Equifax Inc at JPMorgan Ultimate Services Investor Conference Transcript

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

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : Mark, why don't we just start by talking about the government segment and EWS. You've been excited about it. Do you feel like this is still a large opportunity ahead? How do you feel like kind of revenue has done so far in government? And what sort of needs to happen in terms of kind of maybe usage ahead driving more revenues for EWS?

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : As far [this] what's the timing of Equifax in benefiting from OB3, that's One Beautiful Bill?

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : And '26 will be a good year for this, right?

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : So now let's talk about Talent Solutions, which is another vertical in EWS. I'm surprised that more background screeners don't use EWS. I think it's only about a third -- you could tell me if that's about right -- use Equifax for verifications. Are they not doing VOEs? Like, I don't quite know what they're doing. And my question is, is a lot of the talent solution growth going forward going to be new client acquisitions for you guys?

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : It's definitely the gift that keeps on giving. So I'm going to ask a more annoying question, John. This is about EWS mortgage volumes, which in the third quarter were still down. Other non-Equifax data, industry data about mortgage suggests mortgage is up. I know there's been a gap for a while and all these data sets, if we look at MBA or Fannie, they're all particular, let's call it that way. I really don't know which data set I should be looking at, but there does seem like there's a gap. And my question is, what do you think of it? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 18, 2025 / 8:20PM, EFX.N - Equifax Inc at JPMorgan Ultimate Services Investor Conference

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : That's right.

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : I agree with that point.

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : So this is a thesis that I have had about the gap that more of it's getting done manually because mortgage lenders aren't so busy, let's call it, yet, so they could do it manually -- LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 18, 2025 / 8:20PM, EFX.N - Equifax Inc at JPMorgan Ultimate Services Investor Conference

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : Okay. Looking into next year, in '26, I wanted to talk about USIS mortgage business. I see there's basically three subjects to talk about. One is lower mortgage rates. The second one is the potential commercialization adoption of Vantage in mortgage. And then the third is anything going on around prequalification period, pre-approval period. And is that increasingly being used by 1B or 2B, and has Equifax's solution for that with income flag moved the needle? So how do we feel about '26 mortgage market across those three points?

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : USIS '26 question. So is it going to move the needle on '26?

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : Let me just make sure I get that. I think you said $25 million of additional interest expense. Is that on the share buyback that was done, or does that contemplate more?

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : I got you. Okay, great. Open for questions. Oh, come on. You guys are so chatty usually. Unidentified Participant (inaudible - microphone inaccessible)

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : Yeah. So we only have one minute. I do want to ask this question. So your Equifax.ai strategy, what should we know about it? And here's a key question on that. For those clients that are more AI leaning, does that kind of cohort of customers end up consuming more Equifax data than control group?

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : All right. Great place to end. Mark and John, thank you for joining us.