Equifax, Inc.

Strong 2Q performance & margin expansion (beat guidance) - Revenue: $1.7B, +11% reported / +10% constant currency, $5M above April guidance midpoint. - EPS: $2.25, +13% YoY, $0.05 above midpoint guidance. - EBITDA: $552M (+10.5% YoY); EBITDA margin ex-FICO ~35%, +120 bps YoY, 40 bps above April midpoint; operating leverage + AI-driven cost productivity cited as key drivers. - Good: Diversified Markets strength (especially Workforce Solutions and USIS diversified markets) drove results; U.S. mortgage performance was stronger than expected vs a weaker market environment.

Shareholder returns: dividends + buybacks, strong cash generation - Returned $366M in 2Q: $300M buybacks (~1.8M shares, >1% of shares outstanding) + $66M dividends (dividend up 12% in Feb). - Cash conversion: management reiterates >100% expected; expects free cash flow > $1B in 2026. - Good/surprising: Over last 12 months ended June 30, returned $1.6B (~100% of operating cash flow), highlighting unusually strong cash return pace.

Acquisition update: Círculo de Crédito (Mexico) - Signed definitive agreement to acquire Círculo de Crédito for EV $750M (announced as completed in 4Q 2026, subject to regulatory approvals). - Valuation: 9.4x EBITDA multiple including expected run-rate synergies; described as attractive and below Equifax’s multiple. - Accretive in year one expected; Mexico market position includes 2B trade lines / 80M validated identities and alternative data (gig/utility payments). - Opportunity: Expands Equifax’s alternative-data and cloud-native/EFX.AI capabilities in a fast-growing, underpenetrated credit market. - Risk/negative note (implied): Integration + regulatory/approval timing could affect deal execution; management must balance acquisition with buybacks while keeping debt leverage <3x EBITDA.