Equifax : Investor Relations Presentation Q3 2023

3Q23

3Q23 Earnings Call

October 19, 2023

Forward-looking Statements

This presentation contains certain forward-looking information, including fourth quarter and full year 2023 guidance, to help you understand Equifax and its business environment. All statements that address operating performance and events or developments that we expect or anticipate will occur in the future, including statements relating to our future operating results, improvements in our IT and data security infrastructure, the expected financial and operational benefits, synergies and growth from our acquisitions, our strategy, our long-term financial framework, changes in the U.S. mortgage market environment, as well as changes more generally in U.S. and worldwide economic conditions, such as rising interest rates and inflation, and similar statements about our financial outlook and business plans, are forward-looking statements.

We believe these forward-looking statements are reasonable as and when made. However, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in our 2022 Form 10-K and subsequent SEC filings.

As a result of such risks and uncertainties, we urge you not to place undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

PROPRIETARY | 2

Non-GAAP Disclosure Statement

This presentation contains certain non-GAAP financial measures, including adjusted EPS and adjusted EBITDA, which reflect adjustments for certain items that affect the comparability of our underlying operational performance.

Adjusted EPS is defined as net income adjusted for acquisition-related amortization expense, legal expenses related to the 2017 cybersecurity incident, fair value adjustment and gain on sale of equity investments, foreign currency impact of certain intercompany loans, acquisition-related costs other than acquisition amortization, income tax effect of stock awards recognized upon vesting or settlement, Argentina highly inflationary foreign currency adjustment, realignment of internal resources and other costs, gain on settlement of Canada pension plan, and adjustments to deferred tax balances.

Adjusted EBITDA is defined as consolidated net income attributable to Equifax plus net interest expense, income taxes, depreciation and amortization, and also excludes certain one-time items.

Local currency is calculated by conforming the current period results to the comparable prior period exchange rates. Local currency can be presented for numerous GAAP measures, but is most commonly used by management to analyze operating revenue without the impact of changes in foreign currency exchange rates.

Organic revenue growth is defined as revenue growth, adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period. This adjustment is made for 12 months following the acquisition.

Organic non-mortgage revenue growth is defined as revenue growth within our non-mortgage verticals adjusted to reflect an increase in prior year Equifax revenue from the revenue of acquired companies in the prior year period. This adjustment is made for 12 months following the acquisition.

These non-GAAP measures are detailed in reconciliation tables which are included with our earnings release and are also posted at www.equifax.com under "Investor Relations/Financial Results/Non-GAAP Financial Measures."

PROPRIETARY | 3

EFX executing in tougher mortgage market… Non-mortgage revenue up 11% total / 7% organic, EBITDA margins expanded over 60 BPs

3Q Revenue $1.32B… Revenue below guidance range due to continued weaker US mortgage and negative FX impact… Outperforming underlying markets from commercial execution, new products, records, and pricing

Strong Non-mtg revenue up 11% total / 7% organic versus 20% growth last year

Mortgage market approx $22 million below 3Q framework… EWS outperformed market by ~22 points, USIS by ~33 points

3Q NPI Vitality Index 15%, EFX record and above 10% goal… NPIs leveraging new EFX Cloud

60 BP margin expansion to 33.3% and $1.74 EPS excl. BVS, in-line with guidance… Strong Cloud cost savings offset impact of weaker mortgage market

Resetting 4Q guidance for further 22% decline in mortgage inquiries and FX offset by Brazil… down $33M from July framework

STRATEGIC PRIORITIES

3Q Revenue in-line with July framework excluding $28M mortgage market decline and FX… EPS in-line from strong Cloud cost savings

Note: Adjusted EBITDA margin excluding EFX Brazil was +60 bps sequentially. Adjusted EBITDA margin on reported basis was +40 bps sequentially.

PROPRIETARY | 4

Strong 11% EWS Non-mortgage Verifier growth off tough 72% comp driven by strong 23% Government performance and TWN record growth

Continued Mortgage Outperformance

Verifier Non-mtg up 11% off 72% in 3Q22

Total Verifier

Non-mtg

Growth

Organic

• TWN records up 12%, 163M current, 641M total
• Signed four new payroll provider arrangements in 3Q… 21 signed since 2022, 27 signed since 2021
• Government up 23%, Talent up 6%, Consumer Lending down -8%
• Increase revenue per transaction through new products and increasing data depth and coverage
• Expanding system-to-system integrations

Total US Records

	146M Active +16%	163M Active +12%
	121M Unique
126M Active +13%	111M Unique
641M Total
	584M Total
97M Unique
510M Total

TWN records up 12% to 163M Active, 121M Unique, 641M Total

1. EWS Mortgage Outperformance measured as the revenue growth generated from growth in TWN records and changes in product, price, mix.

PROPRIETARY | 5

EWS Non-mortgage revenue up +11% off 40% comp in 3Q22… Strong 23% Government growth

EWS Revenue

	$2,035M	$2,325M	$596M	$583M	$577M
	+39%	+14%	-8%	-4%	+3%
Non-mortgage+38%	+42%	+11%	+4%	+11%
Mortgage +41%	-18%	-38%	-20%	-15%
Non-Mortgage	54%	67%	73%	71%	75%
as % of Revenue

3Q23 Strong Gov't Offset by Macro

Verifier revenue +1% total

• Non-mortgage+11% total
• • Government +23%
  • Talent +6%
  • Consumer Lending -8%
• Mortgage -15%, with 22 pts of Mortgage Outperformance

Employer revenue up +13% total, +9% organic

• I9 / Onboarding +25% / +17% Organic
• UC +1%

Non-mortgage (total) +11% / +10% organic

EWS delivering 51% Adjusted EBITDA margins in a challenging mortgage market

PROPRIETARY | 6

Strong 10% USIS Online B2B Non-mortgage growth

Total

Inorganic

Organic

USIS B2B Non-Mortgage Revenue Growth

3Q23 USIS Online B2B Non-mortgage Remains Strong

• B2B non-mortgage up +8% / +4% organic
• Online B2B non-mortgage up +10% / +6% organic
• 3Q23 strong double-digit growth in Commercial, Banking & Lending
• Offline / Batch down -1%
• Consumer Solutions up +12%
• Mortgage +4% vs US inquiries -29%

USIS 34% Adjusted EBITDA margins up 10 BPs

PROPRIETARY | 7

Strong 12% INTL growth led by LATAM

Constant Currency Revenue Growth

BVS

Key Growth Areas

• EFX Cloud-enabled innovation
• Differentiated data and insights
• NPI acceleration across INTL platforms, particularly LatAm
• Global platforms in local markets
• Bolt-onM&A to strengthen portfolio… Boa Vista (Brazil)

11%	6%	6%	6%	11%	4%	2%	Asia Pacific
6%	14%	24%	3%	(4%)	(2%)	(2%)	Europe
12%	6%	12%	7%	8%	8%	<1%	Canada
15%	29%	34%	31%	32%	23%	62%	LatAm (3Q23 excluding Brazil +21%)
10%	12%	17%	9%	9%	7%	12%	Total
9%	11%	15%	8%	8%	7%	3%	Organic C$
28%	26%	27%	26%	24%	24%	26%	Adj. EBITDA $ / %
		INTL 26% Adjusted EBITDA margins up +200 bps sequentially
	Note: Constant currency growth rates.					PROPRIETARY | 8

Strong 7% Non-mortgage organic growth off 13% comp in 3Q22… Strong EWS Government, USIS revenue growth

EFX Non-Mortgage C$ Revenue Growth

Total

	8-12%
BVS	EFX LT Growth
Framework

Organic

Non-mortgage C$ revenue growth accelerating in 2H23… strong EWS Government growth

Note: Growth rates are in constant currency.

PROPRIETARY | 9

Record 15% NPI Vitality Index… 500 BPs above 10% LT Framework… ~30 NPIs in Quarter

Vitality Index1 and NPIs

3Q 15%

Mortgage	10%
LT Goal

Non-mtg

Total NPIs 151

113

3Q Product Roll-Outs

• Specialty Finance Exchange (USIS) - Develops foundation for creating more financially inclusive products with greater coverage through use of nontraditional sources (DataX & Teletrack)
• BusinessConnect™ for Marketing (USIS) - affords both a US and Global marketplace to cultivate leads and accounts with industry best search and ~40k new businesses added weekly
• Market Intelligence (INTL - UK) - transactional data collected through Open Banking is categorized, anonymized and aggregated to derive insights on purchasing trends at the market level
• Electoral Roll Search (INTL - ANZ) - Customers that have an AML/CTF obligation can access a government hosted data source for verifying name, DOB and address of Australian citizens.
• Commercial Risk Band Score (INTL - ANZ) - Service to enable third-partySaaS providers for SMB market to return PRS Risk Bands to their customers and customer's customers

2023	~30 NPI in 3Q
New Products

~85% of New Product Revenue from Non-mortgage NPIs

1. Vitality index is percentage of revenue in a given year derived from new product releases over the prior three years and the current year.

PROPRIETARY | 10