TRU 8-K
TransUnion (TRU)
8-K
2025-10-23
For: 2025-10-23
View Original
Added on
April 07, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 8-K
____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date Earliest Event Reported): October 23, 2025
____________________
(Exact name of registrant as specified in its charter)
____________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
Registrant’s telephone number, including area code: (312 ) 985-2000
____________________
Check the appropriate box below if the Form 8−K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On October 23, 2025, TransUnion (the “Company”) issued a press release announcing results for the quarter ended September 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
Item 7.01 Regulation FD Disclosure.
On October 23, 2025, management reviewed a slide presentation during the Company’s fiscal 2025 third quarter earnings conference call. The presentation materials are attached hereto as Exhibit 99.2 and incorporated herein by reference. These materials may also be used by the Company at one or more subsequent conferences with analysts, investors, or other stakeholders.
The information contained in the attached presentation materials is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission filings and other public announcements. The Company undertakes no duty or obligation to publicly update or revise this information, although it may do so from time to time.
The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
Press release of TransUnion dated October 23, 2025, announcing results for the quarter ended September 30, 2025. | ||||||||
Earnings call presentation materials for the quarter ended September 30, 2025. | ||||||||
| 104 | Cover page Interactive Data File (embedded within the inline XBRL file). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.
| TRANSUNION | ||||||||
Date: October 23, 2025 | By: | /s/ Todd M. Cello | ||||||
| Name: | Todd M. Cello | |||||||
| Title: | Executive Vice President, Chief Financial Officer | |||||||
Exhibit 99.1
 | News Release | |||||||
TransUnion Announces Strong Third Quarter 2025 Results, Exceeding All Key Financial Metrics
•Delivered 8 percent revenue growth, or 11 percent organic constant currency excluding impact of last year’s large breach remediation win in our Consumer Interactive business
•Accelerated revenue growth in U.S. Financial Services and Emerging Verticals to 19 percent and 7.5 percent, respectively
•Increased pace of share repurchases to $160 million in third quarter and October, bringing year-to-date total to $200 million
•Increased share repurchase authorization up to $1 billion
•Raising 2025 financial guidance, we now expect to deliver 8 to 8.5 percent revenue growth
CHICAGO, October 23, 2025 – TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended September 30, 2025.
Third Quarter 2025 Results
Revenue:
•Total revenue for the quarter was $1,170 million, an increase of 8 percent (8 percent on a constant currency basis and 7 percent on an organic constant currency basis), compared with the third quarter of 2024.
Earnings:
•Net income attributable to TransUnion was $97 million for the quarter, compared with $68 million for the third quarter of 2024. Diluted earnings per share was $0.49, compared with $0.35 in the third quarter of 2024. Net income attributable to TransUnion margin was 8.3 percent, compared with 6.3 percent in the third quarter of 2024.
•Adjusted Net Income was $216 million for the quarter, compared with $205 million for the third quarter of 2024. Adjusted Diluted Earnings per Share was $1.10, compared with $1.04 in the third quarter of 2024.
•Adjusted EBITDA was $425 million for the quarter, compared with $394 million for the third quarter of 2024, an increase of 8 percent (8 percent on a constant currency basis). Adjusted EBITDA margin was 36.3 percent, compared with 36.3 percent in the third quarter of 2024.
“In the third quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “Revenue growth was 8 percent; excluding last year’s large breach remediation win, organic constant currency growth was 11 percent, our strongest underlying growth since 2021. Financial Services and Emerging Verticals growth accelerated to 19 percent and 7.5 percent, respectively. International grew 6 percent on an organic constant currency basis, with double-digit growth in the UK, Canada and Africa.”
“We are raising our 2025 guidance, supported by third quarter outperformance, stable U.S. lending trends, and strong commercial momentum. We now expect 8 to 8.5 percent revenue growth.”
“Our strong earnings growth, improving free cash flow generation and natural de-levering position us to accelerate the return of capital to shareholders. We have repurchased $200 million in shares year-to-date and increased our share repurchase program authorization to $1 billion. We view share repurchases as a highly attractive use of capital.”
Third Quarter 2025 Segment Results
Segment revenue and Adjusted EBITDA for the third quarter of 2025, which includes the revenue from Monevo in Consumer Interactive and United Kingdom and the corresponding Adjusted EBITDA in U.S. Markets and International, and the related growth rates compared with the third quarter of 2024 were as follows:
(in millions) | Third Quarter 2025 | Reported Growth Rate | Constant Currency Growth Rate | Organic Constant Currency Growth Rate | |||||||||||||||||||
U.S. Markets: | |||||||||||||||||||||||
| Financial Services | $ | 438 | 19 | % | 19 | % | 19 | % | |||||||||||||||
| Emerging Verticals | 330 | 7 | % | 7 | % | 7 | % | ||||||||||||||||
| Consumer Interactive | 145 | (17) | % | (17) | % | (18) | % | ||||||||||||||||
Total U.S. Markets Revenue | $ | 913 | 8 | % | 8 | % | 7 | % | |||||||||||||||
U.S. Markets Adjusted EBITDA | $ | 351 | 10 | % | 10 | % | 9 | % | |||||||||||||||
International: | |||||||||||||||||||||||
Canada | $ | 43 | 10 | % | 11 | % | 11 | % | |||||||||||||||
Latin America | 34 | 1 | % | — | % | — | % | ||||||||||||||||
United Kingdom | 71 | 24 | % | 19 | % | 11 | % | ||||||||||||||||
Africa | 19 | 14 | % | 12 | % | 12 | % | ||||||||||||||||
India | 69 | — | % | 5 | % | 5 | % | ||||||||||||||||
Asia Pacific | 24 | (8) | % | (8) | % | (8) | % | ||||||||||||||||
Total International Revenue | $ | 260 | 8 | % | 8 | % | 6 | % | |||||||||||||||
International Adjusted EBITDA | $ | 112 | 2 | % | 2 | % | 3 | % | |||||||||||||||
Liquidity and Capital Resources
Cash and cash equivalents was $750 million at September 30, 2025 and $679 million at December 31, 2024.
For the nine months ended September 30, 2025, cash provided by operating activities was $668 million, compared with $579 million in 2024. The increase in cash provided by operating activities was primarily due to improved operating performance and lower interest expense in 2025 and a penalty paid for the early termination of a facility lease in 2024, partially offset by higher income tax payments, the timing of accounts receivable collections and higher bonus payouts in 2025 compared with 2024. For the nine months ended September 30, 2025, cash used in investing activities was $307 million, compared with $195 million in 2024. The increase in cash used in investing activities was primarily due to our acquisition of Monevo, an increase in capital expenditures and current year investments in a note receivable. For the nine months ended September 30, 2025, capital expenditures were $229 million, compared with $199 million in 2024. Capital expenditures as a percent of revenue represented 7% and 6%, respectively, for the nine months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025, cash used in financing activities was $301 million, compared with $220 million in 2024. The increase in cash used in financing activities was primarily due to share repurchases in 2025, partially offset by higher debt prepayments in 2024.
Fourth Quarter and Full Year 2025 Outlook
Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.
| Three Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 | |||||||||||||||||||||||||
| (in millions, except per share data) | Low | High | Low | High | ||||||||||||||||||||||
| Revenue, as reported | $ | 1,119 | $ | 1,139 | $ | 4,524 | $ | 4,544 | ||||||||||||||||||
Revenue growth1: | ||||||||||||||||||||||||||
| As reported | 8 | % | 10 | % | 8 | % | 8.5 | % | ||||||||||||||||||
Constant currency1, 2 | 8 | % | 10 | % | 8 | % | 9 | % | ||||||||||||||||||
Organic constant currency1, 3 | 7 | % | 9 | % | 8 | % | 8 | % | ||||||||||||||||||
Net income attributable to TransUnion | $ | 84 | $ | 93 | $ | 438 | $ | 448 | ||||||||||||||||||
Net income attributable to TransUnion growth | 26 | % | 41 | % | 54 | % | 57 | % | ||||||||||||||||||
Net income attributable to TransUnion margin | 7.5 | % | 8.2 | % | 9.7 | % | 9.9 | % | ||||||||||||||||||
| Diluted Earnings per Share | $ | 0.42 | $ | 0.47 | $ | 2.21 | $ | 2.26 | ||||||||||||||||||
| Diluted Earnings per Share growth | 26 | % | 40 | % | 53 | % | 57 | % | ||||||||||||||||||
Adjusted EBITDA, as reported5 | $ | 393 | $ | 407 | $ | 1,622 | $ | 1,637 | ||||||||||||||||||
Adjusted EBITDA growth, as reported4 | 4 | % | 8 | % | 8 | % | 9 | % | ||||||||||||||||||
| Adjusted EBITDA margin | 35.1 | % | 35.8 | % | 35.9 | % | 36.0 | % | ||||||||||||||||||
Adjusted Diluted Earnings per Share5 | $ | 0.97 | $ | 1.02 | $ | 4.19 | $ | 4.25 | ||||||||||||||||||
| Adjusted Diluted Earnings per Share growth | (1) | % | 5 | % | 7 | % | 9 | % | ||||||||||||||||||
1.Additional revenue growth assumptions:
a.The impact of changing exchange rates is expected to be immaterial for Q4 2025 and for FY 2025.
b.The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q4 2025 and approximately 0.5 point of benefit for FY 2025.
c.The impact of mortgage is expected to be approximately 2 points of benefit for Q4 2025 and approximately 2 points of benefit for FY 2025.
2.Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
3.Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.
4.Additional Adjusted EBITDA assumptions:
a.The impact of changing foreign currency exchange rates is expected to be immaterial for Q4 2025 and for FY 2025.
5.For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.
Earnings Webcast Details
In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.
About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business
Availability of Information on TransUnion’s Website
Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.
Forward-Looking Statements
This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.
Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:
•macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
•our ability to provide competitive services and prices;
•our ability to retain or renew existing agreements with large or long-term customers;
•our ability to maintain the security and integrity of our data;
•our ability to deliver services timely without interruption;
•uncertainty related to Fair Isaac Corporation’s (“FICO”) new Mortgage Direct License Program;
•our ability to maintain our access to data sources;
•government regulation and changes in the regulatory environment;
•litigation or regulatory proceedings;
•our approach to the use of artificial intelligence;
•our ability to effectively manage our costs;
•our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
•our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
•economic and political stability in the United States and risks associated with the international markets where we operate;
•our ability to effectively develop and maintain strategic alliances and joint ventures;
•our ability to timely develop new services and the market’s willingness to adopt our new services;
•our ability to manage and expand our operations and keep up with rapidly changing technologies;
•our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
•our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
•our ability to defend our intellectual property from infringement claims by third parties;
•the ability of our outside service providers and key vendors to fulfill their obligations to us;
•further consolidation in our end-customer markets;
•the increased availability of free or inexpensive consumer information;
•losses against which we do not insure;
•our ability to make timely payments of principal and interest on our indebtedness;
•our ability to satisfy covenants in the agreements governing our indebtedness;
•our ability to maintain our liquidity;
•stock price volatility;
•our dividend payments;
•share repurchase plans;
•dividend rate;
•our reliance on key management personnel; and
•changes in tax laws or adverse outcomes resulting from examination of our tax returns.
There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.
The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.
For More Information
E-mail: [email protected]
Telephone: 312.985.2860
TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)
| September 30, 2025 | December 31, 2024 | |||||||||||||
| Assets | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 749.9 | $ | 679.5 | ||||||||||
Trade accounts receivable, net of allowance of $25.8 and $19.9 | 893.6 | 798.9 | ||||||||||||
| Other current assets | 335.3 | 323.4 | ||||||||||||
| Total current assets | 1,978.8 | 1,801.8 | ||||||||||||
Property, plant and equipment, net of accumulated depreciation and amortization of $562.4 and $506.3 | 233.1 | 203.5 | ||||||||||||
| Goodwill | 5,252.5 | 5,144.3 | ||||||||||||
Other intangibles, net of accumulated amortization of $2,629.9 and $2,294.5 | 3,163.1 | 3,257.5 | ||||||||||||
| Other assets | 485.3 | 577.7 | ||||||||||||
| Total assets | $ | 11,112.8 | $ | 10,984.8 | ||||||||||
| Liabilities and stockholders’ equity | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Trade accounts payable | $ | 361.9 | $ | 294.6 | ||||||||||
Current portion of long-term debt | 84.2 | 70.6 | ||||||||||||
| Other current liabilities | 538.8 | 694.4 | ||||||||||||
| Total current liabilities | 984.9 | 1,059.6 | ||||||||||||
| Long-term debt | 5,035.9 | 5,076.6 | ||||||||||||
| Deferred taxes | 393.0 | 415.3 | ||||||||||||
| Other liabilities | 120.5 | 114.5 | ||||||||||||
| Total liabilities | 6,534.3 | 6,666.0 | ||||||||||||
| Stockholders’ equity: | ||||||||||||||
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of September 30, 2025 and December 31, 2024, respectively | — | — | ||||||||||||
Common stock, $0.01 par value; 1.0 billion shares authorized at September 30, 2025 and December 31, 2024, 201.2 million and 201.5 million shares issued at September 30, 2025 and December 31, 2024, respectively, and 194.2 million and 194.9 million shares outstanding as of September 30, 2025 and December 31, 2024, respectively | 2.0 | 2.0 | ||||||||||||
| Additional paid-in capital | 2,536.3 | 2,558.9 | ||||||||||||
Treasury stock at cost; 7.0 million and 6.6 million shares at September 30, 2025 and December 31, 2024, respectively | (368.4) | (334.6) | ||||||||||||
| Retained earnings | 2,643.9 | 2,357.9 | ||||||||||||
| Accumulated other comprehensive loss | (340.4) | (367.2) | ||||||||||||
| Total TransUnion stockholders’ equity | 4,473.4 | 4,217.0 | ||||||||||||
| Noncontrolling interests | 105.1 | 101.8 | ||||||||||||
| Total stockholders’ equity | 4,578.5 | 4,318.8 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | 11,112.8 | $ | 10,984.8 | ||||||||||
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Revenue | $ | 1,169.5 | $ | 1,085.0 | $ | 3,405.0 | $ | 3,147.0 | ||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||
| Cost of services (exclusive of depreciation and amortization below) | 480.3 | 448.7 | 1,395.9 | 1,261.7 | ||||||||||||||||||||||
| Selling, general and administrative | 330.8 | 305.7 | 922.6 | 922.1 | ||||||||||||||||||||||
| Depreciation and amortization | 145.6 | 133.6 | 427.2 | 400.5 | ||||||||||||||||||||||
| Restructuring | 5.1 | 40.5 | 5.1 | 66.8 | ||||||||||||||||||||||
| Total operating expenses | 961.9 | 928.6 | 2,750.8 | 2,651.0 | ||||||||||||||||||||||
Operating income | 207.6 | 156.4 | 654.2 | 495.9 | ||||||||||||||||||||||
| Non-operating income and (expense) | ||||||||||||||||||||||||||
| Interest expense | (62.5) | (66.6) | (174.3) | (203.2) | ||||||||||||||||||||||
| Interest income | 8.8 | 7.8 | 26.2 | 19.9 | ||||||||||||||||||||||
| Earnings from equity method investments | 5.5 | 4.7 | 14.7 | 14.0 | ||||||||||||||||||||||
Other income and (expense), net | (9.3) | (5.4) | (20.1) | (26.2) | ||||||||||||||||||||||
| Total non-operating income and (expense) | (57.5) | (59.6) | (153.5) | (195.4) | ||||||||||||||||||||||
| Income before income taxes | 150.1 | 96.8 | 500.7 | 300.5 | ||||||||||||||||||||||
| Provision for income taxes | (50.0) | (24.9) | (135.4) | (68.9) | ||||||||||||||||||||||
| Net income | 100.2 | 71.9 | 365.3 | 231.6 | ||||||||||||||||||||||
| Less: net income attributable to noncontrolling interests | (3.6) | (3.9) | (11.0) | (13.4) | ||||||||||||||||||||||
Net income attributable to TransUnion | $ | 96.6 | $ | 68.0 | $ | 354.2 | $ | 218.2 | ||||||||||||||||||
Basic earnings per common share from: | ||||||||||||||||||||||||||
Net income attributable to TransUnion | $ | 0.50 | $ | 0.35 | $ | 1.82 | $ | 1.12 | ||||||||||||||||||
| Diluted earnings per common share from: | ||||||||||||||||||||||||||
| Net income attributable to TransUnion | $ | 0.49 | $ | 0.35 | $ | 1.80 | $ | 1.11 | ||||||||||||||||||
| Weighted-average shares outstanding: | ||||||||||||||||||||||||||
| Basic | 194.8 | 194.6 | 194.9 | 194.3 | ||||||||||||||||||||||
| Diluted | 197.2 | 197.0 | 197.2 | 196.3 | ||||||||||||||||||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||
Net income | $ | 365.3 | $ | 231.6 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
| Depreciation and amortization | 427.2 | 400.5 | ||||||||||||
| Loss on repayment of loans | — | 2.6 | ||||||||||||
| Deferred taxes | (26.5) | (94.1) | ||||||||||||
| Stock-based compensation | 106.9 | 85.6 | ||||||||||||
Loss on early termination of lease | — | 40.5 | ||||||||||||
| Other | 31.4 | 17.9 | ||||||||||||
| Changes in assets and liabilities: | ||||||||||||||
| Trade accounts receivable | (105.9) | (88.9) | ||||||||||||
| Other current and long-term assets | (1.9) | 31.4 | ||||||||||||
| Trade accounts payable | 50.1 | 44.2 | ||||||||||||
| Other current and long-term liabilities | (178.5) | (92.8) | ||||||||||||
Cash provided by operating activities | 668.1 | 578.5 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Capital expenditures | (229.3) | (198.7) | ||||||||||||
| Proceeds from sale/maturities of other investments | 0.2 | — | ||||||||||||
| Investments in consolidated affiliates, net of cash acquired | (55.7) | — | ||||||||||||
Investments in nonconsolidated affiliates and notes receivable | (25.0) | (5.9) | ||||||||||||
| Proceeds from the sale of investments in nonconsolidated affiliates | — | 3.8 | ||||||||||||
| Other | 2.7 | 5.7 | ||||||||||||
| Cash used in investing activities | (307.1) | (195.1) | ||||||||||||
| Cash flows from financing activities: | ||||||||||||||
Proceeds from term loans | — | 934.9 | ||||||||||||
Repayments of term loans | — | (927.9) | ||||||||||||
| Repayments of debt | (60.9) | (141.0) | ||||||||||||
| Debt financing fees | — | (13.5) | ||||||||||||
| Dividends to shareholders | (68.3) | (61.7) | ||||||||||||
Proceeds from issuance of common stock | 22.5 | 24.5 | ||||||||||||
| Employee taxes paid on restricted stock units recorded as treasury stock | (33.9) | (30.1) | ||||||||||||
Repurchase of common stock | (152.6) | — | ||||||||||||
| Distributions to noncontrolling interests | (7.7) | (4.7) | ||||||||||||
| Cash used in financing activities | (300.9) | (219.5) | ||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 10.3 | 3.1 | ||||||||||||
| Net change in cash and cash equivalents | 70.4 | 167.0 | ||||||||||||
| Cash and cash equivalents, beginning of period | 679.5 | 476.2 | ||||||||||||
| Cash and cash equivalents, end of period | $ | 749.9 | $ | 643.2 | ||||||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.
We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.
Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.
Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.
Consolidated Adjusted EBITDA
Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:
•Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
•Provision for income taxes, as reported on our Consolidated Statements of Operations.
•Depreciation and amortization, as reported on our Consolidated Statements of Operations.
•Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
•Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations - Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended September 30, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
•Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected
to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
•Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, including gains or losses on a step acquisition, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
•Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.
Consolidated Adjusted EBITDA Margin
Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.
Adjusted Net Income
Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:
•Amortization of certain intangible assets represents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
•Stock-based compensation (see Consolidated Adjusted EBITDA above)
•Operating model optimization program (see Consolidated Adjusted EBITDA above)
•Accelerated technology investment (see Consolidated Adjusted EBITDA above)
•Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
•Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
•Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statements of operations.
Adjusted Diluted Earnings Per Share
Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.
Adjusted Provision for Income Taxes
Management has excluded the following items from our provision for income taxes for the periods presented:
•Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
•Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
•Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.
Adjusted Effective Tax Rate
Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax
adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.
Leverage Ratio
Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.
This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.
Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.
Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.
SCHEDULE 1
TRANSUNION AND SUBSIDIARIES
Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC
(Unaudited)
For the Three Months Ended September 30, 2025 compared with the Three Months Ended September 30, 2024 | For the Nine Months Ended September 30, 2025 compared with the Nine Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Reported | CC Growth1 | Inorganic | Organic CC Growth2 | Reported | CC Growth1 | Inorganic | Organic CC Growth2 | |||||||||||||||||||||||||||||||||||||||||||
| Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | 7.8 | % | 7.8 | % | 0.6 | % | 7.2 | % | 8.2 | % | 8.5 | % | 0.4 | % | 8.0 | % | ||||||||||||||||||||||||||||||||||
| U.S. Markets | 7.6 | % | 7.6 | % | 0.2 | % | 7.4 | % | 8.7 | % | 8.7 | % | 0.2 | % | 8.6 | % | ||||||||||||||||||||||||||||||||||
| Financial Services | 19.3 | % | 19.3 | % | — | % | 19.3 | % | 17.1 | % | 17.1 | % | — | % | 17.1 | % | ||||||||||||||||||||||||||||||||||
| Emerging Verticals | 7.5 | % | 7.5 | % | — | % | 7.5 | % | 6.1 | % | 6.1 | % | — | % | 6.1 | % | ||||||||||||||||||||||||||||||||||
| Consumer Interactive | (16.6) | % | (16.7) | % | 1.2 | % | (17.8) | % | (5.6) | % | (5.6) | % | 0.9 | % | (6.5) | % | ||||||||||||||||||||||||||||||||||
| International | 7.7 | % | 7.7 | % | 2.1 | % | 5.7 | % | 5.9 | % | 7.0 | % | 1.4 | % | 5.7 | % | ||||||||||||||||||||||||||||||||||
| Canada | 10.0 | % | 11.0 | % | — | % | 11.0 | % | 6.6 | % | 9.5 | % | — | % | 9.5 | % | ||||||||||||||||||||||||||||||||||
| Latin America | 0.7 | % | — | % | — | % | — | % | (0.3) | % | 3.7 | % | — | % | 3.7 | % | ||||||||||||||||||||||||||||||||||
| United Kingdom | 23.5 | % | 18.9 | % | 8.6 | % | 10.6 | % | 17.1 | % | 13.7 | % | 5.8 | % | 8.2 | % | ||||||||||||||||||||||||||||||||||
| Africa | 13.7 | % | 11.9 | % | — | % | 11.9 | % | 13.6 | % | 11.7 | % | — | % | 11.7 | % | ||||||||||||||||||||||||||||||||||
| India | 0.5 | % | 4.6 | % | — | % | 4.6 | % | 0.5 | % | 4.2 | % | — | % | 4.2 | % | ||||||||||||||||||||||||||||||||||
| Asia Pacific | (7.6) | % | (7.5) | % | — | % | (7.5) | % | (2.5) | % | (2.5) | % | — | % | (2.5) | % | ||||||||||||||||||||||||||||||||||
| Adjusted EBITDA: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated | 8.0 | % | 8.2 | % | (0.1) | % | 8.3 | % | 8.9 | % | 9.5 | % | — | % | 9.6 | % | ||||||||||||||||||||||||||||||||||
| U.S. Markets | 9.6 | % | 9.6 | % | 0.1 | % | 9.5 | % | 9.5 | % | 9.5 | % | — | % | 9.4 | % | ||||||||||||||||||||||||||||||||||
| International | 1.7 | % | 2.4 | % | (0.9) | % | 3.3 | % | 3.8 | % | 5.8 | % | (0.3) | % | 6.1 | % | ||||||||||||||||||||||||||||||||||
1.Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
2.Organic CC growth rate is the CC growth rate less the inorganic growth rate.
SCHEDULE 2
TRANSUNION AND SUBSIDIARIES
Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)
(dollars in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| U.S. Markets gross revenue | |||||||||||||||||||||||
| Financial Services | $ | 438.0 | $ | 367.2 | $ | 1,261.5 | $ | 1,077.6 | |||||||||||||||
| Emerging Verticals | 330.1 | 307.2 | 968.6 | 913.1 | |||||||||||||||||||
| Consumer Interactive | 144.8 | 173.7 | 429.8 | 455.1 | |||||||||||||||||||
| U.S. Markets gross revenue | $ | 912.8 | $ | 848.1 | $ | 2,659.9 | $ | 2,445.9 | |||||||||||||||
| International gross revenue | |||||||||||||||||||||||
| Canada | $ | 43.4 | $ | 39.4 | $ | 123.5 | $ | 115.9 | |||||||||||||||
| Latin America | 33.7 | 33.5 | 100.6 | 100.9 | |||||||||||||||||||
| United Kingdom | 71.4 | 57.8 | 197.4 | 168.6 | |||||||||||||||||||
| Africa | 19.4 | 17.1 | 54.5 | 48.0 | |||||||||||||||||||
| India | 68.5 | 68.2 | 203.9 | 202.8 | |||||||||||||||||||
| Asia Pacific | 23.7 | 25.6 | 75.2 | 77.1 | |||||||||||||||||||
| International gross revenue | $ | 260.1 | $ | 241.6 | $ | 755.1 | $ | 713.3 | |||||||||||||||
| Total gross revenue | $ | 1,172.9 | $ | 1,089.6 | $ | 3,415.0 | $ | 3,159.2 | |||||||||||||||
| Intersegment revenue eliminations | |||||||||||||||||||||||
| U.S. Markets | $ | (1.7) | $ | (2.8) | $ | (5.3) | $ | (7.4) | |||||||||||||||
| International | (1.7) | (1.9) | (4.7) | (4.8) | |||||||||||||||||||
| Total intersegment revenue eliminations | $ | (3.4) | $ | (4.7) | $ | (10.0) | $ | (12.3) | |||||||||||||||
| Total revenue as reported | $ | 1,169.5 | $ | 1,085.0 | $ | 3,405.0 | $ | 3,147.0 | |||||||||||||||
| Adjusted EBITDA: | |||||||||||||||||||||||
| U.S. Markets | $ | 350.7 | $ | 319.9 | $ | 1,008.1 | $ | 920.9 | |||||||||||||||
| International | 112.4 | 110.5 | 330.2 | 318.1 | |||||||||||||||||||
| Corporate | (38.0) | (36.7) | (109.0) | (110.6) | |||||||||||||||||||
Adjusted EBITDA Margin:1 | |||||||||||||||||||||||
| U.S. Markets | 38.4 | % | 37.7 | % | 37.9 | % | 37.6 | % | |||||||||||||||
| International | 43.2 | % | 45.7 | % | 43.7 | % | 44.6 | % | |||||||||||||||
1.Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA: | |||||||||||||||||||||||
Net income attributable to TransUnion | $ | 96.6 | $ | 68.0 | $ | 354.2 | $ | 218.2 | |||||||||||||||
| Net interest expense | 53.7 | 58.9 | 148.2 | 183.3 | |||||||||||||||||||
| Provision for income taxes | 50.0 | 24.9 | 135.4 | 68.9 | |||||||||||||||||||
| Depreciation and amortization | 145.6 | 133.6 | 427.2 | 400.5 | |||||||||||||||||||
| EBITDA | $ | 345.8 | $ | 285.4 | $ | 1,065.0 | $ | 870.8 | |||||||||||||||
| Adjustments to EBITDA: | |||||||||||||||||||||||
| Stock-based compensation | 36.4 | 33.8 | 106.9 | 85.7 | |||||||||||||||||||
Mergers and acquisitions, divestitures and business optimization1 | 6.9 | 7.3 | 20.2 | 17.1 | |||||||||||||||||||
Accelerated technology investment2 | 22.1 | 21.8 | 65.4 | 58.6 | |||||||||||||||||||
Operating model optimization program3 | 11.5 | 47.3 | 26.7 | 86.4 | |||||||||||||||||||
Net other4 | 2.3 | (2.0) | (55.0) | 9.7 | |||||||||||||||||||
| Total adjustments to EBITDA | $ | 79.2 | $ | 108.3 | $ | 164.2 | $ | 257.5 | |||||||||||||||
| Consolidated Adjusted EBITDA | $ | 425.1 | $ | 393.7 | $ | 1,229.2 | $ | 1,128.4 | |||||||||||||||
Net income attributable to TransUnion margin | 8.3 | % | 6.3 | % | 10.4 | % | 6.9 | % | |||||||||||||||
Consolidated Adjusted EBITDA margin5 | 36.3 | % | 36.3 | % | 36.1 | % | 35.9 | % | |||||||||||||||
As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.
1.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Transaction and integration costs | $ | 2.7 | $ | 3.6 | $ | 10.9 | $ | 7.0 | ||||||||||||||||||
| Fair value and impairment adjustments | 4.2 | — | 9.3 | 0.8 | ||||||||||||||||||||||
| Post-acquisition adjustments | — | 3.7 | — | 9.4 | ||||||||||||||||||||||
| Total mergers and acquisitions, divestitures and business optimization | $ | 6.9 | $ | 7.3 | $ | 20.2 | $ | 17.1 | ||||||||||||||||||
2.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Foundational Capabilities | $ | 4.4 | $ | 9.9 | $ | 16.0 | $ | 25.0 | ||||||||||||||||||
| Migration Management | 17.7 | 11.0 | 49.3 | 29.9 | ||||||||||||||||||||||
| Program Enablement | — | 0.9 | — | 3.8 | ||||||||||||||||||||||
| Total accelerated technology investment | $ | 22.1 | $ | 21.8 | $ | 65.4 | $ | 58.6 | ||||||||||||||||||
3.Operating model optimization consisted of the following adjustments:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Employee separation | $ | 5.1 | $ | — | $ | 5.1 | $ | 24.7 | ||||||||||||||||||
| Facility exit | — | 40.5 | — | 42.1 | ||||||||||||||||||||||
| Business process optimization | 6.4 | 6.8 | 21.6 | 19.6 | ||||||||||||||||||||||
| Total operating model optimization | $ | 11.5 | $ | 47.3 | $ | 26.7 | $ | 86.4 | ||||||||||||||||||
4.Net other consisted of the following adjustments:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Deferred loan fee expense from debt prepayments and refinancing | $ | — | $ | 0.1 | $ | (0.1) | $ | 9.2 | ||||||||||||||||||
| Other debt financing expenses | 0.5 | 0.5 | 1.6 | 1.6 | ||||||||||||||||||||||
| Currency remeasurement on foreign operations | 1.6 | (1.7) | (0.6) | (0.4) | ||||||||||||||||||||||
| Legal and regulatory expenses, net | — | — | (56.0) | — | ||||||||||||||||||||||
| Other non-operating (income) expense | 0.2 | (0.8) | 0.1 | (0.7) | ||||||||||||||||||||||
| Total other adjustments | $ | 2.3 | $ | (2.0) | $ | (55.0) | $ | 9.7 | ||||||||||||||||||
5.Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
SCHEDULE 3
TRANSUNION AND SUBSIDIARIES
Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)
(in millions, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Income attributable to TransUnion | $ | 96.6 | $ | 68.0 | $ | 354.2 | $ | 218.2 | ||||||||||||||||||
| Weighted-average shares outstanding: | ||||||||||||||||||||||||||
| Basic | 194.8 | 194.6 | 194.9 | 194.3 | ||||||||||||||||||||||
| Diluted | 197.2 | 197.0 | 197.2 | 196.3 | ||||||||||||||||||||||
Basic earnings per common share from: | ||||||||||||||||||||||||||
Net income attributable to TransUnion | $ | 0.50 | $ | 0.35 | $ | 1.82 | $ | 1.12 | ||||||||||||||||||
Diluted earnings per common share from: | ||||||||||||||||||||||||||
Net income attributable to TransUnion | $ | 0.49 | $ | 0.35 | $ | 1.80 | $ | 1.11 | ||||||||||||||||||
Reconciliation of Net income attributable to TransUnion to Adjusted Net Income: | ||||||||||||||||||||||||||
Net income attributable to TransUnion | $ | 96.6 | $ | 68.0 | $ | 354.2 | $ | 218.2 | ||||||||||||||||||
| Adjustments before income tax items: | ||||||||||||||||||||||||||
Amortization of certain intangible assets1 | 73.2 | 71.5 | 217.2 | 214.9 | ||||||||||||||||||||||
Stock-based compensation | 36.4 | 33.8 | 106.9 | 85.7 | ||||||||||||||||||||||
Mergers and acquisitions, divestitures and business optimization2 | 6.9 | 7.3 | 20.2 | 17.1 | ||||||||||||||||||||||
Accelerated technology investment3 | 22.1 | 21.8 | 65.4 | 58.6 | ||||||||||||||||||||||
Operating model optimization program4 | 11.5 | 47.3 | 26.7 | 86.4 | ||||||||||||||||||||||
Net other5 | 1.6 | (2.1) | (56.7) | 8.6 | ||||||||||||||||||||||
| Total adjustments before income tax items | $ | 151.8 | $ | 179.6 | $ | 379.7 | $ | 471.3 | ||||||||||||||||||
Total adjustments for income taxes6 | (31.9) | (43.1) | (96.7) | (112.9) | ||||||||||||||||||||||
| Adjusted Net Income | $ | 216.5 | $ | 204.5 | $ | 637.2 | $ | 576.6 | ||||||||||||||||||
| Weighted-average shares outstanding: | ||||||||||||||||||||||||||
| Basic | 194.8 | 194.6 | 194.9 | 194.3 | ||||||||||||||||||||||
Diluted | 197.2 | 197.0 | 197.2 | 196.3 | ||||||||||||||||||||||
| Adjusted Earnings per Share: | ||||||||||||||||||||||||||
| Basic | $ | 1.11 | $ | 1.05 | $ | 3.27 | $ | 2.97 | ||||||||||||||||||
| Diluted | $ | 1.10 | $ | 1.04 | $ | 3.23 | $ | 2.94 | ||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share: | ||||||||||||||||||||||||||
Diluted earnings per common share from: | ||||||||||||||||||||||||||
Net income attributable to TransUnion | $ | 0.49 | $ | 0.35 | $ | 1.80 | $ | 1.11 | ||||||||||||||||||
| Adjustments before income tax items: | ||||||||||||||||||||||||||
Amortization of certain intangible assets1 | 0.37 | 0.36 | 1.10 | 1.09 | ||||||||||||||||||||||
Stock-based compensation | 0.18 | 0.17 | 0.54 | 0.44 | ||||||||||||||||||||||
Mergers and acquisitions, divestitures and business optimization2 | 0.04 | 0.04 | 0.10 | 0.09 | ||||||||||||||||||||||
Accelerated technology investment3 | 0.11 | 0.11 | 0.33 | 0.30 | ||||||||||||||||||||||
Operating model optimization program4 | 0.06 | 0.24 | 0.14 | 0.44 | ||||||||||||||||||||||
Net other5 | 0.01 | (0.01) | (0.29) | 0.04 | ||||||||||||||||||||||
| Total adjustments before income tax items | $ | 0.77 | $ | 0.91 | $ | 1.92 | $ | 2.40 | ||||||||||||||||||
Total adjustments for income taxes6 | (0.16) | (0.22) | (0.49) | (0.57) | ||||||||||||||||||||||
| Adjusted Diluted Earnings per Share | $ | 1.10 | $ | 1.04 | $ | 3.23 | $ | 2.94 | ||||||||||||||||||
Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.
1.Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
2.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Transaction and integration costs | $ | 2.7 | $ | 3.6 | $ | 10.9 | $ | 7.0 | ||||||||||||||||||
| Fair value and impairment adjustments | 4.2 | — | 9.3 | 0.8 | ||||||||||||||||||||||
| Post-acquisition adjustments | — | 3.7 | — | 9.4 | ||||||||||||||||||||||
| Total mergers and acquisitions, divestitures and business optimization | $ | 6.9 | $ | 7.3 | $ | 20.2 | $ | 17.1 | ||||||||||||||||||
3.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Foundational Capabilities | $ | 4.4 | $ | 9.9 | $ | 16.0 | $ | 25.0 | ||||||||||||||||||
| Migration Management | 17.7 | 11.0 | 49.3 | 29.9 | ||||||||||||||||||||||
| Program Enablement | — | 0.9 | — | 3.8 | ||||||||||||||||||||||
| Total accelerated technology investment | $ | 22.1 | $ | 21.8 | $ | 65.4 | $ | 58.6 | ||||||||||||||||||
4.Operating model optimization consisted of the following adjustments:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
Employee separation | $ | 5.1 | $ | — | $ | 5.1 | $ | 24.7 | ||||||||||||||||||
| Facility exit | — | 40.5 | — | 42.1 | ||||||||||||||||||||||
| Business process optimization | 6.4 | 6.8 | 21.6 | 19.6 | ||||||||||||||||||||||
| Total operating model optimization | $ | 11.5 | $ | 47.3 | $ | 26.7 | $ | 86.4 | ||||||||||||||||||
5.Net other consisted of the following adjustments:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Deferred loan fee expense from debt prepayments and refinancing | $ | — | $ | 0.1 | $ | (0.1) | $ | 9.2 | ||||||||||||||||||
| Currency remeasurement on foreign operations | 1.6 | (1.7) | (0.6) | (0.4) | ||||||||||||||||||||||
| Legal and regulatory expenses, net | — | — | (56.0) | — | ||||||||||||||||||||||
| Other non-operating (income) and expense | — | (0.5) | — | (0.2) | ||||||||||||||||||||||
| Total other adjustments | $ | 1.6 | $ | (2.1) | $ | (56.7) | $ | 8.6 | ||||||||||||||||||
6.Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.
SCHEDULE 4
TRANSUNION AND SUBSIDIARIES
Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)
(dollars in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
Income before income taxes | $ | 150.1 | $ | 96.8 | $ | 500.7 | $ | 300.5 | |||||||||||||||
Total adjustments before income tax items from Schedule 3 | 151.8 | 179.6 | 379.7 | 471.3 | |||||||||||||||||||
Adjusted income before income taxes | $ | 301.9 | $ | 276.4 | $ | 880.4 | $ | 771.8 | |||||||||||||||
Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes: | |||||||||||||||||||||||
Provision for income taxes | (50.0) | (24.9) | (135.4) | (68.9) | |||||||||||||||||||
| Adjustments for income taxes: | |||||||||||||||||||||||
| Tax effect of above adjustments | (34.5) | (41.8) | (99.8) | (108.5) | |||||||||||||||||||
Eliminate impact of excess tax expense for stock-based compensation | (1.9) | (2.3) | (1.6) | (1.4) | |||||||||||||||||||
Other1 | 4.5 | 0.9 | 4.7 | (3.0) | |||||||||||||||||||
| Total adjustments for income taxes | $ | (31.9) | $ | (43.1) | $ | (96.7) | $ | (112.9) | |||||||||||||||
Adjusted Provision for Income Taxes | $ | (81.8) | $ | (68.0) | $ | (232.1) | $ | (181.8) | |||||||||||||||
| Effective tax rate | 33.3 | % | 25.7 | % | 27.0 | % | 22.9 | % | |||||||||||||||
| Adjusted Effective Tax Rate | 27.1 | % | 24.6 | % | 26.4 | % | 23.6 | % | |||||||||||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
1.Other adjustments for income taxes include:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||||
| Deferred tax adjustments | $ | 1.8 | $ | 3.8 | $ | (5.6) | $ | (1.4) | ||||||||||||||||||
| Valuation allowance adjustments | 0.2 | (2.3) | 1.7 | (2.1) | ||||||||||||||||||||||
| Return to provision, audit adjustments and reserves related to prior periods | 2.4 | (1.2) | 7.3 | 1.2 | ||||||||||||||||||||||
| Other adjustments | 0.1 | 0.7 | 1.3 | (0.7) | ||||||||||||||||||||||
| Total other adjustments | $ | 4.5 | $ | 0.9 | $ | 4.7 | $ | (3.0) | ||||||||||||||||||
SCHEDULE 5
TRANSUNION AND SUBSIDIARIES
Leverage Ratio (Unaudited)
(dollars in millions)
| Trailing Twelve Months Ended September 30, 2025 | ||||||||
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA: | ||||||||
Net income attributable to TransUnion | $ | 420.4 | ||||||
| Net interest expense | 201.6 | |||||||
| Provision for income taxes | 165.3 | |||||||
| Depreciation and amortization | 564.5 | |||||||
| EBITDA | $ | 1,351.9 | ||||||
| Adjustments to EBITDA: | ||||||||
Stock-based compensation | $ | 142.5 | ||||||
Mergers and acquisitions, divestitures and business optimization1 | 29.5 | |||||||
Accelerated technology investment2 | 91.0 | |||||||
Operating model optimization program3 | 35.2 | |||||||
Net other4 | (42.9) | |||||||
| Total adjustments to EBITDA | $ | 255.3 | ||||||
Consolidated Adjusted EBITDA | 1,607.2 | |||||||
Adjusted EBITDA for Pre-Acquisition Period5 | 1.2 | |||||||
| Leverage Ratio Adjusted EBITDA | $ | 1,608.3 | ||||||
| Total debt | $ | 5,120.1 | ||||||
| Less: Cash and cash equivalents | 749.9 | |||||||
| Net Debt | $ | 4,370.2 | ||||||
Ratio of Net Debt to Net income attributable to TransUnion | 10.4 | |||||||
| Leverage Ratio | 2.7 | |||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
1.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:
| Trailing Twelve Months Ended September 30, 2025 | ||||||||
| Transaction and integration costs | $ | 15.1 | ||||||
| Fair value and impairment adjustments | 16.8 | |||||||
| Post-acquisition adjustments | (2.4) | |||||||
| Total mergers and acquisitions, divestitures and business optimization | $ | 29.5 | ||||||
2.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
| Trailing Twelve Months Ended September 30, 2025 | ||||||||
| Foundational Capabilities | $ | 26.8 | ||||||
| Migration Management | 62.6 | |||||||
| Program Enablement | 1.6 | |||||||
| Total accelerated technology investment | $ | 91.0 | ||||||
3.Operating model optimization consisted of the following adjustments:
| Trailing Twelve Months Ended September 30, 2025 | ||||||||
Employee separation | $ | 5.1 | ||||||
| Facility exit | — | |||||||
| Business process optimization | 30.1 | |||||||
| Total operating model optimization | $ | 35.2 | ||||||
4.Net other consisted of the following adjustments:
| Trailing Twelve Months Ended September 30, 2025 | ||||||||
| Deferred loan fee expense from debt prepayments and refinancings | $ | 8.5 | ||||||
| Other debt financing expenses | 2.3 | |||||||
| Currency remeasurement on foreign operations | 1.9 | |||||||
Legal and regulatory expenses, net | (56.0) | |||||||
| Other non-operating (income) and expense | 0.3 | |||||||
| Total other adjustments | $ | (42.9) | ||||||
5.The trailing twelve months ended September 30, 2025 includes the six months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025.
SCHEDULE 6
TRANSUNION AND SUBSIDIARIES
Segment Depreciation and Amortization (Unaudited)
(in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| U.S. Markets | $ | 106.7 | $ | 99.3 | $ | 313.1 | $ | 299.4 | |||||||||||||||
| International | 38.0 | 33.4 | 111.2 | 98.1 | |||||||||||||||||||
| Corporate | 0.9 | 1.0 | 2.9 | 3.0 | |||||||||||||||||||
| Total depreciation and amortization | $ | 145.6 | $ | 133.6 | $ | 427.2 | $ | 400.5 | |||||||||||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
SCHEDULE 7
TRANSUNION AND SUBSIDIARIES
Reconciliation of Non-GAAP Guidance (Unaudited)
(in millions, except per share data)
| Three Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 | ||||||||||||||||||||||
| Low | High | Low | High | ||||||||||||||||||||
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA: | |||||||||||||||||||||||
| Net income attributable to TransUnion | $ | 84 | $ | 93 | $ | 438 | $ | 448 | |||||||||||||||
| Interest, taxes and depreciation and amortization | 242 | 247 | 953 | 957 | |||||||||||||||||||
| EBITDA | $ | 326 | $ | 340 | $ | 1,391 | $ | 1,405 | |||||||||||||||
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1 | 68 | 68 | 232 | 232 | |||||||||||||||||||
| Adjusted EBITDA | $ | 393 | $ | 407 | $ | 1,622 | $ | 1,637 | |||||||||||||||
| Net income attributable to TransUnion margin | 7.5 | % | 8.2 | % | 9.7 | % | 9.9 | % | |||||||||||||||
Consolidated Adjusted EBITDA margin2 | 35.1 | % | 35.8 | % | 35.9 | % | 36.0 | % | |||||||||||||||
| Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share: | |||||||||||||||||||||||
| Diluted earnings per share | $ | 0.42 | $ | 0.47 | $ | 2.21 | $ | 2.26 | |||||||||||||||
Adjustments to diluted earnings per share1 | 0.55 | 0.55 | 1.98 | 1.98 | |||||||||||||||||||
| Adjusted Diluted Earnings per Share | $ | 0.97 | $ | 1.02 | $ | 4.19 | $ | 4.25 | |||||||||||||||
As a result of displaying amounts in millions, rounding differences may exist in the table above.
1.These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
2.Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.
Third Quarter 2025 Earnings October 23, 2025 Chris Cartwright, President and CEO Todd Cello, CFO Exhibit 99.2
2@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Non-GAAP Financial InformationForward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause TransUnion’s actual results to differ materially from those described in the forward-looking statements include: macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate; our ability to provide competitive services and prices; our ability to retain or renew existing agreements with large or long-term customers; our ability to maintain the security and integrity of our data; our ability to deliver services timely without interruption; uncertainty related to FICO’s new Mortgage Direct License Program; our ability to maintain our access to data sources; government regulation and changes in the regulatory environment; litigation or regulatory proceedings; our approach to the use of artificial intelligence; our ability to effectively manage our costs; our efforts to execute our transformation plan and achieve the anticipated benefits and savings; our ability to maintain effective internal control over financial reporting or disclosure controls and procedures; economic and political stability in the United States and risks associated with the international markets where we operate; our ability to effectively develop and maintain strategic alliances and joint ventures; our ability to timely develop new services and the market’s willingness to adopt our new services; our ability to manage and expand our operations and keep up with rapidly changing technologies; our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions; our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property; our ability to defend our intellectual property from infringement claims by third parties; the ability of our outside service providers and key vendors to fulfill their obligations to us; further consolidation in our end-customer markets; the increased availability of free or inexpensive consumer information; losses against which we do not insure; risks related to our indebtedness, including our ability to make timely payments of principal and interest and our ability to satisfy covenants in the agreements governing our indebtedness; our ability to maintain our liquidity; our dividend payments and dividend rate; share repurchase plans; our reliance on key management personnel; changes in tax laws or adverse outcomes resulting from examination of our tax returns; and other one- time events and other factors that can be found in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on TransUnion’s website (www.transunion.com/tru) and on the Securities and Exchange Commission’s website (www.sec.gov). TransUnion undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this presentation. This investor presentation includes certain non-GAAP measures that are more fully described in the appendices to the presentation. Exhibit 99.1, “Press release of TransUnion dated October 23, 2025, announcing results for the quarter ended September 30, 2025,” under the heading ‘Non-GAAP Financial Measures,’” furnished to the Securities and Exchange Commission on October 23, 2025. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for each of the periods included in this presentation are included in the Appendices at the back of this investor presentation.
3@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Delivered strong and diversified revenue growth in Q3 Raising FY 2025 guidance Executing well on technology modernization Increasing capital return to shareholders • +11% organic constant currency excluding last year’s large breach win • U.S. Markets +7%*, or +13% excluding breach win – Financial Services +19% – Emerging Verticals +7.5% • International +6%* – Double-digit growth in U.K., Canada and Africa • Supported by strong Q3, stable U.S. lending trends and new business wins • Organic constant currency revenue growth of +9% excluding large breach win – Implies 8th straight quarter of high-single digit growth • Adjusted Diluted EPS raised 11c at high-end due to revenue flow-through • Migrating critical mass of U.S. credit customers by year-end – First migrations completed in Q3 • Accelerated pace of innovation in credit and non-credit products • Expect to deliver remaining OpEx and CapEx savings in 2026 as planned • Accelerated repurchases to $160M in Q3 and October; ~$200M YTD • Board increased share repurchase authorization to $1 billion • 2.6x Leverage Ratio expected at year-end pre- Mexico acquisition • 90%+ FCF conversion expected in 2026 Third quarter 2025 highlights *All referenced Q3 growth rates are organic constant currency revenue. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation.
4@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Delivered strong and diversified Q3 revenue growth across solutions, verticals and geographies 1 All figures are organic constant-currency revenue growth rates. 2 Non-credit growth includes Marketing, Fraud, Communications, Consumer and All Other Credit U.S. Markets +13% excluding last year’s breach win • Solution: Non-credit revenue2 (50%+ of mix) grew +8% excluding breach win; credit revenue grew +20% • Vertical: Financial Services +19% or +12% ex-mortgage; Emerging Verticals grew +7.5% (strongest since 2022) International +6% • Double-digit growth in U.K. (strongest since 2022), Canada and Africa • India grew +5%, with new business wins and innovation outpacing tariff-tempered volumes International1U.S. Markets1
5@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Revenue Adjusted EBITDA Adjusted Diluted Earnings Per Share Metric Updated Guidance Change to High-end Comment $4,524M to $4,544M 8% organic constant-currency $1,622M to $1,637M 8% to 9% growth 35.9% to 36.0% margins $4.19 to $4.25 7% to 9% growth $72M $27M $0.11 High-single digit growth from stronger U.S. Financial Services and Emerging Verticals High-single digit growth with increase due to revenue flow-through Double-digit growth excluding 400bps impact from tax rate reset Raising FY 2025 guidance supported by strong Q3, stable U.S. lending trends and commercial momentum Guidance maintains prudent conservatism; potential for upside if current conditions persist For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation.
6@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Migrate U.S. credit customers Milestones: Next targets: Strong progress with U.S. credit migrations; on track to deliver additional savings in 2026 as anticipated Initiatives: Migrated first customers to OneTru – Customers experiencing faster processing and access to innovation like TruIQ Expanded dual run of key customers – Deep engagement with largest customers to support upcoming migrations • Year-end: Achieve critical mass of U.S. credit customer migrations • Mid-2026: Complete all U.S. credit migrations Diffuse OneTru globally Launched TruIQ analytics capabilities across India, Canada and the U.K. • 2026: Launch new OneTru-enabled solutions and modernize credit capabilities in Canada, U.K. and the Philippines • 2027+: Migrate remaining markets Deliver structural cost savings Achieved targeted 2025 savings Identified incremental vendor and internal savings to deliver 2026 targets • 2026: Deliver $35M OpEx savings* and reduce CapEx to 6% of revenue as anticipated to drive margin expansion • 2027+: Complete U.S. and global migrations to drive additional savings * Note: No additional one-time expense addbacks in 2026.
7@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. What’s resonating in the market? What’s coming next? Synthetic Fraud Credit Washing Enhanced identity graph Identity Resolution in the Cloud Credit Strategy Studio, part of Advanced Acquisition Behavioral Risk Score, part of Device Risk Audiences expansion Self-serve measurement Branded Call Display Spoof Call Protection Omnichannel platform Global expansion Freemium offering Unified credit education platform Offers-as-a- service (Monevo) All services on global platform OneTru already accelerating pace of innovation New product innovation supporting industry-leading U.S. credit growth (+20% in Q3) and accelerating non- credit growth (+8%) Data Enrichment FactorTrust MarketingFraudCredit Communications Consumer
8@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. AI use cases being deployed Differentiated data assets, product data exhaust, and customer data connected by a leading identity graph Advantaged for AI future Extensive experience applying AI and machine learning across products, models and consulting Enterprise data and workflow platform (OneTru) enabling scaled deployment of internal and 3rd party AI tools Accelerated innovation and revenue growth Improved customer experience Strengthened operational excellence and efficiency Enhanced risk mitigation and compliance AI-empowered customers use more data and can adopt our newest innovations faster AI-driven value realization Internal productivity tools including OneTru Assist for developers; OneTru AI Studio for non-technical users AI-enabled solutions including TruIQ, Fraud advanced analytics and Marketing behavioral knowledge graph Agentic AI across OneTru for data onboarding, identity resolution, analytics and delivery OneTru leverages AI tools for faster, higher quality decision-making
9@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Strong financial results • Increased share repurchases in Q3 and October – Repurchased $160M in shares in Q3/October; ~$200M YTD – View repurchases as highly attractive use of capital • Expect to continue strong pace of repurchases in 2026 – Board increased authorization from $500 million to $1 billion4 • Expect to complete Mexico acquisition in late 2025 or early 2026 – Funding with cash-on-hand and debt • No transformational M&A contemplated – Consider bolt-on M&A aligned to growth strategy 3% 9% ~8% 2023 2024 2025F* 2026F* Organic Constant Currency Revenue Growth1 3.6x 3.0x 2.6x 2023 2024 2025F* 2026F* Net Leverage Ratio2 at year-end ~50% ~70% ~70% 90%+ 2023 2024 2025F* 2026F* Free Cash Flow Conversion3 1) 2025 organic constant-currency growth based on high-end of guidance; 2024 large breach remediation win was a 1 point tailwind to 2024 organic growth and a 1 point headwind to 2025 organic growth 2) Year-end 2025 reflects Leverage Ratio before completion of TransUnion de Mexico acquisition. 3) Defined as fee cash flow (cash flow from operations less capital expenditures) as a percentage of Adjusted Net Income 4) $1 billion share repurchase authorization is inclusive of repurchases to date. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Shareholder-centric capital deployment Natural de-levering via Adjusted EBITDA growth Positioned for another year of strong and diversified growth Increasing capital return to shareholders *Note: 2025 and 2026 represent expected figures.
10@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Consolidated third quarter 2025 highlights For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Reported ($M) Y/Y Change Revenue $1,170 8% Organic Constant Currency Revenue 7% Adjusted EBITDA $425 8% Adjusted EBITDA Margin 36.3% Flat Adjusted Diluted EPS $1.10 6% • Organic constant currency revenue growth of +7%, or +11% excluding last year’s breach win comparison • Margins modestly ahead of expectations due to revenue flow-through
11@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. U.S. Markets third quarter 2025 highlights Note: Rows may not foot due to rounding. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. • U.S. Financial Services +19%, or +12% excluding mortgage − Card & Banking +5% − Consumer Lending +17% − Auto +16% − Mortgage +35% compared to flattish inquiries • Emerging Verticals +7.5% led by Insurance up double-digits • Consumer Interactive (17)%; mid-single digit growth excluding last year’s breach win Reported ($M) Reported Y/Y FX Impact Inorganic Impact Organic Constant Currency Revenue $913 8% – – 7% Financial Services 438 19% – – 19% Emerging Verticals 330 7% – – 7% Consumer Interactive 145 (17)% – 1% (18)% Adjusted EBITDA $351 10% – – 9% *Revenue growth figures referenced above are organic constant currency.
12@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. International third quarter 2025 highlights Note: Rows may not foot due to rounding. For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. • U.K. +11% healthy volumes and ramping new wins • Canada +11% share gains across verticals • Africa +12% with growth across financial services, retail and insurance • India +5% new wins and innovation offsetting tempered lending activity Reported ($M) Reported Y/Y FX Impact Inorganic Impact Organic Constant Currency Revenue $260 8% – 2% 6% Canada 43 10% (1)% – 11% Latin America 34 1% 1% – Flat U.K. 71 24% 5% 9% 11% Africa 19 14% 2% – 12% India 69 Flat (5)% – 5% Asia Pacific 24 (8%) – – (8%) Adjusted EBITDA $112 2% – – 3% *Revenue growth figures referenced above are organic constant currency.
13@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Natural de-levering and improving free cash flow generation enabling increased shareholder returns Uses of cash2 Leverage Ratio1 1We define Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period. Total debt is netted for deferred financing fees / original issue discount. 2“Acquisitions (net of divestitures and cash received)” includes investments in consolidated affiliates (net of cash received), proceeds from divestitures of discontinued operations, purchases of non-controlling interests (net of proceeds from sales of non-controlling interests), purchases of notes receivable, and net proceeds from purchases and sales of other investments; "Repurchases" represents the cost to acquire shares excluding commissions and excise taxes. “Debt payments” represents voluntary and mandatory payments on our debt excluding the $300 million paydown on TLB from upsize in TLA in 2023 Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. 3.5x 3.8x 3.6x 3.0x 2.7x 2021 2022 2023 2024 Q3 2025 780 715 350 199 53 70 78 82 83 68 200 1,995 423 81 2021 2022 2023 2024 YTD Oct 2025Acquisitions (net of divestitures and cash received) Repurchases Dividends Debt payments (in $million)
14@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Reported Revenue: $1,119M to $1,139M +8% to +10% M&A contribution: ~1pt. benefit FX contribution: Immaterial Organic Constant Currency Revenue: +7% to +9% Mortgage impact: ~2pt. benefit Organic CC Revenue ex. Mortgage: +6% to +7% Adjusted EBITDA: $393M to $407M +4% to +8% FX contribution: Immaterial Adjusted EBITDA margin: 35.1% to 35.8% Adjusted EBITDA margin bps change: (130)bps to (70)bps Adjusted Diluted EPS: $0.97 to $1.02 (1)% to +5% Fourth quarter 2025 guidance Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Revenue • Potential for upside if current U.S. lending conditions persist • Mortgage inquiries expected to increase modestly Adjusted EBITDA • H2 margins of ~36%, consistent with H1 and FY 2025 expectations
15@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • Organic constant currency growth guidance raised (prior +6% to +7%) for Q3 outperformance and positive business momentum • ~1% headwind from breach win comparison – Consumer Interactive up low- single digit excluding breach • U.S. mortgage: Expect nearly 30% revenue growth on modest inquiry declines – U.S. mortgage ~12% of trailing 12-month revenue Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Full-year 2025 revenue guidance Reported Revenue: $4.524B to $4.544B +8% to 8.5% M&A contribution: ~0.5pt. benefit FX contribution: Immaterial Organic Constant Currency Revenue: +8% Mortgage impact: ~2pt. benefit Organic CC Revenue ex. Mortgage: +5% to 6% Organic Growth Assumptions • U.S. Markets up high-single digit (up mid-single digit excluding mortgage) – Financial Services up mid-teens (up ~10% excluding mortgage) – Emerging Verticals up mid-single digit – Consumer Interactive down low-single digit • International up mid-single digit (constant currency) Note: For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation.
16@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. The adjusted tax rate guidance of ~26.5% reflects expected full year GAAP effective rate of ~28% less the elimination of discrete adjustments and other items totaling ~(1.5%). For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Full-year 2025 Adjusted EBITDA, Adjusted Diluted EPS and other guidance Adjusted EBITDA: $1.622B to $1.637B +8% to +9% FX contribution: immaterial Adjusted EBITDA margin: 35.9% to 36.0% Adjusted EBITDA margin bps change: (10)bps to flat Adjusted Diluted EPS: $4.19 to $4.25 +7% to +9% Adjusted Tax Rate: ~26.5% Total D&A: ~$570M D&A ex. step-up from 2012 change in control and subsequent acquisitions: ~$285M Net Interest Expense: ~$200M CapEx: ~8% of revenue • Adjusted EBITDA guidance raised (prior +5% to +7%) – Driven by flow-through on stronger revenue growth • Adjusted Diluted EPS guidance raised (prior +3% to +6%) – Double-digit growth excluding ~4 point headwind from higher tax rate • Expect ~70% free cash flow conversion in 2025 (as a % of Adjusted Net Income), improving to 90%+ in 2026
17@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • Only bureau with 30 months of trended data, offering the most complete picture of consumers • Leader in alternative data, including rental and utility tradelines and short-term lending attributes • Innovator for lenders (e.g., OneTru, TruIQ) and consumers (e.g., freemium credit education offering) • Steward data on 295 million U.S. consumers; provide foundation of data management, cybersecurity, privacy, regulatory and legal compliance, and consumer engagement for personal lending • First score leveraging trended data, enabling 33 million credit-invisible consumers to be scored • Increased utilization by the largest banks and 3,700 institutions, including within securitization markets • Leading score for credit education companies serving 220 million consumers • Now accepted for all Fannie Mae, Freddie Mac, and VA mortgages • Offered at a significant cost discount to FICO and free for evaluation to drive adoption TransUnion Innovative industry leader VantageScore Most impactful and inclusive score Positioned to unlock full benefit of trended and alternative data to the mortgage market with VantageScore 4.0 + Deliver vital credit data to benefit homebuyers, lenders and investors Source: TransUnion and VantageScore
18@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • VantageScore 4.0 for mortgage priced at $4 – Competitive option vs. FICO’s announced 100% price hike to $10 – Cost for credit report plus VantageScore in 2026 will be similar to cost for credit report plus FICO score in 2025 – Free VantageScore 4.0 to customers that purchase a FICO score from TransUnion through end of 2026 for evaluation purposes • Multi-year pricing for credit report and VantageScore 4.0 – Promotes certainty following several years of FICO score pricing increases • Free VantageScore 4.0 credit score simulator – Empower prospective homebuyers to improve their credit score and qualify for the best possible mortgage terms All available through TruIQ analytics platform to accelerate VantageScore adoption and integration of new data assets New mortgage offerings to increase Vantage adoption and provide lenders and consumers with savings and certainty Financial impact of new offeringsDetails of new mortgage credit offerings in 2026 1. Reflects the primary value of data in lending 2. Saves cost and enables certainty for lenders 3. Preserves profitability of mortgage vertical 4. Incremental profit and margin opportunity with VantageScore adoption
19@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Significant earnings potential from any mortgage recovery, with additional interest rate cuts likely in 2025-26 Sizable mortgage profit despite depressed volumes Originations and distribution of mortgages based on TransUnion Consumer Credit Database. *FY 2025F Mortgage originations reflects trailing-twelve- month originations from Q2 2025 7.8 4.8 FY 2019 FY 2025F* Industry originations (M) $395M $185M FY 2025F Mortgage revenue ($M) Significant refinancing opportunity if rates fall 0.8 10.6 15.9 8 4.9 9.4 0-2% 2-3% 3-4% 4-5% 5-6% 6%+ Distribution of mortgages (in millions) in the US by rate Earnings potential from a mortgage recovery • Every 10% increase in mortgage volume adds: – +$40 million to Adjusted EBITDA – +$0.15 to Adjusted Diluted EPS • Full recovery to 2019 mortgage levels translates to: – +$240 million to Adjusted EBITDA – +$0.90 to Adjusted Diluted EPS • Additional profit and margin upside from VantageScore adoption, new business wins and pricing FICO royalty cost Revenue less FICO royalty cost For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation.
20@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Strong 2025 results underscore TransUnion’s long-term earnings power Operating in attractive, high-growth markets with diversified growth vectors across solutions, verticals and geographies Transitioning from period of investment and change to period of execution and value creation Modernizing to OneTru, a global data, analytics and workflow platform fueling innovation and operating efficiencies Delivering industry-leading financial results with clear upside from accelerated innovation and credit volume normalization (particularly mortgage) Expecting to drive strong revenue growth, margin expansion and enhanced free cash flow, enabling increased capital return to shareholders View expected high-single digit revenue growth and double-digit underlying earnings growth in 2024-25 as indicative of TransUnion’s earnings power; plan to provide updated financial framework at 2026 Investor Day
21@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Q&A
22@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Appendices and Non-GAAP Reconciliations
23@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Source: TransUnion
24@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. VantageScore 4.0 could help expand access for over 2 million consumers – $1 trillion mortgage opportunity 33 million Incremental consumers scored by VantageScore 4.0* 13 million Incremental consumers with VantageScore 4.0 >620 4.9 million Incremental mortgage-eligible consumers (aged 25-65) 2.7 million Incremental mortgage loans $1 trillion Increase in mortgage loan opportunity 01 02 03 04 05 Source: VantageScore LLC Research* - Over traditional version of VantageScore VantageScore
25@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. In recent years, VantageScore adoption has rapidly increased across asset class VantageScore usage has accelerated in recent years, with 55% growth from 2023 to 2024 In 2025, there were over $11B of ABS (asset-back securities) issued using VantageScore 14.5 19 26.9 41.7 2021 2022 2023 2024 Vantage Score Credit Score Usage (Billions) 31% 42% 55% Source: 2024 VantageScore Mortgage Adoption Study that sourced information from all 3 credit bureaus. Source: VantageScore LLC • Top 5 Auto Lender: Issued over $5 Billion in ABS notes • Top 10 Credit Card Lender: Issued over $1 Billion in ABS notes • Leading Consumer Loan Lender: Issued over $1 Billion in ABS notes • Major Subprime Auto Lender: Issued over $4 Billion in ABS notes • Notable Subprime Auto Lenders: Collectively issued over $1 Billion in ABS notes VantageScore
26@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. U.S. Markets revenue composition (FY 2024) Card & Banking 31% Consumer Lending 20% Mortgage 31% Auto 18% Insurance 27% Tech, Retail & E- Commerce 22% Tele- Communications 19% Media 14% Tenant & Employment Screening 6% Collections 6% Public Sector 5% Direct 25% Indirect 75% Note: ~1% of revenue in administrative/other Financial Services (~$1.4 billion) Emerging Verticals (~$1.2 billion) Consumer Interactive (~$0.6 billion) Business Mix Details
27@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Credit 50% Consumer 16% Marketing 8% Fraud 7% Communications 7% All Other 12% Credit 44% Consumer 18% Marketing 10% Fraud 5% Communications 9% All Other 14% Credit 71% Consumer 9% Marketing 1% Fraud 15% All Other 4% Note – “All Other” includes investigative solutions as well as vertical- and country-specific solutions + = U.S. Markets ($3.2 billion) International ($1.0 billion) Total Company ($4.2 billion) Revenue by Solution Family (FY 2024) Business Mix Details
28@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Debt profile and 2025F interest expense bridge Debt Profile (9/30/25) 2025F Interest Expense Bridge Notional ($B) Expiry Rate Term Loan Tranche Term Loan A-4 1.3 Jun’29 SOFR + 1.25% Term Loan B-5 0.1 Nov’26 SOFR + CSA + 1.75% Term Loan B-9 1.9 Jun’31 SOFR + 1.75% Term Loan B-8 1.9 Jun’31 SOFR + 1.75% Swaps* June 2025 1.2 Dec’27 Receive SOFR, Pay 3.49% December 2021 1.5 Dec’26 Receive SOFR, Pay 1.39% December 2024 1.1 Dec’27 Receive SOFR, Pay 3.54% • ~75% of debt is currently swapped to fixed rate • 2025 net interest expense guidance assumes no additional debt prepayment or incremental debt $237M ~$200M ~($8M) ~($12M) ~($17M) 2024 Net Interest Expense 2024 Prepayments Refinancings SOFR, Hedges, Other 2025F Net Interest Expense Debt / Interest Expense
29@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Strengthening free cash flow in 2025 and beyond For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Path to improving free cash flow Free cash flow conversion defined as (cash flow from operations less capex) as a percent of Adjusted Net Income; 2022 – 2024 conversion excludes $355M tax payment in 2022 related to gain on sale of Healthcare business. 2015 – 2021, and 2022 – 2024 represent average annual free cash flow conversion • Continue to grow revenue and earnings • Complete multi-year transformation program – $100-120M of one-time spend remaining in 2025 – Remaining ~$35M of transformation operating expense savings expected in 2026; ~$130M total – No further “Accelerated Technology Investment” addbacks upon program completion • Reduce capital intensity – CapEx at 6% of revenues starting in 2026 – CapEx focused more on product investments • Optimize working capital usage Capital Allocation Framework Free cash flow conversion Impacted by M&A integration and transformation investments Complete remaining transformation investments 95%+ ~50% ~70% 90%+ 2015 - 2021 2022 - 2024 2025 (Expected) 2026+ (Expected)
30@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Strong free cash flow and optimized leverage enables balanced capital allocation Capital Allocation Framework For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Prioritize growth investments • Fund growth investments while expanding margins, supported by revenue growth and ongoing business optimization • Focus areas of investment: – Technology and platform enhancements – New product innovation – Incremental sales specialists – International expansion • Consider bolt-on M&A aligned to growth strategy Manage leverage and liquidity • Targeting Leverage Ratio of <2.5x • Continue to evaluate debt structure and voluntary prepayments • Maintain appropriate cash balances and explore repatriation opportunities – ~60% of current cash is overseas Increase capital returns to shareholders • Grow dividend alongside Adjusted Net Income – Raised quarterly dividend to $0.115 from $0.105 in Q1 2025 – Maintain 10%-15% dividend payout ratio • Increase bias toward share repurchases going forward – Board expanded share repurchase authorization to $1 billion in October 2025 (inclusive of repurchases made to date)
31@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Disciplined M&A approach aligned to growth strategy Strategic Focus for M&A M&A is an important strategic tool, but strength of portfolio creates a high bar • Ongoing transformation supports a generation of innovation-led growth • Not seeking large, transformational M&A Focus for bolt-on M&A and minority investments: • Foreign credit bureaus • Data assets centered around consumer identity • Complementary capabilities for core solutions Capital Allocation Framework For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. Financial Considerations M&A evaluated against all alternatives to maximize long- term free cash flow per share Key financial guideposts: Attractive cash-on-cash return and unlevered IRR exceeding cost of capital Additive to revenue growth rate Strong profitability with path to scale to company-level margins Accretive to Adjusted Diluted EPS by Year 2 Ability to return to target leverage within one year
32@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted EBITDA and Adjusted EBITDA Margin
33@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted Net Income and Adjusted Diluted EPS
34@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted Effective Tax Rate
35@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Leverage Ratio
36@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Non-GAAP Adjustment Footnotes As a result of displaying amounts in millions, rounding differences may exist in the tables and footnotes. 1. Consisted of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction. 2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: 3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:
37@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Non-GAAP Adjustment Footnotes 4. Operating model optimization consisted of the following adjustments: 5. Net other consisted of the following adjustments: 6. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. 7. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes 8. Other adjustments for income taxes include: 9. The trailing twelve months ended September 30, 2025 includes the six months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025.
38@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted EBITDA and Adjusted EPS Guidance As a result of displaying amounts in millions, rounding differences may exist in the table. 1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release. 2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.