5x net
debt to EBITDA leverage framework. We have today announced an additional
US$1bn share repurchase programme adding to the US$1bn programme announced in
January.
B2B performance and strategic highlights
In our B2B business, we combine differentiated datasets with advanced
analytics to address important client workflows. Over 90% of our revenue is
derived from proprietary data which provides us with a powerful foundation to
embed AI across our solutions. Through platforms such as Ascend, we bring
together data, analytics and AI-driven capabilities in a connected way, which
strengthens our position as a strategic partner. Across our vertical markets,
our data and solutions help businesses navigate complex ecosystems and make
better decisions; and this approach helped us gain share this year across our
verticals.
In Financial Services, our largest vertical accounting for just over half of
Group revenues, we continued to see very strong momentum with organic growth
of 9% and total growth of 13%.
FY26 was a year of strong commercial progress across Financial Services. In
North America, it was a particularly heavy contract renewal year among our top
strategic accounts, and we had a 100% renewal rate, with contract durations
expanded by nearly 10% to over four years and contract values uplifted by
double-digits on average for this cohort. This reflects the importance of our
data and solutions to our largest clients and successful progress in
cross-sell of data, analytics and platform products.
The Ascend Platform plays a key role here. We now have over 2,300 client
solutions implemented and 37 product capabilities provisioned globally,
supporting growing customer engagement. It is evolving into the foundation of
an agentic AI ecosystem, underpinned by trusted Experian data and services. We
are introducing new agentic workflows within Ascend that bring together AI,
data, analytics and decisioning to automate and optimise complex client
processes, including fraud referrals, case management and operational review.
This helps us better address client needs and should support greater use of
our data and capabilities as customers adopt agentic workflows. Many clients
are now working through their own proofs of concept for agentic use cases. As
an embedded platform across many of these institutions, Ascend is well
positioned to help clients scale these capabilities within their existing
workflows and we are seeing strong client engagement.
We are now at a stage where we can further leverage the Ascend Platform.
Recently, we established a new multi-year partnership with ServiceNow,
significantly expanding our reach into its global base of enterprise
customers. Through this collaboration and using Model Context Protocol (MCP),
ServiceNow will deliver high‑value outcomes by embedding Experian's fraud
prevention, identity, and compliance capabilities into its platform, enabling
a broader set of enterprises to benefit beyond our traditional financial
services footprint.
We operate in end markets where accuracy, explainability and compliance at
scale are critical, and anticipate increasing demand for data. In North
America, we saw strong traction in our cashflow products, with growing client
adoption and a robust pipeline. Our capabilities, trained on millions of daily
transactions, are delivering nearly 6,000 predictive attributes and enabling
up to a 25% uplift in predictive performance when combined with traditional
credit data, supporting more accurate and inclusive lending decisions.
We continue to scale Employer Services and Verification Solutions, growing our
active record count to 66 million. We introduced enhancements such as Experian
Verify Preview to provide mortgage lenders with earlier visibility into
borrower employment data and, following the financial year-end, broadened
distribution through a new integration with the TazWorks
background‑screening platform.
We introduced VantageScore 4.0 into the conforming mortgage market in the USA.
Following the recent announcement from the Federal Housing Finance Agency
(FHFA), Fannie Mae and Freddie Mac are now able to accept VantageScore 4.0,
introducing score competition for the first time. We have begun delivering
VantageScore 4.0 to lenders participating in the initial FHFA pilot and are
supporting the transition across the industry with capabilities such as the
Ascend Platform and Mortgage Loan Performance (MLP) dataset, enabling faster
analysis, validation and execution.
The emerging market of agentic ecommerce will rely on a critical trust layer
of identity data to drive adoption. We recently announced Experian Agent
Trust, a first-of-its-kind framework that establishes a secure, verifiable
link between consumers and AI agents. Developed alongside leading technology
partners including Visa, Cloudflare, Skyfire and Akamai, it leverages our
proprietary data and identity assets to help enable secure and scalable
agentic payments.
In North America, the acquisition of AtData strengthens our email intelligence
and identity capabilities, adding over 10 billion email addresses globally,
and in the UK and Ireland, KYC360 enhances our financial crime and compliance
offering. In Brazil, ClearSale has strengthened our fraud prevention offering,
unlocking new growth opportunities and translating into clear commercial
momentum across transactional fraud.
In Health, we are already seeing clear evidence of the growth opportunities
provided by AI. Patient Access Curator (PAC), our AI-native solution, is
transforming complex eligibility workflows, reducing denials and costs. With a
single enquiry, proprietary AI identifies, corrects, and coordinates coverage
information to provide a complete and accurate upfront view of insurance.
Patient Access Curator drives an average 30% reduction in denials,
significantly improves the patient experience and is helping to accelerate
growth in our Health business. We see similar opportunities across the Health
product portfolio and we are embedding AI into other high-value workflows,
including claims and appeals, in a market where insurance claim denials are
rising and healthcare providers are under increasing pressure to automate.
In Automotive, we had another excellent year. AutoCheck is now the exclusive
vehicle history report provider across almost every major consumer shopping
site in the USA. Credit and value recovery solutions also delivered solid
results, supporting another period of Automotive growth well ahead of
underlying auto sales.
In Brazil B2B, we saw similar trends in win rates, contract value uplift and
extended contract duration as we did in North America, which accelerated
growth as H2 progressed and which will benefit FY27. In particular, the
integration of ClearSale has strengthened our fraud product portfolio,
enhancing our competitive position in both fraud and credit and supported
strong new business performance. We have also strengthened our position with
key telecommunications partners, while building momentum in new initiatives
including gaming and biometrics that leverage our data assets.
In the UK and Ireland, we made good progress with the Ascend Sandbox, and, as
in our other regions, secured new business wins and contract extensions,
particularly with our largest strategic clients. We are launching new datasets
on Ascend across commercial and insurance to generate additional
opportunities. In Marketing Services, we drove strong new business growth,
supported by enhanced data assets and an extended identity reach.
In EMEA and Asia Pacific, we have now integrated illion, establishing a scaled
and enhanced position in Australia and New Zealand. We are encouraged by the
progress to date, with the business performing well, strengthening our
regional capabilities and contributing to a near doubling of regional margins.
Consumer Services Performance and Strategic Highlights
In Consumer Services, we are building a broad platform to support consumers
across their financial health journey. Our audiences continue to grow, we are
enhancing the consumer experience, diversifying revenue streams, and improving
the quality of earnings.
We delivered a strong performance globally and continued to make strategic
progress. Free membership surpassed 215 million, with further scope to scale
through enhanced products and new distribution partnerships. We are continuing
to expand our capabilities, delivering more personalised insights to help
consumers navigate their financial lives.
At the same time, we are broadening the revenue model, through expanded
marketplaces, new streams such as payments, and long-term Partner Solutions
agreements. Together, these actions are driving a more diversified and
resilient portfolio.
This progress is reflected in our financial performance, with Consumer
Services delivering organic revenue growth of 9% and margin expansion of 220
basis points in FY26 and nearly 500 basis points over the past two years.
In North America, marketplace growth was strong, supported by innovations such
as No Ding Decline, which improves customer outcomes and drove strong demand.
We also continued to improve the member experience, with tools such as the
Experian Virtual Assistant (EVA) combining conversational AI and our trusted
data to deliver more personalised and actionable guidance. Since launch, EVA
has delivered nearly 3.5 million consumer engagements. The recent acquisition
of Own Up, an AI-powered mortgage shopping platform, marks an important next
step. Similar to our expansion into insurance through the acquisition of Gabi,
Own Up gives us an entry point into the large housing vertical and further
strengthens our marketplace capabilities.
In Partner Solutions, two long-term contracts supporting consumers who
suffered large data breaches are drawing to a conclusion. At the same time, we
have signed a significant new multi-year partnership with a leading USA bank,
building on a strong existing relationship. This agreement will extend premium
credit and identity capabilities to the bank's customer base and demonstrates
our ability to deliver integrated solutions at scale. We expect it to build
progressively, starting in FY27 and moving to significant revenue contribution
as we move into FY28.
In Brazil, we achieved broad-based growth across the portfolio. We have seen
growth in users, engagement and transactions. Limpa Nome, our debt
renegotiation business, continues to help millions of consumers, with
US$19.4bn of consumer debt renegotiated in FY26. We also expanded our
marketplace capabilities, now offering auto, theft and income insurance across
a growing number of carriers. Alongside our premium offering, this led to
growth that significantly outpaced the underlying market.
In the UK, we are transforming the consumer experience through product
enhancements, greater personalisation and broader capabilities, delivering
double-digit growth in every quarter of FY26, driven by strong marketplace
performance. We drove strong engagement through app enhancements and the
launch of our new 1250 credit score. Our next-generation consumer experience
enhances personalisation and customer journeys, while the enriched score,
incorporating data such as rental payments, provides clearer insights and more
actionable ways to improve borrowing potential.
Across our regions, we are expanding into new Large Language Model (LLM)
distribution channels, embedding our unique data and capabilities. In North
America, we launched the Experian Insurance Marketplace app on ChatGPT,
extending our trusted platform to OpenAI's audiences. We also integrated into
Snapchat's AI Sponsored Snaps offering, bringing our unique AI-powered credit
and personal finance information to over 100 million monthly active users in
the USA. In the UK and Ireland, we introduced the UK's first credit score app
on ChatGPT, while in Brazil we integrated our financial education content into
ChatGPT, delivering insights through conversational AI. These initiatives
extend our reach into new AI-driven channels and enhance consumer engagement.
Governance and Sustainability
Experian's success is built on the strength, expertise and commitment of our
25,200 people. We are pleased to have been recognised again as one of the
World's Best Workplaces™ 2025, reflecting our collaborative and
high-performing culture.
We have strengthened our approach to responsible AI with the deployment of our
global AI Policy, aligned to the US National Institute of Standards and
Technology's (NIST's) Trustworthy AI guidelines. This reinforces our
commitment to treating data with respect, while we continue to mature our
controls and governance in line with the evolving AI landscape.
We continue to expand positive social impact. In the USA, we launched the
Experian Credit + Cashflow Score, which combines traditional and alternative
data to help lenders assess risk more accurately, particularly for credit
invisibles and consumers with limited credit profiles. Since 2019, over
360,000 Experian Boosts have helped previously unscorable US consumers obtain
a credit score by adding positive payment data. In Brazil, our Limpa Nome
recovery portal facilitated the renegotiation of US$19.4bn of debt and
supported the write-off of US$16.1bn.
We are progressing against our science-based targets: Scope 1 and 2
(market-based) emissions fell 44% this year and are now 90% below our 2019
baseline. For Scope 3, by FY26, 41% of suppliers (by spend) had science-based
targets (FY25: 36%), with a further 7% committed.
Taken together, our performance over many years and the continued strategic
progress positions the Group to benefit from long term structural growth. We
have a strong position, built on proprietary data assets, deeply embedded
platforms and differentiated strategy spanning both B2B and Consumer Services.
Combined with strong financial flexibility, underpinned by our cloud
transformation, AI-driven efficiencies and operating scale, this gives us
confidence in the opportunities ahead.
Part 2 - Financial and Regional review for year ended 31 March 2026
· Revenue growth was strong, with revenue from ongoing activities
increasing by 13% at actual exchange rates and 11% at constant currency.
Organic revenue growth was 8%.
· Growth was consistent through the year. By quarter, organic
revenue growth was 8% in Q1, 9% in Q2, 8% in Q3 and 9% in Q4.
· We delivered growth across all regions, with organic revenue
growth of 10% in North America, 8% in Latin America, 2% in the UK and Ireland,
and 5% in EMEA and Asia Pacific.
· Consumer Services delivered 9% organic revenue growth, as we
scaled our platform to over 215 million free members. Growth was broad-based
across regions, driven by marketplace in North America and the UK and Ireland,
and by Limpa Nome alongside expanding capabilities in payments, insurance and
marketplace in Brazil.
· B2B organic revenue growth was 8%. Growth was strong across both
Financial Services and Verticals, driven by continued demand for our
proprietary data and expanding portfolio of new capabilities.
· We delivered good progress in Benchmark EBIT from ongoing
activities, up 15% at actual exchange rates and 13% at constant rates.
Benchmark EBIT margin increased by 90 basis points organically, 60 basis
points at constant rates and 50 basis points at actual exchange rates to
28.6%. Margin benefitted from continued scaling of Consumer Services and
improving operational efficiency through AI-driven productivity initiatives.
· We delivered strong growth in Benchmark earnings per share (EPS),
which increased by 15% at actual exchange rates and 13% at constant rates,
driven by solid revenue growth and margin expansion. Basic EPS was USc164.5
(2025: USc127.6), up 29%, due to non-cash foreign exchange gains on our
Brazilian intercompany funding and lower non-benchmark restructuring costs,
compared to the prior year.
· Cash flow conversion was strong, and we converted 93% of
Benchmark EBIT into Benchmark operating cash flow. Benchmark operating cash
flow at actual exchange rates was US$2.2bn, reflecting 10% growth.
· We continued to invest in proprietary data and product
innovation, enhancing our core capabilities and building the foundations for
AI at scale. Capital expenditure represented 8.6% of revenue and is expected
to trend towards 7% over the coming years.
· We invested US$792m in acquisitions aligned to our strategic
priorities, adding complementary data and capabilities. This included AtData
in North America, enhancing our proprietary email insights, and differentiated
fraud prevention capabilities such as KYC360 in the UK and Ireland and
ClearSale in Brazil. Following the year-end, we completed the acquisition of
Own Up, a leading AI-powered mortgage platform in North America. We finished
the year with net debt to Benchmark EBITDA of 1.7x.
· We executed US$725m in share repurchases during FY26, including
US$196m from the FY26 programme and US$529m from the additional US$1bn
programme announced in January 2026. We are also announcing a new share
repurchase programme of up to US$1bn, with the programme valid to 30 June
2027.
· We have announced a second interim dividend of USc48.00 per
share, up 11%. This will be paid on 24 July 2026 to shareholders on the
register at the close of business on 26 June 2026. This takes the full-year
dividend up 11% to USc69.25 per ordinary share.
· Our disciplined capital allocation delivered strong returns, with
ROCE of 17.2% in the year (2025: 16.6%).
Reconciliation of statutory to Benchmark measures for the year ended 31 March
2026
Statutory Non-benchmark and other items Benchmark
Investment- Amortisation of acquisition intangibles Non-cash financing items(2) Exceptional items(3)
related items(1)
US$m US$m US$m US$m US$m US$m
8,425 - - - - 8,425 Ongoing
20 - - - - 20 Exited
Revenue 8,445 - - - - 8,445 Revenue
2,055 61 271 - 20 2,407 Ongoing
(10) - - - - (10) Exited
Operating profit 2,045 61 271 - 20 2,397 Benchmark EBIT
Profit before tax 1,951 57 271 (87) 20 2,212 Benchmark PBT
Basic EPS USc 164.5 2.2 21.7 (10.0) 1.4 179.8 Benchmark EPS USc
1. Investment-related items include the Group's share of continuing
associates' Benchmark post-tax results.
2. Non-cash financing items of US$87m include US$82m of foreign exchange
gains on Brazilian real intra-Group funding.
3. Exceptional items are analysed in note 9 to the financial statements.
Year-on-year % change in organic¹ revenue - for the year ended 31 March 2026 Benchmark
EBIT
margin²
% of Group revenue³ B2B Consumer Services Total Total
North America 67 12 6 10 34.2%
Latin America 15 3 23 8 30.8%
UK and Ireland 11 0 12 2 23.4%
EMEA and Asia Pacific 7 5 n/a 5 6.7%
Total global 100 8 9 8 28.6%
1. At constant exchange rates.
2. Ongoing activities at actual exchange rates.
3. Percentage of Group revenue from ongoing activities calculated on FY26
revenue at actual exchange rates.
Ongoing activities only Percentage of Total revenue Organic revenue growth %
Group revenue growth %
At actual At constant At constant
exchange rates exchange rates exchange rates
Financial Services 53 13 9
Verticals 20 10 7
B2B 73 12 8
Consumer Services 27 9 9
Total global 100 11 8
North America
North America delivered strong growth with revenue of US$5,587m, representing
organic revenue growth of 10%. Total revenue growth was 11% including
contributions from the NeuroID, Audigent and AtData acquisitions.
B2B delivered organic revenue growth of 12%.
Financial Services performed very well, with organic revenue growth of 14%.
Clarity Services delivered strong performance, supported by good activity at
key clients and new customer wins. Innovation continues to drive momentum,
with Instant Unlock gaining traction with large bureau customers and our
cashflow products driving new business, leveraging our unique proprietary
credit and transaction data. Our platform solutions across analytics delivered
strong growth, supported by new business and key renewals. Verification
Solutions also contributed to growth, with our record count increasing to 66
million. Mortgage profile revenue grew very strongly, primarily due to higher
pricing.
Verticals delivered another year of very good growth, with organic revenue
growth of 8%. In Health, growth was driven by continued momentum in Patient
Access Curator and Claims, with PAC now a scaled, AI-native product and a
leading example of how we are leveraging advanced automation and data to
transform complex healthcare workflows, reduce denials and improve outcomes
for providers. Automotive had an outstanding year, with broad-based growth
across the portfolio, supported by new client wins for AutoCheck at leading
consumer automotive marketplaces, strong performance in value recovery
solutions and solid growth in credit.
Consumer Services delivered organic revenue growth of 6%.
We continue to scale our platform by growing our membership base and expanding
our capabilities. We now have over 85 million free members in North America,
up 8% year-on-year.
Marketplace revenue growth was strong. We saw strong demand for our No Ding
Decline credit card offers and continued to benefit from our Activate
capability, with ongoing enhancements and growing lender penetration.
Membership revenue grew modestly, driven by higher subscriptions year-on-year,
as we expanded our feature set, including the introduction of a high-yield
savings account. Partner Solutions declined for the year, reflecting the
initial wind down of two long-term mass data breach support contracts. Partner
Solutions, excluding data breach, performed well, and we continue to deepen
our relationships with strategic long-term partners.
Benchmark EBIT rose 13% to US$1,912m and Benchmark EBIT margin increased by 80
basis points to 34.2%. Margins benefitted from operating leverage and enhanced
labour productivity, supported by our technology transformation and
organisational efficiencies.
Latin America
Latin America performance was solid, with revenue from ongoing activities of
US$1,297m, increasing by 8% organically, and total constant currency revenue
growing by 17%. Acquisition contributions included ClearSale, TEx, SalaryFits,
and CCFacil.
B2B organic revenue growth was 3%.
In Brazil, we drove good performance with notable improvement towards the end
of the year reflecting new business wins. In Identity and Fraud (ID&F)
prevention, we delivered strong expansion, driven by increasing penetration
across major clients and solid demand for our biometrics and digital
onboarding capabilities. Our Gaming vertical saw good growth in this emerging
market, presenting a developing opportunity for our identity and fraud
solutions to assist, for example, with age verification. The ClearSale
integration is progressing well, strengthening our product offering and market
position. Our platform solutions across analytics and decisioning also
performed well, supported by product enhancements and continued footprint
expansion with existing clients.
Spanish Latin America performance was good, reflecting solid growth in
Colombia, Peru and Panama, supported by strong activity from large banks and
FinTech clients. We also saw strong demand for our analytics, ID&F and
decisioning capabilities.
Consumer Services organic revenue grew 23%. We continue to enhance our
consumer platform, expanding our product suite to serve customers across their
financial needs. Our debt renegotiation service, Limpa Nome, generated strong
demand from major banks and continues to support consumers in improving their
financial health, with over 30 million credit agreements renegotiated during
the year. Our credit marketplace and premium businesses both performed well,
supported by growing members, strong engagement and the increasing value of
our financial product capabilities. Our nascent insurance propositions are
also showing good momentum, supported by an expanding product suite and a
growing panel of carriers.
Benchmark EBIT from ongoing activities in Latin America was US$399m, up 11% at
constant exchange rates. The Benchmark EBIT margin from ongoing activities at
actual exchange rates declined by 120 basis points to 30.8% primarily due to
the temporary effect of recent acquisitions, partially offset by a continued
benefit from our scaling Consumer Services business.
UK and Ireland
The UK and Ireland region delivered revenue from ongoing activities of
US$942m, with organic revenue growth of 2%. Total constant currency growth of
3% includes the contribution from our KYC360 acquisition.
In B2B, organic revenue was flat, with Financial Services increasing by 1%
year-on-year offset by a 7% decline in Verticals.
Although the economic environment remains subdued, Financial Services growth
improved through the year, supported by strong renewals and a continued shift
toward higher-value, longer-term contracts. The acquisition of KYC360
strengthened our ID&F capabilities, enhancing our financial crime
prevention offering and complementing the existing portfolio. We continued to
scale the Ascend Platform, launching new datasets and use cases while
progressing Sandbox trials into client relationships. Verticals revenue
declined, reflecting softer new business in Experian Data Quality, partly
offset by strong Marketing Services performance.
In Consumer Services, organic revenue grew 12%. We launched a new consumer
app, introduced our new 1250 credit score, and expanded exclusive product
offerings, driving deeper engagement. This supported very strong marketplace
growth across cards and loans. Improvements to our subscription platform also
drove membership growth, with particular strength in our identity-focused
solution.
Benchmark EBIT from ongoing activities was US$220m, a 4% increase at constant
exchange rates. The Benchmark EBIT margin from ongoing activities was 23.4%,
compared to 23.2% in the prior year, due to enhanced cost-base efficiency.
EMEA and Asia Pacific
In EMEA and Asia Pacific, revenue from ongoing activities was US$599m, with
organic growth of 5% and total growth at constant exchange rates of 17%. The
difference primarily relates to our illion acquisition, completed on 30
September 2024.
In the region, we are strengthening our position across core markets and
expanding our data and decisioning capabilities to drive growth. We delivered
solid organic growth across the region, supported by strong performances in
Southern Europe, India and Southeast Asia, with Australia/New Zealand
benefitting from the inclusion and integration of illion. Innovation remained
a key driver, led by scores and attributes and Identity and Fraud solutions,
alongside continued progress in our platform capabilities.
Benchmark EBIT from ongoing activities was US$40m, compared to US$17m in FY25.
The Benchmark EBIT margin from ongoing activities was 6.7% compared to 3.4% in
the prior year.
FY27 modelling considerations
We expect to deliver another year of double-digit Benchmark EPS growth,
supported by continued revenue momentum and margin expansion.
· We expect total revenue growth of 8-11% at actual rates,
including a 1% contribution from completed acquisitions, a 1-2% benefit from
foreign exchange, and organic growth of 6-8%. This reflects continued
strategic progress, balanced with prudence in relation to the macroeconomic
backdrop.
· We also expect Benchmark EBIT margin expansion of around 50 basis
points at constant exchange rates, at the higher end of our Medium-Term
Framework, driven by operating leverage, the reduction in dual-run costs, and
continued AI-led productivity gains.
Organic revenue growth 6 - 8%
Inorganic revenue contribution c. 1%
Benchmark EBIT margin¹ c. +50 basis points
Foreign exchange 1 - 2% to revenue and Benchmark EBIT
Net interest US$250m - US$260m
Benchmark tax rate c. 26%
WANOS² 880m - 885m
Capital expenditure c. 8% of revenue
OCF³ conversion >90%
Share repurchases New US$1bn programme
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
1. At constant exchange rates.
2. Weighted average number of shares.
3. Benchmark operating cash flow.
Other financial developments
Benchmark EBIT of US$2,397m was up 15% at actual exchange rates. Benchmark
EBIT includes the impact of a US$10m operating loss from exited business
activities. These exited businesses came from our EMEA and Asia Pacific
region. Benchmark EBIT from ongoing activities of US$2,407m rose 15% at actual
exchange rates and removes the impact of these exited businesses.
Benchmark profit before tax (PBT) was US$2,212m, up 15% at actual exchange
rates, after a net interest expense of US$185m (2025: US$157m). For FY27, we
now expect net interest expense to be US$250m - $260m. This includes financing
costs associated with acquisitions completed during the year, as well as Own
Up and Konfir, both of which closed on 1 April 2026.
The Benchmark tax rate was 25.5% (2025: 25.3%), reflecting the mix of profits
and prevailing tax rates by territory. We expect our effective tax rate on
Benchmark PBT in FY27 will be around 26%.
Our Benchmark EPS was USc179.8, an increase of 15% at actual exchange rates
and 13% at constant exchange rates. For FY27, we expect a weighted average
number of ordinary shares (WANOS) of 880m - 885m.
Foreign exchange translation was a 2% tailwind to Benchmark EPS for the full
year. For FY27, we expect the foreign exchange translation effect to be a 1-2%
tailwind on revenue and Benchmark EBIT, assuming recent foreign exchange rates
prevail.
Non-benchmark items:
Profit before tax was US$1,951m, an increase of 26% from US$1,549m in the
prior year, reflecting revenue growth, lower non-benchmark restructuring costs
and favourable non-cash financing remeasurements driven by exchange gains on
Brazilian intra-Group funding compared to the prior year.
Revenue by region
Year ended 31 March 2026 2025¹ Growth %
US$m US$m
Total at actual exchange rates Total at constant exchange rates O
r
g
a
n
i
c
a
t
c
o
n
s
t
a
n
t
e
x
c
h
a
n
g
e
r
a
t
e
s
North America
Financial Services 2,363 2,073 14 14
Verticals 1,510 1,356 11 8
Business-to-Business 3,873 3,429 13 12
Consumer Services 1,714 1,617 6 6
Total ongoing activities 5,587 5,046 11 11 10
Exited business activities - -
Total North America 5,587 5,046
Latin America
Financial Services 949 791 16 4
Verticals 25 25 (4) (4)
Business-to-Business 974 816 15 3
Consumer Services 323 250 24 23
Total ongoing activities 1,297 1,066 22 17 8
Exited business activities 2 9
Total Latin America 1,299 1,075
UK and Ireland
Financial Services 595 555 2 1
Verticals 127 127 (5) (7)
Business-to-Business 722 682 1 0
Consumer Services 220 187 12 12
Total ongoing activities 942 869 8 3 2
Exited business activities - -
Total UK and Ireland 942 869
EMEA and Asia Pacific
Financial Services 556 455 17 5
Verticals 43 39 9 1
Total ongoing activities 599 494 21 17 5
Exited business activities 18 39
Total EMEA and Asia Pacific 617 533
Total revenue - ongoing activities 8,425 7,475 13 11 8
Total revenue - exited business activities 20 48
Revenue 8,445 7,523 12 11
1. The results for the year ended 31 March 2025 have been re-presented
for the reclassification to exited business activities of certain B2B
businesses, detail is provided in notes 6(a) and 7 to the financial
statements.
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, while the Consumer Services
business line remains unchanged. This categorisation more clearly reflects the
way we service our clients. The results for the year ended 31 March 2025 have
been re-presented accordingly.
See Appendix 1 (page 14) and note 5 to the financial statements for
definitions of non-GAAP measures.
See Appendix 2 (page 15) for analyses of revenue, Benchmark EBIT and Benchmark
EBIT margin from ongoing activities by business line.
Income statement, earnings and Benchmark EBIT margin analysis
Year ended 31 March 2026 2025¹ Growth %
US$m US$m
Total at actual exchange rates Total at constant exchange rates
Benchmark EBIT by geography
North America 1,912 1,686 13
Latin America 399 341 11
UK and Ireland 220 202 4
EMEA and Asia Pacific 40 17 116
Benchmark EBIT before Central Activities 2,571 2,246 14 13
Central Activities - central corporate costs (164) (144)
Benchmark EBIT from ongoing activities 2,407 2,102 15 13
Exited business activities (10) (19)
Benchmark EBIT 2,397 2,083 15 14
Net interest (185) (157)
Benchmark PBT 2,212 1,926 15 14
Exceptional items (20) (39)
Amortisation of acquisition intangibles (271) (211)
Acquisition and disposal expenses (59) (37)
Adjustment to the fair value of contingent consideration 2 (1)
Interest on tax liabilities (14) (4)
Financing fair value remeasurements 101 (85)
Profit before tax 1,951 1,549 26
Tax charge (443) (379)
Profit for the financial year 1,508 1,170 29
Benchmark earnings
Benchmark PBT 2,212 1,926 15 14
Benchmark tax charge (563) (487)
Total Benchmark earnings 1,649 1,439
Owners of Experian plc 1,642 1,434 15 13
Non-controlling interests 7 5
Benchmark EPS USc 179.8 USc 156.9 15 13
Basic EPS USc 164.5 USc 127.6 29
Weighted average number of ordinary shares 913 914
Benchmark EBIT margin - ongoing activities
North America 34.2% 33.4%
Latin America 30.8% 32.0%
UK and Ireland 23.4% 23.2%
EMEA and Asia Pacific 6.7% 3.4%
Benchmark EBIT margin 28.6% 28.1%
1. Benchmark results for the year ended 31 March 2025 have been re-presented
for the reclassification to exited business activities of certain B2B
businesses, detail is provided in notes 6(a) and 7 to the financial
statements.
See Appendix 1 (page 14) and note 5 to the financial statements for
definitions of non-GAAP measures.
See Appendix 2 (page 15) for analyses of revenue, Benchmark EBIT and Benchmark
EBIT margin from ongoing activities by business line.
Group financial review
Key statutory measures
We delivered very strong financial performance in FY26, with Benchmark EPS
growth of 15%. Our performance reflects good momentum across the business,
supported by our ongoing technology transformation and disciplined execution
against our strategic priorities.
Statutory revenue
Revenue for the year strengthened 12% to US$8,445m (2025: US$7,523m) with
acquisitions adding US$97m (2025: US$88m). Organic revenue growth was 8%.
We report our financial results in US dollars and therefore the strengthening
of our other trading currencies, primarily the Brazilian real and the UK pound
sterling, against the US dollar during the year increased total revenue by
US$107m (2025: decreased by US$120m). Details of the principal exchange rates
used are given in note 8 to the financial statements.
Statutory operating profit and profit before tax
Continued revenue growth, the scaling of our Consumer Services business and
margin enhancement contributed to an improved operating profit of US$2,045m
(2025: US$1,793m), moderated by restructuring
costs incurred in relation to our technology transformation and cloud
migration of US$28m (2025: US$50m).
The movements in Benchmark EBIT at constant currency are discussed in the
Chief Executive Officer's review and Regional highlights on pages 3 to 10.
Net finance expense was US$98m (2025: US$246m). Higher net interest costs,
from increased average borrowings and interest rates, were offset by financing
fair value gains of US$101m (2025: losses of US$85m), primarily attributable
to foreign exchange movements from funding our Brazilian operations. Profit
before tax increased to US$1,951m (2025: US$1,549m), reflecting improved
operating performance and a reduced net finance expense.
Tax
The tax charge for the year was US$443m (2025: US$379m). The effective rate of
tax based on profit before tax was 22.7%, a decrease of 1.8 percentage points
from FY25 largely attributable to financing fair value gains which are not
subject to tax.
Statutory Basic EPS
Basic EPS increased 29% to 164.5 US cents (2025: 127.6 US cents) driven by
stronger pre-tax earnings and a lower number of shares in issue.
Statutory cash flow
Cash generated from operations improved to US$2,875m (2025: US$2,617m) driven
by a US$252m increase in operating profit. The continued strength of our
operating cash flow performance reflects the nature of our business and
financial model, and our disciplined approach to working capital management.
Net borrowing inflows were US$381m (2025: US$696m). Acquisition spend
decreased by US$466m year-on-year. Cash outflows for net share purchases were
US$698m (2025: US$179m) as we executed our share repurchase programme. Undrawn
committed bank borrowing facilities totalled US$2.5bn (2025: US$2.4bn) at 31
March 2026.
Net assets
Net assets at 31 March 2026 increased to US$5,583m (2025: US$5,090m). Capital
employed, as defined in note 5(q) to the financial statements, was US$10,720m
(2025: US$9,732m), the increase being largely acquisition related. Our
investment returns have consistently been strong, with return on capital
employed in the mid to high teens over the past decade.
Equity
There was an increase in equity of US$493m, from US$5,090m at 31 March 2025,
with movements detailed in the Group statement of changes in equity on page
20.
Key movements in equity during the year include:
· profit for the financial year of US$1,508m
· currency translation gains of US$168m
· employee share awards and options cost of US$138m
· ordinary dividends of US$590m and a movement of US$725m in
connection with net share purchases.
Experian plc and the UK subsidiary undertaking responsible for distributing
dividends under the Group's Income Access Share arrangements have substantial
distributable profit and loss account reserves which, at 31 March 2026, were
US$21.6bn (2025: US$20.6bn) and US$12.9bn (2025: US$4.3bn) respectively.
Risks and uncertainties
The eight principal risks and uncertainties faced by the Group are summarised
in note 27 to the financial statements.
Appendices
1. Non-GAAP financial information
We have identified and defined certain measures that we believe assist in the
understanding of our performance. These measures are not defined under IFRS
and they may not be directly comparable with other companies' adjusted
performance measures. These non-GAAP measures are not intended to be a
substitute for any IFRS measures of performance, but we consider them to be
key measures used for assessing the underlying performance of our business.
The table below summarises our non-GAAP measures and there is a fuller
explanation, and references to where the measures are used and reconciled, in
note 5 to the financial statements.
Benchmark PBT Profit before amortisation and impairment charges, acquisition expenses,
Exceptional items, financing fair value remeasurements, tax (and interest
thereon) and discontinued operations. It includes the Group's share of
continuing associates' Benchmark post-tax results.
Benchmark EBIT Benchmark PBT before net interest expense.
Benchmark EBITDA Benchmark EBIT before depreciation and amortisation.
Exited business activities The results of businesses sold, closed or identified for closure during a
financial year.
Ongoing activities The results of businesses that are not disclosed as exited business
activities.
Constant exchange rates Results and growth calculated after translating both years' performance at the
prior year's average exchange rates.
Total growth This is the year-on-year change in the performance of Experian's activities at
actual exchange rates.
Organic revenue growth This is the year-on-year change in the revenue of ongoing activities,
translated at constant exchange rates, excluding acquisitions until the first
anniversary of their consolidation.
Benchmark earnings Benchmark PBT less attributable tax and non-controlling interests.
Total Benchmark earnings Benchmark PBT less attributable tax.
Benchmark EPS Benchmark earnings divided by the weighted average number of ordinary shares.
Exceptional items Exceptional items include those arising from the profit or loss on disposal of
businesses, closure costs of significant operations (including associated
onerous global support costs), costs of significant restructuring programmes,
and other financially significant one-off items.
Benchmark operating cash flow Benchmark EBIT plus amortisation, depreciation and charges for share-based
incentive plans, less net capital expenditure and adjusted for changes in
working capital, principal lease payments and the Group's share of the
Benchmark profit or loss retained in continuing associates.
Cash flow conversion Benchmark operating cash flow expressed as a percentage of Benchmark EBIT.
Net debt and Net funding Net debt is borrowings (and the fair value of derivatives hedging borrowings)
excluding accrued interest, less cash and cash equivalents. Net funding is
borrowings (and the fair value of the effective portion of derivatives hedging
borrowings) excluding accrued interest, less cash held in Group Treasury.
Return on capital employed (ROCE) Benchmark EBIT less tax at the Benchmark rate divided by average capital
employed, in continuing operations, over the year. Capital employed is net
assets less non-controlling interests and right-of-use assets, plus or minus
the net tax liability or asset and plus Net debt.
Appendices (continued)
2. Revenue, Benchmark EBIT and Benchmark EBIT margin by business line
Year ended 31 March Growth %
Total at constant exchange rates Organic at constant exchange rates
2026 2025(1)
US$m US$m
Revenue
Financial Services 4,463 3,874 13 9
Verticals 1,705 1,547 10 7
Business-to-Business(2) 6,168 5,421 12 8
Consumer Services 2,257 2,054 9 9
Ongoing activities 8,425 7,475 11 8
Exited business activities 20 48 n/a
Total 8,445 7,523 11
Benchmark EBIT
Business-to-Business 1,903 1,684 12
Consumer Services 668 562 18
Business lines 2,571 2,246 13
Central Activities - central corporate costs (164) (144) n/a
Ongoing activities 2,407 2,102 13
Exited business activities (10) (19) n/a
Total Benchmark EBIT 2,397 2,083 14
Net interest expense included in Benchmark PBT (185) (157) n/a
Benchmark PBT 2,212 1,926 14
Exceptional items(3) (20) (39)
Other adjustments made to derive Benchmark PBT(3) (241) (338)
Profit before tax 1,951 1,549
Benchmark EBIT margin - ongoing activities
Business-to-Business 30.9% 31.1%
Consumer Services 29.6% 27.4%
Benchmark EBIT margin(4) 28.6% 28.1%
1. Revenue of US$32m and Benchmark EBIT of US$5m for the year ended 31
March 2025 has been re-presented for the reclassification to exited business
activities of certain B2B businesses. See notes 6(a) and 7 to the financial
statements.
2. From FY26 we have updated the reporting structure of our business
lines. Effective 1 April 2025, the Business-to-Business business line is
divided into Financial Services and Verticals, while the Consumer Services
business line remains unchanged. This categorisation more clearly reflects the
way we service our clients. The results for the year ended 31 March 2025 have
been re-presented accordingly
3. See note 9 to the financial statements.
4. Benchmark EBIT margin for ongoing activities is calculated by dividing
Benchmark EBIT for ongoing activities, which includes central corporate costs,
by revenue from ongoing activities.
Appendices (continued)
3. Exceptional items and other adjustments made to derive Benchmark PBT(1)
2026 2025
Year ended 31 March US$m US$m
Charge for Exceptional items 20 39
Other adjustments made to derive Benchmark PBT:
Amortisation and impairment of acquisition intangibles 271 211
Other adjustments (30) 127
Net charge for other adjustments made to derive Benchmark PBT 241 338
Net charge for Exceptional items and other adjustments made to derive 261 377
Benchmark PBT
1. See note 9 to the financial statements.
An explanation for the exclusion of such items from our definition of
Benchmark PBT is given in note 5(a) to the financial statements.
4. Cash flow and Net debt summary(1)
2026 2025
Year ended 31 March US$m US$m
Benchmark EBIT 2,397 2,083
Amortisation and depreciation charged to Benchmark EBIT 613 547
Benchmark EBITDA 3,010 2,630
Impairment of non-current assets charged to Benchmark EBIT 6 15
Net capital expenditure (718) (650)
Increase in working capital (163) (54)
Principal lease payments (48) (41)
Benchmark profit retained in associates (4) (2)
Charge for share incentive plans 138 127
Benchmark operating cash flow(2) 2,221 2,025
Net interest paid (198) (165)
Tax paid (438) (447)
Dividends paid to non-controlling interests (2) (2)
Benchmark free cash flow 1,583 1,411
Acquisitions(3) (792) (1,244)
Disposal of operations 35 -
Additions to other financial assets (52) (69)
Disposal of other financial assets 82 30
Cash flows in respect of Exceptional and other non-benchmark items (34) (36)
Ordinary dividends paid (590) (546)
Net cash inflow/(outflow) 232 (454)
Net debt at 1 April (4,684) (4,053)
Net share purchases(4) (698) (179)
Non-cash lease obligation additions and disposals (40) (24)
Principal lease payments 48 41
Additions through business combinations (1) (3)
Foreign exchange and other movements (36) (12)
Net debt at 31 March (5,179) (4,684)
1. For Group cash flow statement see page 21.
2. A reconciliation of Cash generated from operations to Benchmark
operating cash flow and Benchmark free cash flow is provided in note 17(g) to
the financial statements.
3. See note 17(d) to the financial statements.
4. Consideration of US$27m for share purchases was outstanding at 31 March
2026. Net share repurchases were US$725m for FY26, inclusive of this unpaid
element.
Group income statement
for the year ended 31 March 2026
2026 2025
Benchmark(1) Non-benchmark(2) Benchmark(1) Non-benchmark(2)
Total Total
US$m US$m US$m US$m US$m US$m
Revenue (note 6(a)) 8,445 - 8,445 7,523 - 7,523
Labour costs (2,686) (45) (2,731) (2,520) (60) (2,580)
Data and information technology costs (1,625) - (1,625) (1,344) - (1,344)
Amortisation and depreciation charges (613) (263) (876) (547) (211) (758)
Marketing and customer acquisition costs (596) - (596) (536) - (536)
Other operating charges (532) (40) (572) (495) (17) (512)
Total operating expenses (6,052) (348) (6,400) (5,442) (288) (5,730)
Operating profit/(loss) 2,393 (348) 2,045 2,081 (288) 1,793
Finance income 34 - 34 21 - 21
Finance expense (219) 87 (132) (178) (89) (267)
Net finance expense (note 10(a)) (185) 87 (98) (157) (89) (246)
Share of post-tax profit of associates 4 - 4 2 - 2
Profit/(loss) before tax (note 6(a)) 2,212 (261) 1,951 1,926 (377) 1,549
Tax (charge)/credit (note 11(a)) (563) 120 (443) (487) 108 (379)
Profit/(loss) for the financial year 1,649 (141) 1,508 1,439 (269) 1,170
Attributable to:
Owners of Experian plc 1,642 (140) 1,502 1,434 (268) 1,166
Non-controlling interests 7 (1) 6 5 (1) 4
Profit/(loss) for the financial year 1,649 (141) 1,508 1,439 (269) 1,170
Total Benchmark EBIT(1) 2,397 2,083
US cents US cents US cents US cents
Earnings per share (note 12(a))
Basic 179.8 164.5 156.9 127.6
.
Diluted 178.7 163.4 155.5 126.5
Full-year dividend per share (note 13)(1) 69.25 62.50
1. Total Benchmark EBIT and Full-year dividend per share are non-GAAP
measures, and are defined in note 5 to the financial statements.
2. The loss before tax for non-benchmark items of US$261m (2025: US$377m)
comprises a net charge for Exceptional items of US$20m (2025: US$39m), and a
net charge for other adjustments made to derive Benchmark PBT of US$241m
(2025: US$338m). Further information is given in note 9 to the financial
statements.
Group statement of comprehensive income
for the year ended 31 March 2026
2026 2025
US$m US$m
Profit for the financial year 1,508 1,170
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss:
Remeasurement of post-employment benefit assets and obligations (note 16(b)) 5 6
Changes in the fair value of investments revalued through OCI 8 (39)
Deferred tax charge (2) (9)
Items that will not be reclassified to profit or loss 11 (42)
Items that are or may be reclassified subsequently to profit or loss:
Currency translation gains/(losses) 168 (129)
Cumulative currency translation (loss)/gain in respect of divestments (1) 1
Fair value gain on cash flow hedge 12 11
Hedging gain reclassified to profit or loss (11) (12)
Items that are or may be reclassified subsequently to profit or loss 168 (129)
Other comprehensive income/(expense) for the financial year(1) 179 (171)
Total comprehensive income for the financial year 1,687 999
Attributable to:
Owners of Experian plc 1,679 994
Non-controlling interests 8 5
Total comprehensive income for the financial year 1,687 999
1. There is no associated tax on amounts reported within Other
comprehensive income (OCI), except as reported for post-employment benefit
assets and obligations and changes in the fair value of investments revalued
through OCI. Currency translation items, other than those that have been
reclassified to profit or loss, are recognised in the hedging or translation
reserve within other reserves and in non-controlling interests. Other items
within OCI are recognised in retained earnings.
Group balance sheet
at 31 March 2026
2026 2025
Notes US$m US$m
Non-current assets
Goodwill 14 7,261 6,654
Other intangible assets 3,078 2,855
Property, plant and equipment 337 350
Investments in associates 18 13
Deferred tax assets 46 71
Post-employment benefit assets 16(a) 218 202
Trade and other receivables 246 226
Financial assets revalued through OCI 23(b) 178 221
Other financial assets 23(b) 169 153
11,551 10,745
Current assets
Trade and other receivables 2,315 1,684
Current tax assets 65 52
Financial assets revalued through OCI 23(b) - 1
Other financial assets 23(b) 31 36
Cash and cash equivalents - excluding bank overdrafts 17(f) 328 368
2,739 2,141
Current liabilities
Trade and other payables (2,231) (2,127)
Borrowings 18(b) (900) (774)
Current tax liabilities (38) (76)
Provisions (18) (21)
Other financial liabilities (19) (4)
(3,206) (3,002)
Net current liabilities (467) (861)
Total assets less current liabilities 11,084 9,884
Non-current liabilities
Trade and other payables (503) (172)
Borrowings 18(b) (4,665) (4,242)
Deferred tax liabilities (179) (155)
Post-employment benefit obligations 16(a) (35) (37)
Provisions (7) (3)
Other financial liabilities (112) (185)
(5,501) (4,794)
Net assets 5,583 5,090
Equity
Called-up share capital 20 96 97
Share premium account 20 1,868 1,839
Retained earnings 22,210 21,797
Other reserves (18,629) (18,679)
Attributable to owners of Experian plc 5,545 5,054
Non-controlling interests 38 36
Total equity 5,583 5,090
Group statement of changes in equity
for the year ended 31 March 2026
Called-up share capital Share premium account Retained earnings Other reserves Attributable to owners of Experian plc Non-controlling interests Total equity
(Note 20) (Note 20)
US$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 financial year - - 1,502 - 1,502 6 1,508
Other comprehensive income for the - - 11 166 177 2 179
financial year
Total comprehensive income - - 1,513 166 1,679 8 1,687
Transactions with owners:
Employee share incentive plans:
- value of employee services - - 138 - 138 - 138
- shares issued on vesting - 29 - - 29 - 29
- purchase of shares by employee trusts - - - (97) (97) - (97)
- other vesting of awards and share option exercises - - (109) 118 9 - 9
- related tax charge - - (1) - (1) - (1)
- other payments - - (7) - (7) - (7)
Purchase of shares held as treasury shares - - - (143) (143) - (143)
Purchase and cancellation of own shares (1) - (513) - (514) - (514)
Shares delivered as acquisition consideration (note 22) - - - 6 6 - 6
Transactions with non-controlling interests - - (18) - (18) (4) (22)
Dividends paid - - (590) - (590) (2) (592)
Transactions with owners (1) 29 (1,100) (116) (1,188) (6) (1,194)
At 31 March 2026 96 1,868 22,210 (18,629) 5,545 38 5,583
Group statement of changes in equity
for the year ended 31 March 2025
Called-up share capital Share premium account Retained earnings Other reserves Attributable to owners of Experian plc Non-controlling interests Total equity
(Note 20) (Note 20)
US$m US$m US$m US$m US$m US$m US$m
At 1 April 2024 97 1,819 21,155 (18,437) 4,634 35 4,669
Comprehensive income:
Profit for the financial year - - 1,166 - 1,166 4 1,170
Other comprehensive (expense)/income for the financial year - - (42) (130) (172) 1 (171)
Total comprehensive income/(expense) - - 1,124 (130) 994 5 999
Transactions with owners:
Employee share incentive plans:
- value of employee services - - 127 - 127 - 127
- shares issued on vesting - 20 - - 20 - 20
- purchase of shares by employee trusts - - - (83) (83) - (83)
- other vesting of awards and share option exercises - - (73) 88 15 - 15
- related tax credit - - 14 - 14 - 14
- other payments - - (5) - (5) - (5)
Purchase of shares held as treasury shares - - - (117) (117) - (117)
Transactions with non-controlling interests - - 1 - 1 (2) (1)
Dividends paid - - (546) - (546) (2) (548)
Transactions with owners - 20 (482) (112) (574) (4) (578)
At 31 March 2025 97 1,839 21,797 (18,679) 5,054 36 5,090
Group cash flow statement
for the year ended 31 March 2026
2026 2025
Notes US$m US$m
Cash flows from operating activities
Cash generated from operations 17(a) 2,875 2,617
Interest paid (222) (179)
Interest received 24 14
Tax paid (438) (447)
Net cash inflow from operating activities 2,239 2,005
Cash flows from investing activities
Purchase of other intangible assets 17(c) (677) (603)
Purchase of property, plant and equipment (49) (48)
Disposal of property, plant and equipment 8 1
Additions to other financial assets (52) (69)
Disposal of other financial assets 82 30
Acquisition of subsidiaries, net of cash acquired 17(d) (692) (1,158)
Disposal of operations 35 -
Net cash flows used in investing activities (1,345) (1,847)
Cash flows from financing activities
Cash inflow in respect of shares issued 17(e) 29 20
Cash outflow in respect of share purchases 17(e) (727) (199)
Other payments on vesting of share awards (7) (5)
Transactions in respect of non-controlling interests 17(d) (2) (1)
Acquisition of additional interest in subsidiary undertaking 17(d) (20) (22)
New borrowings 845 1,321
Repayment of borrowings (528) (621)
Net receipts/(payments) from issuing commercial paper 64 (4)
Principal lease payments (48) (41)
Net receipts for derivative contracts 32 38
Dividends paid (592) (548)
Net cash flows used in financing activities (954) (62)
Net (decrease)/increase in cash and cash equivalents (60) 96
Cash and cash equivalents at 1 April 366 300
Exchange movements on cash and cash equivalents 17 (30)
Cash and cash equivalents at 31 March 17(f) 323 366
Notes to the financial statements
for the year ended 31 March 2026
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 financial information set out in this preliminary announcement does not
constitute the Group's statutory financial statements, which comprise the
Annual Report and audited financial statements for the years ended 31 March
2026 and 31 March 2025, but is derived from the statutory financial statements
for the year ended 31 March 2026. The Group's statutory financial statements
for the year ended 31 March 2026 will be made available to shareholders in
June 2026 and delivered to the Jersey Companies Registry in due course. The
auditor has reported on those financial statements and has given an
unqualified report which does not contain a statement under Article 113B(3) or
Article 113B(6) of the Companies (Jersey) Law 1991. The Group's statutory
financial statements for the year ended 31 March 2025 have been delivered to
the Jersey Companies Registry. The auditor reported on those financial
statements and gave an unqualified report which did not contain a statement
under Article 113B(3) or Article 113B(6) of the Companies (Jersey) Law 1991.
The Group's statutory financial statements for the year ended 31 March 2026
have been:
· prepared in accordance with the Companies (Jersey) Law 1991 and
IFRS Accounting Standards as adopted pursuant to Regulation (EC) No 1606/2002
as it applies in the European Union (EU-IFRS), UK-adopted international
accounting standards (UK-IFRS) and IFRS as issued by the International
Accounting Standards Board (IASB-IFRS). EU-IFRS, UK-IFRS and IASB-IFRS all
differ in certain respects from each other, however the differences have no
material impact for the periods presented
· prepared on the going concern basis and under the historical cost
convention, as modified for the revaluation of certain financial assets and
financial liabilities
· presented in US dollars, the most representative currency of the
Group's operations, and generally rounded to the nearest million
· prepared using the principal exchange rates set out in note 8
· designed to voluntarily include disclosures in line with those
parts of the UK Companies Act 2006 applicable to companies reporting under
that law.
Other than those disclosed in this preliminary announcement, no significant
events impacting the Group have occurred between 31 March 2026 and 19 May 2026
when this preliminary announcement was approved for issue.
This preliminary announcement has been prepared in accordance with the Listing
Rules of the UK Financial Conduct Authority, using the accounting policies
applied in the preparation of the Group's statutory financial statements for
the year ended 31 March 2026. Those policies were published in full in the
Group's statutory financial statements for the year ended 31 March 2025 and
are available on the corporate website, at experianplc.com
(http://www.experianplc.com) .
Going concern
Our going concern assessment focuses on immediately available sources of
liquidity to fund our anticipated trading pattern, plus anticipated
acquisition spend, returns to shareholders and capital investment, ensuring we
always maintain a comfortable margin of headroom in case of the unexpected. We
also perform a review of indicators typical of emerging going concern issues,
and have identified none.
The directors believe that the Group and the Company are well placed to manage
their financing and other business risks satisfactorily to continue to meet
their liabilities as they fall due and have a reasonable expectation that the
Group and the Company will have adequate resources to continue their
operational existence for at least 12 months from the date of signing these
financial statements. The directors therefore consider it appropriate to adopt
the going concern basis of accounting in preparing the financial statements.
In reaching this conclusion, the directors noted the Group's strong cash
performance in the year, and its resilience in the face of a viability reverse
stress-test scenario.
Notes to the financial statements (continued)
for the year ended 31 March 2026
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 cloud services and third-party
data centres. We are committed to reducing our carbon emissions and continue
to develop our plans to decarbonise our business further and reduce energy
consumption at our data centres and across the Group.
We recognise the importance of identifying and effectively managing the
physical and transitional risks that climate change poses to our operations,
and consider the impact of climate-related matters, including legislation, on
our business. The climate change scenario analyses undertaken this year, in
line with Task Force on Climate-related Financial Disclosures (TCFD)
recommendations, did not identify any material impact on the Group's financial
results or on going concern or viability.
4. Recent accounting developments
There have been no accounting standards, amendments or interpretations
effective for the first time in these financial statements which have had a
material impact on the Group's consolidated results or financial position.
On 9 April 2024, the IASB issued IFRS 18 'Presentation and Disclosure in
Financial Statements', which is effective for Experian for the year ending 31
March 2028. IFRS 18 sets out requirements for the presentation and disclosure
of information in general purpose financial statements and replaces IAS 1
'Presentation of Financial Statements'.
The impact of IFRS 18 on the Group financial statements is under assessment;
areas of potential change have been noted and are subject to further review.
There are no other new standards, amendments to existing standards, or
interpretations that are not yet effective, that are expected to have a
material impact on the Group's financial statements. The Group has not applied
any standards, interpretations or amendments that have been issued but are not
yet effective. Accounting developments are routinely reviewed by the Group and
its financial reporting systems are adapted as appropriate.
Notes to the financial statements (continued)
for the year ended 31 March 2026
5. Use of non-GAAP measures in the financial statements
As detailed below, the Group has identified and defined certain measures that
it uses to understand and manage its performance. The measures are not defined
under IFRS and they may not be directly comparable with other companies'
adjusted performance measures. These non-GAAP measures are not intended to be
a substitute for any IFRS measures of performance but management considers
them to be key measures used for assessing the underlying performance of our
business.
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. 6(a) and 7
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 5(l). Other adjustments, in addition to Exceptional items, made to
derive Benchmark PBT are explained as follows:
· Charges for the amortisation and impairment of acquisition intangibles
are excluded from the calculation of Benchmark PBT because these charges are
based on judgments about their value and economic life and bear no relation to
the Group's underlying ongoing performance. Impairment of goodwill is
similarly excluded from the calculation of Benchmark PBT.
· Acquisition and disposal expenses (representing the incidental costs of
acquisitions and disposals, one-time integration costs and other corporate
transaction expenses) relating to successful, active or aborted acquisitions
and disposals are excluded from the definition of Benchmark PBT as they bear
no relation to the Group's underlying ongoing performance or to the
performance of any acquired businesses. Adjustments to contingent
consideration are similarly excluded from the definition of Benchmark PBT.
· Charges and credits for financing fair value remeasurements within
finance expense in the Group income statement are excluded from the definition
of Benchmark PBT. These include retranslation of intra-Group funding, and that
element of the Group's derivatives that is ineligible for hedge accounting,
together with gains and losses on put options in respect of acquisitions.
Amounts recognised generally arise from market movements and accordingly bear
no direct relation to the Group's underlying performance.
(b) Benchmark earnings before interest and tax (Benchmark EBIT) and margin
(Benchmark EBIT margin)
Benchmark EBIT is defined as Benchmark PBT before the net interest expense
charged therein and accordingly excludes Exceptional items as defined in note
5(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 financial statements (continued)
for the year ended 31 March 2026
5. Use of non-GAAP measures in the 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 6(a) and 7
(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
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
The results of businesses trading at 31 March 2026, that are not disclosed as
exited business activities, are reported as ongoing activities.
(f) Constant exchange rates To highlight our underlying performance, we present certain results and growth 6(e), 6(f), 8, 12(a) and 12(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 6(e) and 6(f)
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 6(e)
This is the year-on-year change in the revenue of ongoing activities, translated at constant exchange rates, excluding acquisitions until the first anniversary of their
consolidation.
(i) Benchmark earnings and Total Benchmark earnings Benchmark earnings is used in the calculation of Benchmark EPS. Benchmark EPS 12(b) and 12(c)
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 12(a)
Benchmark earnings divided by the weighted average number of issued ordinary
shares, as adjusted for own shares held.
Notes to the financial statements (continued)
for the year ended 31 March 2026
5. Use of non-GAAP measures in the 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 11(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 11(b) to these financial statements. The
Benchmark effective rate of tax is calculated by dividing the Benchmark tax
charge by Benchmark PBT.
(l) Exceptional items The separate reporting of Exceptional items provides insight into the Group's 9(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) Full-year dividend per share This measure indicates the Group's ability to generate sustainable 13
distributable earnings and apply a balanced approach to capital allocation and
Full-year dividend per share comprises the total of dividends per share shareholder returns.
announced in respect of the financial year.
(n) Benchmark operating and Benchmark free cash flow These measures assist in assessing the underlying cash flow performance of the 17(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.
(o) Cash flow conversion
Cash flow conversion is Benchmark operating cash flow expressed as a
percentage of Benchmark EBIT.
(p) Net debt and Net funding These measures provide an assessment of the Group's indebtedness and support 18
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.
(q) Return on capital employed (ROCE) 6(g)(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 financial statements (continued)
for the year ended 31 March 2026
6. Segment information
(a) Income statement
North Latin UK and Ireland EMEA and Total operating segments Central Total
America America Asia Pacific Activities Group
Year ended 31 March 2026 US$m US$m US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 5,587 1,297 942 599 8,425 - 8,425
Exited business activities - 2 - 18 20 - 20
Total 5,587 1,299 942 617 8,445 - 8,445
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities 1,912 399 220 40 2,571 (164) 2,407
Exited business activities - - - (10) (10) - (10)
Total(1) 1,912 399 220 30 2,561 (164) 2,397
Net interest expense included in Benchmark PBT (2) (1) 4 (2) (1) (184) (185)
(note 10(b))
Benchmark PBT(2) 1,910 398 224 28 2,560 (348) 2,212
Exceptional items (note 9(a)) (22) - (4) 6 (20) - (20)
Amortisation and impairment of acquisition intangibles (136) (39) (6) (90) (271) - (271)
Acquisition and disposal expenses (8) (24) (5) (22) (59) - (59)
Adjustment to the fair value of contingent consideration - 2 1 (1) 2 - 2
Interest on tax liabilities - - - - - (14) (14)
Financing fair value remeasurements - - - - - 101 101
Profit/(loss) before tax 1,744 337 210 (79) 2,212 (261) 1,951
North Latin UK and Ireland EMEA and Total operating segments Central Total Group
America America Asia Pacific Activities
Year ended 31 March 2025(3) US$m US$m US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 5,046 1,066 869 494 7,475 - 7,475
Exited business activities - 9 - 39 48 - 48
Total 5,046 1,075 869 533 7,523 - 7,523
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities 1,686 341 202 17 2,246 (144) 2,102
Exited business activities - (5) 1 (15) (19) - (19)
Total(1) 1,686 336 203 2 2,227 (144) 2,083
Net interest expense included in Benchmark PBT (3) (1) 3 (1) (2) (155) (157)
(note 10(b))
Benchmark PBT(2) 1,683 335 206 1 2,225 (299) 1,926
Exceptional items (note 9(a)) (13) (3) (15) (5) (36) (3) (39)
Amortisation of acquisition intangibles (123) (21) (6) (61) (211) - (211)
Acquisition and disposal expenses (10) (9) (1) (17) (37) - (37)
Adjustment to the fair value of contingent consideration 4 (5) - - (1) - (1)
Interest on tax liabilities - - - - - (4) (4)
Financing fair value remeasurements - - - - - (85) (85)
Profit/(loss) before tax 1,541 297 184 (82) 1,940 (391) 1,549
1. Benchmark EBITDA excludes depreciation and amortisation of US$613m
(2025: US$547m), which are included in Benchmark EBIT.
2. Benchmark PBT at constant exchange rates is calculated by adjusting
reported Benchmark PBT for exchange differences of US$(22)m (2025: US$3m).
3. Revenue of US$32m and Benchmark EBIT of US$5m for the year ended 31
March 2025 have been re-presented for the reclassification to exited business
activities of certain B2B businesses.
Notes to the financial statements (continued)
for the year ended 31 March 2026
6. Segment information (continued)
(b) Revenue by country
2026 2025
US$m US$m
USA 5,585 5,044
Brazil 1,146 936
UK 937 866
Other 777 677
8,445 7,523
Revenue is primarily attributable to countries other than Ireland. No single
client accounted for 10% or more of revenue in the current or prior year.
Revenue from the USA, Brazil and the UK in aggregate comprises 91% (2025: 91%)
of Group revenue. Other comprises a number of other countries, none of which
has revenue that is individually material.
(c) Disaggregation of revenue from contracts with customers
North Latin UK and Ireland EMEA and Total operating segments
America America Asia Pacific
Year ended 31 March 2026 US$m US$m US$m US$m US$m
Revenue from external customers
Financial Services 2,363 949 595 556 4,463
Verticals 1,510 25 127 43 1,705
Business-to-Business 3,873 974 722 599 6,168
Consumer Services 1,714 323 220 - 2,257
Ongoing activities 5,587 1,297 942 599 8,425
Exited business activities - 2 - 18 20
Total 5,587 1,299 942 617 8,445
North Latin UK and Ireland EMEA and Total operating segments
America America Asia Pacific
Year ended 31 March 2025(1) US$m US$m US$m US$m US$m
Revenue from external customers
Financial Services 2,073 791 555 455 3,874
Verticals 1,356 25 127 39 1,547
Business-to-Business 3,429 816 682 494 5,421
Consumer Services 1,617 250 187 - 2,054
Ongoing activities 5,046 1,066 869 494 7,475
Exited business activities - 9 - 39 48
Total 5,046 1,075 869 533 7,523
1. From FY26 we have updated the reporting structure of our business
lines. Effective 1 April 2025, the Business-to-Business business line is
divided into Financial Services and Verticals, while the Consumer Services
business line remains unchanged. This categorisation more clearly reflects the
way we service our clients. The results for the year ended 31 March 2025 have
been re-presented accordingly.
In addition, EMEA and Asia Pacific Financial Services revenue of US$32m for
the year ended 31 March 2025 has been re-presented to reflect the
reclassification of certain B2B businesses to exited business activities.
Revenue from exited business activities was derived from the Financial
Services business line in both the current and prior year.
Financial Services revenue is derived from: transactional services (including
both per-unit charges and fees over a contractual term), batch data services,
software sales (comprising recurring licence, support and maintenance and
implementation fees), and consultancy services.
Revenue from Verticals is predominantly transactional and batch-related, with
a portion derived from licence fees.
Consumer Services revenue primarily comprises monthly subscriptions and
one-off fees, and referral fees for financial products and white-label
partnerships.
Notes to the financial statements (continued)
for the year ended 31 March 2026
6. Segment information (continued)
(d) Revenue by business line
The additional analysis of revenue from external customers provided to the
chief operating decision-maker, and accordingly reportable under IFRS 8
'Operating Segments', is given within note 7. This is supplemented by
voluntary disclosure of the profitability of groups of service lines. For ease
of reference, we use the term 'business lines' when discussing the results of
groups of service lines.
(e) Reconciliation of revenue from ongoing activities
North Latin UK and Ireland EMEA and Total ongoing activities
America America Asia Pacific
US$m US$m US$m US$m US$m
Revenue for the year ended 31 March 2025(1) 5,046 1,066 869 494 7,475
Adjustment to constant exchange rates(2) - 2 3 2 7
Revenue at constant exchange rates for the year ended 31 March 2025(2) 5,046 1,068 872 496 7,482
Organic revenue growth 494 86 19 23 622
Revenue from acquisitions 47 98 10 59 214
Revenue at constant exchange rates for the year ended 31 March 2026 5,587 1,252 901 578 8,318
Adjustment to actual exchange rates - 45 41 21 107
Revenue for the year ended 31 March 2026 5,587 1,297 942 599 8,425
Organic revenue growth at constant exchange rates 10% 8% 2% 5% 8%
Revenue growth at constant exchange rates 11% 17% 3% 17% 11%
1. Revenue of US$32m for the year ended 31 March 2025 has been
re-presented for the reclassification to exited business activities of certain
B2B businesses.
2. Non‑GAAP constant exchange rate measures are calculated using the
prior year's average exchange rates. Accordingly, FY25 amounts previously
reported at constant exchange rates have been restated using the latest prior
year average exchange rates.
The table above demonstrates the application of the methodology set out in
note 5 in determining organic and total revenue growth at constant exchange
rates. Revenue at constant exchange rates is reported for both years using the
average exchange rates applicable for the year ended 31 March 2025.
(f) Reconciliation of Benchmark EBIT from ongoing activities
North Latin UK and Ireland EMEA and Total operating segments Central Activities Total ongoing activities
America America Asia Pacific
US$m US$m US$m US$m US$m US$m US$m
Benchmark EBIT for the year ended 31 March 2025(1) 1,686 341 202 17 2,246 (144) 2,102
Adjustment to constant exchange rates(2) (1) 3 - 1 3 - 3
Benchmark EBIT at constant exchange rates for FY25(2) 1,685 344 202 18 2,249 (144) 2,105
Benchmark EBIT growth 227 38 8 22 295 (16) 279
Benchmark EBIT at constant exchange rates for FY26 1,912 382 210 40 2,544 (160) 2,384
Adjustment to actual exchange rates - 17 10 - 27 (4) 23
Benchmark EBIT for the year ended 31 March 2026 1,912 399 220 40 2,571 (164) 2,407
Benchmark EBIT growth at constant exchange rates 13% 11% 4% 116% 13% n/a 13%
Benchmark EBIT growth at actual exchange rates 13% 17% 9% 135% 14% n/a 15%
Benchmark EBIT margin at constant exchange rates FY25 33.4% 32.2% 23.2% 3.6% 30.1% n/a 28.1%
Benchmark EBIT margin at actual exchange rates FY25 33.4% 32.0% 23.2% 3.4% 30.0% n/a 28.1%
Benchmark EBIT margin at constant exchange rates FY26 34.2% 30.5% 23.3% 6.9% 30.6% n/a 28.7%
Benchmark EBIT margin at actual exchange rates FY26 34.2% 30.8% 23.4% 6.7% 30.5% n/a 28.6%
1. Benchmark EBIT of US$5m for the year ended 31 March 2025 has been
re-presented for the reclassification to exited business activities of certain
B2B businesses.
2. Non‑GAAP constant exchange rate measures are calculated using the
prior year's average exchange rates. Accordingly, FY25 amounts previously
reported at constant exchange rates have been restated using the latest prior
year average exchange rates.
* Growth rates and margins are calculated using exact numbers.
Notes to the financial statements (continued)
for the year ended 31 March 2026
6. Segment information (continued)
(g) Balance sheet
(i) Net assets/(liabilities) North Latin UK and Ireland EMEA and Total operating segments Central Total
America America Asia Pacific Activities and other Group
At 31 March 2026 US$m US$m US$m US$m US$m US$m US$m
Goodwill 4,308 1,213 868 872 7,261 - 7,261
Investments in associates 7 - 11 - 18 - 18
Right-of-use assets 39 16 31 19 105 5 110
Other assets 2,958 1,617 704 570 5,849 1,052 6,901
Total assets 7,312 2,846 1,614 1,461 13,233 1,057 14,290
Lease obligations (52) (19) (36) (22) (129) (4) (133)
Other liabilities (1,367) (797) (320) (235) (2,719) (5,855) (8,574)
Total liabilities (1,419) (816) (356) (257) (2,848) (5,859) (8,707)
Net assets/(liabilities) 5,893 2,030 1,258 1,204 10,385 (4,802) 5,583
North Latin UK and Ireland EMEA and Total operating segments Central Total
America America Asia Pacific Activities and other Group
At 31 March 2025 US$m US$m US$m US$m US$m US$m US$m
Goodwill 4,170 904 763 817 6,654 - 6,654
Investments in associates 4 - 9 - 13 - 13
Right-of-use assets 43 14 35 17 109 5 114
Other assets 2,829 900 611 643 4,983 1,122 6,105
Total assets 7,046 1,818 1,418 1,477 11,759 1,127 12,886
Lease obligations (56) (17) (42) (17) (132) (4) (136)
Other liabilities (1,353) (408) (307) (255) (2,323) (5,337) (7,660)
Total liabilities (1,409) (425) (349) (272) (2,455) (5,341) (7,796)
Net assets/(liabilities) 5,637 1,393 1,069 1,205 9,304 (4,214) 5,090
(ii) Central Activities and other comprises:
2026 2025
Assets Liabilities Net assets/ Assets Liabilities Net assets/
(liabilities) (liabilities)
US$m US$m US$m US$m US$m US$m
Central Activities 549 (194) 355 602 (155) 447
Net debt(1) 397 (5,448) (5,051) 402 (4,955) (4,553)
Tax 111 (217) (106) 123 (231) (108)
1,057 (5,859) (4,802) 1,127 (5,341) (4,214)
1. Lease obligations in operating segments net of interest of US$128m
(2025: US$131m), are excluded from Net debt reported within Central
Activities.
(iii) Capital employed
2026 2025
US$m US$m
Net assets 5,583 5,090
Add: Net debt (note 18(a)) 5,179 4,684
Add: Tax 106 108
Less: right-of-use assets (110) (114)
Less: non-controlling interests (38) (36)
Capital employed attributable to owners 10,720 9,732
ROCE is determined by dividing Benchmark EBIT of US$2,397m (2025: 2,083m),
less tax at the Benchmark rate of 25.5% (2025: 25.3%) and Benchmark EBIT
attributable to non-controlling interests of US$7m (2025: US$5m), by the
three-point average capital employed. This average of US$10,335m (2025:
US$9,355m) is calculated as the arithmetic average of capital employed at 31
March 2026, 30 September 2025 and 31 March 2025.
Notes to the financial statements (continued)
for the year ended 31 March 2026
7. Information on business lines (including non-GAAP disclosures)
Business-to-Business Consumer Services Total business lines Central Total
Activities Group
Year ended 31 March 2026 US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 6,168 2,257 8,425 - 8,425
Exited business activities 20 - 20 - 20
Total 6,188 2,257 8,445 - 8,445
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities 1,903 668 2,571 (164) 2,407
Exited business activities (10) - (10) - (10)
Total(1) 1,893 668 2,561 (164) 2,397
Net interest expense included in Benchmark PBT (note 10(b)) (1) - (1) (184) (185)
Benchmark PBT(2) 1,892 668 2,560 (348) 2,212
Exceptional items (note 9(a)) (13) (7) (20) - (20)
Amortisation and impairment of acquisition intangibles (242) (29) (271) - (271)
Acquisition and disposal expenses (49) (10) (59) - (59)
Adjustment to the fair value of contingent consideration (9) 11 2 - 2
Interest on tax liabilities - - - (14) (14)
Financing fair value remeasurements - - - 101 101
Profit/(loss) before tax 1,579 633 2,212 (261) 1,951
Business-to-Business Consumer Services Total business lines Central Total
Activities Group
Year ended 31 March 2025(3) US$m US$m US$m US$m US$m
Revenue from external customers
Ongoing activities 5,421 2,054 7,475 - 7,475
Exited business activities 48 - 48 - 48
Total 5,469 2,054 7,523 - 7,523
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities 1,684 562 2,246 (144) 2,102
Exited business activities (20) 1 (19) - (19)
Total(1) 1,664 563 2,227 (144) 2,083
Net interest expense included in Benchmark PBT (note 10(b)) (1) (1) (2) (155) (157)
Benchmark PBT(2) 1,663 562 2,225 (299) 1,926
Exceptional items (note 9(a)) (27) (9) (36) (3) (39)
Amortisation of acquisition intangibles (183) (28) (211) - (211)
Acquisition and disposal expenses (36) (1) (37) - (37)
Adjustment to the fair value of contingent consideration 1 (2) (1) - (1)
Interest on tax liabilities - - - (4) (4)
Financing fair value remeasurements - - - (85) (85)
Profit/(loss) before tax 1,418 522 1,940 (391) 1,549
1. Benchmark EBITDA excludes depreciation and amortisation of US$613m
(2025: US$547m), which are included in Benchmark EBIT.
2. Benchmark PBT at constant exchange rates is calculated by adjusting
reported Benchmark PBT for exchange differences of US$(22)m (2025: US$3m).
3. Revenue of US$32m and Benchmark EBIT of US$5m for the year ended 31
March 2025 have been re-presented for the reclassification to exited business
activities of certain B2B businesses.
Notes to the financial statements (continued)
for the year ended 31 March 2026
8. Foreign currency
Foreign exchange - average rates
The principal exchange rates used to translate revenue and Benchmark EBIT into
the US dollar are shown in the table below.
2026 2025 Movement against the US dollar
US dollar : Brazilian real 5.44 5.61 3%
UK pound sterling : US dollar 1.34 1.28 5%
Euro : US dollar 1.16 1.07 8%
US dollar : Australian dollar 1.51 1.53 1%
The impact of foreign currency movements on revenue from ongoing activities
and Benchmark EBIT from ongoing activities is set out in notes 6(e) and 6(f)
to the financial statements, respectively.
Foreign exchange - closing rates
The principal exchange rates used to translate assets and liabilities into the
US dollar at the year-end dates are shown in the table below.
2026 2025
US dollar : Brazilian real 5.23 5.76
UK pound sterling : US dollar 1.32 1.29
Euro : US dollar 1.15 1.08
US dollar : Australian dollar 1.45 1.60
9. Exceptional items and other adjustments made to derive Benchmark PBT
(a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT
2026 2025
Notes US$m US$m
Exceptional items:
(Profit)/loss on disposal of operations(1) 9(b), 22(d) (9) 4
Restructuring costs 9(c) 28 50
Legal provisions movements(1) 9(d) 1 (15)
Net charge for Exceptional items 20 39
Other adjustments made to derive Benchmark PBT:
Amortisation and impairment of acquisition intangibles(2) 271 211
Acquisition and disposal expenses(3) 59 37
Adjustment to the fair value of contingent consideration(1) 23(c) (2) 1
Interest on tax liabilities 10(c) 14 4
Financing fair value remeasurements 10(c) (101) 85
Net charge for other adjustments made to derive Benchmark PBT 241 338
Net charge for Exceptional items and other adjustments made to derive 261 377
Benchmark PBT
By income statement caption:
Labour costs 45 60
Amortisation and depreciation charges 263 211
Other operating charges 40 17
Within operating profit 348 288
Within finance expense (87) 89
Net charge for Exceptional items and other adjustments made to derive 261 377
Benchmark PBT
1. Included in other operating charges.
2. The impairment charge on acquisition intangibles of US$8m (2025:
US$nil) is included in other operating charges.
3. Acquisition and disposal expenses represent professional fees and
expenses associated with completed, ongoing and terminated acquisition and
disposal processes, as well as the integration and separation costs associated
with completed deals. Of the total, US$25m (2025: US$10m) is recorded within
labour costs and US$34m (2025: US$27m) is included within other operating
charges in the Group income statement.
Notes to the financial statements (continued)
for the year ended 31 March 2026
9. Exceptional items and other adjustments made to derive Benchmark PBT
(continued)
(b) (Profit)/loss on disposal of operations
The profit on the disposal of operations of US$9m (2025: loss on disposal of
US$4m) relates to the disposal of a number of subsidiary undertakings
primarily in EMEA and Asia Pacific.
(c) Restructuring costs
Substantial progress has been made in completing the final stages of our
technology transformation and cloud migration, including the realignment of
staff resources to our new technology architecture and the acceleration of the
shift to our global development centres to enhance productivity. Severance
costs of US$20m (2025: US$50m) and other restructuring costs of US$8m (2025:
US$nil) were recognised during the year in relation to this programme. The
associated cash outflow was US$21m (2025: US$30m).
(d) Legal provisions movements
Movements in provisions were recognised in respect of a number of historical
legal claims in North America, with associated costs presented net of
insurance recoveries.
10. Net finance expense
(a) Net finance expense included in profit before tax
2026 2025
US$m US$m
Interest income:
Bank deposits, short-term investments and loan notes (24) (14)
Interest on pension plan assets (note 16(c)) (10) (7)
Interest income (34) (21)
Finance expense:
Interest expense 219 178
Net non-benchmark finance (income)/expense (note 10(c)) (87) 89
Finance expense 132 267
Net finance expense included in profit before tax 98 246
(b) Net interest expense included in Benchmark PBT
2026 2025
US$m US$m
Interest income (34) (21)
Interest expense 219 178
Net interest expense included in Benchmark PBT 185 157
(c) Analysis of net non-benchmark finance (income)/expense
2026 2025
US$m US$m
Foreign exchange (gains)/losses on Brazilian real intra-Group funding(1) (82) 58
Foreign currency gains on cross-currency swaps designated as a (11) (12)
cash flow hedge - transfer from OCI
Other financing fair value (gains)/losses(2) (8) 39
Net (credit)/charge for financing fair value remeasurements (101) 85
Interest on tax liabilities 14 4
(87) 89
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$19m (2025: US$5m) on put options (note 23(c)), fair value losses of
US$11m (2025: US$12m) on borrowings in a designated cash flow hedge
relationship, movements on our portfolio of interest rate swaps and fair value
hedge ineffectiveness.
Notes to the financial statements (continued)
for the year ended 31 March 2026
11. Tax
(a) Tax charge and effective rate of tax
2026 2025
US$m US$m
Tax charge(1) 443 379
Profit before tax 1,951 1,549
Effective rate of tax based on profit before tax 22.7% 24.5%
1. The tax charge comprises a current tax charge of
US$408m (2025: US$500m) and a deferred tax charge of US$35m (2025: credit of
US$121m).
The Group's tax rate reflects its internal financing arrangements in place to
fund non-UK businesses and is influenced by the profile of profits earned in
the different countries in which the Group's subsidiaries operate, in
particular our three core economies of the USA, Brazil and the UK.
In FY26, there is no material impact on the Group's effective tax rate as a
result of legislative change following tax reform in both the USA and Brazil.
Continued focus on reform is expected in FY27.
At 31 March 2026, the Group held current tax liabilities of US$93m (2025:
US$76m) and deferred tax liabilities of US$14m (2025: US$12m) in respect of
uncertain tax positions. In both FY26 and FY25, the net increase in provisions
recognised during the year reflects the Group's assessment of open and
judgmental matters and whether additional taxes will be due, after taking into
account external advice where appropriate.
While the timing of developments in resolving these matters is inherently
uncertain, the Group does not expect to materially increase its uncertain tax
provisions in the next 12 months.
(b) Reconciliation of the tax charge to the Benchmark tax charge
2026 2025
US$m US$m
Tax charge 443 379
Tax relief on Exceptional items and other adjustments made to derive Benchmark 120 108
PBT
Benchmark tax charge 563 487
Benchmark PBT 2,212 1,926
Benchmark tax rate 25.5% 25.3%
(c) Tax recognised in Other comprehensive income and directly in equity
Other comprehensive income of US$179m (2025: expense of US$171m) is stated
after a deferred tax charge of US$2m (2025: US$9m), relating to remeasurement
gains on post-employment benefit assets and obligations, and changes in the
fair value of investments revalued through OCI.
A tax charge relating to employee share incentive plans of US$1m (2025: credit
of US$14m) is recognised in equity and reported as appropriate within
transactions with owners. This amount comprised a current tax credit of US$16m
(2025: US$9m) and a deferred tax charge of US$17m (2025: credit of US$5m).
Notes to the financial statements (continued)
for the year ended 31 March 2026
12. Earnings per share disclosures
(a) Earnings per share (EPS)
Basic Diluted
2026 2025 2026 2025
US cents US cents US cents US cents
EPS 164.5 127.6 163.4 126.5
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net 15.3 29.3 15.3 29.0
of related tax
Benchmark EPS (non-GAAP measure) 179.8 156.9 178.7 155.5
Adjustment to constant exchange rates(1) (1.8) 0.2 (1.9) 0.2
Benchmark EPS at constant FX (non-GAAP measure)(1) 178.0 157.1 176.8 155.7
1. Non‑GAAP constant exchange rate measures are calculated using the
prior year's average exchange rates. Accordingly, FY25 amounts previously
reported at constant exchange rates have been restated using the latest prior
year average exchange rates.
(b) Analysis of earnings
(i) Attributable to owners of Experian plc
2026 2025
US$m US$m
Profit for the financial year attributable to owners of Experian plc 1,502 1,166
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net 140 268
of related tax
Benchmark earnings attributable to owners of Experian plc (non-GAAP measure) 1,642 1,434
Adjustment to constant exchange rates(1) (17) 2
Benchmark earnings attributable to owners of Experian plc at constant FX 1,625 1,436
(non-GAAP measure)(1)
1. Non‑GAAP constant exchange rate measures are calculated using the
prior year's average exchange rates. Accordingly, FY25
amounts previously reported at constant exchange rates have been restated
using the latest prior year average exchange rates.
(ii) Attributable to non-controlling interests
2026 2025
US$m US$m
Profit for the financial year attributable to non-controlling interests 6 4
Add: Exceptional items and other adjustments made to derive Benchmark PBT, 1 1
net of related tax
Benchmark earnings attributable to non-controlling interests (non-GAAP 7 5
measure)
(c) Reconciliation of Total Benchmark earnings to profit for the financial
year
2026 2025
US$m US$m
Total Benchmark earnings (non-GAAP measure) 1,649 1,439
Exceptional items and other adjustments made to derive Benchmark PBT, net of
related tax:
- attributable to owners of Experian plc (140) (268)
- attributable to non-controlling interests (1) (1)
Profit for the financial year 1,508 1,170
(d) Weighted average number of ordinary shares
2026 2025
million million
Weighted average number of ordinary shares 913 914
Add: dilutive effect of share incentive awards, options and share purchases 6 8
Diluted weighted average number of ordinary shares 919 922
Notes to the financial statements (continued)
for the year ended 31 March 2026
13. Dividends on ordinary shares
2026 2025
US cents US$m US cents US$m
per share per share
Amounts recognised and paid during the financial year:
First interim - paid in February 2026 (2025: February 2025) 21.25 194 19.25 176
Second interim - paid in July 2025 (2025: July 2024)(1) 43.25 396 40.50 370
Dividends paid on ordinary shares 64.50 590 59.75 546
Full-year dividend for the financial year 69.25 626 62.50 571
1. The cost of the second interim dividend for the year ended 31 March
2025, paid in July 2025, was US$1m higher than the announced amount due to
foreign exchange rate movements.
A second interim dividend in respect of the year ended 31 March 2026 of 48.00
US cents per ordinary share will be paid on 24 July 2026, to shareholders on
the register at the close of business on 26 June 2026 and is not included as a
liability in these financial statements. This second interim dividend and the
first interim dividend paid in February 2026 comprise the full-year dividend
for the financial year of 69.25 US cents per ordinary share. Further
administrative information on dividends is given in the Shareholder
information section on pages 57 to 58. Dividend amounts are quoted gross.
In the year ended 31 March 2026, the employee trusts waived their entitlements
to dividends of US$2m
(2025: US$3m). There is no entitlement to dividends in respect of own shares
held as treasury shares.
14. Goodwill
(a) Movements in goodwill
2026 2025
US$m US$m
Cost
At 1 April 6,902 6,208
Differences on exchange 204 (121)
Additions through business combinations (note 22) 429 815
Disposal of businesses (16) -
At 31 March 7,519 6,902
Accumulated impairment
At 1 April 248 246
Differences on exchange 10 2
At 31 March 258 248
Net book amount at 1 April 6,654 5,962
Net book amount at 31 March 7,261 6,654
(b) Goodwill by group of cash-generating units (CGUs)
2026 2025
US$m US$m
North America 4,308 4,170
Latin America 1,213 904
UK and Ireland 868 763
EMEA and Asia Pacific 872 817
At 31 March 7,261 6,654
Notes to the financial statements (continued)
for the year ended 31 March 2026
14. Goodwill (continued)
(c) Key assumptions for value-in-use calculations by group of CGUs
2026 2025
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
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 for the year ended 31 March 2026
The annual impairment review of goodwill was performed as at 30 September
2025. We have assessed the movement in modelling assumptions in the second
half of the year. Despite recent increases in risk-free rates, our discount
rates remained in line with those used in September. The sector-wide share
price movements driven by risks and opportunities of artificial intelligence
do not significantly impact our forecasts. Our proprietary data assets, deeply
embedded platforms and differentiated strategy position us well to take
advantage of these developments. There have been no other significant changes
in the key modelling assumptions discussed in note 14(c) that would trigger a
further review to be required at 31 March 2026.
The recoverable amount of the EMEA and Asia Pacific group of CGUs exceeded its
carrying value by US$374m. Any decline in the estimated value-in-use in excess
of that amount would result in the recognition of an impairment charge. The
sensitivities, which result in the recoverable amount being equal to the
carrying value, are summarised as follows:
· an absolute increase of 2.0 percentage points in the discount
rate, from 12.7% to 14.7%, or
· an absolute reduction of 3.0 percentage points in the long-term
growth rate, from 4.1% to 1.1%, or
· a reduction of 5.8 percentage points in the forecast FY31 profit
margin, from 27.6% to 21.8%. A reduction in the annual margin improvement of
approximately 1.2 percentage points per year over the five-year forecast
period would also reduce the recoverable amount to the carrying value, or
· an absolute reduction of 21% in the forecast FY31 profit.
The recoverable amounts of all other groups of CGUs exceeded their carrying
value, on the basis of the assumptions set out in note 14(c) and any
reasonably possible changes thereof.
The impairment review considered the potential impact of climate change by
considering the results of the scenario analysis performed consistent with the
recommendations of the TCFD. There was no impact on the reported amounts of
goodwill as a result of this review.
Notes to the financial statements (continued)
for the year ended 31 March 2026
15. Capital expenditure, disposals and capital commitments
(a) Additions
2026 2025
US$m US$m
Capital expenditure 726 651
Right-of-use assets 44 31
770 682
(b) Disposal of other intangible assets and property, plant and equipment
The book value of other intangible fixed assets and property, plant and
equipment disposed of in the year was US$12m (2025: US$8m), of which US$5m
(2025: US$7m) related to the disposal of right-of-use assets.
(c) Capital commitments
2026 2025
US$m US$m
Capital expenditure for which contracts have been placed:
Other intangible assets 34 38
Property, plant and equipment 15 9
49 47
Capital commitments at 31 March 2026 included commitments of US$25m not
expected to be incurred before
31 March 2027. Capital commitments at 31 March 2025 included commitments of
US$28m not then expected to be incurred before 31 March 2026.
16. Post-employment benefits - IAS 19 'Employee Benefits' information
(a) Balance sheet assets/(obligations)
2026 2025
US$m US$m
Retirement benefit assets/(obligations) - funded defined benefit plans:
Fair value of funded plans' assets 852 828
Present value of funded plans' obligations (634) (626)
Assets in the Group balance sheet for funded defined benefit pensions 218 202
Obligations for unfunded post-employment benefits:
Present value of defined benefit pensions - unfunded plans (33) (35)
Present value of post-employment medical benefits (2) (2)
Liabilities in the Group balance sheet (35) (37)
Net post-employment benefit assets 183 165
Pension assets are deemed to be recoverable and there are no adjustments in
respect of minimum funding requirements as, under the rules of the UK Experian
Pension Scheme, future economic benefits are available to the Group in the
form of reductions in any future contribution requirements or refunds of
surplus.
The 2025 actuarial valuation has been agreed and indicated a funding surplus.
The funding position improved compared with the valuation at 31 March 2022,
primarily reflecting an increase in the discount rate and a decrease in
long-term inflation expectations. While these market movements reduced the
value of the plan's liabilities, the value of the assets also reduced but to a
lesser extent, resulting in an increase in the funding surplus. As the plan is
in surplus, the Group is not expected to make any deficit-reduction
contributions. The next full valuation will be carried out as at 31 March
2028.
(b) Movements in net post-employment benefit assets recognised in the Group
balance sheet
2026 2025
US$m US$m
At 1 April 165 147
Differences on exchange 3 5
Credit to the Group income statement 7 4
Remeasurement gains recognised within OCI 5 6
Contributions paid by the Group 3 3
At 31 March 183 165
The Group's principal defined benefit plan is the Experian Pension Scheme,
which was closed to the future accrual of new benefits from 1 April 2022.
Contributions paid relate to unfunded post-employment benefits.
Notes to the financial statements (continued)
for the year ended 31 March 2026
16. Post-employment benefits - IAS 19 'Employee Benefits' information
(continued)
(b) Movements in net post-employment benefit assets recognised in the Group
balance sheet (continued)
The funded defined benefit pension plans hold a range of assets including
global equities, global corporate bonds, alternative credit and a Liability
Driven Investment strategy which is used to hedge the interest rate and
inflation sensitivities of the obligations. Collateral levels within the
Liability Driven Investment strategy are closely monitored and remain robust.
The primary drivers impacting the fair value of the plans' funded assets and
obligations are changes to expectations for future UK pound sterling interest
rates and inflation expectations, as well as the retranslation of assets and
obligations into US dollars.
(c) Income statement (credit)/charge
2026 2025
US$m US$m
By nature of expense:
Administration expenses 3 3
Charge within labour costs and operating profit 3 3
Interest income (note 10(a)) (10) (7)
Total net credit to the Group income statement (7) (4)
The Group income statement credit and the remeasurement recognised in the
Group statement of comprehensive income relate to defined benefit pension
plans.
(d) Financial actuarial assumptions
2026 2025
% p.a. % p.a.
Discount rate 6.1 5.8
Inflation rate - based on the UK Retail Prices Index (the RPI) 3.4 3.2
Inflation rate - based on the UK Consumer Prices Index (the CPI) 3.0 2.8
Increase for pensions in payment - element based on the RPI (where cap is 5%) 3.1 3.0
Increase for pensions in payment - element based on the CPI (where cap is 2.0 1.9
2.5%)
Increase for pensions in payment - element based on the CPI (where cap is 3%) 2.2 2.2
Increase for pensions in deferment 3.0 2.8
Inflation in medical costs 6.5 6.5
The assumed single equivalent margin between RPI and CPI has been reduced to
35 basis points from 40 basis points at 31 March 2025, consistent with our
continued assumption of a 100-basis-point margin prior to 2030 and a
ten-basis-point margin assumed thereafter. This results in an increase in
retirement benefit obligations at
31 March 2026 of approximately US$1m. The single equivalent differential is
expected to reduce over time towards 2030.
Assumptions for eligibility for dependant benefits and mortality have been
updated to reflect the latest analysis undertaken for the full actuarial
funding valuation of the Experian Pension Scheme at 31 March 2025. Mortality
assumptions also incorporate the most recent published UK model for projected
improvements in life expectancy. These updates decreased retirement benefit
obligations at 31 March 2026 by approximately US$5m.
The other methods and assumptions used are consistent with those used in the
prior year. Changes to these assumptions in the light of prevailing conditions
may have a significant impact on future valuations.
The principal financial assumption is the real discount rate, which is the
excess of the discount rate over the rate of inflation. The discount rate is
based on the market yields of high-quality corporate bonds of a currency and
term appropriate to the defined benefit obligations. The Experian Pension
Scheme obligations are in UK pounds sterling and have a maturity on average of
11 years. If the real discount rate increased/decreased by 0.25%, the defined
benefit obligations at 31 March 2026 would decrease/increase by approximately
US$17m and the fair value of plan assets would decrease/increase by
approximately US$19m.
The rates of increase for pensions in payment reflect the separate
arrangements applying to different groups of Experian's pensioners. If the
inflation rate underlying the pension increases (both in payment and in
deferment) increased/decreased by 0.1%, the defined benefit obligations at 31
March 2026 would increase/decrease by approximately US$6m.
The Group has also considered the potential impact of climate change and, at
the present time, we do not believe that there is sufficient evidence to
require a change in the long-term mortality assumptions. We will continue to
monitor any potential future impact on the mortality assumptions used.
An increase in assumed life expectancy of 0.1 years would increase the defined
benefit obligations at 31 March 2026 by approximately US$2m.
Notes to the financial statements (continued)
for the year ended 31 March 2026
16. Post-employment benefits - IAS 19 'Employee Benefits' information
(continued)
(e) Virgin Media case
In June 2023, the English High Court handed down its decision in the case of
Virgin Media Limited v NTL Pension Trustees II Limited and others, relating to
the validity of certain historical pension changes due to the lack of
actuarial confirmation required by law. Following enactment on 29 April 2026,
the UK Pension Schemes Act 2026 enables affected pension schemes to
retrospectively obtain written actuarial confirmation that historical benefit
changes met the necessary standards. Accordingly, the directors do not expect
the Virgin Media ruling to give rise to any additional liabilities and
consequently the defined benefit obligations have not been adjusted and
continue to reflect the benefits currently being administered.
17. Notes to the Group cash flow statement
(a) Cash generated from operations
2026 2025
US$m US$m
Profit before tax 1,951 1,549
Share of post-tax profit of associates (4) (2)
Net finance expense 98 246
Operating profit(1) 2,045 1,793
(Profit)/loss on disposal of operations (9) 4
Impairment of other intangible assets(2) 12 13
Impairment of property, plant and equipment(3) 5 2
Amortisation and depreciation(4) 876 758
Charge in respect of share incentive plans 138 127
Increase in working capital (note 17(b)) (163) (54)
Acquisition expenses - difference between income statement charge (7) (2)
and amounts paid
Acquisition employee incentives - difference between income statement charge (12) (24)
and amounts paid
Adjustment to the fair value of contingent consideration (2) 1
Movement in Exceptional and other non-benchmark items included in working (8) (1)
capital
Cash generated from operations 2,875 2,617
1. There was no net impact on operating profit from the disposal of
property, plant and equipment, as a US$1m (2025: US$nil) profit on purchased
assets was offset by a US$1m (2025: US$nil) loss on right-of-use assets.
2. The charge for impairment of other intangible assets includes US$8m
(2025: US$nil) relating to acquisition intangibles, which is excluded from
Benchmark PBT and Benchmark EBITDA.
3. The impairment charge for property, plant and equipment includes
US$3m (2025: US$nil) of exceptional restructuring costs, which are excluded
from Benchmark EBIT.
4. Amortisation and depreciation includes amortisation of acquisition
intangibles of US$263m (2025: US$211m) which is excluded from Benchmark PBT
and Benchmark EBITDA.
(b) (Increase)/decrease in working capital
2026 2025
US$m US$m
Trade and other receivables (534) (63)
Trade and other payables 371 9
Increase in working capital(1) (163) (54)
1. In December 2025, the Group structured an unincorporated creditors'
rights investment fund for the Brazilian payments business. As part of this
transaction, the gross cash flows relating to trade and other debtors, and
trade and other creditors, were both increased by US$350m, with no net impact
on the overall position. Excluding this effect, the underlying movements were
US$(184)m and US$21m respectively.
(c) Purchase of other intangible assets
2025
2026 (Re-presented)
US$m US$m
Databases 216 203
Developed and purchased software(1) 461 400
Purchase of other intangible assets 677 603
1. During the year, the former asset categories 'internal‑use software'
and 'internally generated software' were combined into a single asset class,
'developed and purchased software'. Comparative amounts have been re-presented
accordingly.
Notes to the financial statements (continued)
for the year ended 31 March 2026
17. Notes to the Group cash flow statement (continued)
(d) Cash flows on acquisitions (non-GAAP measure)
2026 2025
US$m US$m
Purchase of subsidiaries (note 22(a)) 680 1,198
Less: net cash acquired with subsidiaries (note 22(a)) (54) (48)
Settlement of deferred and contingent consideration 66 8
As reported in the Group cash flow statement 692 1,158
Acquisition expenses paid 66 39
Acquisition employee incentives paid 12 24
Acquisition of additional interest in subsidiary undertaking 20 22
Transactions in respect of non-controlling interests 2 1
Cash outflow for acquisitions (non-GAAP measure) 792 1,244
(e) Cash outflow in respect of net share purchases (non-GAAP measure)
2026 2025
US$m US$m
Issue of ordinary shares (29) (20)
Purchase of shares by employee trusts 97 83
Purchase of shares held as treasury shares 143 116
Purchase and cancellation of own shares 487 -
Cash outflow in respect of net share purchases (non-GAAP measure) 698 179
As reported in the Group cash flow statement:
Cash inflow in respect of shares issued (29) (20)
Cash outflow in respect of share purchases 727 199
Cash outflow in respect of net share purchases (non-GAAP measure) 698 179
Consideration of US$27m for share purchases was outstanding at 31 March 2026,
and US$1m for shares issued was outstanding at 31 March 2024.
(f) Analysis of cash and cash equivalents
2026 2025
US$m US$m
Cash and cash equivalents in the Group balance sheet 328 368
Bank overdrafts (5) (2)
Cash and cash equivalents in the Group cash flow statement 323 366
(g) Reconciliation of Cash generated from operations to Benchmark operating
cash flow and Benchmark free cash flow (non-GAAP measures)
2026 2025
US$m US$m
Cash generated from operations (note 17(a)) 2,875 2,617
Purchase of other intangible assets (note 17(c)) (677) (603)
Purchase of property, plant and equipment (49) (48)
Disposal of property, plant and equipment 8 1
Principal lease payments (48) (41)
Acquisition expenses paid 66 39
Acquisition employee incentives paid 12 24
Cash flows in respect of Exceptional and other non-benchmark items 34 36
Benchmark operating cash flow (non-GAAP measure) 2,221 2,025
Net interest paid (198) (165)
Tax paid (438) (447)
Dividends paid to non-controlling interests (2) (2)
Benchmark free cash flow (non-GAAP measure) 1,583 1,411
Cash flow conversion, as defined in note 5(o), for the year ended 31 March
2026 was 93% (2025: 97%).
Notes to the financial statements (continued)
for the year ended 31 March 2026
18. Net debt (non-GAAP measure)
(a) Analysis by nature
2026 2025
US$m US$m
Cash and cash equivalents (net of overdrafts) 323 366
Term deposits 3 -
Debt due within one year - bonds and notes (572) (518)
Debt due within one year - commercial paper (278) (214)
Debt due within one year - lease obligations (38) (38)
Debt due after more than one year - bonds and notes (4,456) (4,031)
Debt due after more than one year - bank loans (90) (84)
Debt due after more than one year - lease obligations (95) (97)
Derivatives hedging borrowings 24 (68)
Net debt (5,179) (4,684)
(b) Analysis by balance sheet caption
2026 2025
US$m US$m
Cash and cash equivalents 328 368
Other financial assets(1) 3 -
Current borrowings (900) (774)
Non-current borrowings (4,665) (4,242)
Borrowings (5,565) (5,016)
Total of Group balance sheet line items (5,234) (4,648)
Accrued interest reported within borrowings excluded from Net debt 31 32
Derivatives reported within Other financial assets 66 34
Derivatives reported within Other financial liabilities (42) (102)
Net debt (5,179) (4,684)
1. Other financial assets included in Net debt comprise highly liquid bank
deposits with original maturities greater than three months.
At 31 March 2026, the fair value of borrowings was US$5,402m (2025: US$4,828m)
and includes lease obligations of US$133m (2025: US$136m) recognised in
respect of right-of-use assets.
(c) Analysis of movements in Net debt (non-GAAP measure)
1 April Movements in the year ended 31 March 2026 31 March
2025 Net Non-cash lease obligation Principal lease payments Net share purchases Additions Fair Exchange 2026
through business combinations
cash movements(1) value and other movements
flow gains
US$m US$m US$m US$m US$m US$m US$m US$m US$m
Derivatives hedging loans (68) (29) - - - - 4 117 24
and borrowings
Borrowings (5,016) (332) (40) - - (1) 9 (185) (5,565)
Liabilities from (5,084) (361) (40) - - (1) 13 (68) (5,541)
financing activities
Accrued interest 32 (1) - - - - - - 31
Other financial assets - 2 - - - - - 1 3
Cash and cash equivalents 368 592 - 48 (698) - - 18 328
Net debt (4,684) 232 (40) 48 (698) (1) 13 (49) (5,179)
1. Non-cash lease obligation movements include additions of US$44m and
disposals of US$4m.
Notes to the financial statements (continued)
for the year ended 31 March 2026
19. Undrawn committed bank borrowing facilities
2026 2025
US$m US$m
Facilities expiring in:
Less than one year 150 -
One to two years 60 316
Two to three years 200 -
Three to four years 2,100 2,050
2,510 2,366
These facilities are at variable interest rates and are in place for general
corporate purposes, including the financing of acquisitions and the
refinancing of other borrowings. On 17 April 2026, the Group executed a new
US$250m facility, which was fully drawn on 23 April 2026. On 8 May 2026, a
further US$250m facility was executed, which remained undrawn as at 19 May
2026.
There is one financial covenant in connection with the borrowing facilities.
Benchmark EBIT must exceed three times net interest expense before financing
fair value remeasurements. The calculation of the financial covenant excludes
the effects of IFRS 16 'Leases'. The Group monitors this, and the Net debt to
Benchmark EBITDA leverage ratio, and has complied with this covenant
throughout the year.
20. Called-up share capital and share premium account
Number of shares Called-up share capital Share premium account
million US$m US$m
At 1 April 2024 972.2 97 1,819
Shares issued under employee share incentive plans 0.8 - 20
At 31 March 2025 973.0 97 1,839
Shares issued under employee share incentive plans 0.9 - 29
Purchase and cancellation of own shares (14.7) (1) -
At 31 March 2026 959.2 96 1,868
21. Own shares held
Number of shares Cost
of shares
million US$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 2.6 117
Other vesting of awards and share option exercises (4.1) (88)
At 31 March 2025 59.4 1,455
Purchase of shares by employee trusts 1.9 97
Purchase of shares held as treasury shares 2.9 143
Shares delivered as acquisition consideration (note 22(a)) (0.1) (6)
Other vesting of awards and share option exercises (4.1) (118)
At 31 March 2026 60.0 1,571
Own shares held at 31 March 2026 included 3.3 million (2025: 4.4 million)
shares held by employee trusts and 56.7 million shares (2025: 55.0 million)
held as treasury shares.
The total cost of own shares held at 31 March 2026 of US$1,571m (2025:
US$1,455m) is deducted from Other reserves in the Group balance sheet.
Notes to the financial statements (continued)
for the year ended 31 March 2026
22. Acquisitions and disposals
(a) Acquisitions in the year
The Group completed four 100% acquisitions during the year ended 31 March
2026. These included: the acquisition of Clear Sale S.A. (ClearSale) and its
subsidiary undertakings on 1 April 2025, a leading provider of digital fraud
prevention solutions in Brazil; the acquisition of AtData, LLC (AtData), and
two related undertakings, in the USA on 18 February 2026, a leading data and
email intelligence company that strengthens our digital identity and fraud
prevention capabilities; and the acquisition of KYC Global Technologies
Limited (KYC360) in Jersey, together with its subsidiary undertakings, on 24
October 2025, enhancing our fraud prevention and financial crime compliance
capabilities.
The net assets acquired, goodwill and acquisition consideration are analysed
below:
ClearSale AtData KYC360 Other(1) Total
US$m US$m US$m US$m US$m
Intangible assets:
Customer and other relationships 61 39 32 2 134
Software development 28 14 8 - 50
Marketing-related assets 20 7 1 - 28
Other intangibles 28 10 - (1) 37
Intangible assets 137 70 41 1 249
Property, plant and equipment 1 - - 1 2
Deferred tax assets 3 - - 21 24
Trade and other receivables 20 4 1 - 25
Cash and cash equivalents (note 17(d)) 45 2 7 - 54
Trade and other payables (27) (9) (14) (2) (52)
Borrowings - - - (1) (1)
Deferred tax liabilities - - (10) - (10)
Total identifiable net assets 179 67 25 20 291
Goodwill 195 158 89 (13) 429
Total 374 225 114 7 720
Satisfied by:
Cash and cash equivalents (note 17(d)) 340 222 114 4 680
Shares delivered as acquisition consideration (note 21)(2) 6 - - - 6
Deferred consideration 14 - - - 14
Contingent consideration 14 3 - 3 20
Total 374 225 114 7 720
1. Other comprises the Group's other acquisition made during the year
ended 31 March 2026, together with adjustments to provisional fair values
relating to prior year acquisitions, recognised within one year of the
acquisition date.
2. 125,344 Experian plc shares from treasury at market value.
These fair values are determined by using established estimation techniques.
Acquisition intangibles are valued using discounted cash flow models. For the
year ended 31 March 2026, the most significant inputs to these calculations
are the proportion of earnings attributable to customer relationships,
software development and marketing-related assets. We have evaluated
sensitivities relating to assets acquired during the year and have determined
that there is no material estimation uncertainty relating to the fair value or
economic life of individual assets acquired from any reasonably possible
change to the inputs and assumptions used in their determination.
We engage third-party valuation experts to assist with the valuation process
for all significant or complex acquisitions, including for the valuation of
contingent consideration and put option liabilities. The fair values arising
on the acquisition of ClearSale have been finalised, other amounts are
provisional and will be finalised no later than one year after the date of
acquisition. Provisional amounts recognised at 31 March 2026 relate
primarily to intangible assets, associated tax balances and contingent
consideration, as a consequence of the timing and complexity of these
acquisitions.
Goodwill represents the synergies, skills and technical expertise of assembled
workforces and future growth potential of the acquired businesses. The
goodwill arising from the acquisitions of ClearSale and AtData is currently
expected to be deductible for tax purposes.
Notes to the financial statements (continued)
for the year ended 31 March 2026
22. Acquisitions and disposals (continued)
(b) Additional information
(i) Current year acquisitions
ClearSale AtData KYC360 Other Total
US$m US$m US$m US$m US$m
Increase/(decrease) in book value of net assets due to provisional fair value adjustments:
Intangible assets 71 39 40 1 151
Deferred tax assets (2) - - 22 20
Trade and other receivables (1) (1) - - (2)
Trade and other payables 1 (3) - (2) (4)
Deferred tax liabilities - - (10) (1) (11)
Increase in book value of net assets due to provisional fair value adjustments 69 35 30 20 154
Gross contractual amounts receivable in respect of trade and other receivables 23 3 1 - 27
Pro forma revenue from 1 April 2025 to date of acquisition - 28 7 - 35
Revenue from date of acquisition to 31 March 2026 87 3 7 - 97
Loss before tax from date of acquisition to 31 March 2026 (4) - - (1) (5)
The loss before tax from the date of acquisition to 31 March 2026 includes the
amortisation of acquisition intangibles and one-time integration costs. If the
transactions had occurred on the first day of the financial year, the
estimated additional contribution to profit before tax would have been US$5m.
At the dates of acquisition, the gross contractual amounts receivable in
respect of trade and other receivables of US$27m were expected to be collected
in full.
(ii) Prior years' acquisitions
Contingent consideration of US$66m (2025: US$8m) was settled in the year in
respect of acquisitions made in earlier years and includes US$37m (2025:
US$nil) relating to the acquisition of MOVA Sociedade de Empréstimo entre
Pessoas S.A. (MOVA) in FY24.
The Group made eight acquisitions in the year ended 31 March 2025. A cash
outflow of US$1,150m was reported in the Group cash flow statement for that
year, after deduction of US$48m in respect of net cash acquired.
There have been no other material gains, losses, corrections or other
adjustments recognised in the year ended 31 March 2026 that relate to
acquisitions in the current or earlier years.
(iii) Post balance sheet acquisitions
In April 2026, the Group completed two acquisitions. We acquired the entire
share capital of Own Up Holdings, Inc. and its subsidiaries (Own Up), a
digital mortgage marketplace in the USA, for US$175m; and Konfir Limited and
its subsidiaries, strengthening our digital verification capabilities in the
UK and Ireland, for US$25m.
Our acquisition accounting is in progress, and the provisional fair values
will be disclosed in full in the Group's condensed consolidated interim
financial statements for the six months ending 30 September 2026. For Own Up
we expect to recognise acquisition intangibles for developed technology,
customer relationships and marketing- related assets. Initial indications show
that the fair value of these assets may be c.28% of the total consideration
paid, with other identifiable net assets and residual goodwill being c.72%.
Goodwill represents the synergies, skills and technical expertise of assembled
workforces and future growth potential of the acquired businesses. The
goodwill is not expected to be deductible for tax purposes.
On 29 April 2026, we agreed to acquire the entire share capital of IDWall
Tecnologia Ltda. (idwall), a specialist in digital identity management in
Brazil, for R$430m (c.US$86m). Completion is expected in the first half of
FY27, subject to regulatory approval.
(c) Acquisition of additional interest in subsidiary undertaking
On 18 December 2025, the Group completed the acquisition of the remaining 26%
interest in Experian Information Services (Malaysia) Sdn. Bhd. for US$20m.
(d) Disposals
During the year, we disposed of a number of subsidiary undertakings, primarily
in EMEA and Asia Pacific. The profit on disposal was US$9m (2025: loss on
disposal of US$4m). The related cash inflow was US$35m (2025: US$nil). The
loss in FY25 arose from the disposal of one small subsidiary undertaking in
EMEA and Asia Pacific.
Notes to the financial statements (continued)
for the year ended 31 March 2026
23. 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
Level 1 Level 2 Level 3 Total
At 31 March 2026 US$m US$m US$m US$m
Financial assets:
Derivatives used for hedging - fair value hedges(1) - 74 - 74
Non-hedging derivatives - 103 - 103
Other financial assets at fair value through profit or loss (FVPL) - - 20 20
Financial assets at fair value through profit or loss - 177 20 197
Listed and trade investments(2) 37 - 141 178
37 177 161 375
Financial liabilities:
Derivatives used for hedging - fair value hedges(1) - (25) - (25)
Non-hedging derivatives - (38) - (38)
Other liabilities at fair value through profit or loss - - (99) (99)
Financial liabilities at fair value through profit or loss - (63) (99) (162)
Put options - - (68) (68)
- (63) (167) (230)
Net financial assets/(liabilities) 37 114 (6) 145
Level 1 Level 2 Level 3 Total
At 31 March 2025 US$m US$m US$m US$m
Financial assets:
Derivatives used for hedging - fair value hedges(1) - 26 - 26
Non-hedging derivatives - 133 - 133
Other financial assets at fair value through profit or loss (FVPL) - - 13 13
Financial assets at fair value through profit or loss - 159 13 172
Derivatives used for hedging - cash flow hedge(1,2) - 1 - 1
Listed and trade investments 54 - 167 221
Financial assets revalued through OCI 54 1 167 222
54 160 180 394
Financial liabilities:
Derivatives used for hedging - fair value hedges(1) - (90) - (90)
Non-hedging derivatives - (15) - (15)
Other liabilities at fair value through profit or loss - - (140) (140)
Financial liabilities at fair value through profit or loss - (105) (140) (245)
Put options - - (84) (84)
- (105) (224) (329)
Net financial assets/(liabilities) 54 55 (44) 65
1. Derivatives used for hedging are in documented hedge accounting
relationships.
2. Listed and trade investments, and derivatives designated as a cash flow
hedge, which are in a documented hedge accounting relationship, are revalued
through OCI.
Notes to the financial statements (continued)
for the year ended 31 March 2026
23. 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 are reported within
Other financial assets in the Group balance sheet. Other financial assets also
include financial assets held at amortised cost of US$3m (2025: US$17m).
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 part of a cash flow
hedge are reported within Financial assets revalued through OCI or Financial
liabilities revalued through OCI in the Group balance sheet. Other interest
rate and cross‑currency swaps are reported within Other financial assets and
Other financial liabilities in the Group balance sheet.
The fair values of derivative financial instruments and other financial assets
and liabilities are determined by using market data and established estimation
techniques such as discounted cash flow and option valuation models. The fair
value of foreign exchange contracts is based on a comparison of the
contractual and year-end exchange rates. The fair values of other derivative
financial instruments are estimated by discounting the future cash flows to
net present values using appropriate market rates prevailing at the year-end.
There have been no changes in valuation techniques during the year under
review.
The analysis by level in the above tables is a requirement of IFRS 13 'Fair
Value Measurement', and the definitions are summarised here for completeness:
· assets and liabilities whose valuations are based on unadjusted
quoted prices in active markets for identical assets and liabilities are
classified as Level 1
· assets and liabilities which are not traded in an active market,
and whose valuations are derived from available market data that is observable
for the asset or liability, are classified as Level 2
· assets and liabilities whose valuations are derived from inputs
not based on observable market data are classified as Level 3.
Level 3 items principally comprise minority shareholdings in unlisted
businesses, contingent consideration and put options associated with corporate
transactions.
Unlisted equity investments, initially measured at cost, are revalued where
sufficient indicators are identified that a change in the fair value has
occurred. The inputs to any subsequent valuations are based on a combination
of observable evidence from external transactions in the investee's equity and
estimated discounted cash flows that will arise from the investment.
The calculation of the fair value of the Group's acquisition-related
contingent consideration and put option liabilities requires management to
estimate the outcome of uncertain future events. These liabilities are
typically linked to the future financial performance of the acquired
businesses, with the key area of estimation uncertainty being the estimation
of the relevant financial metrics. Material valuations are based on Monte
Carlo simulations using the most recent management expectations of relevant
business performance, reflecting the different contractual arrangements in
place.
The range of the undiscounted put option exercise price on the FY24
acquisition of MOVA Sociedade de Empréstimo entre Pessoas S.A. (MOVA) is set
out in note 23(c). There would be no material effect on the other amounts
stated from any reasonably possible change in such inputs at 31 March 2026.
There were no transfers between levels during the current or prior year.
Notes to the financial statements (continued)
for the year ended 31 March 2026
23. Financial risk management (continued)
(c) Analysis of movements in Level 3 financial assets/(liabilities)
Financial assets revalued through OCI Other financial assets at FVPL Contingent consideration Put Total
options
Year ended 31 March 2026 US$m US$m US$m US$m US$m
At 1 April 2025 167 13 (140) (84) (44)
Additions(1) 8 3 (20) - (9)
Disposals (36) (1) - - (37)
Settlement of contingent consideration (note 22(b)(ii)) - - 66 - 66
Adjustment to the fair value of contingent consideration(2) - - 2 - 2
Valuation gains recognised in the Group income statement(3) - 4 - 19 23
Valuation gains recognised in OCI 2 - - - 2
Currency translation losses recognised directly in OCI - - (10) (3) (13)
Other - 1 3 - 4
At 31 March 2026 141 20 (99) (68) (6)
Financial assets revalued through OCI Other financial assets at FVPL Contingent consideration Put Total
options
Year ended 31 March 2025 US$m US$m US$m US$m US$m
At 1 April 2024 167 14 (92) (133) (44)
Additions(1) 46 6 (56) - (4)
Disposals (5) (11) - - (16)
Conversion of convertible debt to equity investments 3 (3) - - -
Settlement of contingent consideration (note 22(b)(ii)) - - 8 - 8
Adjustment to the fair value of contingent consideration(2) - - (1) - (1)
Valuation gains recognised in the Group income statement(3) - 6 - 5 11
Settlement of put options(4) - - - 22 22
Transfer of put option liability to contingent consideration(4) - - (9) 9 -
Valuation losses recognised in OCI (44) - - - (44)
Currency translation gains recognised directly in OCI - - 10 13 23
Other - 1 - - 1
At 31 March 2025 167 13 (140) (84) (44)
1. Additions to contingent consideration comprised US$20m (2025: US$56m)
in respect of acquisitions (note 22). Of the FY25 additions, US$40m related to
the acquisition of Salt Participações S.A. and its subsidiary undertakings
(SalaryFits) in Brazil.
2. Contingent consideration liabilities are revalued at each reporting
date based on current projections of the associated targets, with any fair
value remeasurements recognised as a non-benchmark item in the Group income
statement (note 9(a)).
3. Movements in the present value of expected future payments for put
options are unrealised and are recognised in financing fair value
remeasurements in the Group income statement.
A valuation gain of US$20m (2025: US$20m) was recorded on the put option
recognised on the FY24 acquisition of MOVA, together with movements on other
put option liabilities. The exercise price of the MOVA put option is linked to
the 2028 calendar year revenue and Benchmark EBIT margin performance of the
business. If exercised, the likely range of the undiscounted option exercise
price is expected to be between US$33m and US$67m (2025: US$49m and US$131m).
The fair value of the put option liability at 31 March 2026 was US$34m (2025:
US$50m). If the discount rate used in this determination increased or
decreased by a percentage point, the put option liability would decrease or
increase by approximately US$1m. A corresponding call option is also in place,
which has no fair value.
4. On 20 February 2025, the Group completed the acquisition of the
remaining 45% interest in Brain Soluções de Tecnologia Digital Ltda. (Brain)
for a cash consideration of US$22m. An additional amount may be payable in
future years, which is contingent on the financial performance of Brain.
Contingent consideration of US$9m (2025: US$9m) was recognised in respect of
this unpaid element at 31 March 2026.
Notes to the financial statements (continued)
for the year ended 31 March 2026
23. 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 18(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 the
financial statements.
(e) Carrying value of financial assets and liabilities
There have been no unusual changes in economic or business circumstances that
have affected the carrying value of the Group's financial assets and
liabilities at 31 March 2026.
24. Related party transactions
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 year ended 31
March 2026, except for the addition and disposal of subsidiary undertakings as
set out in note 22, and the inclusion of Endurance Fundo de Investimento em
Direitos Creditórios (FIDC), an unincorporated creditors' rights investment
fund, following the Group's acquisition of its subordinated quotas on 10
December 2025.
25. 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 previously upheld Experian's position in respect of
the tax years from 2007 to 2012 with no further right of appeal. In May 2026,
the same decision was reached in respect of 2017 and 2018, meaning that these
years are also now closed to appeal on the merits. The Brazilian tax
authorities have raised similar assessments in respect of the 2013 to 2016 tax
years, in relation to the goodwill amortisation related to both the original
acquisition of a majority shareholding in Serasa S.A. in 2007 and the
acquisition of the remaining holding in 2012, and also in relation to the
acquisition of Virid Interatividade Digital Ltda in 2011. Experian's cases
relating to the goodwill arising in years 2013 to 2016 have been heard at both
the first- and second-level courts and Experian was successful in having a
portion of the goodwill deductions definitively agreed, with the remainder
still under review. The quantum of the tax deduction for goodwill amortisation
which remains open to review across the remaining open years is US$89m (2025:
US$196m). The possibility of this resulting in a liability (which may consist
of underpaid tax, interest and penalties) to the Group is considered to be
remote, based on the advice of external legal counsel, success in all cases to
date and other factors in respect of the claims.
Notes to the financial statements (continued)
for the year ended 31 March 2026
25. Contingencies (continued)
(b) Other litigation and claims
We continue to see litigation and regulatory activity, involving the Group
across most of its major geographies which are in various stages of
investigation or enforcement, and which are being vigorously defended. These
include a lawsuit filed in January 2025 by the US Consumer Financial
Protection Bureau related to the consumer dispute process in our US Credit
Reference business, which we are defending vigorously and believe to be
without merit. There also continues to be some rulemaking and federal and
state-level legislation which could impact our Credit Reference, Consumer
Services and Marketing Services businesses in the USA. We also continue to see
some General Data Protection Regulation (GDPR) investigation and enforcement
activity in the European Union (EU). The directors do not believe that the
outcome of any litigation, rulemaking or regulatory investigation or
enforcement will have a materially adverse effect on the Group's financial
position.
There also continue to be individual consumer and class action litigation
matters in Brazil and the USA related to our Marketing Services, Consumer
Services and Credit Reference businesses. Some of these class action
litigation matters in the USA allege willful misconduct under the US Fair
Credit Reporting Act and, if proven, carry the potential for liability which
includes statutory damages between US$100 to US$1,000 per consumer. We have
also seen some limited class action activity in the UK, including an action
which purports to assert claims on behalf of consumers in other regions where
the Group operates. We have in limited circumstances also seen claims from
third parties for amounts owed based on acquisition, partnership or other
agreements which we vigorously defend. The directors do not believe that the
outcome of any claim or litigation matter would have a materially adverse
effect on the Group's financial position.
As is inherent in legal, regulatory and administrative proceedings, there is a
risk of outcomes that may be unfavourable to the Group. In the case of
unfavourable outcomes, the Group may benefit from applicable insurance
recoveries.
26. Events occurring after the end of the reporting period
Events occurring after the end of the reporting period include:
· the second interim dividend announced since the end of the
reporting period (note 13)
· acquisitions agreed and completed subsequent to 31 March 2026
(note 22(b)(iii))
· two new US$250m bank borrowing facilities (note 19)
· the purchase by the Company of 4.6m of its own shares for a total
consideration of US$165m
· the announcement of a new US$1bn share repurchase programme,
valid to 30 June 2027.
27. Risks and uncertainties
Identifying and managing risk is key to our purpose and the delivery of our
strategy and objectives. All colleagues play a crucial role in managing risks,
and doing so helps us create long-term shareholder value and protect our
business, people, assets, capital and reputation. Experian 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 Board is responsible for maintaining and reviewing the effectiveness of
our risk management activities from a strategic, financial, regulatory and
operational perspective. These activities are designed to identify and manage,
rather than eliminate, the risk of failure to achieve our business objectives
or strategy. We have a clear risk strategy and vision, and maintain a
sustainable and embedded risk management framework throughout Experian
globally. Our Enterprise Risk Management Framework incorporates a range of
embedded and complementary components which are designed to identify, assess,
respond to, report on and monitor the risks that threaten our ability to do
this.
We operate in a complex, dynamic business environment across multiple
jurisdictions, providing a range of data-driven services to clients and
consumers. The security of our data, and the resilience of our technology, are
fundamental to the successful delivery of our strategy in meeting the needs of
our various markets. We innovate through investing in the development of our
talent, products and services and through acquisitions and partnerships to
maintain and extend our competitive position. In addition to our principal
risks, which are summarised below, we continue to identify and analyse
emerging ones, and discuss as appropriate in one or more of our governance
forums.
Notes to the financial statements (continued)
for the year ended 31 March 2026
27. Risks and uncertainties (continued)
(a) Risk area - Data loss/misuse
Description
We hold and manage sensitive business, client and consumer information that
increases our exposure and susceptibility to cyber attacks or other
unauthorised access to data, either directly through our online systems or
indirectly through our partners or third-party suppliers.
Potential impact
Loss or unauthorised access to sensitive business, client or consumer data
could adversely impact consumers and clients, result in material loss of
business, substantial legal liability, regulatory enforcement or significant
harm to our reputation. The impact of this risk, if it materialised, would
typically be felt in the short term.
Examples of control mitigation
· We deploy physical and technological security measures, combined
with monitoring and alerting for suspicious activities.
· We maintain an information security programme with strong
governance for identifying, protecting against, detecting and responding to
cyber security risks and recovering from cyber security incidents.
· We routinely refresh our training in light of evolving risks and
circumstances, as well as keeping our people up to date through awareness
activities on specific information security topics.
· We impose contractual security requirements on our partners and
other third parties that store, process, transmit or have access to our data,
complemented by periodic reviews of third-party controls.
· We maintain insurance coverage, where feasible and appropriate.
(b) Risk area - Resiliency
Description
Delivery of our products and services depends on a number of key IT systems
and processes that expose our clients, consumers and businesses to serious
disruption in the event of systems or operational failures.
Potential impact
Failure to manage service availability and enterprise resiliency, and its
impact on clients and/or consumers within established risk tolerance levels,
could have a materially adverse effect on our business, financial performance,
financial condition and reputation. Availability of our products and services
is impacted by disruption to either our software applications or technology
infrastructure. A failure arising from technology change, cloud account
misconfigurations or component breakdown could result in client and consumer
disruption. The impact of this risk, if it materialised, would typically be
felt in the short term.
Examples of control mitigation
· Our operations are designed to avoid material and sustained
disruption to our businesses, clients and consumers.
· We design applications to be resilient and with a balance between
longevity, sustainability and speed.
· Active monitoring of service levels and incident management is in
place globally to maintain focus on the availability of products to meet
client and consumer requirements.
· We maintain a global integrated business continuity framework
that includes industry-appropriate policies, procedures and controls for all
our systems and related processes, as well as ongoing review, monitoring and
escalation activities.
· We maintain secondary providers (cloud and/or data centres) for
resilience.
Notes to the financial statements (continued)
for the year ended 31 March 2026
27. Risks and uncertainties (continued)
(c) Risk area - Legislative/regulatory change and compliance
Description
We hold and manage sensitive consumer information, and we must comply with
many complex privacy and consumer protection laws, regulations and contractual
obligations. In addition, as we are now active in business areas such as
payments in our consumer business, we are exposed to regulations and
regulators associated with those markets.
Heightened regulatory activity, new laws and regulations, changes to and new
or novel interpretations of existing laws and regulations create a risk that
we fail to comply with new or existing laws and regulations as we have
interpreted and implemented them into our businesses.
Potential impact
Non-compliance may result in material litigation, including class actions, as
well as regulatory actions. These could result in significant civil or
potentially criminal liability, fines or penalties, damage to our reputation
or significant changes to parts of our business or business practices which
could result in increased costs or reduced revenue. The impact of this risk,
if it materialised, would typically be felt in the short to long term.
Examples of control mitigation
· We seek to establish and maintain relationships with our
principal regulators, where possible. Where necessary and appropriate, we
engage external counsel on interpretation of regulation.
· We maintain a compliance management framework that includes
defined policies and procedures for the interpretation and implementation of
laws and regulations, including control objectives, accountability, and
assurance practices.
· Our global Compliance team has region-specific regulatory
expertise and works with our businesses to identify and adopt balanced
compliance strategies.
· We assess the appropriateness of using data in new and changing
products and services.
· We operate a horizon-scanning process to identify potential
changes in laws and regulation and assess their impact.
· Our Government Affairs strategic plan and policy activity seeks
to respond to legislative proposals and have our point of view taken into
consideration in their outcome, to mitigate impacts on Experian strategy.
· We vigorously defend all pending and threatened claims, employing
internal and external counsel to manage and conclude such proceedings
effectively.
(d) Risk area - Macroeconomic
Description
We operate globally and our results could be affected by global, regional or
national changes in fiscal or monetary policies.
A substantial change in credit markets in the USA, Brazil or the UK could
negatively impact our financial performance and growth potential in those
countries.
A substantial or sustained rise in US, EU or UK interest rates could impact
lending and consumer spending. It could also increase our future cost of
borrowings.
We present our Group financial statements in US dollars but transact business
in several currencies. Changes in other currencies relative to the US dollar
affect our financial results.
Potential impact
The US, Brazil and UK markets are significant contributors to our revenue and
profit. A reduction in one or more of these markets for consumer and business
credit services could reduce our revenue and profit.
We benefit from the strengthening of currencies relative to the US dollar and
are adversely affected by currencies weakening relative to it.
We have outstanding debt denominated principally in US dollars, UK pounds
sterling and euros. As this debt matures, we may need to replace it with
borrowings at higher interest rates.
The impact of this risk, if it materialised, would typically be felt in the
short to long term.
Notes to the financial statements (continued)
for the year ended 31 March 2026
27. Risks and uncertainties (continued)
(d) Risk area - Macroeconomic (continued)
Examples of control mitigation
· We have a diverse portfolio by region, product, sector and
client.
· We provide cyclical and counter-cyclical products and services.
· We convert cash balances in foreign currencies into US dollars.
· We fix the interest rates on a proportion of our borrowings.
· We review contingency plans in our key markets for specific
potential responses to evolving financial conditions.
(e) Risk area - Investment outcomes
Description
We routinely explore and critically assess inorganic investment opportunities,
including acquisitions and minority investments, and other internal
performance improvement programmes that can accelerate Experian's strategy. To
the extent invested, any of these investments may not produce the anticipated
strategic, financial or operating results.
Potential impact
Failure to produce the desired strategic, financial or operating results, due
to ineffective execution of business acquisitions, investments or
partnerships, may result in material loss, substantial legal liability and
significant harm to Experian's reputation. The impact of this risk, if it
materialised, would typically be felt in the long term.
Examples of control mitigation
· Executive management processes are in place to enable
comprehensive business reviews by key stakeholders and committees, such as our
Investment/Valuation Committees and our Global Strategic Project Committee.
· Due diligence and post-investment reviews are conducted on all
acquisitions and investments to ensure alignment with Group strategy and
mitigation of risk.
· We prioritise our activities within integration plans to ensure
we target the most significant gaps to Experian policy.
· We implement integration steering committees on our acquisition
investments to enable senior leader oversight and decision-making.
· We employ a robust capital allocation framework.
· We design our incentive programmes to optimise shareholder value
through delivery of balanced, sustainable returns and a sound risk profile
over the long term.
(f) Risk area - Competition
Description
We operate in dynamic market spaces such as consumer and business credit
information, decisioning software, fraud, marketing, and consumer services.
Our competitive landscape is constantly evolving, with traditional players
reinventing themselves, emerging players investing heavily and new entrants
making commitments in new technologies or approaches to our markets. There is
a risk that we will not respond adequately to such disruptions in our markets,
or that our products and services will fail to meet changing client and
consumer preferences.
Notes to the financial statements (continued)
for the year ended 31 March 2026
27. Risks and uncertainties (continued)
(f) Risk area - Competition (continued)
Potential impact
Failure to respond and adapt to the evolving competitive landscape and
differentiate our services to meet fast-changing consumer, investor and
stakeholder expectations may limit our ability to leverage market
opportunities and result in an inability to deliver on strategic and financial
objectives. Price reductions may reduce our margins and financial results.
Increased competition may reduce our market share, harm our ability to obtain
new clients or retain existing ones, affect our ability to recruit talent, and
influence our investment decisions. We might also be unable to support changes
in the way our businesses and clients use and purchase information, affecting
our operating results.
New and rapidly evolving technologies, such as AI, could also create new
paradigms in the application and management of commercial data assets, with a
number of competitors now incorporating AI into product and efficiency
roadmaps. There is a longer-term and developing risk relating to both new
entrants and established players leveraging 'open data' frameworks and
AI-driven capabilities, seeking to aggregate, analyse and distribute
information in new ways. We are actively monitoring the potential for
AI-driven market disruption and selectively pursue innovation initiatives to
further protect and strengthen our competitive position. The impact of this
risk, if it materialised, would typically be felt in the long term.
Examples of control mitigation
· We continue to research and invest in new data sources,
analytics, technology, capabilities and talent to support our strategic plan.
· Innovation remains a strategic focus, and we continue to develop
new products and data assets that leverage our scale and expertise and allow
us to deploy capabilities in new and existing markets and geographies. We
prioritise and develop our best innovation ideas globally.
· We invest in technology and cloud transformation to enhance our
innovation and overall competitiveness in the marketplace. We have made
significant progress in our cloud-first strategy and modernisation efforts.
· We operate a GenAI programme focused on utilising advanced AI
technologies to drive product innovation, customer engagement and productivity
across Experian.
· We deploy robust processes to identify, evaluate and select our
acquisition, investment and partnership opportunities. Where appropriate, and
available, we make acquisitions, minority investments and strategic alliances,
so we can efficiently and effectively introduce new products and solutions,
acquire new capabilities and enter new markets.
(g) Risk area - Business conduct
Description
At Experian, we prioritise honesty, integrity and high ethical standards in
all our operations. We are dedicated to maintaining the highest level of
professionalism in the conduct of our business.
Potential impact
Inappropriate business operations could negatively impact our clients,
consumers or counterparties. The impact of this risk, if it materialised,
would typically be felt in the short term.
Examples of control mitigation
· We enforce our Global Code of Conduct, Anti-Corruption Policy,
and Gifts and Hospitality Policy. If employees or suppliers do not adhere to
our standards, we will investigate thoroughly and take disciplinary or
corrective action.
· Our policies are reviewed and updated regularly to reflect the
current risk landscape and control environment.
· Risk and compliance testing provides insights across our control
environment and flags areas needing remediation. Our internal reporting also
oversees our fraud prevention and detection activities.
· Experian operates a Confidential Helpline managed by an external
provider and overseen by Global Internal Audit, for anyone needing to raise
concerns about our conduct.
Notes to the financial statements (continued)
for the year ended 31 March 2026
27. Risks and uncertainties (continued)
(h) Risk area - Talent acquisition and retention
Description
Our success depends on our ability to attract, motivate and retain key talent
while also building future leadership.
Potential impact
Not having the right people could materially affect our ability to innovate
our products, service our clients and grow our business. The impact of this
risk, if it materialised, would typically be felt in the medium term.
Examples of control mitigation
· In every region, we have ongoing programmes for recruitment,
personal and career development, and talent identification and development.
· As part of our strategy, we conduct periodic employee surveys and
track the progress of any resulting action plans.
· We offer competitive compensation and benefits, and review these
regularly.
· We monitor attrition rates, with a focus on individuals
designated as high talent or in strategically important roles. Our predictive
models help us mitigate potential attrition risks.
· We are proactively driving initiatives to ensure we have an
AI-ready workforce with skills for the future.
Statement of directors' responsibilities
The directors confirm that, to the best of their knowledge, the financial
statements are prepared in accordance with the applicable set of accounting
standards, give a true and fair view of the assets, liabilities, financial
position and profit of the Company and the Group taken as a whole; and the
Strategic report contains a fair review of the development and performance of
the business and the position of the Company and the Group taken as a whole,
together with a description of the principal risks and uncertainties that they
face, which is included in note 27.
The names and functions of the directors in office as at 13 May 2025 were
listed in the Experian Annual Report 2025. A number of changes to the Board
have occurred since that date. In the period from 13 May 2025 to the date of
this report:
· Luiz Fleury retired from the Board on 16 July 2025.
· Louise Pentland stepped down from the Board and as Chair of the
Remuneration Committee on 16 July 2025.
· Kathleen DeRose was appointed Chair of the Remuneration Committee
with effect from 16 July 2025.
· Adam Crozier joined the Board as an independent non-executive
director and Chair Designate on 12 May 2026.
There have been no other changes to directors or their functions. 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
19 May 2026
Shareholder information
Company website
A full range of investor information is available at experianplc.com. Details
of the 2026 AGM, to be held in Dublin, Ireland on Wednesday 22 July 2026, are
given on the website and in the notice of meeting. Information on the
Company's share price is available on the website.
Electronic shareholder communication
Shareholders may register for Share Portal, an electronic communication
service provided by MUFG Corporate Markets (Jersey) Limited, via the Company
website at shares.experianplc.com (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, such as the Annual Report, unless they have elected to either: (i)
receive such notification via email; or (ii) receive paper copies of
shareholder documents where such documents are available in that format.
Dividend information
Dividends for the year ended 31 March 2026
A second interim dividend in respect of the year ended 31 March 2026 of 48.00
US cents per ordinary share will be paid on 24 July 2026, to shareholders on
the register of members at the close of business on
26 June 2026. Unless shareholders elect by 26 June 2026 to receive US dollars,
their dividends will be paid in UK pounds sterling at a rate per share
calculated on the basis of the exchange rate from US dollars to UK pounds
sterling on 3 July 2026. A first interim dividend of 21.25 US cents per
ordinary share was paid on
6 February 2026.
Income Access Share arrangements (IAS arrangements)
As its ordinary shares are listed on the London Stock Exchange, the Company
has a large number of UK resident shareholders. In order that shareholders may
receive Experian dividends from a UK source, should they wish, the IAS
arrangements have been put in place. The purpose of the IAS arrangements is to
preserve the tax treatment of dividends paid to Experian shareholders in the
UK, in respect of dividends paid by the Company. Shareholders who elect, or
are deemed to elect, to receive their dividends via the IAS arrangements will
receive their dividends from a UK source (rather than directly from the
Company) for UK tax purposes.
Shareholders who hold 50,000 or fewer Experian plc shares on the first
dividend record date after they become shareholders, unless they elect
otherwise, will be deemed to have elected to receive their dividends under the
IAS arrangements.
Shareholders who hold more than 50,000 shares and who wish to receive their
dividends from a UK source must make an election to receive dividends via the
IAS arrangements. All elections remain in force indefinitely unless revoked.
Unless shareholders have made an election to receive dividends via the IAS
arrangements, or are deemed to have made such an election, dividends will be
received from an Irish source and will be taxed accordingly. The final date
for submission of elections to receive UK-sourced dividends via the IAS
arrangements is
26 June 2026.
Dividend Reinvestment Plan (DRIP)
The DRIP enables those shareholders who receive their dividends under the IAS
arrangements to use their cash dividends to buy more shares in the Company.
Eligible shareholders, who wish to participate in the DRIP in respect of the
second interim dividend for the year ended 31 March 2026, to be paid on
24 July 2026, should return a completed and signed DRIP application form, to
be received by the registrars by no later than 26 June 2026. Shareholders
should contact the registrars for further details.
American Depositary Receipts (ADR)
Experian has a sponsored Level 1 ADR programme, for which J.P. Morgan Chase
Bank, N.A. acts as Depositary. This ADR programme is not listed on a stock
exchange in the USA and trades on the highest tier of the US over-the-counter
market, OTCQX, under the symbol EXPGY. Each ADR represents one Experian plc
ordinary share. Further information can be obtained by contacting:
Shareowner Services
J.P. Morgan Chase Bank, N.A.
PO Box 64504
St. Paul, MN 55164-0504, USA
T +1 651 453 2128 (from the USA: 1 800 990 1135)
E Visit shareowneronline.com
(https://urldefense.com/v3/__http:/www.shareowneronline.com__;!!MfzFaTml5A!ys1WHD-koMbeUMWgVggHZIPnaFnMKLuJrWnHT3extrcXUrYSy_vyE49M4b_wbYGGaQ$)
, then select 'Contact Us'
W adr.com
(https://urldefense.com/v3/__http:/www.adr.com__;!!MfzFaTml5A!0aGDuQts0NUpYNHqxAzQy11LTs_WwOsyp-82yELpSaVo0RuSzaJ3j9O914K83VDEAQ$)
Shareholder information (continued)
Brazilian Depositary Receipts (BDR)
Experian has a sponsored Level 1 BDR programme, for which Itaú Unibanco S.A.
acts as Depositary. This BDR programme is listed on B3 (Brasil, Bolsa,
Balcão), the stock exchange of Brazil, under the trading name EXPERIAN PLC
and negotiation code EXPB31. Each BDR represents one Experian plc ordinary
share. Further information can be obtained by contacting:
Itaú Unibanco S.A.
Avenida do Estado, No. 5533 - Block A - 1st floor
CEP 03105-003, São Paulo/SP, Brazil
T +55 3003 9285
E dr.itau@itau-unibanco.com.br (mailto:dr.itau@itau-unibanco.com.br)
W itau.com.br/investmentservices-en/registrar/bdr
Financial calendar
Second interim ex-dividend date 25 June 2026
Second interim dividend record date 26 June 2026
Second interim ex-dividend and record date for 26 June 2026
American Depositary Receipts (ADRs)
Second interim ex-dividend and record date for 26 June 2026
Brazilian Depositary Receipts (BDRs)
Trading update, first quarter 16 July 2026
Annual General Meeting 22 July 2026
Second interim dividend payment date 24 July 2026
Half-yearly financial report 18 November 2026
Trading update, third quarter 21 January 2027
Preliminary announcement of full-year results May 2027
Contact information
Corporate headquarters 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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR GPUPWAUPQGRB
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Experian
See all newsREG - Experian plc - Transaction in Own Shares
AnnouncementREG - Experian plc - Full-year financial report
AnnouncementREG - Experian plc - Transaction in Own Shares
AnnouncementREG - Experian plc - Transaction in Own Shares
AnnouncementREG - Experian plc - Transaction in Own Shares
Announcement