news release

 

Strong performance and excellent strategic progress in FY25

 

7am, 14 May 2025 ─ Experian plc, the global data and technology company, today issues its financial report for the year ended 31 March 2025.  

 

Brian Cassin, Chief Executive Officer, commented:

"FY25 was a strong year for Experian, with significant strategic and financial progress across both Consumer Services and Business-to-Business. At constant currency and from ongoing activities, revenue was up 8% with organic revenue growth of 7%. We delivered constant currency EBIT growth of 11%, with margin expansion above our guidance range. Benchmark earnings per share increased by 11% at constant currency, and 8% at actual rates.

"For FY26, we expect total revenue growth of 9-11%, with organic revenue growth of 6-8%. We expect margin expansion in line with our Medium-Term Framework, in the range of 30-50 basis points. All measures are at constant exchange rates and on an ongoing basis.

"While we are mindful of the outlook for the broader global economy, we have a broad and resilient portfolio with a strong track record of growth, and we are confident of another good year of growth in FY26."

 

Benchmark and Statutory financial highlights
	2025 US$m	2024 US$m	Actual rates growth %	Constant rates growth %	Organic growth %2
Benchmark¹
Revenue - ongoing activities3	7,507	7,046	7	8	7
Benchmark EBIT - ongoing activities3,4	2,107	1,944	8	11	n/a
Total Benchmark EBIT	2,083	1,928	8	11	n/a
Benchmark EPS	USc 156.9	USc 145.5	8	11	n/a
Statutory
Revenue	7,523	7,097	6	n/a	n/a
Operating profit	1,793	1,694	6	n/a	n/a
Profit before tax	1,549	1,551	0	n/a	n/a
Basic EPS	USc 127.6	USc 131.3	(3)	n/a	n/a
Total dividend	USc 62.50	USc 58.50	7	n/a	n/a

 

1.     See Appendix 1 (page 15) 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 2024 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 16 for reconciliation of Benchmark EBIT from ongoing activities to Profit before tax.

 

 

Highlights

·      A strong and consistent FY25 performance. Organic growth was 7% in Q4 and 7% for the full year. Total FY25 revenue growth from ongoing activities was 8% at constant exchange rates, and 7% at actual exchange rates.

·      Consumer Services organic revenue growth was 7%. We now serve over 200 million free members, deepening engagement across a widening product ecosystem.

·      B2B organic revenue growth was 6%. Performance was driven by broad-based strength in analytics, mortgage, alternative data, and our priority growth verticals.

·      All regions delivered organic revenue growth during the year. North America growth strengthened, with both Latin America and the UK and Ireland showing resilience amid softer economic backdrops. EMEA and Asia Pacific maintained recent strong growth delivery.

·      Benchmark EBIT from ongoing activities rose 8% at actual exchange rates and 11% at constant currency to US$2,107m.

·      Margin delivery was above our expectations, with Benchmark EBIT margin of 28.1%, up 50 basis points at actual rates and 70 basis points at constant currency.

·      Conversion of Benchmark EBIT into Benchmark EPS was good. Benchmark EPS growth was 8% at actual exchange rates, and 11% at constant exchange rates. Statutory Basic EPS was down 3%.

·      Cash flow conversion was strong. Benchmark operating cash flow was US$2.0bn, a conversion rate of 97%.

·      We have generated strong returns on invested capital, with ROCE of 16.6%.

·      Our financial position is robust, driven by strong cash generation and our capital discipline. Net debt to Benchmark EBITDA was 1.8x, below our 2.0-2.5x target range.

·      Good progress on our cloud programme, with significant new products and Generative Artificial Intelligence (GenAI) features launched.

·      We invested US$1.2bn in acquisitions to support our strategic priorities. US$1.6bn pro forma[1] for our ClearSale acquisition completed on 1 April 2025.

·      Statutory profit before tax of US$1,549m, flat year-on-year (FY24: US$1,551m), principally due to strong revenue growth offset by higher non-benchmark restructuring costs and non-cash financing fair value remeasurements compared to the prior year.

·      Full year dividend up 7% to USc 62.50 per ordinary share.

 

Experian

Nadia Ridout-Jamieson            Investor queries                                    +44 (0)20 3042 4220

Nick Jones                                Media queries                                       +44 (0)7976 734 702

 

Teneo

Graeme Wilson, Louise Male and Lisa Jarrett-Kerr                               +44 (0)20 7353 4200

 

There will be a presentation today at 9.30am (UK time) to analysts and investors via webcast. To view the slides and listen in online please go to experianplc.com for the link.

 

Experian will update on first quarter trading for FY26 on 15 July 2025.

 

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 26 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 software. We also assist millions of people to realise their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and to innovate. A FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 23,300 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

 

Strategic report

Part 1 - Chief Executive Officer's review

FY25 was a strong year for Experian. We performed well, with results in line with our Medium-Term Framework, whilst continuing to invest in our business both organically and inorganically. We achieved high single-digit organic revenue growth and delivered good margin expansion. Revenue from ongoing activities at actual exchange rates and organic revenue both grew 7%. Margin expansion at constant exchange rates of 70 basis points exceeded our guidance and was 50 basis points at actual exchange rates. We successfully converted revenue growth into Benchmark EBIT, Benchmark EPS and Benchmark operating cash flow, with growth rates of 8%, 8% and 9%, respectively, and a cash conversion rate of 97%.

We saw a good performance across our B2B portfolio with strong growth in Financial Services and another year of very good growth in Health. Progress in vertical markets has broadened our portfolio further and they now account for over one-fifth of our global revenues. Expanded business with existing clients, new client wins, and new product introductions all contributed to our performance in FY25.

In Financial Services, we continue to see success in the market with our Ascend Platform, we have had some notable new product launches such as new cash flow analytics and scores, and we have expanded our income and employment data assets. Our vertical markets growth has been driven by leveraging our data and software capabilities, providing more integrated capabilities across our product suites and new product introductions such as AI-driven patient access products in Health.

In Consumer Services, we have grown our membership base, driven higher engagement, and broadened our consumer offers. Our Experian Activate capability has gained further traction, creating a more seamless experience for both our financial institution clients and Experian members. Our consumer membership base now exceeds 200m free members. Large-scale consumer audiences such as these open up significant new opportunities for us to address. North America Insurance Marketplace is a good example of how we can bring additional value to our members and create material new opportunities for Experian. We have introduced richer, more personalised experiences for our members in Brazil and in the UK too.  

This year we deployed US$1.2bn in acquisitions in areas central to our strategy covering credit risk, fraud prevention, and Targeting. The acquisition of illion gives us a scaled position in Australia and New Zealand, and shortly after the financial year-end we completed the acquisition of ClearSale, to bring one of Brazil's premier fraud prevention assets into our portfolio. Our acquisitions complement our organic growth investments, and we continue to generate strong financial returns on our expanding capital base. We reported a post-tax ROCE of 16.6% for the year. Notwithstanding the higher levels of investment, we ended the year below the lower end of our target leverage range.

Our cloud technology transformation is progressing well and is on track to deliver material cost savings from FY27 onwards when dual-run costs start to fade. Innovation revenue continues to grow as a proportion of our total, and we have introduced a range of new Generative Artificial Intelligence (GenAI) tools, which we have embedded in several of our product workflows.

Combined, these investments position us well to capitalise on the structural growth in our markets. We have extensive and expanding data assets, unparalleled breadth of capability, a unique strategy encompassing both B2B and Consumer Services, geographic diversity and a strong balance sheet. This gives us resilience, portfolio diversity and the flexibility to adapt. So, while market dynamics may change from year to year, we are confident that we will continue to progress our business, as we have done in the past.

Great talent drives Experian's success, and our crowning achievement this year is reserved for our 23,300 people. We are honoured to have been named as one of the World's Best Workplaces™ 2024, ranked 14th globally by Fortune and Great Place to Work^®. Experian's culture is unique. Our working environment is high-performing, collaborative, and we pride ourselves on our 'people first' approach. I want to extend a huge thank you to all my Experian colleagues for their commitment, their energy and their support over the past year.

 

FY25 financial highlights

·      Revenue growth was in line with our expected performance range. Revenue growth from ongoing activities was 7% at actual exchange rates and 8% at constant currency. Organic revenue growth was 7%.

·      All of our regions contributed to the growth. Organic revenue growth was 8% in North America, 6% in Latin America, 1% in UK and Ireland, and 8% in EMEA and Asia Pacific.

·      Growth was consistent through the year. By quarter, organic revenue growth was 7% in Q1, 7% in Q2, 6% in Q3 and 7% in Q4.

·      Consumer Services organic revenue growth was 7%. Excluding a c.5% headwind from one-off data breach services, Consumer Services organic revenue growth was 12%, accelerating to 14% in H2 compared to 10% in H1. We grew to over 200 million free members. Growth was broad-based across the portfolio. In North America, premium subscriptions, core partner solutions and marketplace drove our performance. In Brazil, Limpa Nome and our expansion of product offerings supported growth, and in the UK and Ireland, we benefitted from strengthening marketplace revenue.

·      B2B organic revenue growth was 6%. New clients, expanded product penetration and our diversified end markets supported growth amid a still-subdued global credit backdrop.

·      We delivered good progress in Benchmark EBIT from ongoing activities, up 11% at constant and 8% at actual exchange rates. Benchmark EBIT margin increased by 70 basis points at constant and 50 basis points at actual exchange rates to 28.1%. Strong Consumer Services, scaling operating leverage and technology productivity initiatives drove the year-on-year margin improvement, while continuing to invest in product innovation, audience expansion and consumer and client engagement.

·      We delivered strong growth in Benchmark earnings per share (EPS), which increased by 11% at constant and 8% at actual exchange rates, driven by revenue growth and margin expansion. Basic EPS was USc127.6 (2024: USc131.3), down 3%, due to higher non-benchmark restructuring costs and non-cash financing fair value remeasurements, along with a higher statutory tax rate, compared to the prior year.

·      Cash flow conversion was strong, and we converted 97% of Benchmark EBIT into Benchmark operating cash flow. Benchmark operating cash flow at actual exchange rates was US$2,025m, reflecting 9% growth.

·      We continued to invest in data, technology and product development that underpins our business. Capital expenditure represented 9% of revenue, and we continue to expect this to trend down to 7% in the coming years.

·      We invested US$1.2bn in acquisitions to support our strategic initiatives. After the year-end, we completed our previously announced acquisition of ClearSale, a leading provider of digital fraud prevention solutions in Brazil. We finished the year with Net debt to Benchmark EBITDA of 1.8x, below our target range of 2.0-2.5x.

·      We have completed our FY25 share repurchase programme. We executed US$29m from the previous FY24 programme in April 2024, bringing the total net cash spent during FY25 to US$179m. These repurchases offset deliveries under employee share plans. We are also announcing that we will commence a net share repurchase programme up to US$200m in FY26, which will again offset deliveries under employee share plans.

·      We have announced a second interim dividend of USc43.25 per share, up 7%. This will be paid on 18 July 2025 to shareholders on the register at the close of business on 20 June 2025. This takes the full-year dividend up 7% to USc62.50 per ordinary share.

·      Our return on investment has consistently been strong, with ROCE in the mid-to-high-teens over the last decade, and 16.6% for the year (2024: 17%).

 

 

Full-year strategic highlights

Our long-term strategy provides the framework for the development of our business and determines where we invest, the products we build, the markets we enter and acquisitions we pursue. Our FY25 performance reflects continued progress towards fulfilling our long-term goals.

In our B2B business, we have a broad and deep product set. It begins with our rich datasets and extends into software solutions that address various aspects of client workflows. Our range of product areas such as analytics, marketing, fraud prevention, and decisioning, help Financial Services customers address all aspects of risk. We are increasingly integrating our solutions into platforms that can drive more insights and greater efficiencies for our clients, positioning ourselves as a key strategic partner. Within our verticals, we utilise differentiated data and software capabilities to help our customers navigate complex ecosystems and solve business challenges. Over time, we expect to be more embedded at our clients, with our focus on innovation and product integration driving greater strategic value.

Within our Consumer Services business, we use our innovative products and services to drive better financial outcomes for consumers. Features such as No Ding Decline enable customers to apply for credit cards without the worry of a hard enquiry, insurance rate monitoring automatically notifies members of policies that can save them money, and in Brazil we can assist consumers with the instant settlement of renegotiated debt. These tools help drive increasing consumer engagement on our platform.

Going forward, we remain focused on maximising synergies between our Business-to-Business and Consumer Services businesses, with this breadth of assets and capabilities a primary source of our competitive advantage.

Highlights of our strategic progress in FY25 include:

In Business-to-Business:

·      We have progressed in migrating customers and solutions to our Ascend Platform. We have implemented over 2,000 client solutions[2] on the platform, with customers demonstrating promising engagement trends. We now have 30 product capabilities provisioned on the platform, doubling year-on-year.  

·      We enhanced our fraud prevention capabilities and gained traction in this growing and dynamic market. We acquired NeuroID, an industry leader in behavioural fraud prevention, and have already incorporated it in our Ascend Platform. In Brazil, we completed our acquisition of fraud-prevention leader ClearSale in April 2025, extending our capabilities into transactional fraud prevention, and establishing a more comprehensive client offering.

·      In North America, we launched the Cashflow Score, an innovative open banking solution, providing lenders with a more complete view of an applicant's financial behaviour. This solution can provide up to a 25% lift in predictive performance when compared to conventional credit scores and is a key example of our dedication to improving financial inclusion.

·      We scaled Employer Services and Verification Services. Within Employer Services, Experian's Compliance Library was named a 2024 Top HR Product of the Year by Human Resource Executive and the HR Technology Conference. Within Verification Services, we now have 62 million active employment records in North America.

·      In North America Automotive, the breadth of our product suite contributed to solid growth. Auto marketing performance was strong, as we leveraged our unique Auto assets alongside our marketing expertise to drive enhanced audience prospecting for our clients.

·      In North America Health, we generated record bookings during the year including the largest Health contract win in our history. Our acquisition of WaveHDC last year enabled a new innovative solution called Patient Access Curator. This AI-driven offering is a leading eligibility and insurance identification product, gaining meaningful traction with clients and facilitating cross-sell opportunities.

·      In North America Targeting, we acquired Audigent in December 2024, enhancing our market positioning in the fast-growing digital advertising space. Targeting's AdTech (digital) channels now make up over 70% of our North America Targeting revenue.

·      In Brazil, we invested in key initiatives such as small & medium enterprises (SMEs). We grew our client base and diversified our portfolio, both enhancing the level of data to lenders, and fostering affordable credit access to SMEs.

·      In the UK and Ireland, we continued to invest in areas beyond core credit. In Verifications, we added records to our employment database and drove new business opportunities. In Experian Data Quality, following the financial year-end, we launched Aperture Data Studio 3.0, our innovative platform, making it easier for businesses to manage, control, and understand their data.

·      In EMEA and Asia Pacific, we completed the acquisition of illion, one of the leading consumer and commercial credit bureaux in Australia and New Zealand. Our integration is progressing well as we focus on enhancing our market position in this strategically important region.

 

 

In Consumer Services:

·      Global free membership grew to over 200 million as we continue to improve and expand our offerings to help consumers navigate their financial lives.

·      We continue to focus on savings-intent consumers in North America, with our capabilities such as Subscription Cancellation and BillFixer resonating well in the market and driving solid premium enrolment growth.

·      We launched No Ding Decline in North America allowing consumers to explore credit card options without the worry of a hard enquiry affecting their credit scores. Over 70% of card shoppers are eligible to see a No Ding Decline offer across a variety of credit card issuers.

·      We launched insurance rate monitoring in North America, enabling consumers who utilise the free tool to receive ongoing alerts if there is a better available rate on their auto insurance policy.

·      In Brazil, we continue to drive substantial debt renegotiations through Limpa Nome, enabling millions of Brazilians to manage their debts. In FY25, we facilitated the resolution of US$14.5bn of consumer debt, with our payment capability reducing friction and improving the customer experience.

·      In the UK and Ireland, we made significant product investments and improved personalisation journeys for our members. Using our Experian Activate capability, we also strengthened the breadth and depth of our marketplace panel, driving more targeted and competitive offers by these lenders. Over 95% of our panel is onboarded or in the process of being onboarded to Activate.

·      Growing adoption of our consumer offerings by our membership base enabled further strong margin progress, which for Consumer Services globally was up 270 basis points in the year and over 400 basis points over two years.

 

Strengthening our foundations

·      We have progressed on the delivery of our cloud-native technology infrastructure, and productivity initiatives such as greater use of GenAI, automation and offshoring. We are on track to materially complete our cloud technology transition in North America and Brazil at the end of FY26, at which point greater than 85% of our non-Health processing capability will be in the cloud in these two regions.

·      We were named one of the World's Best Workplaces™ 2024 by Fortune and Great Place to Work^®, which recognises a select 25 global companies that are building the best workplace cultures in the world. This achievement validates our 'people first' workplace culture that fosters collaboration and innovation, and prioritises team member well-being, personal growth, and advancement.

·      For the seventh year in a row since FY18, our global client Net Promoter Scores have increased, driven by an increase in promoters.

·      We entered the market with new and innovative GenAI solutions. During the year, we launched our GenAI-enabled tool for the Ascend Platform, Experian Assistant, which won the 2025 BIG Innovation Award in the Products for Financial Services category.

 

 

 

Sustainability

·      We are uniquely positioned to help people thrive on their financial journey, through our direct relationships with consumers and innovative combinations of data and analytics. More than 17 million US consumers have connected their accounts to take advantage of Experian Boost to improve their credit score, or to use Personal Financial Management tools. Experian Go has now helped around 280,000 'credit invisible' US consumers to establish their financial identity since it was launched. In Brazil, our Limpa Nome debt resolution platform helped renegotiate $14.5bn of debt in FY25, writing off $11.9bn. We are supporting consumers' financial health with a broad range of financial health features, and US Premium members have now collectively saved over US$35m on everyday bills through BillFixer and Subscription Cancellation.

·      Our social innovation products, specifically developed to deliver societal benefits and improve financial health, have reached a further 14 million people this year.

·      Our United for Financial Health programme to improve financial education among the communities we operate has now connected with 200 million people since launch in 2020.

·      We take a people first approach to creating a high performance culture. This year we've continued to invest in learning opportunities to support the career development of our people, deepening the resources in our online Careers Hub, and launching an AI coach. 81% of employees agreed that they are developing professionally at Experian.

·      This year we have reduced energy consumption by 14% and increased our renewable energy usage from 75% to 87%. This has contributed to an 82% reduction in our Scope 1 and 2 emissions since 2019, ahead of our 50% reduction by 2030 target. We now have 32% of our suppliers (by spend) who have set science-based targets, with a further 13% committing to do so, making good progress on our target to reach 78% by 2029. Our commitment to help tackle climate change is reflected in our CDP rating of 'A-', placing us in the Leadership category.

 

People

One of our independent non-executive Directors, Luiz Fleury, will retire from our Board at the conclusion of the Annual General Meeting on 16 July 2025, having completed nine years' service on the Experian Board. We wish to thank Luiz for his significant contributions to Experian since joining our Board in 2015.

Louise Pentland, also an independent non-executive Director, has informed us of her intention to not seek re-election as a Director at the AGM on 16 July 2025, and so will step down from the Board on that date as well. This follows her acceptance of a new executive role elsewhere. We wish to thank Louise for her support and considerable contributions since joining our Board in 2022.

 

Other financial developments

Benchmark EBIT of US$2,083m was up 8% at actual exchange rates. Benchmark EBIT includes the impact of a US$24m operating loss from exited business activities. These exited businesses came primarily from our EMEA and Asia Pacific and Latin America regions. Benchmark EBIT from ongoing activities of US$2,107m rose 8% at actual exchange rates and removes the impact of these exited businesses.

Benchmark profit before tax (PBT) was US$1,926m, up 8% at actual exchange rates, after a net interest expense of US$157m (2024: US$139m). For FY26, we now expect net interest expense to be c.US$190m. This includes the financing costs associated with acquisitions completed during the year and ClearSale, which closed on 1 April 2025.

The Benchmark tax rate was 25.3% (2024: 25.7%), reflecting the mix of profits and prevailing tax rates by territory. We expect our effective tax rate on Benchmark PBT in FY26 will be 26%.

Our Benchmark EPS was USc156.9, an increase of 8% at actual exchange rates and 11% at constant exchange rates. For FY26, we expect a weighted average number of ordinary shares (WANOS) of c.914m.

Foreign exchange translation was a 3% headwind to Benchmark EPS for the full year. For FY26, we expect the foreign exchange translation effect to be neutral on revenue and Benchmark EBIT, assuming recent foreign exchange rates prevail.

Non-benchmark items:

Profit before tax was US$1,549m, largely unchanged from US$1,551m in the prior year, reflecting revenue growth offset by higher non-benchmark restructuring costs and non-cash financing remeasurements driven by losses on Brazilian intra-Group funding and non-hedging interest rate swaps compared to the prior year.

 

 

 

 

 

 

 

Reconciliation of statutory to Benchmark measures for the year ended 31 March 2025

 

	Statutory	Non-benchmark and other items				Benchmark
		Investment- related items1	Amortisation of acquisition intangibles	Non-cash financing items2	Exceptional items3
	US$m	US$m	US$m	US$m	US$m	US$m
	7,507	-	-	-	-	7,507	Ongoing
	16	-	-	-	-	16	Exited
Revenue	7,523	-	-	-	-	7,523	Revenue
	1,817	40	211	-	39	2,107	Ongoing
	(24)	-	-	-	-	(24)	Exited
Operating profit	1,793	40	211	-	39	2,083	Benchmark EBIT
Profit before tax	1,549	38	211	89	39	1,926	Benchmark PBT
Basic EPS USc	127.6	0.8	16.7	8.0	3.8	156.9	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$89m includes US$58m foreign exchange losses on Brazil intra-Group funding and US$34m adverse movements on non-hedging interest rate swaps.

3.   Exceptional items are analysed in note 8 to the financial statements.

 

 

Part 2 - Regional highlights for the year ended 31 March 2025

 

		Year-on-year % change in organic¹ revenue - for the year ended 31 March 2025					Benchmark EBIT margin²
	% of Group revenue³	Data	Decisioning	B2B	Consumer Services	Total	Total
North America	67	10	6	9	5	8	33.4%
Latin America	14	0	8	2	23	6	32.0%
UK and Ireland	12	0	0	0	7	1	23.2%
EMEA and Asia Pacific	7	4	17	8	n/a	8	4.2%
Total global	100	6	6	6	7	7	28.1%

 

1.   At constant exchange rates.

2.   At actual exchange rates.

3.   Percentage of Group revenue from ongoing activities calculated based on FY25 revenue at actual exchange rates.

 

North America

North America delivered strong growth with revenue of US$5,046m, representing organic revenue growth of 8%. Total revenue growth was also 8% including contributions from the WaveHDC, NeuroID and Audigent acquisitions.

B2B delivered organic revenue growth of 9%. Growth was driven by our extensive capabilities and our strategic focus on providing broad coverage across a client's workflow. We achieved solid growth in our core data products and the analytical and software solutions designed to leverage this data. This was despite a still-cautious stance from our financial institution customers as they navigate an uncertain macro backdrop. We experienced strong growth from Clarity, our leading alternative credit bureau, and from our Ascend analytical solutions and fraud prevention products. Additionally, we continue to establish our position in Employer Services and Verification Solutions. During the year, we utilised our Employer Services capabilities and partnerships to grow to 62 million active records. Mortgage profile revenue increased by 56%, primarily due to higher pricing with relatively flat enquiry volumes.

Our verticals also performed well. Health revenue increased by 8%, with the breadth of our product suite driving further penetration at our clients. Innovations such as Patient Access Curator, enabled by our WaveHDC acquisition last year, contributed to record bookings in FY25. Automotive revenue grew 10% as we leveraged our differentiated data assets to drive growth. Targeting delivered 5% growth, benefitting from continued scaling of our digital identity and activation offerings.

Consumer Services delivered organic revenue growth of 5%. Growth during the year reflected the variability in one-off data breach services. Excluding a c.6% headwind from data breach services, Consumer Services delivered growth of 11%. We generated good progress across the portfolio, with growth in premium subscriptions, partner solutions and marketplace.

We continue to scale our platform, growing our membership base and adding unique capabilities that help consumers manage their financial lives. We now have nearly 80 million free members in North America, up 14% year-on-year from 70 million at the end of FY24. During FY25, we launched a variety of new solutions that enhance our platform, such as the GenAI-powered Experian Virtual Assistant (EVA), insurance rate monitoring, and No Ding Decline. These types of innovative tools, and a growing focus on product and personalisation, drove strong engagement trends during the year.

Marketplace revenue growth was strong, driven by the continued evolution of our insurance platform, and momentum in our credit marketplace. Within insurance, we are focused on driving a seamless and transparent process for consumers, while creating an efficient acquisition channel for carriers. Our insurance ecosystem continues to scale with strong new policy growth. Our credit marketplace benefitted from further penetration of Experian Activate, our platform which creates a more seamless marketplace for both our lender clients and Experian members. As the year progressed, lenders gradually increased offers in our marketplace after a period of tighter supply.

Within premium membership, we continue to add new features to drive value for customers. Our recent focus on financial health features such as Subscription Cancellation and BillFixer contributed to higher enrolments and drove solid premium membership revenue growth. Partner Solutions performed well, benefitting from both new clients and additional penetration of existing clients, despite a decline in one-time data breach revenue.

Benchmark EBIT rose 10% to US$1,686m and Benchmark EBIT margin increased by 50 basis points to 33.4%. Margins reflected revenue mix and productivity initiatives, offset by growth investments in areas such as verification solutions and our Insurance Marketplace.

 

Latin America

Latin America performance was solid, with revenue from ongoing activities of US$1,066m, increasing by 6% organically, and total constant currency revenue growing by 8%. Acquisition contributions included MOVA, Flexpag, AllowMe, TEx, SalaryFits and Agrosatelite.

B2B organic revenue growth was 2%.

In Brazil, continued macro uncertainty and high interest rates moderated some client activity and weighed on B2B growth. Over the long term, we continue to expect data and software innovations to advance more accessible credit and better consumer outcomes. We are investing in multiple growth areas, to leverage our scaled position and extend our reach. SME revenue, a key strategic focus, grew strongly, driven by progress across multiple product offerings and distribution channels including direct, partnerships, and our e-commerce solution. We also drove solid growth within our software solutions. Our PowerCurve suite of products drove expanded client penetration, and our analytics scores and attributes also performed well.

Spanish Latin America performance was good, reflecting solid growth across core bureau geographies of Colombia, Chile and Panama. We benefitted from increased penetration of our value-added data services, such as scores and attributes, and good traction of our software solutions, such as the Ascend Sandbox.  

Consumer Services organic revenue growth was 23%. We continue to build a leading consumer financial platform, offering a range of products across the entire credit journey. Our debt resolution service, Limpa Nome, was a key growth driver, helping millions of indebted consumers, and we helped settle US$14.5bn of total debt on the platform. We also are building out capabilities in other parts of our ecosystem, such as credit marketplace, premium membership, and payment solutions, and saw positive growth trends in each line of business.

Benchmark EBIT from ongoing activities in Latin America was US$341m, up 9% at constant exchange rates. The Benchmark EBIT margin from ongoing activities at actual exchange rates declined by 50 basis points to 32.0% entirely due to FX headwinds and acquisitions. Margins expanded by 10 basis points at constant currency as we continue to benefit from our scaling Consumer Services business.

 

UK and Ireland

The UK and Ireland region delivered revenue from ongoing activities of US$869m, with organic revenue growth of 1% and total constant currency growth of 2%.

In B2B, organic revenue was flat.

We are making progress with our strategic innovations, though a subdued economic environment weighed on growth. Experian Data Quality grew strongly, driven by our innovative Aperture Data Studio, our single data-quality management platform. We signed numerous Ascend Sandbox trial contracts and are progressing toward client conversions. We continued to improve our income and employment verification record count, with this market presenting a large long-term opportunity.

In Consumer Services, organic revenue was up 7%. Ongoing improvements to our consumer platform drove increased personalisation and strong member engagement trends. This contributed to solid membership and marketplace revenue growth during the year. Our Activate capability remains a key differentiator in the market, driving an increasing number of lenders to our marketplace panel.

Benchmark EBIT from ongoing activities was US$202m, a 10% increase at constant exchange rates. The Benchmark EBIT margin from ongoing activities was 23.2%, compared to 21.5% in the prior period, due to enhanced cost-base efficiency.  

 

EMEA and Asia Pacific

In EMEA and Asia Pacific, revenue from ongoing activities was US$526m, with organic growth of 8% and total growth at constant exchange rates of 21%. The difference relates to our illion acquisition, completed on 30 September 2024.

In EMEA and Asia Pacific, we are well positioned in our most profitable core markets and are now focused on enhancing our market standing and expanding our proposition breadth. We achieved broad growth across our underlying markets, with notable strong performance in Australia/New Zealand (A/NZ), Southeast Asia, and Southern Europe. Innovation revenue was a key growth driver, stemming from new scores and attributes, and decisioning and fraud prevention software. In the A/NZ region, the illion acquisition is progressing well. The combination of illion's strong credit and identity assets with our leading decisioning capabilities is resonating well with clients.

Benchmark EBIT from ongoing activities was US$22m, compared to US$17m in FY24. The Benchmark EBIT margin from ongoing activities was 4.2% compared to 3.9% in the prior year.

 

 

 

FY26 modelling considerations

Organic revenue growth	6 - 8%
Inorganic revenue contribution	c.3%
Benchmark EBIT margin¹	Good margin improvement +30 to +50 basis points
Foreign exchange	Neutral on revenue and Benchmark EBIT
Net interest	c.US$190m
Benchmark tax rate	c.26%
WANOS²	c.914m
Capital expenditure	8 - 9% of revenue
OCF³ conversion	>90%
Share repurchases	US$200m

 

1.   At constant exchange rates.

2.   Weighted average number of shares.

3.   Benchmark operating cash flow.

 

 

Medium-Term Framework

Organic revenue growth	High-single-digits
Benchmark EBIT margin¹	Good margin improvement +30 to +50 basis points per annum
Capital expenditure	Trend to c.7% of revenue

 

Group financial results

 

Business mix including % change in organic revenue year-on-year for the year ended 31 March 2025

Segment	Business unit	% of Group revenue¹	Organic revenue growth %²
			Q1	Q2	Q3	Q4	FY
North America		67%	8%	7%	6%	10%	8%
Data	CI/BI bureaux	24%	6%	11%	11%	15%	11%
	- CI/BI bureaux, excluding mortgage	21%	2%	6%	6%	8%	6%
	- Mortgage Profiles	3%	37%	56%	71%	66%	56%
	Automotive	5%	9%	5%	8%	16%	10%
	Targeting	5%	5%	7%	4%	5%	5%
Decisioning	Health	8%	8%	8%	5%	12%	8%
	DA/Other	3%	7%	2%	2%	(1)%	2%
B2B	Business to Business	45%	7%	9%	8%	12%	9%
Consumer	Consumer Services	22%	10%	3%	2%	5%	5%
Latin America		14%	5%	9%	8%	3%	6%
Data	CI/BI bureaux	8%	(1)%	(1)%	1%	1%	0%
	Other	0%	17%	40%	20%	(41)%	(9)%
Decisioning	DA/Other	3%	5%	14%	11%	3%	8%
B2B	Business to Business	11%	1%	3%	4%	0%	2%
Consumer	Consumer Services	3%	24%	30%	22%	17%	23%
UK and Ireland		12%	2%	2%	1%	1%	1%
Data	CI/BI bureaux	5%	4%	3%	0%	0%	2%
	Targeting/Auto	1%	(14)%	(14)%	0%	(9)%	(9)%
Decisioning	DA/Other	3%	3%	(1)%	(3)%	2%	0%
B2B	Business to Business	9%	2%	0%	(1)%	0%	0%
Consumer	Consumer Services	3%	4%	8%	10%	6%	7%
EMEA and Asia Pacific		7%	7%	8%	9%	8%	8%
Total global		100%	7%	7%	6%	7%	7%

 

1.   Percentage of Group revenue from ongoing activities calculated based on FY25 revenue at actual exchange rates.

2.   Ongoing activities, at constant exchange rates.

CI = Consumer Information, BI = Business Information, DA = Decision Analytics.

Revenue by region

 

Year ended 31 March	2025  US$m	2024¹ US$m	Growth %
			Total at actual exchange rates	Total at constant exchange rates	Organic at constant exchange rates
North America
Data	2,470	2,231		11	10
Decisioning	959	889		8	6
Business-to-Business	3,429	3,120		10	9
Consumer Services	1,617	1,539		5	5
Total ongoing activities	5,046	4,659	8	8	8
Exited business activities	-	-
Total North America	5,046	4,659
Latin America
Data	610	669		2	-
Decisioning	206	212		9	8
Business-to-Business	816	881		4	2
Consumer Services	250	225		26	23
Total ongoing activities	1,066	1,106	(4)	8	6
Exited business activities	9	21
Total Latin America	1,075	1,127
UK and Ireland
Data	431	423		-	-
Decisioning	251	244		1	-
Business-to-Business	682	667		1	-
Consumer Services	187	173		7	7
Total ongoing activities	869	840	3	2	1
Exited business activities	-	4
Total UK and Ireland	869	844
EMEA and Asia Pacific
Data	358	304		19	4
Decisioning	168	137		26	17
Total ongoing activities	526	441	19	21	8
Exited business activities	7	26
Total EMEA and Asia Pacific	533	467
Total revenue - ongoing activities	7,507	7,046	7	8	7
Total revenue - exited business activities	16	51
Revenue	7,523	7,097	6	8

 

1.   The results for the year ended 31 March 2024 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 15) and note 5 to the financial statements for definitions of non-GAAP measures.

See Appendix 3 (page 16) 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	2025  US$m	2024¹  US$m	Growth %
			Total at actual exchange rates	Total at constant exchange rates
Benchmark EBIT by geography
North America	1,686	1,531		10
Latin America	341	359		9
UK and Ireland	202	181		10
EMEA and Asia Pacific	22	17		36
Benchmark EBIT before Central Activities	2,251	2,088	8	10
Central Activities - central corporate costs	(144)	(144)
Benchmark EBIT from ongoing activities	2,107	1,944	8	11
Exited business activities	(24)	(16)
Benchmark EBIT	2,083	1,928	8	11
Net interest	(157)	(139)
Benchmark PBT	1,926	1,789	8	10
Exceptional items	(39)	4
Amortisation of acquisition intangibles	(211)	(193)
Acquisition and disposal expenses	(37)	(41)
Adjustment to the fair value of contingent consideration	(1)	(4)
Non-benchmark share of post-tax loss of associates	-	(1)
Interest on uncertain tax provisions	(4)	20
Financing fair value remeasurements	(85)	(23)
Profit before tax	1,549	1,551	0
Tax charge	(379)	(348)
Profit for the financial year	1,170	1,203	(3)
Benchmark earnings
Benchmark PBT	1,926	1,789	8	10
Benchmark tax charge	(487)	(459)
Total Benchmark earnings	1,439	1,330
Owners of Experian plc	1,434	1,328	8	11
Non-controlling interests	5	2
Benchmark EPS	USc 156.9	USc 145.5	8	11
Basic EPS	USc 127.6	USc 131.3	(3)
Weighted average number of ordinary shares	914	913
Benchmark EBIT margin - ongoing activities
North America	33.4%	32.9%
Latin America	32.0%	32.5%
UK and Ireland	23.2%	21.5%
EMEA and Asia Pacific	4.2%	3.9%
Benchmark EBIT margin	28.1%	27.6%

 

1.  Benchmark results for the year ended 31 March 2024 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 15) and note 5 to the financial statements for definitions of non-GAAP measures.

See Appendix 3 (page 16) for analyses of revenue, Benchmark EBIT and Benchmark EBIT margin from ongoing activities by business line.

 

 

Group financial review

Key statutory measures

We delivered strong financial performance in FY25, in line with our Medium-Term Framework. At constant exchange rates, revenue grew by 8% and Benchmark EBIT grew by 11%. We invested US$1.9bn in organic and inorganic capital, while delivering a very strong return on capital employed of 16.6%. The strong underlying business trend reflects our strategic investment, our portfolio being enhanced through new product development, acquisitions and scaling of our leading platforms.

Statutory revenue

Revenue for the year strengthened 6% to US$7,523m (2024: US$7,097m) with acquisitions adding US$88m (2024: US$32m). Organic revenue growth was 7%.

Statutory operating profit and profit before tax

Continued revenue growth, the scaling of our Consumer Services business and effective cost management contributed to an improved operating profit of US$1,793m (2024: US$1,694m), moderated by restructuring costs incurred in relation to our technology transformation and cloud migration of US$50m (2024: US$nil).

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.

Profit before tax was flat at US$1,549m (2024: US$1,551m) with a higher net finance expense of US$246m (2024: US$142m). Financing fair value losses of US$85m (2024: US$23m) arose, primarily, on foreign exchange losses on the funding of our Brazilian operations and interest rate swaps.

Tax

The tax charge for the year was US$379m (2024: US$348m). The effective rate of tax based on profit before tax was 24.5%, an increase of 2.1 percentage points from FY24. This was largely due to the absence of a reduction in our provisions for uncertain tax positions, following agreement of open tax issues in North America, which decreased the rate in FY24. This was partially offset by the recognition of a one-off deferred tax credit related to tax losses where recognition is supported by the acquisition of illion. 

Statutory cash flow

Cash generated from operations improved to US$2,617m (2024: US$2,440m) reflecting the higher operating profit and working capital movements. Tax payments declined to US$447m (2024: US$544m) and net borrowing inflows were US$696m (2024: US$102m). Acquisition spend increased by US$801m, mitigated by a reduction in the settlement of contingent consideration of US$105m. Cash outflows for net share purchases were US$179m (2024: US$100m), offsetting deliveries under employee share plans. Undrawn committed bank borrowing facilities totalled US$2.4bn (2024: US$2.4bn) at 31 March 2025.

Statutory Basic EPS

Basic EPS reduced 3% to 127.6 US cents (2024: 131.3 US cents) due to the increased tax charge and a higher number of shares in issue.

Net assets

Net assets at 31 March 2025 increased to US$5,090m (2024: US$4,669m). Capital employed, as defined in note 5(q) to the financial statements, was US$9,732m (2024: US$8,616m), the increase being primarily attributed to acquisition spend. Our investment yield has consistently been strong, with the return on capital employed in the mid to high teens over the last decade, and 16.6% (2024: 17.0%) for the year.

Equity

There was an increase in equity of US$421m from US$4,669m at 31 March 2024, with movements detailed in the Group statement of changes in equity on page 21.

Key movements in equity during the year include:

·      Profit for the financial year of US$1,170m.

·      Currency translation losses of US$129m.

·      Employee share awards and options cost of US$127m.

·      Ordinary dividends of US$546m and a movement of US$180m 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 2025, were US$20.6bn (2024: US$20.6bn) and US$4.3bn (2024: US$6.6bn) respectively.

 

Risks and uncertainties

The eight principal risks and uncertainties faced by the Group are summarised in note 26 to the financial statements.

Appendices

 

1. Non-GAAP financial information

We have identified and defined certain measures that we believe assist the understanding of our performance. These measures are not defined under IFRS and they may not be directly comparable with other companies' adjusted performance measures. These non-GAAP measures are not intended to be a substitute for any IFRS measures of performance, but we consider them to be key measures used for assessing the underlying performance of our business.

The table below summarises our non-GAAP measures 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.

2. 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.

	2025	2024		Movement against the US dollar
US dollar : Brazilian real	5.61	4.94		(14)%
UK pound sterling : US dollar	1.28	1.26		2%
Euro : US dollar	1.07	1.08		(1)%
US dollar : Australian dollar	1.53	1.52		(1)%
US dollar : Colombian peso	4,142	4,113		(1)%

The impact of foreign currency movements on revenue from ongoing activities is set out in note 6(e) to the financial statements.

Appendices (continued)

 

2. Foreign currency (continued)

 

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.

				2025		2024
US dollar : Brazilian real				5.76		5.01
UK pound sterling : US dollar				1.29		1.26
Euro : US dollar				1.08		1.08
US dollar : Australian dollar				1.60		1.53
US dollar : Colombian peso				4,199		3,852

 

3. Revenue, Benchmark EBIT and Benchmark EBIT margin by business line

 

Year ended 31 March			Growth %
	2025 US$m	20241 US$m	Total at constant exchange rates	Organic at constant exchange rates
Revenue
Data	3,869	3,627	9	6
Decisioning	1,584	1,482	9	6
Business-to-Business	5,453	5,109	9	6
Consumer Services	2,054	1,937	8	7
Ongoing activities	7,507	7,046	8	7
Exited business activities	16	51	n/a
Total	7,523	7,097	8
Benchmark EBIT
Business-to-Business	1,689	1,609	7
Consumer Services	562	479	19
Business lines	2,251	2,088	10
Central Activities - central corporate costs	(144)	(144)	n/a
Ongoing activities	2,107	1,944	11
Exited business activities	(24)	(16)	n/a
Total Benchmark EBIT	2,083	1,928	11
Net interest expense	(157)	(139)	n/a
Benchmark PBT	1,926	1,789	10
Exceptional items (Appendix 4)	(39)	4
Other adjustments made to derive Benchmark PBT2	(338)	(242)
Profit before tax	1,549	1,551
Benchmark EBIT margin - ongoing activities
Business-to-Business	31.0%	31.5%
Consumer Services	27.4%	24.7%
Benchmark EBIT margin3	28.1%	27.6%

1.   Revenue of US$10m for the year ended 31 March 2024 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.   See note 8 to the financial statements.

3.   Benchmark EBIT margin for ongoing activities is calculated by dividing Benchmark EBIT for ongoing activities by revenue from ongoing activities.

 

Appendices (continued)

 

4. Exceptional items and other adjustments made to derive Benchmark PBT

 

	2025		2024
Year ended 31 March	US$m		US$m
Charge/(credit) for Exceptional items	39		(4)
Other adjustments made to derive Benchmark PBT:
Amortisation of acquisition intangibles	211		193
Other adjustments	127		49
Charge for other adjustments made to derive Benchmark PBT	338		242
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT	377		238

An explanation for the exclusion of such items from our definition of Benchmark PBT is given in note 5(a) to the financial statements.

 

 

5. Cash flow and Net debt summary¹

 

	2025		2024
Year ended 31 March	US$m		US$m
Benchmark EBIT	2,083		1,928
Amortisation and depreciation charged to Benchmark EBIT	547		521
Benchmark EBITDA	2,630		2,449
Impairment of non-current and held-for-sale assets charged to Benchmark EBIT	15		1
Net capital expenditure	(650)		(638)
Increase in working capital	(54)		(32)
Principal lease payments	(41)		(48)
Benchmark profit retained in associates	(2)		-
Charge for share incentive plans	127		132
Benchmark operating cash flow2	2,025		1,864
Net interest paid	(165)		(149)
Tax paid	(447)		(544)
Dividends paid to non-controlling interests	(2)		(1)
Benchmark free cash flow	1,411		1,170
Acquisitions3	(1,244)		(512)
Purchase of investments	(69)		(11)
Disposal of operations and investments	30		11
Movement in Exceptional and other non-benchmark items	(36)		(59)
Ordinary dividends paid	(546)		(509)
Net cash (outflow)/inflow	(454)		90
Net debt at 1 April	(4,053)		(4,030)
Net share purchases	(179)		(100)
Non-cash lease obligation additions and disposals	(24)		(50)
Principal lease payments	41		48
Additions through business combinations	(3)		(7)
Foreign exchange and other movements	(12)		(4)
Net debt at 31 March	(4,684)		(4,053)

1.   For Group cash flow statement see page 22.

2.   A reconciliation of Cash generated from operations to Benchmark operating cash flow is provided in note 16(g) to the financial statements.

3.   See note 16(d) to the financial statements.

 

 

 

Group income statement

for the year ended 31 March 2025

	2025						2024
	Benchmark1	Non-benchmark2	Total					Benchmark1	Non-benchmark2	Total
	US$m	US$m	US$m					US$m	US$m	US$m
Revenue (note 6(a))	7,523	-	7,523					7,097	-	7,097
Labour costs	(2,520)	(60)	(2,580)					(2,479)	(14)	(2,493)
Data and information technology costs	(1,344)	-	(1,344)					(1,189)	-	(1,189)
Amortisation and depreciation charges	(547)	(211)	(758)					(521)	(193)	(714)
Marketing and customer acquisition costs	(536)	-	(536)					(539)	-	(539)
Other operating charges	(495)	(17)	(512)					(441)	(27)	(468)
Total operating expenses	(5,442)	(288)	(5,730)					(5,169)	(234)	(5,403)
Operating profit/(loss)	2,081	(288)	1,793					1,928	(234)	1,694
Finance income	21	-	21					18	-	18
Finance expense	(178)	(89)	(267)					(157)	(3)	(160)
Net finance expense (note 9(a))	(157)	(89)	(246)					(139)	(3)	(142)
Share of post-tax profit/(loss) of associates	2	-	2					-	(1)	(1)
Profit/(loss) before tax (note 6(a))	1,926	(377)	1,549					1,789	(238)	1,551
Tax (charge)/credit (note 10(a))	(487)	108	(379)					(459)	111	(348)
Profit/(loss) for the financial year	1,439	(269)	1,170					1,330	(127)	1,203
Attributable to:
Owners of Experian plc	1,434	(268)	1,166					1,328	(129)	1,199
Non-controlling interests	5	(1)	4					2	2	4
Profit/(loss) for the financial year	1,439	(269)	1,170					1,330	(127)	1,203
Total Benchmark EBIT1	2,083							1,928
	US cents		US cents					US cents		US cents
Earnings per share (note 11(a))
Basic	156.9 .		127.6					145.5		131.3
Diluted	155.5		126.5					144.2		130.2
Full-year dividend per share (note 12)1			62.50							58.50

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$377m (2024: US$238m) comprises a net charge for Exceptional items of US$39m (2024: credit of US$4m) and a net charge for other adjustments made to derive Benchmark PBT of US$338m
(2024: US$242m). Further information is given in note 8 to the financial statements.

 

 

 

 

 

Group statement of comprehensive income

for the year ended 31 March 2025

		2025		2024
		US$m		US$m
Profit for the financial year		1,170		1,203
Other comprehensive income/(expense)
Items that will not be reclassified to profit or loss:
Remeasurement of post-employment benefit assets and obligations (note 15(b))		6		2
Changes in the fair value of investments revalued through OCI		(39)		(87)
Deferred tax (charge)/credit		(9)		7
Items that will not be reclassified to profit or loss		(42)		(78)
Items that are or may be reclassified subsequently to profit or loss:
Currency translation (losses)/gains		(129)		40
Cumulative currency translation gain in respect of divestments		1		-
Fair value gain on cash flow hedge		11		14
Hedging gain reclassified to profit or loss		(12)		(10)
Items that are or may be reclassified subsequently to profit or loss		(129)		44
Other comprehensive expense for the financial year1		(171)		(34)
Total comprehensive income for the financial year		999		1,169
Attributable to:
Owners of Experian plc		994		1,167
Non-controlling interests		5		2
Total comprehensive income for the financial year		999		1,169

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, not reclassified to profit or loss, are recognised in the hedging or translation reserve within other reserves and in non-controlling interests. Other items within OCI are recognised in retained earnings.

Group balance sheet

at 31 March 2025

			2025		2024
	Notes		US$m		US$m
Non-current assets
Goodwill	13		6,654		5,962
Other intangible assets			2,855		2,437
Property, plant and equipment			350		379
Investments in associates			13		11
Deferred tax assets			71		55
Post-employment benefit assets	15(a)		202		186
Trade and other receivables			226		196
Financial assets revalued through OCI	22(b)		221		234
Other financial assets	22(b)		153		174
			10,745		9,634
Current assets
Trade and other receivables			1,684		1,660
Current tax assets			52		97
Financial assets revalued through OCI	22(b)		1		-
Other financial assets	22(b)		36		9
Cash and cash equivalents - excluding bank overdrafts	16(f)		368		312
			2,141		2,078
Current liabilities
Trade and other payables			(2,127)		(2,036)
Borrowings	17(b)		(774)		(772)
Current tax liabilities			(76)		(83)
Provisions			(21)		(28)
Other financial liabilities			(4)		(44)
			(3,002)		(2,963)
Net current liabilities			(861)		(885)
Total assets less current liabilities			9,884		8,749
Non-current liabilities
Trade and other payables			(172)		(190)
Borrowings	17(b)		(4,242)		(3,494)
Deferred tax liabilities			(155)		(129)
Post-employment benefit obligations	15(a)		(37)		(39)
Provisions			(3)		(3)
Financial liabilities revalued through OCI			-		(10)
Other financial liabilities			(185)		(215)
			(4,794)		(4,080)
Net assets			5,090		4,669
Equity
Called-up share capital	19		97		97
Share premium account	19		1,839		1,819
Retained earnings			21,797		21,155
Other reserves			(18,679)		(18,437)
Attributable to owners of Experian plc			5,054		4,634
Non-controlling interests			36		35
Total equity			5,090		4,669

 

 

 

 

 

 

 

 

Group statement of changes in equity

for the year ended 31 March 2025

 

	Called-up share capital (Note 19)	Share premium account (Note 19)	Retained earnings	Other reserves	Attributable to owners of Experian plc	Non-controlling interests	Total equity
	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 exercises of share options	-	-	(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 statement of changes in equity

for the year ended 31 March 2024

	Called-up share capital (Note 19)	Share premium account (Note 19)	Retained earnings	Other reserves	Attributable to owners of Experian plc	Non-controlling interests	Total equity
	US$m	US$m	US$m	US$m	US$m	US$m	US$m
At 1 April 2023	96	1,799	20,447	(18,413)	3,929	35	3,964
Comprehensive income:
Profit for the financial year	-	-	1,199	-	1,199	4	1,203
Other comprehensive (expense)/income for the financial year	-	-	(78)	46	(32)	(2)	(34)
Total comprehensive income	-	-	1,121	46	1,167	2	1,169
Transactions with owners:
Employee share incentive plans:
- value of employee services	-	-	132	-	132	-	132
- shares issued on vesting	1	20	-	-	21	-	21
- purchase of shares by employee trusts	-	-	-	(56)	(56)	-	(56)
- other vesting of awards and exercises of share options	-	-	(43)	55	12	-	12
- related tax credit	-	-	10	-	10	-	10
- other payments	-	-	(4)	-	(4)	-	(4)
Purchase of shares held as treasury shares	-	-	-	(69)	(69)	-	(69)
Transactions with non-controlling interests	-	-	1	-	1	(1)	-
Dividends paid	-	-	(509)	-	(509)	(1)	(510)
Transactions with owners	1	20	(413)	(70)	(462)	(2)	(464)
At 31 March 2024	97	1,819	21,155	(18,437)	4,634	35	4,669

 

Group cash flow statement

for the year ended 31 March 2025

			2025		2024
	Notes		US$m		US$m
Cash flows from operating activities
Cash generated from operations	16(a)		2,617		2,440
Interest paid			(179)		(160)
Interest received			14		11
Tax paid			(447)		(544)
Net cash inflow from operating activities			2,005		1,747
Cash flows from investing activities
Purchase of other intangible assets	16(c)		(603)		(600)
Purchase of property, plant and equipment			(48)		(40)
Disposal of property, plant and equipment			1		1
Disposal of assets classified as held-for-sale			-		2
Purchase of other financial assets			(69)		(11)
Disposal of other financial assets			30		5
Acquisition of subsidiaries, net of cash acquired	16(d)		(1,158)		(462)
Disposal of operations			-		6
Net cash flows used in investing activities			(1,847)		(1,099)
Cash flows from financing activities
Cash inflow in respect of shares issued	16(e)		20		20
Cash outflow in respect of share purchases	16(e)		(199)		(120)
Other payments on vesting of share awards			(5)		(4)
Transactions in respect of non-controlling interests	16(d)		(1)		-
Acquisition of additional interest in subsidiary undertaking	16(d)		(22)		-
New borrowings			1,321		-
Repayment of borrowings			(621)		(7)
Net (payments)/receipts from issuing commercial paper			(4)		109
Principal lease payments			(41)		(48)
Net receipts for derivative contracts			38		9
Dividends paid			(548)		(510)
Net cash flows used in financing activities			(62)		(551)
Net increase in cash and cash equivalents			96		97
Cash and cash equivalents at 1 April			300		198
Exchange movements on cash and cash equivalents			(30)		5
Cash and cash equivalents at 31 March	16(f)		366		300

 

 

Notes to the financial statements

for the year ended 31 March 2025

1. Corporate information

Experian plc (the Company) is the ultimate parent company of the Experian group of companies (Experian or the Group). Experian is a leading global data and technology group. The Company is incorporated and registered in Jersey as a public company limited by shares and is resident in Ireland. The Company's registered office is at 22 Grenville Street, St Helier, Jersey, JE4 8PX, Channel Islands. The Company's ordinary shares are traded on the London Stock Exchange's Regulated Market as equity shares (commercial companies).

There has been no change in this information since the Annual Report for the year ended 31 March 2024, save for a revision of the listing segment classification, following changes to the UK Financial Conduct Authority's Listing Rules effected on 29 July 2024.

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 2025 and 31 March 2024, but is derived from the statutory financial statements for the year ended 31 March 2025. The Group's statutory financial statements for the year ended 31 March 2025 will be made available to shareholders in June 2025 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 2024 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 2025 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 on pages 15 and 16

·      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 2025 and 13 May 2025 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 2025. Those policies were published in full in the Group's statutory financial statements for the year ended 31 March 2024 and are available on the corporate website, at 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, 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 2025

3. Climate-related matters

As an information services business, our main environmental impact is the carbon footprint generated from our operations and value chain. The majority of our footprint is made up of greenhouse gas emissions from Purchased Goods and Services and Upstream Leased Assets, including third-party data centres. We are committed to reducing our carbon emissions and continue to develop our plans to decarbonise our business further and reduce energy consumption at our data centres and across the Group.

We recognise the importance of identifying and effectively managing the physical and transitional risks that climate change poses to our operations and consider the impact of climate-related matters, including legislation, on our business. The 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 expected to be effective for Experian for the year ending 31 March 2028, subject to EU and UK endorsement. IFRS 18 sets out requirements for the presentation and disclosure of information in general purpose financial statements and replaces IAS 1 'Presentation of Financial Statements'.

Our assessment of the impact of IFRS 18 on the Group financial statements has commenced; areas of potential change have been noted and are undergoing further review.

There are no other new standards, amendments to existing standards, or interpretations that are not yet effective, that are expected to have a material impact on the Group's financial results. None have been early adopted. Accounting developments are routinely reviewed by the Group and its financial reporting systems are adapted as appropriate.

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.

(a) Benchmark profit before tax (Benchmark PBT) (note 6(a) and note 7)

Benchmark PBT is disclosed to indicate the Group's underlying profitability. It is defined as profit before amortisation and impairment of acquisition intangibles, impairment of goodwill, acquisition expenses, adjustments to contingent consideration, 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.

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.

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

5. Use of non-GAAP measures in the financial statements (continued)

(b) Benchmark earnings before interest and tax (Benchmark EBIT) and margin (Benchmark EBIT margin)
(note 6(a) and note 7)

Benchmark EBIT is defined as Benchmark PBT before the net interest expense charged therein and accordingly excludes Exceptional items as defined below. Benchmark EBIT margin is Benchmark EBIT from ongoing activities expressed as a percentage of revenue from ongoing activities.

(c) Benchmark earnings before interest, tax, depreciation and amortisation (Benchmark EBITDA) (Appendix 5)

Benchmark EBITDA is defined as Benchmark EBIT before the depreciation and amortisation charged therein.

(d) Exited business activities (note 6(a) and note 7)

Exited business activities are businesses sold, closed or identified for 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 (note 6(a) and note 7)

The results of businesses trading at 31 March 2025, that are not disclosed as exited business activities, are reported as ongoing activities.

(f) Constant exchange rates

To highlight our organic performance, we discuss our results in terms of growth at constant exchange rates, unless otherwise stated. This represents growth calculated after translating both years' performance at the prior year's average exchange rates.

(g) Total growth (note 6(e))

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 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 (note 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 (note 11)

Benchmark earnings comprises Benchmark PBT less attributable tax and non-controlling interests. The attributable tax for this purpose excludes significant tax credits and 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 adjustments made to derive Benchmark PBT. Benchmark PBT less attributable tax is designated as Total Benchmark earnings.

(j) Benchmark earnings per share (Benchmark EPS) (note 11(a))

Benchmark EPS comprises Benchmark earnings divided by the weighted average number of issued ordinary shares, as adjusted for own shares held.

(k) Benchmark tax charge and rate (note 10(b))

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 10(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 (note 8(a))

The separate reporting of Exceptional items gives an indication of the Group's 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.

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

5. Use of non-GAAP measures in the financial statements (continued)

(m) Full-year dividend per share (note 12)

Full-year dividend per share comprises the total of dividends per share announced in respect of the financial year.

(n) Benchmark operating and Benchmark free cash flow (note 16(g) and Appendix 5)

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 (note 16(g))

Cash flow conversion is Benchmark operating cash flow expressed as a percentage of Benchmark EBIT.

(p) Net debt and Net funding (note 17)

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)

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 2025

6. Segment information

(a) Income statement

	North  America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments	Central Activities		Total Group
Year ended 31 March 2025	US$m	US$m	US$m	US$m	US$m	US$m		US$m
Revenue from external customers
Ongoing activities	5,046	1,066	869	526	7,507	-		7,507
Exited business activities	-	9	-	7	16	-		16
Total	5,046	1,075	869	533	7,523	-		7,523
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities	1,686	341	202	22	2,251	(144)		2,107
Exited business activities	-	(5)	1	(20)	(24)	-		(24)
Total	1,686	336	203	2	2,227	(144)		2,083
Net interest expense included in Benchmark PBT (note 9(b))	(3)	(1)	3	(1)	(2)	(155)		(157)
Benchmark PBT	1,683	335	206	1	2,225	(299)		1,926
Exceptional items (note 8(a))	(13)	(3)	(15)	(5)	(36)	(3)		(39)
Amortisation of acquisition intangibles	(123)	(21)	(6)	(61)	(211)	-		(211)
Acquisition and disposal expenses	(10)	(9)	(1)	(17)	(37)	-		(37)
Adjustment to the fair value of contingent consideration	4	(5)	-	-	(1)	-		(1)
Interest on uncertain tax provisions	-	-	-	-	-	(4)		(4)
Financing fair value remeasurements	-	-	-	-	-	(85)		(85)
Profit/(loss) before tax	1,541	297	184	(82)	1,940	(391)		1,549
	North  America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments	Central Activities		Total Group
Year ended 31 March 20241	US$m	US$m	US$m	US$m	US$m	US$m		US$m
Revenue from external customers
Ongoing activities	4,659	1,106	840	441	7,046	-		7,046
Exited business activities	-	21	4	26	51	-		51
Total	4,659	1,127	844	467	7,097	-		7,097
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities before transfer pricing and other adjustments	1,551	359	173	4	2,087	(143)		1,944
Transfer pricing and other allocation adjustments	(20)	-	8	13	1	(1)		-
Ongoing activities	1,531	359	181	17	2,088	(144)		1,944
Exited business activities	-	(5)	1	(12)	(16)	-		(16)
Total	1,531	354	182	5	2,072	(144)		1,928
Net interest expense included in Benchmark PBT (note 9(b))	(3)	(2)	(2)	(1)	(8)	(131)		(139)
Benchmark PBT	1,528	352	180	4	2,064	(275)		1,789
Exceptional items (note 8(a))	(1)	-	-	5	4	-		4
Amortisation of acquisition intangibles	(112)	(21)	(7)	(53)	(193)	-		(193)
Acquisition and disposal expenses	(1)	(17)	(7)	(16)	(41)	-		(41)
Adjustment to the fair value of contingent consideration	10	(15)	-	-	(5)	1		(4)
Non-benchmark share of post-tax loss of associates	-	-	(1)	-	(1)	-		(1)
Interest on uncertain tax provisions	-	-	-	-	-	20		20
Financing fair value remeasurements	-	-	-	-	-	(23)		(23)
Profit/(loss) before tax	1,424	299	165	(60)	1,828	(277)		1,551

1.   Revenue of US$10m and the regional allocation of Benchmark EBIT for the year ended 31 March 2024 have been re-presented for the reclassification to exited business activities of certain B2B businesses.

Additional information by operating segment, including that on total and organic growth at constant exchange rates, is provided within pages 3 to 13.

Notes to the financial statements (continued)

for the year ended 31 March 2025

6. Segment information (continued)

(b) Revenue by country

	2025		2024
	US$m		US$m
USA	5,044		4,658
Brazil	936		991
UK	866		839
Other	677		609
	7,523		7,097

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% (2024: 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 America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments
Year ended 31 March 2025	US$m	US$m	US$m	US$m	US$m
Revenue from external customers
Data	2,470	610	431	358	3,869
Decisioning	959	206	251	168	1,584
Business-to-Business	3,429	816	682	526	5,453
Consumer Services	1,617	250	187	-	2,054
Ongoing activities	5,046	1,066	869	526	7,507
Exited business activities	-	9	-	7	16
Total	5,046	1,075	869	533	7,523
	North America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments
Year ended 31 March 20241	US$m	US$m	US$m	US$m	US$m
Revenue from external customers
Data	2,231	669	423	304	3,627
Decisioning	889	212	244	137	1,482
Business-to-Business	3,120	881	667	441	5,109
Consumer Services	1,539	225	173	-	1,937
Ongoing activities	4,659	1,106	840	441	7,046
Exited business activities	-	21	4	26	51
Total	4,659	1,127	844	467	7,097

1.   Revenue for the year ended 31 March 2024 of US$10m has been re-presented for the reclassification to exited business activities of certain B2B businesses.

Revenue in respect of exited business activities comprises Latin America, UK and Ireland and EMEA and Asia Pacific Data revenue of US$8m (2024: US$20m), US$nil (2024: US$4m) and US$4m (2024: US$11m), and Latin America and EMEA and Asia Pacific Decisioning revenue of US$1m (2024: US$1m) and US$3m (2024: US$15m) respectively.

Data is predominantly transactional revenue with a portion from licence fees.

Decisioning revenue is derived from:

·      software and system sales, and includes recurring licence fees, consultancy and implementation fees, and transactional charges

·      credit score fees which are primarily transactional

·      analytics income comprising a mix of consultancy and professional fees as well as transactional revenue.

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 2025

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  America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments	Central Activities	Total ongoing activities
	US$m	US$m	US$m	US$m	US$m	US$m	US$m
Revenue for the year ended 31 March 20241	4,659	1,106	840	441	7,046	-	7,046
Adjustment to constant exchange rates	-	(1)	(4)	-	(5)	-	(5)
Revenue at constant exchange rates for FY24	4,659	1,105	836	441	7,041	-	7,041
Organic revenue growth	352	65	11	37	465	-	465
Revenue from acquisitions	35	26	4	56	121	-	121
Revenue at constant exchange rates for FY25	5,046	1,196	851	534	7,627	-	7,627
Adjustment to actual exchange rates	-	(130)	18	(8)	(120)	-	(120)
Revenue for the year ended 31 March 2025	5,046	1,066	869	526	7,507	-	7,507
Organic revenue growth at constant exchange rates	8%	6%	1%	8%	7%	n/a	7%
Revenue growth at constant exchange rates	8%	8%	2%	21%	8%	n/a	8%

1.   Revenue of US$10m for the year ended 31 March 2024 has been re-presented for the reclassification to exited business activities of certain B2B businesses.

The table above demonstrates the application of the methodology set out in note 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 2024.

(f) Reconciliation of Benchmark EBIT from ongoing activities

	North  America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments	Central Activities	Total ongoing activities
	US$m	US$m	US$m	US$m	US$m	US$m	US$m
Benchmark EBIT for the year ended 31 March 20241	1,531	359	181	17	2,088	(144)	1,944
Adjustment to constant exchange rates	-	-	(1)	1	-	-	-
Benchmark EBIT at constant exchange rates for FY24	1,531	359	180	18	2,088	(144)	1,944
Benchmark EBIT growth	155	31	17	6	209	2	211
Benchmark EBIT at constant exchange rates for FY25	1,686	390	197	24	2,297	(142)	2,155
Adjustment to actual exchange rates	-	(49)	5	(2)	(46)	(2)	(48)
Benchmark EBIT for the year ended 31 March 2025	1,686	341	202	22	2,251	(144)	2,107
Benchmark EBIT growth at constant exchange rates	10%	9%	10%	36%	10%	n/a	11%
Benchmark EBIT growth at actual exchange rates	10%	(5)%	12%	29%	8%	n/a	8%
Benchmark EBIT margin at constant exchange rates FY24	32.9%	32.5%	21.5%	4.1%	29.7%	n/a	27.6%
Benchmark EBIT margin at actual exchange rates FY24	32.9%	32.5%	21.5%	3.9%	29.6%	n/a	27.6%
Benchmark EBIT margin at constant exchange rates FY25	33.4%	32.6%	23.1%	4.5%	30.1%	n/a	28.3%
Benchmark EBIT margin at actual exchange rates FY25	33.4%	32.0%	23.2%	4.2%	30.0%	n/a	28.1%

1.   The regional allocation of Benchmark EBIT for the year ended 31 March 2024 has been re-presented for the reclassification to exited business activities of certain B2B businesses.

2.   Growth rates and margins are calculated using exact numbers.

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

6. Segment information (continued)

(g) Balance sheet

(i) Net assets/(liabilities)	North America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments	Central Activities and other	Total 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

 

	North America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments	Central Activities and other	Total Group
At 31 March 2024	US$m	US$m	US$m	US$m	US$m	US$m	US$m
Goodwill	3,841	901	742	478	5,962	-	5,962
Investments in associates	4	-	7	-	11	-	11
Right-of-use assets	56	14	37	18	125	6	131
Other assets	2,578	898	565	441	4,482	1,126	5,608
Total assets	6,479	1,813	1,351	937	10,580	1,132	11,712
Lease obligations	(71)	(17)	(39)	(19)	(146)	(5)	(151)
Other liabilities	(1,301)	(478)	(298)	(207)	(2,284)	(4,608)	(6,892)
Total liabilities	(1,372)	(495)	(337)	(226)	(2,430)	(4,613)	(7,043)
Net assets/(liabilities)	5,107	1,318	1,014	711	8,150	(3,481)	4,669

(ii)     Central Activities and other comprises:

	2025				2024
	Assets	Liabilities	Net assets/ (liabilities)		Assets	Liabilities	Net assets/ (liabilities)
	US$m	US$m	US$m		US$m	US$m	US$m
Central Activities	602	(155)	447		666	(179)	487
Net debt1	402	(4,955)	(4,553)		314	(4,222)	(3,908)
Tax	123	(231)	(108)		152	(212)	(60)
	1,127	(5,341)	(4,214)		1,132	(4,613)	(3,481)

1.   Net debt comprises amounts reported within Central Activities plus lease obligations in operating segments, net of interest of US$131m (2024: US$145m).

 

(iii) Capital employed
				2025			2024
				US$m			US$m
	North America			5,637			5,107
	Latin America			1,393			1,318
	UK and Ireland			1,069			1,014
	EMEA and Asia Pacific			1,205			711
	Total operating segments			9,304			8,150
	Central Activities			447			487
	Add: lease obligations in operating segments			132			146
	Less: accrued interest on lease obligations in operating segments			(1)			(1)
	Less: right-of-use assets			(114)			(131)
	Less: non-controlling interests			(36)			(35)
	Capital employed attributable to owners			9,732			8,616

The three-point average capital employed figure of US$9,355m (2024: US$8,406m), used in our calculation of ROCE, is determined by calculating the arithmetic average of capital employed at 31 March 2025,
30 September 2024 and 31 March 2024.

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

7. Information on business lines (including non-GAAP disclosures)

	Business-to-Business		Consumer Services		Total business lines		Central Activities		Total  Group
Year ended 31 March 2025	US$m		US$m		US$m		US$m		US$m
Revenue from external customers
Ongoing activities	5,453		2,054		7,507		-		7,507
Exited business activities	16		-		16		-		16
Total	5,469		2,054		7,523		-		7,523
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities	1,689		562		2,251		(144)		2,107
Exited business activities	(25)		1		(24)		-		(24)
Total	1,664		563		2,227		(144)		2,083
Net interest expense included in Benchmark PBT (note 9(b))	(1)		(1)		(2)		(155)		(157)
Benchmark PBT	1,663		562		2,225		(299)		1,926
Exceptional items (note 8(a))	(27)		(9)		(36)		(3)		(39)
Amortisation of acquisition intangibles	(183)		(28)		(211)		-		(211)
Acquisition and disposal expenses	(36)		(1)		(37)		-		(37)
Adjustment to the fair value of contingent consideration	1		(2)		(1)		-		(1)
Interest on uncertain tax provisions	-		-		-		(4)		(4)
Financing fair value remeasurements	-		-		-		(85)		(85)
Profit/(loss) before tax	1,418		522		1,940		(391)		1,549
	Business-to-Business		Consumer Services		Total business lines		Central Activities		Total  Group
Year ended 31 March 20241	US$m		US$m		US$m		US$m		US$m
Revenue from external customers
Ongoing activities	5,109		1,937		7,046		-		7,046
Exited business activities	51		-		51		-		51
Total	5,160		1,937		7,097		-		7,097
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities before transfer pricing and other adjustments	1,601		486		2,087		(143)		1,944
Transfer pricing and other allocation adjustments	8		(7)		1		(1)		-
Ongoing activities	1,609		479		2,088		(144)		1,944
Exited business activities	(16)		-		(16)		-		(16)
Total	1,593		479		2,072		(144)		1,928
Net interest expense included in Benchmark PBT (note 9(b))	(6)		(2)		(8)		(131)		(139)
Benchmark PBT	1,587		477		2,064		(275)		1,789
Exceptional items (note 8(a))	4		-		4		-		4
Amortisation of acquisition intangibles	(163)		(30)		(193)		-		(193)
Acquisition and disposal expenses	(29)		(12)		(41)		-		(41)
Adjustment to the fair value of contingent consideration	-		(5)		(5)		1		(4)
Non-benchmark share of post-tax loss of associates	-		(1)		(1)		-		(1)
Interest on uncertain tax provisions	-		-		-		20		20
Financing fair value remeasurements	-		-		-		(23)		(23)
Profit/(loss) before tax	1,399		429		1,828		(277)		1,551

1.   Revenue of US$10m for the year ended 31 March 2024 has been re-presented for the reclassification to exited business activities of certain B2B businesses.

Additional information by business line, including that on total and organic growth at constant exchange rates, is provided within pages 3 to 13 and within Appendix 3 on page 16.

 

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

8. Exceptional items and other adjustments made to derive Benchmark PBT

(a) Net charge for Exceptional items and other adjustments made to derive Benchmark PBT

		2025	2024
	Notes	US$m	US$m
Exceptional items:
Loss/(profit) on disposal of operations1	8(b), 21(d)	4	(5)
Restructuring costs	8(c)	50	-
Legal provisions movements1	8(d)	(15)	1
Net charge/(credit) for Exceptional items		39	(4)
Other adjustments made to derive Benchmark PBT:
Amortisation of acquisition intangibles		211	193
Acquisition and disposal expenses2		37	41
Adjustment to the fair value of contingent consideration1	22(c)	1	4
Non-benchmark share of post-tax loss of associates		-	1
Interest on uncertain tax provisions	9(c)	4	(20)
Financing fair value remeasurements	9(c)	85	23
Net charge for other adjustments made to derive Benchmark PBT		338	242
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT		377	238
By income statement caption:
Labour costs		60	14
Amortisation and depreciation charges		211	193
Other operating charges		17	27
Within operating profit		288	234
Within share of post-tax loss of associates		-	1
Within finance expense		89	3
Net charge for Exceptional items and other adjustments made to derive Benchmark PBT		377	238

1.   Included in other operating charges.

2.   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$10m (2024: US$14m) is recorded within labour costs and US$27m (2024: US$27m) is included within other operating charges in the Group income statement.

(b) Loss/(profit) on disposal of operations

The loss on the disposal of operations of US$4m (2024: profit on disposal of US$5m) relates to the disposal of interests in a number of small subsidiary undertakings in EMEA and Asia Pacific.

(c) Restructuring costs

During FY25, we have made good progress in executing on the final stages of our technology transformation and cloud migration, realigning our staff resources to our new technology architecture and accelerating the shift to our global development centres to drive productivity. Severance costs of US$50m (2024: US$nil) were recognised in the year in relation to this programme, with an associated cash outflow of US$30m
(2024: US$nil). Following the identification of new opportunities within the current programme, we expect to incur an exceptional charge of c.US$20m-US$30m in FY26.

(d) Legal provisions movements

Movements have occurred in provisions held for a number of historical legal claims, and reflect insurance recoveries in North America of US$15m (2024: legal costs of US$1m).

Notes to the financial statements (continued)

for the year ended 31 March 2025

9. Net finance expense

(a) Net finance expense included in profit before tax
			2025	2024
			US$m	US$m
	Interest income:
	Bank deposits, short-term investments and loan notes		(14)	(11)
	Interest on pension plan assets (note 15(c))		(7)	(7)
	Interest income		(21)	(18)
	Finance expense:
	Interest expense		178	157
	Net non-benchmark finance expense (note 9(c))		89	3
	Finance expense		267	160
	Net finance expense included in profit before tax		246	142

 

(b) Net interest expense included in Benchmark PBT
			2025		2024
			US$m		US$m
	Interest income		(21)		(18)
	Interest expense		178		157
	Net interest expense included in Benchmark PBT		157		139

 

(c) Analysis of net non-benchmark finance expense
		2025	2024
		US$m	US$m
	Foreign exchange losses on Brazilian real intra-Group funding1	58	1
	Foreign currency gains on cross-currency swaps designated as a cash flow hedge - transfer from OCI	(12)	(10)
	Other financing fair value losses2	39	32
	Interest on uncertain tax provisions	4	(20)
		89	3

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 losses include US$34m of adverse movements on non-hedging interest rate swaps used for managing the proportion of fixed rate debt, as well as fair value losses of US$12m (2024: US$10m) on borrowings which are in a cash flow hedge relationship.

10. Tax

(a) Tax charge and effective rate of tax

	2025	2024
	US$m	US$m
Tax charge1	379	348
Profit before tax	1,549	1,551
Effective rate of tax based on profit before tax	24.5%	22.4%

1.             The tax charge comprises a current tax charge of US$500m (2024: US$441m) and a deferred tax credit of US$121m (2024: US$93m).

The Group's tax rate reflects its internal financing arrangements in place to fund non-UK businesses and is calculated for the first time in FY25 in accordance with Irish global minimum tax requirements.

At 31 March 2025, the Group held current and deferred tax liabilities of US$76m (2024: US$61m) in respect of uncertain tax positions. 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. In the year ended 31 March 2024, the net decrease in provisions was driven by the agreement of open tax issues in North America.

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.

Notes to the financial statements (continued)

for the year ended 31 March 2025

10. Tax (continued)

(b) Reconciliation of the tax charge to the Benchmark tax charge

	2025	2024
	US$m	US$m
Tax charge	379	348
Tax relief on Exceptional items and other adjustments made to derive Benchmark PBT	108	111
Benchmark tax charge	487	459
Benchmark PBT	1,926	1,789
Benchmark tax rate	25.3%	25.7%

(c) Tax recognised in Other comprehensive income and directly in equity

Other comprehensive expense of US$171m (2024: US$34m) is stated after a deferred tax charge of US$9m (2024: credit of US$7m), relating to remeasurement gains on post-employment benefit assets and obligations, and changes in the fair value of investments revalued through OCI.

A tax credit relating to employee share incentive plans of US$14m (2024: US$10m) is recognised in equity and reported as appropriate within transactions with owners. This amount comprised a current tax credit of US$9m (2024: US$1m) and a deferred tax credit of US$5m (2024: US$9m).

11. Earnings per share disclosures

(a) Earnings per share (EPS)
				Basic									Diluted
				2025					2024				2025							2024
				US cents					US cents				US cents							US cents
	EPS			127.6					131.3				126.5							130.2
	Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax			29.3					14.2				29.0							14.0
	Benchmark EPS (non-GAAP measure)			156.9					145.5				155.5							144.2
	Adjustment to constant exchange rates			3.9					(0.2)				3.9							(0.1)
	Benchmark EPS at constant FX (non-GAAP measure)			160.8					145.3				159.4							144.1
	(b) Analysis of earnings (i) Attributable to owners of Experian plc
																2025						2024
																		US$m				US$m
	Profit for the financial year attributable to owners of Experian plc															1,166						1,199
	Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax															268						129
	Benchmark earnings attributable to owners of Experian plc (non-GAAP measure)															1,434						1,328
	Adjustment to constant exchange rates															36						(1)
	Benchmark earnings attributable to owners of Experian plc at constant FX (non-GAAP measure)															1,470						1,327
	(ii) Attributable to non-controlling interests
																		2025				2024
																		US$m				US$m
	Profit for the financial year attributable to non-controlling interests																	4				4
	Add/(deduct): Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax																	1				(2)
	Benchmark earnings attributable to non-controlling interests (non-GAAP measure)																	5				2
	(c) Reconciliation of Total Benchmark earnings to profit for the financial year
													2025										2024
													US$m										US$m
	Total Benchmark earnings (non-GAAP measure)												1,439										1,330
	Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax:
	- attributable to owners of Experian plc												(268)										(129)
	- attributable to non-controlling interests												(1)										2
	Profit for the financial year												1,170										1,203

 

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

11. Earnings per share disclosures (continued)

(d) Weighted average number of ordinary shares
		2025		2024
		million		million
Weighted average number of ordinary shares		914		913
Add: dilutive effect of share incentive awards, options and share purchases		8		8
Diluted weighted average number of ordinary shares		922		921

12. Dividends on ordinary shares

	2025			2024
	US cents  per share	US$m		US cents per share	US$m
Amounts recognised and paid during the financial year:
First interim - paid in February 2025 (2024: February 2024)	19.25	176		18.00	164
Second interim - paid in July 2024 (2024: July 2023)	40.50	370		37.75	345
Dividends paid on ordinary shares	59.75	546		55.75	509
Full-year dividend for the financial year	62.50	571		58.50	534

A second interim dividend in respect of the year ended 31 March 2025 of 43.25 US cents per ordinary share will be paid on 18 July 2025, to shareholders on the register at the close of business on 20 June 2025 and is not included as a liability in these financial statements. This second interim dividend and the first interim dividend paid in February 2025 comprise the full-year dividend for the financial year of 62.50 US cents per ordinary share. Further administrative information on dividends is given in the Shareholder information section on pages 55 to 56. Dividend amounts are quoted gross.

In the year ended 31 March 2025, the employee trusts waived their entitlements to dividends of US$3m
(2024: US$3m). There is no entitlement to dividends in respect of own shares held as treasury shares.

13. Goodwill

(a) Movements in goodwill

	2025	2024
	US$m	US$m
Cost
At 1 April	6,208	5,821
Differences on exchange	(121)	19
Additions through business combinations (note 21)	815	368
At 31 March	6,902	6,208
Accumulated impairment
At 1 April	246	246
Differences on exchange	2	-
At 31 March	248	246
Net book amount at 1 April	5,962	5,575
Net book amount at 31 March	6,654	5,962
(b) Goodwill by group of cash-generating units (CGUs)
	2025	2024
	US$m	US$m
North America	4,170	3,841
Latin America	904	901
UK and Ireland	763	742
EMEA and Asia Pacific	817	478
At 31 March	6,654	5,962

 

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

13. Goodwill (continued)

(c) Key assumptions for value-in-use calculations by group of CGUs

	2025						2024
	Discount rate	Long-term growth rate				Discount rate		Long-term growth rate
	% p.a.	% p.a.				% p.a.		% p.a.
North America	9.7	3.5				10.6		3.6
Latin America	17.6	5.2				19.1		5.1
UK and Ireland	10.7	2.8				11.7		3.1
EMEA and Asia Pacific	12.2	4.1				13.8		4.1

As indicated in note 6(a) of the Group's statutory financial statements for the year ended 31 March 2024, 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 19%, 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 95% used in EMEA and Asia Pacific.

Further details of the principles used in determining the basis of allocation by CGU and annual impairment testing are given in note 6(a) of the Group's statutory financial statements for the year ended 31 March 2024.

(d) Results of annual impairment reviews for the year ended 31 March 2025

The annual impairment review of goodwill was performed as at 30 September 2024. The provisional goodwill arising on the acquisition of Credit Data Solutions Pty Ltd and its subsidiary undertakings (illion) was reported as a separate group of CGUs at 30 September 2024. As indicated at the time, that goodwill has now been allocated to the EMEA and Asia Pacific group of CGUs, being the group of CGUs expected to benefit from the synergies of the combination. Consequently, a further impairment review of the goodwill allocated to the EMEA and Asia Pacific group of CGUs was undertaken as at 31 March 2025 to include the goodwill acquired in the annual period. There have been no other significant changes in the key modelling assumptions discussed in note 13(c) that would trigger a further review to be required at 31 March 2025.

The recoverable amount of the EMEA and Asia Pacific group of CGUs exceeded its carrying value by US$546m. 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 2.8 percentage points in the discount rate, from 12.2% to 15.0%; or

·      an absolute reduction of 4.2 percentage points in the long-term growth rate, from growth of 4.1% to a decline of 0.1%; or

·      a reduction of 8.2 percentage points in the forecast FY30 profit margin, from 24.4% to 16.2%. A reduction in the annual margin improvement of approximately 1.6 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 34% in the forecast FY30 profit.

The recoverable amounts of all other groups of CGUs exceeded their carrying value, on the basis of the assumptions set out in note 13(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 2025

14. Capital expenditure, disposals and capital commitments

(a) Additions

	2025	2024
	US$m	US$m
Capital expenditure	651	640
Right-of-use assets	31	60
	682	700

(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$8m (2024: US$10m), of which US$7m (2024: US$9m) related to the disposal of right-of-use assets.

(c) Capital commitments

	2025	2024
	US$m	US$m
Capital expenditure for which contracts have been placed:
Other intangible assets	38	48
Property, plant and equipment	9	7
	47	55

Capital commitments at 31 March 2025 included commitments of US$28m not expected to be incurred before 31 March 2026. Capital commitments at 31 March 2024 included commitments of US$40m not then expected to be incurred before 31 March 2025.

15. Post-employment benefits - IAS 19 'Employee Benefits' information

(a) Balance sheet assets/(obligations)
			2025		2024
			US$m		US$m
	Retirement benefit assets/(obligations) - funded defined benefit plans:
	Fair value of funded plans' assets		828		871
	Present value of funded plans' obligations		(626)		(685)
	Assets in the Group balance sheet for funded defined benefit pensions		202		186
	Obligations for unfunded post-employment benefits:
	Present value of defined benefit pensions - unfunded plans		(35)		(37)
	Present value of post-employment medical benefits		(2)		(2)
	Liabilities in the Group balance sheet		(37)		(39)
	Net post-employment benefit assets		165		147

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 latest full actuarial valuation of the Experian Pension Scheme was carried out as at 31 March 2022 and there was a moderate funding surplus. The next full valuation will be carried out as at 31 March 2025, and is expected to be agreed by 31 March 2026.

(b) Movements in net post-employment benefit assets recognised in the Group balance sheet
	2025	2024
	US$m	US$m
At 1 April	147	135
Differences on exchange	5	3
Credit to the Group income statement	4	4
Remeasurement gains recognised within OCI	6	2
Contributions paid by the Group	3	3
At 31 March	165	147

The Experian Pension Scheme was closed to the future accrual of new benefits from 1 April 2022. Contributions paid relate to unfunded post-employment benefits.

The funded defined benefit pension plans hold a range of assets including global equities, global corporate bonds, secured credit, senior private debt and a Liability Driven Investment strategy which is used to hedge the interest rate and inflation sensitivities of the obligations. Collateral levels within the Liability Driven Investment strategy are closely monitored and remain robust. The primary drivers impacting the fair value of the plans' funded assets and obligations are changes to expectations for future UK pound sterling interest rates and inflation expectations, as well as the retranslation of assets and obligations into US dollars.

Notes to the financial statements (continued)

for the year ended 31 March 2025

15. Post-employment benefits - IAS 19 'Employee Benefits' information (continued)

(c) Income statement credit
			2025		2024
			US$m		US$m
	By nature of expense:
	Administration expenses		3		3
	Charge within labour costs and operating profit		3		3
	Interest income (note 9(a))		(7)		(7)
	Total net credit to the Group income statement		(4)		(4)

The income statement credit and the remeasurement recognised in the Statement of comprehensive income relate to defined benefit pension plans.

(d) Financial actuarial assumptions
		2025		2024
		% p.a.		% p.a.
Discount rate		5.8		4.9
Inflation rate - based on the UK Retail Prices Index (the RPI)		3.2		3.3
Inflation rate - based on the UK Consumer Prices Index (the CPI)		2.8		2.8
Increase for pensions in payment - element based on the RPI (where cap is 5%)		3.0		3.1
Increase for pensions in payment - element based on the CPI (where cap is 2.5%)		1.9		1.9
Increase for pensions in payment - element based on the CPI (where cap is 3%)		2.2		2.2
Increase for pensions in deferment		2.8		2.8
Inflation in medical costs		6.5		6.3

The assumed single equivalent margin between RPI and CPI has been reduced to 40 basis points from 45 basis points at 31 March 2024, consistent with our continued assumption of a 100 basis point margin prior to 2030, with a ten basis point margin assumed thereafter. The single equivalent differential is expected to reduce over time towards 2030. This results in an increase in retirement benefit obligations at 31 March 2025 of approximately US$1m.

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 12 years. If the real discount rate increased/decreased by 0.25%, the defined benefit obligations at 31 March 2025 would decrease/increase by approximately US$17m and the fair value of plan assets would decrease/increase by approximately US$20m.

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 2025 would increase/decrease by approximately US$5m.

The accounting valuation assumes that mortality will be in line with standard tables adjusted to reflect the expected experience of the Experian Pension Scheme membership, based on analysis carried out for the 2022 actuarial valuation. A specific allowance for anticipated future improvements in life expectancy is also incorporated.

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 2025 by approximately US$2m.

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

15. Post-employment benefits - IAS 19 'Employee Benefits' information (continued)

(e) Virgin Media case

In June 2023, the English High Court issued a judgment involving the Virgin Media NTL Pension Plan which held that amendments to the plan's rules in relation to benefit changes were invalid in the absence of a confirmation from the scheme actuary under Section 37 of the UK Pension Schemes Act 1993. Virgin Media appealed the judgment. The Court of Appeal heard the case on 25 July 2024 and dismissed the appeal.

While the ruling applied only to the specific pension plan in question, it could be expected to apply across other 'UK contracted out' pension plans. The Trustees of the Experian Pension Scheme continue to receive legal advice regarding this matter and, subject to further legal clarity in the case of Verity Trustees Limited v (1) Katherine Anne Wood (2) Save the Children Fund which has been recently heard in the High Court, are of the view that at this stage there are no potential issues with the deeds that would require a change in benefits. The defined benefit obligation has been calculated on the basis of the pension benefits currently being administered, and at this stage the Group does not consider it necessary to make any adjustments as a result of the Virgin Media Court Ruling. Any subsequent developments following the Court of Appeal's judgment will be monitored by the Group.

16. Notes to the Group cash flow statement

(a) Cash generated from operations
				2025				2024
				US$m				US$m
Profit before tax				1,549				1,551
Share of post-tax (profit)/loss of associates				(2)				1
Net finance expense				246				142
Operating profit					1,793			1,694
Profit on disposal of property, plant and equipment					-			(1)
Loss/(profit) on disposal of operations					4			(5)
Impairment of other intangible assets					13			-
Impairment of property, plant and equipment					2			-
Impairment of held-for-sale assets					-			1
Amortisation and depreciation1					758			714
Charge in respect of share incentive plans					127			132
Increase in working capital (note 16(b))					(54)			(32)
Acquisition expenses - difference between income statement charge and amounts paid					(2)			1
Acquisition employee incentives paid - difference between income statement charge and amounts paid					(24)			(10)
Adjustment to the fair value of contingent consideration					1			4
Movement in Exceptional and other non-benchmark items included in working capital					(1)			(58)
Cash generated from operations				2,617				2,440

1.     Amortisation and depreciation includes amortisation of acquisition intangibles of US$211m (2024: US$193m) which is excluded from Benchmark PBT.

 

(b) (Increase)/decrease in working capital
		2025					2024
		US$m					US$m
Trade and other receivables		(63)					(155)
Trade and other payables		9					123
Increase in working capital		(54)					(32)
(c) Purchase of other intangible assets
		2025					2024
		US$m					US$m
Databases		203					201
Internally generated software		340					349
Internal use software		60					50
Purchase of other intangible assets		603					600

 

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

16. Notes to the Group cash flow statement (continued)

(d) Cash flows on acquisitions (non-GAAP measure)
				2025		2024
				US$m		US$m
Purchase of subsidiaries (note 21(a))				1,198		366
Less: net cash acquired with subsidiaries (note 21(a))				(48)		(17)
Settlement of deferred and contingent consideration				8		113
As reported in the Group cash flow statement				1,158		462
Acquisition expenses paid				39		33
Acquisition employee incentives paid				24		17
Transactions in respect of non-controlling interests				1		-
Acquisition of additional interest in subsidiary undertaking				22		-
Cash outflow for acquisitions (non-GAAP measure)				1,244		512

 

(e) Cash outflow in respect of net share purchases (non-GAAP measure)

							2025				2024
							US$m				US$m
		Issue of ordinary shares					(20)				(20)
		Purchase of shares by employee trusts					83				56
		Purchase of shares held as treasury shares					116				64
		Cash outflow in respect of net share purchases (non-GAAP measure)					179				100
		As reported in the Group cash flow statement:
		Cash inflow in respect of shares issued					(20)				(20)
		Cash outflow in respect of share purchases					199				120
		Cash outflow in respect of net share purchases (non-GAAP measure)					179				100
Consideration of US$1m for shares issued was outstanding at 31 March 2024.
		(f) Analysis of cash and cash equivalents
						2025				2024
						US$m				US$m
		Cash and cash equivalents in the Group balance sheet				368				312
		Bank overdrafts				(2)				(12)
		Cash and cash equivalents in the Group cash flow statement				366				300

(g) Reconciliation of Cash generated from operations to Benchmark operating cash flow (non-GAAP measure)

		2025	2024
		US$m	US$m
Cash generated from operations (note 16(a))		2,617	2,440
Purchase of other intangible assets (note 16(c))		(603)	(600)
Purchase of property, plant and equipment		(48)	(40)
Disposal of property, plant and equipment		1	1
Disposal of assets classified as held-for-sale		-	2
Principal lease payments		(41)	(48)
Acquisition expenses paid		39	33
Acquisition employee incentives paid		24	17
Cash flows in respect of Exceptional and other non-benchmark items		36	59
Benchmark operating cash flow (non-GAAP measure)		2,025	1,864

Cash flow conversion for the year ended 31 March 2025 was 97% (2024: 97%). Benchmark free cash flow for the year ended 31 March 2025, as defined in note 5(n) and as set out in Appendix 5 on page 17, was US$1,411m (2024: US$1,170m).

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

17. Net debt (non-GAAP measure)

	(a) Analysis by nature
			2025				2024
			US$m				US$m
	Cash and cash equivalents (net of overdrafts)		366				300
	Debt due within one year - bonds and notes		(518)				(499)
	Debt due within one year - commercial paper		(214)				(218)
	Debt due within one year - lease obligations		(38)				(36)
	Debt due after more than one year - bonds and notes		(4,031)				(3,279)
	Debt due after more than one year - bank loans		(84)				(84)
	Debt due after more than one year - lease obligations		(97)				(114)
	Derivatives hedging loans and borrowings		(68)				(123)
	Net debt		(4,684)				(4,053)
	(b) Analysis by balance sheet caption
			2025				2024
			US$m				US$m
	Cash and cash equivalents		368				312
	Current borrowings		(774)				(772)
	Non-current borrowings		(4,242)				(3,494)
	Borrowings		(5,016)				(4,266)
	Total of Group balance sheet line items		(4,648)				(3,954)
	Accrued interest reported within borrowings excluded from Net debt		32				24
	Derivatives reported within Other financial assets		34				2
	Derivatives reported within Other financial liabilities		(102)				(125)
	Net debt		(4,684)				(4,053)

At 31 March 2025, the fair value of borrowings was US$4,828m (2024: US$4,034m) and includes lease obligations of US$136m (2024: US$151m) 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 2025									31 March
	2024		Net cash  flow	Non-cash lease obligation movements1	Principal lease payments	Net share purchases	Additions  through business combinations	Fair value gains/ (losses)		Exchange and other movements		2025
	US$m		US$m	US$m	US$m	US$m	US$m	US$m		US$m		US$m
Derivatives hedging loans and borrowings	(123)		(34)	-	-	-	-		49		40	(68)
Borrowings	(4,266)		(663)	(24)	-	-	(3)		(13)		(47)	(5,016)
Liabilities from financing activities	(4,389)		(697)	(24)	-	-	(3)		36		(7)	(5,084)
Accrued interest	24		8	-	-	-	-		-		-	32
Cash and cash equivalents	312		235	-	41	(179)	-		-		(41)	368
Net debt	(4,053)		(454)	(24)	41	(179)	(3)		36		(48)	(4,684)

1.   Non-cash lease obligation movements include additions of US$31m and disposals of US$7m.

 

 

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

18. Undrawn committed bank borrowing facilities

	2025	2024
	US$m	US$m
Facilities expiring in:
One to two years	316	100
Two to three years	-	216
Three to four years	2,050	150
Four to five years	-	1,900
	2,366	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.

19. 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 2023	971.4	96	1,799
Shares issued under employee share incentive plans	0.8	1	20
At 31 March 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

20. Own shares held

	Number of shares		Cost of shares
	million		US$m
At 1 April 2023	59.0		1,273
Purchase of shares by employee trusts	1.5		56
Purchase of shares held as treasury shares	2.1		69
Other vesting of awards and exercises of share options	(3.5)		(55)
At 31 March 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 exercises of share options	(4.1)		(88)
At 31 March 2025	59.4		1,455

Own shares held at 31 March 2025 included 55.0 million shares (2024: 53.4 million) held as treasury shares and 4.4 million (2024: 5.7 million) shares held by employee trusts.

The total cost of own shares held at 31 March 2025 of US$1,455 (2024: US$1,343m) is deducted from Other reserves in the Group balance sheet.

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

21. Acquisitions and disposals

(a) Acquisitions in the year

The Group made eight acquisitions during the year ended 31 March 2025, including the acquisition on 30 September 2024 of the entire share capital of Credit Data Solutions Pty Ltd and its subsidiary undertakings (illion), a leading consumer and commercial credit bureau in Australia and New Zealand. On 4 December 2024, we acquired 100% of Predictive Pop, Inc. (Audigent), a leading US data activation and identity platform, and on 12 August 2024 we acquired 100% of Neuro-ID, Inc. (NeuroID) in the USA, an industry leader in behavioural analytics, supplementing Experian's fraud risk suite.

The net assets acquired, goodwill and acquisition consideration are analysed below:

	illion	Audigent	NeuroID	Other1	Total
	US$m	US$m	US$m	US$m	US$m
Intangible assets:
Customer and other relationships	228	62	8	20	318
Software development	36	103	30	31	200
Marketing-related assets	3	3	1	-	7
Other intangibles	27	8	-	3	38
Intangible assets	294	176	39	54	563
Property, plant and equipment	3	1	-	1	5
Deferred tax assets	4	-	-	(7)	(3)
Trade and other receivables	13	16	2	2	33
Cash and cash equivalents (note 16(d))	21	12	12	3	48
Trade and other payables	(25)	(13)	(9)	(12)	(59)
Borrowings	(2)	(1)	-	-	(3)
Deferred tax liabilities	(72)	(44)	(10)	(14)	(140)
Total identifiable net assets	236	147	34	27	444
Goodwill	349	216	111	139	815
Total	585	363	145	166	1,259
Satisfied by:
Cash and cash equivalents (note 16(d))	585	358	145	110	1,198
Trade investment	-	5	-	-	5
Contingent consideration	-	-	-	56	56
Total	585	363	145	166	1,259

1.     Other comprises the Group's other five acquisitions made during the year ended 31 March 2025, alongside adjustments made to provisional fair values related to prior year acquisitions, made within one year of the date of acquisition.

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 2025, the most significant inputs to these calculations are the proportion of earnings attributable to customer and other relationships and software development for illion. 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.

The fair value of material contingent consideration is determined using a Monte Carlo simulation model applied to the forecast performance of the relevant metric linked to each liability. The contingent consideration payable for Salt Participações S.A. and its subsidiary undertakings (SalaryFits) in Brazil, which the Group acquired on 2 September 2024, is linked to the revenue and Benchmark EBIT margin performance of the business for the year ending 31 March 2027. Providing that certain minimum thresholds are satisfied, we expect the earnout payment to be within an undiscounted range of US$20m to US$117m. We have determined the fair value of the contingent consideration at acquisition to be US$40m, which is included in the US$56m of Other contingent consideration above.

We engage with third-party valuation experts to assist with the valuation process for all significant or complex acquisitions, including for the valuation of contingent consideration and put option liabilities. Provisional fair values contain amounts which will be finalised no later than one year after the date of acquisition. Provisional amounts, predominantly for intangible assets, associated tax balances and contingent consideration have been included at 31 March 2025, 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. Goodwill of US$15m, in relation to two acquisitions is currently expected to be deductible for tax purposes.

Notes to the financial statements (continued)

for the year ended 31 March 2025

21. Acquisitions and disposals (continued)

(b) Additional information

(i) Current year acquisitions

	illion	Audigent	NeuroID	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	267	168	39	51	525
Deferred tax assets	(19)	-	-	(7)	(26)
Trade and other payables	(2)	-	(1)	(8)	(11)
Deferred tax liabilities	(72)	(44)	(10)	(14)	(140)
Increase in book value of net assets due to provisional fair value adjustments	174	124	28	22	348
Gross contractual amounts receivable in respect of trade and other receivables	13	16	2	3	34
Pro forma revenue from 1 April 2024 to date of acquisition	58	102	4	21	185
Revenue from date of acquisition to 31 March 2025	54	18	5	11	88
Loss before tax from date of acquisition to 31 March 2025	(5)	(8)	(12)	(3)	(28)

The loss before tax from the date of acquisition to 31 March 2025 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$14m.

At the dates of acquisition, the gross contractual amounts receivable in respect of trade and other receivables of US$34m were expected to be collected in full.

(ii) Prior years' acquisitions

Contingent consideration of US$8m (2024: US$112m) was settled in the year in respect of acquisitions made in earlier years. The cash outflow in the year ended 31 March 2024 principally comprised US$40m relating to the FY22 acquisition of Tax Credit Co, LLC (TCC), and US$60m relating to the acquisition of BrScan Processamento de Dados e Tecnologia Ltda. (BrScan) in FY21. Further detail on contingent consideration fair value adjustments recognised in the year is provided in note 22(c).

The Group made seven acquisitions in the year ended 31 March 2024, including that of WaveHDC LLC in the USA. A cash outflow of US$349m was reported in the Group cash flow statement for that year, after deduction of US$17m 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 2025 that relate to acquisitions in the current or earlier years.

(iii) Post balance sheet acquisition

On 1 April 2025, we acquired the entire share capital of Clear Sale S.A. (ClearSale), a leading provider of digital fraud prevention solutions in Brazil, for R$1,948m (US$338m), plus the delivery of 125,344 Experian plc treasury shares at market value. The acquisition of ClearSale allows us to access a new growth avenue for Identity and Fraud and strengthens our Onboarding solutions in Brazil.

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 2025. 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.44% of the total consideration paid, with other identifiable net assets and residual goodwill being c.56%.

Goodwill represents the synergies, skills and technical expertise of assembled workforces and future growth potential of ClearSale. The goodwill is not expected to be deductible for tax purposes.

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

21. Acquisitions and disposals (continued)

(c) Acquisition of additional interest in subsidiary undertaking

On 20 February 2025, the Group completed the acquisition of the remaining 45% interest in Brain Soluções de Tecnologia Digital Ltda. (Brain). A put option liability was in place over this minority shareholding, with movements presented in note 22(c).

(d) Disposals

During the year we disposed of one small subsidiary undertaking in EMEA and Asia Pacific. The loss on disposal was US$4m (2024: profit US$5m). There was no related cash flow (2024: inflow US$6m). The profit in FY24 arose on the disposal of interests in a number of small subsidiary undertakings in EMEA and Asia Pacific.

22. 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 2024. 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 2025	US$m	US$m	US$m	US$m
Financial assets:
Derivatives used for hedging - fair value hedges1	-	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 hedge1	-	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 hedges1	-	(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.

 

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

22. Financial risk management (continued)

(b) Analysis by valuation method for put options and items measured at fair value (continued)

	Level 1	Level 2	Level 3	Total
At 31 March 2024	US$m	US$m	US$m	US$m
Financial assets:
Non-hedging derivatives	-	169	-	169
Other financial assets at fair value through profit or loss	-	-	14	14
Financial assets at fair value through profit or loss	-	169	14	183
Listed and trade investments1	67	-	167	234
	67	169	181	417
Financial liabilities:
Derivatives used for hedging - fair value hedges2	-	(105)	-	(105)
Non-hedging derivatives	-	(21)	-	(21)
Other liabilities at fair value through profit or loss	-	-	(92)	(92)
Financial liabilities at fair value through profit or loss	-	(126)	(92)	(218)
Derivatives used for hedging - cash flow hedge1,2	-	(10)	-	(10)
Put options	-	-	(133)	(133)
	-	(136)	(225)	(361)
Net financial assets/(liabilities)	67	33	(44)	56

1.   Listed and trade investments, and derivatives designated as a cash flow hedge, which are in a documented hedge accounting relationship, are revalued through OCI.

2.   Derivatives used for hedging are in documented hedge accounting relationships.

Financial assets at fair value through profit or loss are reported within Other financial assets in the Group balance sheet. Other financial assets include financial assets held at amortised cost of US$17m (2024: US$nil).

Contingent consideration is reported within trade and other payables in the Group balance sheet. Put options and other financial liabilities at fair value through profit or loss are reported within Other financial liabilities in the Group balance sheet. Cross-currency swaps in respect of the cash flow hedge are reported within Financial assets revalued through OCI, or Financial liabilities revalued through OCI, in the Group balance sheet.

The fair values of derivative financial instruments and other financial assets and liabilities are determined by using market data and established estimation techniques such as discounted cash flow and option valuation models. The fair value of foreign exchange contracts is based on a comparison of the contractual and 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, trade investments, contingent consideration and put options associated with corporate transactions.

Unlisted equity investments, initially measured at cost, are revalued where sufficient indicators are identified that a change in the fair value has occurred. The inputs to any subsequent valuations are based on a combination of observable evidence from external transactions in the investee's equity and estimated discounted cash flows that will arise from the investment.

The calculation of the fair value of the Group's acquisition-related contingent consideration and put option liabilities requires management to estimate the outcome of uncertain future events. These liabilities are typically linked to the future financial performance of the acquired business, 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.

Notes to the financial statements (continued)

for the year ended 31 March 2025

22. Financial risk management (continued)

(b) Analysis by valuation method for put options and items measured at fair value (continued)

The range of the put option exercise price on the FY24 acquisition of MOVA Sociedade de Empréstimo Entre Pessoas S.A. (MOVA) is set out in note 22(c). There would be no material effect on the other amounts stated from any reasonably possible change in inputs at 31 March 2025. There were no transfers between levels during the current or prior year.

(c) Analysis of movements in Level 3 financial assets/(liabilities)

	Financial assets revalued through OCI	Other financial assets at FVPL	Contingent consideration	Put options	Total
Year ended 31 March 2025	US$m	US$m	US$m	US$m	US$m
At 1 April 2024	167	14	(92)	(133)	(44)
Additions1	46	6	(56)	-	(4)
Disposals	(5)	(11)	-	-	(16)
Conversion of convertible debt to equity investments	3	(3)	-	-	-
Settlement of contingent consideration (note 21(b)(ii))	-	-	8	-	8
Adjustment to the fair value of contingent consideration2	-	-	(1)	-	(1)
Valuation gains recognised in the Group income statement3,4	-	6	-	5	11
Settlement of put options5	-	-	-	22	22
Transfer of put option liability to contingent consideration5	-	-	(9)	9	-
Valuation losses recognised in OCI6	(44)	-	-	-	(44)
Currency translation gains recognised directly in OCI	-	-	10	13	23
Other	-	1	-	-	1
At 31 March 2025	167	13	(140)	(84)	(44)

 

	Financial assets revalued through OCI	Other financial assets at FVPL	Contingent consideration	Put options	Total
Year ended 31 March 2024	US$m	US$m	US$m	US$m	US$m
At 1 April 2023	252	16	(139)	(33)	96
Additions1,7	9	2	(56)	(71)	(116)
Disposals	(1)	-	-	-	(1)
Conversion of convertible debt to equity investments	5	(5)	-	-	-
Settlement of contingent consideration (note 21(b)(ii))	-	-	112	-	112
Adjustment to the fair value of contingent consideration2	-	-	(4)	-	(4)
Valuation losses recognised in the Group income statement3,4	-	-	-	(31)	(31)
Valuation losses recognised in OCI6	(98)	-	-	-	(98)
Currency translation gains/(losses) recognised directly in OCI	-	-	(2)	2	-
Other	-	1	(3)	-	(2)
At 31 March 2024	167	14	(92)	(133)	(44)

1.   Additions to contingent consideration comprised US$56m (2024: US$56m) in respect of acquisitions (note 21). Of the FY25 addition, US$40m relates 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 8(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.

4.   In the year ended 31 March 2025, a valuation gain of US$20m (2024: loss of US$12m) was recorded on the put option recognised on the acquisition of MOVA in FY24, together with losses on other put option liabilities. The exercise price of this put option is linked to the 2028 calendar year revenue and Benchmark EBIT margin performance of the business. If exercised, we expect the likely range of the undiscounted option exercise price to be between US$49m and US$131m (2024: between US$66m and US$283m). We have determined the fair value of the put option liability at 31 March 2025 to be US$50m (2024: US$81m). 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$2m. There is also a corresponding call option in place, the fair value of which is US$nil.

5.   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 is recognised in respect of this unpaid element.

6.   Of the valuation losses recognised in OCI US$21m (2024: US$47m), related to our investment in Vector CM Holdings (Cayman) L.P.

 

7.   Additions to put options in the year ended 31 March 2024 comprised US$71m in respect of the MOVA acquisition.

Notes to the financial statements (continued)

for the year ended 31 March 2025

22. 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 17(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 based on a discounted cash flow analysis, using a valuation methodology falling within Level 2 of the IFRS 13 fair value hierarchy, apart from the fair values of trade investments 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 2025.

23. Related party transactions

The Group's related parties were disclosed in the Group's statutory financial statements for the year ended 31 March 2024 and there have been no material changes during the year ended 31 March 2025.  

24. Contingencies

(a) Latin America tax

As previously indicated, Serasa S.A. has been advised that the Brazilian tax authorities are challenging the deduction for tax purposes of goodwill amortisation arising from its acquisition by Experian in 2007. The Brazilian administrative courts have ultimately upheld Experian's position in respect of the tax years from 2007 to 2012 with no further right of appeal. The Brazilian tax authorities continue to pursue similar assessments in respect of the 2013 to 2018 tax years, in relation to the goodwill amortisation related to both the original acquisition of a majority shareholding in Serasa S.A. in 2007 and the acquisition of the remaining holding in 2012, and also in relation to the acquisition of Virid Interatividade Digital Ltda in 2011. Experian has claimed a tax deduction for goodwill amortisation of US$196m across these years. During FY25, and consistent with all prior cases, Experian has been successful at the first-level administrative court in defending the position that US$140m of this goodwill arising in years 2013 to 2016 is deductible, but Brazilian tax authorities may appeal this decision and may also raise similar claims in respect of other years. 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 2025

24. Contingencies (continued)

(b) Other litigation and claims

We continue to see regulatory activity, involving the Group across most of its major geographies which are in various stages of investigation or enforcement, and which are being vigorously defended. These include a lawsuit filed in January 2025 by the US Consumer Financial Protection Bureau related to the consumer dispute process in our US Credit Reference business, which we are defending vigorously and believe to be without merit. There also continues to be some rulemaking and federal and state-level legislation which could impact our Credit Reference, Consumer Services and Marketing Services businesses in the USA. 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.

We also continue to see General Data Protection Regulation (GDPR) investigation and enforcement activity in the European Union (EU), including a claim from the Dutch Data Protection Authority (the AP) claiming that our Credit Reference business in the Netherlands (c.US$7m annual turnover) cannot process credit reference data based on legitimate interest and is not sufficiently transparent under GDPR, and asserting an associated fine which could range as high as 4% of global turnover under GDPR. The AP's position is contrary to well established regulatory positions in our other EU markets. Based on external legal opinions, relevant precedents, and the facts of the underlying matter, we believe the AP's position is legally wrong, we will contest the matter and we do not believe it will have a materially adverse effect on the Group's financial position.

There also continue to be individual consumer and class action litigation matters in Brazil and the USA related to our Marketing Services, Consumer Services and Credit Reference businesses. Some of these class action litigation matters in the USA allege willful misconduct under the US Fair Credit Reporting Act and, if proven, carry the potential for liability which includes statutory damages between US$100 to US$1,000 per consumer. The directors do not believe that the outcome of any individual litigation matter would have a materially adverse effect on the Group's financial position.

As is inherent in legal, regulatory and administrative proceedings, there is a risk of outcomes that may be unfavourable to the Group. In the case of unfavourable outcomes, the Group may benefit from applicable insurance recoveries.

25. Events occurring after the end of the reporting period

Details of the second interim dividend announced since the end of the reporting period are given in note 12.

On 1 April 2025, we acquired the entire share capital of Clear Sale S.A. (ClearSale), a leading provider of digital fraud prevention solutions in Brazil, for R$1,948m (US$338m), plus the delivery of 125,344 Experian plc treasury shares at market value. Further details are provided in note 21(b)(iii).

26. 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 aims to establish 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. 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, within our risk appetite.

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

26. Risks and uncertainties (continued)

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.

(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 2025

26. 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 2025

26. 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 critically evaluate, and may invest in, equity investments and other growth opportunities, including internal performance improvement programmes. To the extent invested, any of these may not produce the desired financial or operating results.

Potential impact

Failure to produce the desired 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 Committee and our Global Strategic Projects 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 first the most significant gaps to Experian policy.

·      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 still 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, or that our products and services will fail to meet changing client and consumer preferences.

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. The impact of this risk, if it materialised, would typically be felt in the long term.

 

Notes to the financial statements (continued)

for the year ended 31 March 2025

26. Risks and uncertainties (continued)

(f)  Risk area - Competition (continued)

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 Artificial Intelligence (AI) technologies to drive productivity, customer engagement and product innovation 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.

(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 proactively mitigate potential attrition risks.

 

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 26.

The names and functions of the directors in office as at 14 May 2024 were listed in the Experian Annual Report 2024. On 20 August 2024, Craig Boundy stepped down as a director. Eduardo Vassimon was appointed as a new independent non-executive director on 1 March 2025. There have been no other changes to directors or their functions, and a list of current directors is maintained on the Company website at experianplc.com.

 

 

 

 

By order of the Board

Charles Brown

Company Secretary

13 May 2025

 

 

Shareholder information

Company website

A full range of investor information is available at experianplc.com. Details of the 2025 AGM, to be held in Dublin, Ireland on Wednesday 16 July 2025, 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 experianplc.com/shares. 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 2025

A second interim dividend in respect of the year ended 31 March 2025 of 43.25 US cents per ordinary share will be paid on 18 July 2025, to shareholders on the register of members at the close of business on
20 June 2025. Unless shareholders elect by 20 June 2025 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 27 June 2025. A first interim dividend of 19.25 US cents per ordinary share was paid on 7 February 2025.

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
20 June 2025.

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 2025, to be paid on
18 July 2025, should return a completed and signed DRIP application form, to be received by the registrars by no later than 20 June 2025. 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, then select 'Contact Us'

W adr.com

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

W itau.com.br/investmentservices-en/registrar/bdr

 

Financial calendar
Second interim ex-dividend date	19 June 2025
Second interim dividend record date	20 June 2025
Second interim ex-dividend and record date for American Depositary Receipts (ADRs)	20 June 2025
Second interim ex-dividend and record date for Brazilian Depositary Receipts (BDRs)	20 June 2025
Trading update, first quarter	15 July 2025
Annual General Meeting	16 July 2025
Second interim dividend payment date	18 July 2025
Half-yearly financial report	12 November 2025
Trading update, third quarter	21 January 2026
Preliminary announcement of full-year results	May 2026
Contact information
Corporate headquarters	Registered office
Experian plc	Experian plc
2 Cumberland Place	22 Grenville Street
Fenian Street	St Helier
Dublin 2	Jersey
D02 HY05	JE4 8PX
Ireland	Channel Islands
T +353 (0) 1 846 9100	Registered number - 93905
	ISIN - GB00B19NLV48
Investor relations
E investors@experian.com
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