Equifax Inc at JPMorgan U.S. All Stars Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : <_ALACRA_META_ABSTRACT>We miss him indeed. All right. So we'll kick this off with a high-level question. Equifax just hosted an Investor Day and the core thrust was after spending a number of years and I believe around $3 billion building the Equifax Cloud, the company now sees the opportunity to play offense with I think what you called a durable competitive advantage. So can you unpack for investors why now is a great time to get excited about the trajectory of Equifax?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Right. So let's maybe pause on the variable margin piece because I think some investors saw the margin trajectory that you laid out, both ex mortgage with the mortgage recovery. And there was sort of a -- I wasn't -- couldn't that have been lifted a little bit. And so is that just the level you want to commit to in a market where there are lots of moving pieces, with a business model where different aspects of the business are variable? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 16, 2025 / 12:00PM, EFX.N - Equifax Inc at JPMorgan U.S. All Stars Conference Is there a reason you guys pick that number? Is that a ceiling on what your business can deliver year in, year out? Or any sort of thoughts around why that's the number you chose to?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Excellent. So you briefly mentioned that we're prospectively about to enter a potential rate cut cycle. It's certainly the -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 16, 2025 / 12:00PM, EFX.N - Equifax Inc at JPMorgan U.S. All Stars Conference

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Yeah, we'll see what happens tomorrow, but the market is certainly looking for a rate cut.

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Maybe walk through -- look, we're three quarters of the way through 2025 now. So maybe walk us through if we get 25 or 50, whatever, many basis points you might think of what that would mean for your business going into next year, especially?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : So just to discuss how you are running the company, maybe we'll pivot to Workforce Solutions. Verifier, your biggest and --

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : So one thing you laid out at your Investor Day was a $15 billion addressable market, and you're looking at sort of, call it, $2.5 billion, somewhere in that ballpark this year for revenue. So most of the market is unvended. Uniquely some portion of that market, in fact, possibly a very large portion is manual. So it's not like you're competing against somebody, you're competing against entirely different process. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 16, 2025 / 12:00PM, EFX.N - Equifax Inc at JPMorgan U.S. All Stars Conference So help investors understand because you have a 13% to 15% organic revenue growth target implies a meaningful, I would say, step-up in penetration of that TAM. So help investors understand what the next legs are for penetrating your TAM?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : That's super helpful. Just to maybe dive into the government business real quick. I think you recently disclosed that it's about 65% state revenue and then 35% federal. But of course, the program is administered -- funded at the federal level, administered by the states sort of the standard go-to-market. And I believe, correct me if I'm wrong, on rank ordering, the biggest business for you guys is with CMS, then it's Social Security and then USDA.

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : That makes a lot of sense. I think sometimes when people look at, hey, what could come next, you look at treasury --

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : That's super helpful, Mark. So that's -- I think you have a total -- we'll peel back for a second and say you have a $50 billion addressable market across the whole firm effect. And we just gave a lot of detail on a very important vary of the moment, timely $5 billion of that. But maybe we can flesh out the biggest piece of that is an area where I think a lot of people don't think of Equifax, which is in the credit bureau business in the identity and fraud space. Obviously, one of your large competitors, 2022 made a very -- '21, made a very sizable acquisition. Another one has sort of made it identity and fraud part of their software play.

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Midigator, yeah. How do you sort of think about what's next for the identity and fraud piece of the business at USIS?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Got it. So let me maybe suggest a proposition for you, and you tell me why this is or is not correct. If I look at your product plans in identity and fraud as well as through the twin flag and the other data that you're adding into your credit file, and I say, how can I benchmark Equifax' success on both those items noting that it's conflated with other things, I'm going to say, organic revenue growth non-mortgage that you disclose each quarter. You think, that's --

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Well, of course -- let's just say I'm trying to isolate for the fact that --

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : So maybe we can unpack the share gain concept a little bit that you guys have talked to. Not say, okay, like what the number is, that indicates share gain, but like more conceptually, what does share gain look like? Our understanding is that most major financial institutions sort of have a primary draw. And then I don't know what percentage of volume goes to the primary, but let's say, a polarity growth -- REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 16, 2025 / 12:00PM, EFX.N - Equifax Inc at JPMorgan U.S. All Stars Conference

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Well over 50%, and then the other two bureaus in the U.S. sort of compete on use cases. Is the share gain winning more primaries? Is it winning more a bigger pie of the secondary use case? Is it both?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : All of the above?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Got it. That's super helpful. I would like to actually talk on the international for a quick second. We are in the UK obviously. So any comment what you're presently seeing here in the UK, what the business sort of any unique dynamics that investors here might be aware of and what you're seeing presently?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : That's helpful. That's helpful. So maybe one country over, Ireland, has recently announced that you guys are opening an AI innovation lab in Ireland. Would like to maybe drill in on that? Like what will that lab in Ireland be doing? And what's exciting and --

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : I'm going to ask one high-level question on this, and then we'll get back to sort of the more timely matters. But it seems to me that one of the great things about the way that regulation and the way the market is structured in the US is that it's deterministic. You have to be able to repeat and arrive at the same outcome --

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : And I think that a lot of people when they're looking at who are AI losers, they don't necessarily think you guys but to think about why you guys aren't is because, look, you can't run this in ChatGPT and have it come up with differences in models and scores and --

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Right. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 16, 2025 / 12:00PM, EFX.N - Equifax Inc at JPMorgan U.S. All Stars Conference

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : I want to end with a question on capital allocation. And obviously, Equifax has sort of with the Equifax Cloud now being live and rolled out the free cash flow profile of the firm.

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Yeah, free cash flow of the firm -- profile of the firm. is very attractive. A lot of ways you can deploy that. You've touched briefly on there's some appetite for M&A dividend increase, as you sort of said in line with your --

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : And buyback. As you sort of look ahead how should investors think about your relative appetite for each of these three and then also how flexible should they be and hold you to being on each of them?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Great. Well, Mark, John and the Equifax team is here as well, thank you so much for joining us today. This has been a pleasure.