Transunion · NYSE:TRU
Transunion — Q3 2026 Earnings Presentation
48 slides from Transunion's earnings presentation, Oct 27, 2026
Slide 1: Third Quarter 2026 Earnings
Third Quarter 2026 Earnings Chris Cartwright, President and CEO Todd Cello, CFO October 27, 2026 Confidential
Slide 2: Forward-Looking Statements Non-GAAP Financial Information
Forward-Looking Statements Non-GAAP Financial Information This investor presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of This investor presentation includes certain non-GAAP 1995. These statements are based on the current beliefs
Slide 3: Third quarter 2026 highlights agenda
1 Third quarter 2026 highlights Innovation-led growth in action: 2 Insurance vertical 3 Third quarter 2026 financial results Fourth quarter and full-year 2026 4 guidance @ Copyright © 2026 2026 TransUnion, TransUnion, its subsidiaries its subsidiaries and/or affiliates. All Rights Reserved. Confiden
Slide 4: Third quarter 2026 financial highlights
Third quarter 2026 financial highlights Exceeded Organic constant U.S. Markets International Repurchased guidance on currency revenue revenue +7%* led revenue +10%*, ~$243M in shares revenue, Adjusted +8% or ~5.5% by Financial driven by year-to-date** EBITDA and excluding FICO Services (+11%, or acc
Slide 5: Largely stable U.S. consumer credit conditions despite rising interest rates
Largely stable U.S. consumer credit conditions despite rising interest rates Consumers remain Lenders selectively Rising interest rates Strong bookings in resilient with high growing portfolios, create headwinds for Financial Services, employment but supported by strong mortgage, impacting underscor
Slide 6: Strong execution and diversification support guidance delivery
Strong execution and diversification support guidance delivery despite higher rates and geopolitical uncertainty Metric 2026 Guidance Key Points Maintaining high-end of revenue and Adjusted $5,131M to $5,162M EBITDA guidance despite 30bps+ increase in 10-year Revenue 8% to 9% organic rate since Ju
Slide 7: Delivering on 2026 strategic priorities
Delivering on 2026 strategic priorities to drive innovation-led, diversified and scalable growth Drive durable and Modernize technology Accelerate innovation scalable growth Scaled U.S. credit Launched 40+ products and Solutions: Trusted Call migrations, with majority of enhancements year-to-d
Slide 8: Market-leading credit bureau serving the insurance lifecycle
Insurance Spotlight Market-leading credit bureau serving the insurance lifecycle with a comprehensive solution suite Leader in personal auto Blue-chip Superior and home1 customer base value proposition $430 million+ revenue (2026F) Who we support: Why we win: • Top 20 personal lines insurers • Verti
Slide 9: Insurance growth has materially outpaced market volumes across economic cycles
Insurance Spotlight Insurance growth has materially outpaced market volumes across economic cycles Relevant solutions for every Double-digit CAGR over last decade market condition Organic growth y/y 18% 18% 16% 17% In economic expansion: +Double- Insurers increase marketing activity, driving volume
Slide 10: Diversification beyond credit drives new growth vectors and reduces cyclicality
Insurance Spotlight Diversification beyond credit drives new growth vectors and reduces cyclicality Revenue Mix Strategy Outcome Marketing and Fraud Cross-sell the global suite, Combined double-digit CAGR Solutions including notable success with for marketing and fraud solutions 20% Trusted Call Sol
Slide 11: Large addressable market and durable advantages support Insurance growth
Insurance Spotlight Large addressable market and durable advantages support expectation of at least high-single-digit Insurance growth Sizeable backlog of Vertical and solution Industry trends awarded business1 penetration in our favor Core Credit Driving Solutions • Vertical penetration: Expand • A
Slide 12: Consolidated third quarter 2026 highlights
Consolidated third quarter 2026 highlights Reported Y/Y ($M) Change • Diversified revenue growth across solutions, verticals Revenue $1,313 12% and geographies Organic constant currency revenue 8% Organic constant currency revenue • Adjusted EBITDA margin ~5.5% ~(90)bps includes: ex. FICO mortgage r
Slide 13: U.S. Markets third quarter 2026 highlights
U.S. Markets third quarter 2026 highlights Organic • U.S. Financial Services +11%, Reported Reported FX Inorganic Constant ($M) Y/Y Impact Impact Currency or +5% excluding FICO mortgage royalties Revenue $977 7% – – 7% − Financial Services ex- mortgage +5%, with Card & Banking +3%, Consumer Financia
Slide 14: International third quarter 2026 highlights
International third quarter 2026 highlights Organic Reported Reported FX Impact Inorganic Constant • Canada +7% broad-based ($M) Y/Y Impact banking, FinTech, insurance Currency Revenue $339 30% (1%) 21% 10% • LatAm +18% with double- Canada 46 5% (2%) – 7% digit growth in Brazil and Colombia; Mexico
Slide 15: Strong balance sheet, natural de-levering and accretive capital deployment
Strong balance sheet, natural de-levering and accretive capital deployment Target <2.5x Leverage Ratio Shareholder-friendly capital allocation3 Leverage Ratio1 • Share repurchases: ~$243 million year-to-date +0.3x through September; ~$543 million total since 2025 increase due to Mexico – Expect ~$25
Slide 16: Fourth quarter 2026 guidance
Fourth quarter 2026 guidance Reported Revenue: $1,264M to $1,294M +8% to +10% • Non-mortgage revenue growth expected to be similar M&A contribution: ~5pt. benefit to Q3 (~5.5%) FX contribution: ~(0.5)pt. headwind Organic Constant Currency Revenue: +3% to +6% • Mortgage inquiries expected to decline
Slide 17: Full-year 2026 revenue guidance
Full-year 2026 revenue guidance Reported Revenue: $5.131B to $5.162B +12% to 13% M&A contribution: ~4pt. benefit FX contribution: Immaterial • Maintaining guidance to Organic Constant Currency Revenue: +8% to +9% balance business momentum against macro FICO mortgage royalty impact ~3pt. benefit unce
Slide 18: Full-year 2026 Adjusted EBITDA, Adjusted Diluted EPS and other guidance
Full-year 2026 Adjusted EBITDA, Adjusted Diluted EPS and other guidance • (80)bps to (60)bps of Adjusted EBITDA margin contraction: Adjusted EBITDA: $1.808B to $1.827B +10% to +11% – Flat to +20bps underlying expansion, inclusive of growth FX contribution: Immaterial reinvestment and higher litigati
Slide 19: Long-term investment and innovation to build more effective credit data and scores
Mortgage Tri-merge Long-term investment and innovation to build more effective credit data and scores Trended Data Data Differentiation Alternative Data Score Innovation Pioneer in transition from Most comprehensive Leading short-term lending Co-founded VantageScore point-in-time data FinTech covera
Slide 20: Innovation enables the responsible expansion of credit in the U.S.
Mortgage Tri-merge This innovation enables the responsible expansion of credit in the U.S., especially for mortgages Increased consumer Rigorous Responsible mortgage access and affordability + risk assessment = lending at scale Expands access to ~5 million Provides a complete view of Trended and alt
Slide 21: Tri-merge provides meaningful economic benefits for a fraction of closing costs
Mortgage Tri-merge Tri-merge provides meaningful economic benefits for a fraction of mortgage closing costs TransUnion accounts for 0.08% of mortgage closing costs Tri-merge value ~$18,000 Closing Costs1 ~$130 Tri-merge fee2 TransUnion cost reflects our TransUnion innovation and ongoing data ~$11 st
Slide 22: VantageScore adoption drives industry savings without compromising data completeness
Mortgage Tri-merge VantageScore adoption drives industry savings without compromising data completeness ~35% 99 cents First Look of mortgage credit pricing for allows lenders to pulls in Q3 used VantageScore 4.0 review credit file VantageScore 4.0 extended to 2028 before buying higher- cost scores ©
Slide 23: Bi-merge risk is manageable with several mitigating factors
Mortgage Tri-merge Bi-merge risk is manageable with several mitigating factors Exposure to potential FHFA shift to bi-merge estimated at Factors driving tri-merge <1% of revenue and <3% of Adjusted Diluted EPS pulls without mandate 1. Eligible population maximized ~$750M in mortgage revenue (2026F)*
Slide 24: Delivered strong Q3 with +8% organic constant currency
Delivered strong Q3 Expect +8% to +9% Executing against with +8% organic organic constant strategic priorities to constant currency currency revenue deliver innovation-led, revenue growth and growth and +12% to diversified and +14% Adjusted Diluted +13% Adjusted Diluted scalable growth EPS growth EP
Slide 25: Q&A
Q&A © 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Confidential 25
Slide 26: Investor Relations contacts
Greg Bardi Investor Relations [email protected] Jason Stuhldreher Investor Relations [email protected]
Slide 27: Appendices and Non-GAAP Reconciliations
Appendices and Non-GAAP Reconciliations
Slide 28: Our next era of scalable growth and compounding cash flow
Our next era of scalable growth and compounding cash flow Growth Industry-leading investments Balance sheet Innovation-led optimization Value Shareholder Creation Durable return Technology Operating model AI productivity modernization optimization © 2026 TransUnion, its subsidiaries and/or affiliate
Slide 29: Attractive medium-term financial framework
Attractive medium-term financial framework High-single digit ~50 basis points Low-to-mid teens Organic revenue growth Adjusted EBITDA expansion Adjusted Diluted EPS growth Diversified across solutions, Expand margins while Includes benefit from verticals and geographies investing for growth accelera
Slide 30: Expect to deliver underlying mortgage growth in 2026
Mortgage Assumptions Expect to deliver underlying mortgage growth in 2026 Strong and broad-based revenue growth Mortgage assumptions • Revenue growth of 9% excluding FICO royalty ~70bps cost, of underlying margin expansion ~$750M compared to inquiries down mid-to-high single digit – driven by pricin
Slide 31: Strong revenue growth and margin expansion expected excluding FICO royalty
Mortgage Assumptions Strong revenue growth and margin expansion expected excluding FICO no-margin mortgage royalty Strong and broad-based Consistent underlying revenue growth Adjusted EBITDA margin expansion Organic constant currency revenue growth Growth ex FICO mortgage royalty +20bps of underlyin
Slide 32: Significant earnings potential from mortgage recovery
Mortgage Assumptions Significant earnings potential from mortgage recovery Sizable mortgage profit Significant refinancing Earnings potential from a despite depressed volumes opportunity if rates fall mortgage recovery Industry Mortgage Distribution of mortgages (in • Every 10% increase in mortgage
Slide 33: Debt profile and 2026F interest expense bridge
Debt / Interest Expense Debt profile and 2026F interest expense bridge Debt Profile (9/30/26) 2026F Net Interest Expense Bridge Notional Expiry Rate ~($9M) ($B) Revolver & Term Loan Tranche ~($23M) Revolver 0.5 Jun’29 SOFR + 1.25% Term Loan A-4 1.2 Jun’29 SOFR + 1.25% $5M ~($6M) ~$235M Term Loan B-9
Slide 34: Revenue by Solution Family (FY 2025)
Business Mix Details Revenue by Solution Family (FY 2025) U.S. Markets ($3.6 billion) International ($1.0 billion) Total Company ($4.6 billion) Other Other 2% 2% Marketing Fraud Fraud Fraud 2% 15% 16% 17% + Consumer = Marketing Marketing 13% 12% 11% Credit Credit 52% Credit 56% 71% Consumer Consumer
Slide 35: U.S. Markets revenue composition (FY 2025)
Business Mix Details U.S. Markets revenue composition (FY 2025) Financial Services (~$1.7 billion) Emerging Verticals (~$1.3 billion) Consumer Interactive (~$0.6 billion) Collections 5% Public Tenant & Sector Employment 4% Auto Card & Screening 17% 6% Direct Banking Insurance 27% 27% 29% Media 15% M
Slide 36: Positioned to deliver innovation-led and scalable growth
TransUnion – Investment Highlights Positioned to deliver innovation-led and scalable growth 1 2 3 4 5 Foundational Interrelated Credit, Accelerated AI is an Compelling and differentiation – Marketing, Fraud innovation and accelerant, compounding proprietary data, and Consumer scalable growth enhanci
Slide 37: AI solidifies our strengths and fuels growth
TransUnion – Investment Highlights AI solidifies our strengths and fuels growth Durable AI-enabled Positioned for AI- + powered growth: data advantage organization Contributory credit databases AI-native OneTru platform AI-enabled customers Non-public, highly regulated data furnished Enhancing dat
Slide 38: Strong free cash flow and increased capacity for capital deployment
Capital Allocation Strong free cash flow and increased capacity for capital deployment Strong Free Cash Flow Optimized Balance Sheet Free cash flow as a percentage of ~$3 billion of Leverage Ratio Adjusted Net Income ~100% 90%+ 3.5x free cash flow + 2.6x <2.5x expected from ~60% 2026 to 2028 2019-20
Slide 39: Accelerated capital deployment supporting low-to-mid teens EPS growth
Capital Allocation Accelerated capital deployment supporting low-to-mid teens Adjusted Diluted EPS growth ~$3B free cash flow expected Category Objective from 2026-2028 Shareholder • 10%-15% dividend payout ratio Increasing ~$1.1B bias going ~$1.0B returns • Repurchase shares forward ~$0.9B Balance
Slide 40: M&A approach aligned to growth strategy
Capital Allocation M&A approach aligned to growth strategy Strategic Focus for M&A Financial Considerations M&A is an important strategic tool, but M&A evaluated against all alternatives to strength of portfolio creates a high bar maximize long-term free cash flow per share • Transformation supports
Slide 41: Strong growth algorithm with sources of upside
Illustrative Financial Framework Strong growth algorithm with sources of upside Illustrative 2028F Adjusted Diluted EPS financial Upside not contemplated in $7.00+ framework assuming mortgage recovery “mortgage recovery” scenario $7.00+ Normalization of non-mortgage with mortgage recovery lending vo
Slide 42: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin © 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Confidential 42
Slide 43: Adjusted Net Income and Adjusted Diluted EPS
Adjusted Net Income and Adjusted Diluted EPS © 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Confidential 43
Slide 44: Adjusted Effective Tax Rate
Adjusted Effective Tax Rate © 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Confidential 44
Slide 45: Leverage Ratio
Leverage Ratio © 2026 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Confidential 45
Slide 46: Non-GAAP Adjustment Footnotes
Non-GAAP Adjustment Footnotes As a result of displaying amounts in millions, rounding differences may exist in the tables and footnotes. 1. Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisit
Slide 47: Non-GAAP Adjustment Footnotes
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 t
Slide 48: Adjusted EBITDA and Adjusted EPS Guidance
Adjusted EBITDA and Adjusted EPS Guidance Three Months Ended Year Ended $ in millions, except per share data December 31, 2026 December 31, 2026 Low High Low High Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA: Net income attributable to TransUnion $ 127 $ 140 $