Experian Annual Report 2024 Year ended 31 March 2024

Financial highlights	Growth % at		Growth % at	Growth % at
Statutory	actual FX rates	Benchmark	actual FX rates	constant FX rates
Revenue		Revenue – ongoing activities
US\$7,097m (2023: US\$6,619m)	+7%	US\$7,056m (2023: US\$6,548m)	+8%	+7%
Operating profit		Benchmark EBIT1
US\$1,694m (2023: US\$1,265m)	+34%	US\$1,944m (2023: US\$1,798m)	+8%	+7%
Profit before tax		Benchmark profit before tax
US\$1,551m (2023: US\$1,174m)	+32%	US\$1,789m (2023: US\$1,670m)	+7%	+6%
Basic EPS		Benchmark EPS
USc131.3 (2023: USc84.2)	+56%	USc145.5 (2023: USc135.1)	+8%	+7%

1 From ongoing activities.

The results for the year ended 31 March 2023 have been re-presented for the reclassification to exited business activities of certain B2B businesses.

Reconciliation of statutory to Benchmark measures, page 84

To download this Annual Report and our other corporate literature visit experianplc.com

Roundings

Certain data has been rounded in this report. As a result, the totals of data presented may vary slightly from the actual arithmetic totals of the data.

Exchange rates

Principal exchange rates used are given in note 11 to the Group financial statements. The average pound sterling to US dollar rate is 1.26 (2023: 1.20).

We have created opportunities that are uniquely available to Experian.

We take great pride in our accomplishments in FY24. We have performed well financially, and we have made excellent strategic progress, despite an unfavourable market backdrop in which higher interest rates cooled economic and credit expansion. Once again, it demonstrates our resilience.

What we did in prior years to build a more advantaged Experian, established on strong foundations of our people, technology and integration, has positioned us to address new growth markets. We have created opportunities that are uniquely available to Experian.

There are many highlights, as this report illustrates: seizing structural growth opportunities in Latin America, executing strategic growth initiatives in North America, enhancing our market position in the UK and Ireland, and improving our performance in EMEA and Asia Pacific.

As we look ahead, the economic outlook in our principal economies has improved, although full recovery may yet take time to materialise. We are confident in our strategy and in our ability to continue to unlock new value. We will continue on our path to be a unique growth company that constantly innovates to help consumers and businesses.

We have made much strategic progress and have high ambitions. We look forward to creating even greater value for all our stakeholders.

Brian Cassin Chief Executive Officer

Experian today is more than 40% bigger than it was just five years ago, and well on its way to becoming much bigger still.

Over that period, we had headwinds from the COVID-19 pandemic and quite a significant contraction in what people traditionally think of as our biggest revenue driver, which is credit reporting. It tells you just how much we have moved our business on.

This evolution has happened over a long period of time, and it's moved us into a much more technology-focused data analytics and software company.

Today we are a data and technology business which uses innovative products to modernise industries and provide real-time solutions to help consumers and businesses.

At the same time, we have become a much more important company from a consumer perspective.

Our relationship with consumers has gone from being in the background to being at the front and centre of our brand, and of who we are, using our capabilities to really make a difference to over 180 million people globally.

We think we are going to develop even more in this direction. We are going to be a much larger business, doing really interesting things across a much broader spectrum than we are even today.

This is really exciting.

Transforming financial services with AI and Automation

Our plans see us as being one of the only companies in the world which can redefine how lending is done, how businesses detect and prevent fraud, how marketers access audiences digitally or even how you can simplify US healthcare payments.

We want to be the indispensable partner for how people manage their finances and the financial app they turn to first.

These are just some examples of how we are powering opportunities across industries, across the world.

Very few companies have this opportunity. Experian has it and it's an exciting thing to be part of and to be driving forward.

Experian at a glance Leading with purpose

What we do

We are a data and analytics powerhouse. In life's big decisions – from buying a home or a car, to sending a child to college, to growing a business – we are there to make a difference. We help individuals take control of their financial lives and follow their dreams. Businesses rely on our valuable data and powerful analytics to make smarter decisions and to mitigate risk. We are changing lending, helping business detect more fraud, simplifying healthcare, making it easier to get a car and much more. We power opportunities in a way that is unique to Experian.

Our business activities

Business-to-Business

We help businesses make faster, smarter decisions – transforming data into information, and information into insights.

Consumer Services

We help people to understand and take control of their credit so they can improve their financial lives.

B2B: Data	52%
Consumer Services	27%
B2B: Decisioning	21%

Where we operate

We provide services across four geographic operating segments. This regional structure means we can better understand the specific needs and constraints of each local market and we are able to service both domestic and international customers effectively.

Our global reach means we can offer our customers the benefit of shared product development and market knowledge.

Global revenue1 by region

FY24

North America	66%
Latin America	16%
UK and Ireland	12%
EMEA and Asia Pacific	6%

Who we serve

Our customer base is diverse. Customers range in size from small to medium to large, and to multinational organisations. Organisations and businesses embed our data and decision intelligence platforms in their own systems. It helps them grow their businesses, mitigate risk and engage with their customers. Millions of individuals also rely on us to save time and money when accessing credit and insurance options.

Global revenue1 by client

FY24

A. Financial services	39%
B. Direct-to-consumer	16%
C. Health	8%
D. Retail	6%
E. Software and Professional services	6%
F. Automotive	4%
G. Insurance	4%
H. Media and Technology	4%
I. Government and Public sector	3%
J. Telecommunications and Utilities	3%
K. Other	7%

1 Revenue from ongoing activities

Countries where we operate

Argentina Australia Austria Brazil Bulgaria Canada Chile China Colombia Costa Rica Denmark

Germany India Ireland Italy Lesotho Malaysia Mexico Monaco Netherlands New Zealand Norway

Panama Peru Poland Singapore South Africa Spain Switzerland Türkiye United Kingdom United States

How we make a difference We are data and

analytics experts

We are leaders in data science
We have extensive expertise in data, analytics, computer engineering, machine learning, and AI natural language processing
We have a deep understanding of technology • We generate powerful insights, make
valuable predictions, and provide accurate, fair and quick decisions for individuals and businesses
See Our business model, pages 22 to 25

We continually expand our business

From a credit data company to a much broader data, analytics and platform provider
From a business that focused only on organisations, to one with a relationship with millions of people
From a company that operated in the financial services sector mainly, to one operating in multiple industries – healthcare, automotive, agrifinance and many others
See Our business model, pages 22 to 25

We innovate for social impact

We create social innovation products and establish initiatives to have a positive impact on communities and individuals
We empower our people and use technology to bring societal change, ensure fairness and help improve financial health
See Sustainable business, pages 56 to 79

We anticipate customers' needs

We innovate and respond to customer needs through a culture that puts the customer first
We value experimentation and evolve in a fast-paced technological landscape
See Our strategy, pages 26 to 45

We emphasise security and ethics

We put strong emphasis on transparent data practices
We use data in a responsible manner
We ensure compliance with privacy and consumer protection laws and industry self-regulatory standards
We have established governance systems that guard against the misuse of data
See Sustainable business, pages 56 to 79

We embrace limitless possibilities

We aim to make the world a better place through a forward-thinking approach to harnessing the power of technology and innovation, to serve billions of people worldwide
We always push the boundaries of what's possible, to create a better tomorrow
See Our strategy, pages 26 to 45

Chair's statement

Empowering transformation: driving opportunities for all stakeholders

We are proud of what we have achieved for our people, our clients and the hundreds of million consumers we support around the world. We are in a unique position and are excited by the huge possibilities we have to help improve their financial lives.

Mike Rogers Chair

Experian delivered another strong financial year driven by good strategic execution. Against a backdrop of macroeconomic headwinds, our performance underscores the resilience of our business, and in particular our ability to successfully identify and address large, attractive structural growth opportunities.

We are proud of what we have achieved for our people, our clients and the hundreds of million consumers we support around the world. We are relentlessly focused on delivering for them.

Growth strategy

Experian today represents a broad platform which uses data, analytics, software, new technologies and innovations to provide groundbreaking solutions for business clients and consumers: it is gratifying to see just how far Experian has evolved from its heritage in the credit data industry.

We help thousands of organisations to optimise their lending process, verify identity and combat fraud. We make healthcare costs much simpler to manage, and we play a deep and impactful role in the automotive marketplace, helping manufacturers, retailers, dealers and consumers alike. We also deliver digital marketing solutions in versatile ways that enable businesses to connect with their customers.

We are focused on successfully executing a series of scale plays across a number of markets. For example, I am very excited about the prospects for our Ascend Platform, which merges our analytics, software and fraud prevention solutions with our data, and our clients' data. We have created the missing link that seamlessly and securely integrates analytics into a production environment for credit risk, identity verification and fraud prevention. Our clients no longer have to build and operate separate capabilities in silos – they can do it all from our highly secure and automated unified platform.

At a regional level, Brazil continues to be one of our most exciting growth markets. In a country where consumers and businesses face numerous fraud attacks, Serasa Experian has successfully delivered solutions that are unmatched by any competitor in the market. We have steadily built our capabilities through both organic investment and acquisitions. The team also continues to diversify our business portfolio, including expansion of the Agrifinance vertical and services for our consumers.

True to our purpose, we are helping millions of consumers worldwide realise their financial goals and dreams, focusing on how we can help empower their financial health. Having built direct relationships with more than 180 million consumers worldwide, we continue to invest in new solutions to help people on their financial journey.

This year, building on the success of Experian Boost in the USA, we introduced the Experian Smart Money Digital Checking Account, a credit-building product that directly embeds Experian Boost. This is a great example of Experian's unique strategy which links our business-to-business and consumer services to bring unique solutions to market. It also links directly to our purpose because those in need of credit-builder products are much more likely to be among the 'credit invisibles', and we help them to enter into mainstream finance.

But Smart Money and Experian Boost are just two of the ways consumers are aided in their financial journey. I am proud to share that in North America we have created an industry-leading suite of financial tools all in one place – a marketplace ecosystem that helps connect millions of consumers across Experian's membership with access to many financial solutions, including insurance services, buying a car, debt management or simply finding the best credit card for their personal needs. We are well on our way to establishing similar ecosystems for consumers in Brazil and in the UK.

On the heels of our Smart Money launch, we are delighted it was recognised among Fast Company's 2023 World Changing Ideas, as having the potential to effect true system change.

Furthering Artificial Intelligence (AI)

For many years we have understood the potential of AI, and we have invested in comprehensive strategies spanning technology, risk management and innovation. This investment underscores our dedication to leveraging AI as an essential instrument for innovation and productivity.

Several years ago, we adopted a systematic approach to AI integration. This approach extends from initial proof of concept to the seamless production of applications at scale. By prioritising this integration process, we ensure a balanced focus on managing risks, data privacy and security, upholding the trust that consumers and businesses place in our brand.

Now, Experian is bringing a much-needed, authoritative voice to the rapidly evolving and world-changing technology that is Generative AI (GenAI). In the past 12 to 18 months, we have made significant strides in GenAI integration, notably boosting our coding and engineering productivity among our extensive team of more than 1,500 engineers.

Central to our approach at Experian is our commitment to responsible stewardship of data and leadership in AI-based product development. This ethos, coupled with a culture of continuous learning and adaptation, ensures we remain at the forefront of the ever-evolving GenAI landscape.

Sustainable strategy

We work hard to make sure our business has a positive impact on the world. Our responsibilities – to people, society and the environment – are foundational to everything we do.

One quarter of the global adult population lacks access to basic financial services, so it is crucial for companies like Experian to ensure that we make a difference in the communities we serve.

Our United for Financial Health programme, which focuses on improving financial education among underserved communities, has connected with 146 million people since its launch in 2020, and 33 million people this year alone.

Globally, over 180 million people use our free credit reports and scores to access products and services that can help them understand and manage their credit profiles.

This year, a further eight million people have been reached through Experian's social innovation products, designed to provide societal benefits, and improve financial health. We are committed to continuing to support new social innovations every year, with four new significant investments made through our Social Innovation programme this year.

Improving financial health is fundamental to our mission at Experian. This year, we have refined our approach in this area to focus on and amplify the positive social impact our products can have through our ambition to help people thrive on their financial journey.

As a result, we have developed a new Positive Social Impact Framework that will help us measure progress towards our ambition. It defines positive impact as a favourable and measurable change that occurs in someone's financial journey as a result of interacting with an Experian product. The people we help to thrive include consumers and small businesses. We are excited about the difference we make, and about quantifying that impact.

In addition, energy use, especially the power needed to run data centres and offices, forms part of our environmental impacts. We have increased the use of renewable energy from 62% to 75% in the last year, reducing our carbon footprint even further.

We are ahead of schedule in our 2030 direct emissions carbon reduction target, having reduced our emissions by 75% against the 2019 baseline year.

We are dedicated to creating a sustainable future and are continuing to develop our Net Zero Transition Plan to align with the UK's Transition Plan Task Force framework.

Our people

Our growth this year would not be possible without the ongoing hard work, expertise and collaboration of our 22,500 colleagues.

We foster a high-performing, purpose-driven and inclusive workplace culture. We were delighted to be certified as a Great Place to Work in 24 countries, with 89% of our employees saying they are proud to tell people they work at Experian and over 92% of our people agreeing that they are treated fairly regardless of their age, sexual orientation, race and gender.

We are committed to having a diverse workforce, and have further increased the number of women in senior leadership positions. We also have accelerated our efforts to increase ethnic and racial minority representation across our organisation.

Through our Employee Resource Groups, we continue to encourage our employees to bring their whole selves to work. For the second year in a row, we earned a score of 100 out of 100 in the Disability Equality Index, the world's most comprehensive benchmarking tool that measures disability workplace inclusion.

Governance and the Board

As a company committed to strong corporate governance, we hold ourselves to the highest standards set out in the UK Corporate Governance Code 2018. With a focus on oversight of effective strategy, culture, operations and risk controls, our Board worked diligently to provide the necessary support and guidance for the senior management team and the business.

I am proud to say that our Board meets the recommended guidelines for both gender and ethnic diversity, as outlined by the FTSE Women Leaders Review and the Parker Review.

There were no Board composition changes during the year, although Louise Pentland became Chair of the Remuneration Committee on 1 January 2024, in place of Alison Brittain, our Senior Independent Director, who remains in that position.

Looking ahead

We have gained significant momentum, successfully scaling our largest, most strategic initiatives and laying the foundations for our next phase of multi-year growth. We are in a unique position, with the opportunity to address large, high-growth markets and to deliver on our ambitious financial goals.

We are excited by the huge possibilities Experian has to help consumers and business across the globe to improve financial lives.

Chief Executive's review

Another year of strong growth: new medium-term outlook

FY24 growth was at the top end of our expectations. We are confident in our financial prospects in FY25 and beyond. We will drive revenue growth through delivery of our strategic commitments.

Brian Cassin Chief Executive Officer

Highlights 2024

FY24 was another strong year for Experian. We saw good momentum across our business and made considerable strategic progress. Total revenue growth from ongoing activities of 8% at actual rates and organic revenue growth of 6% were at the top end of our guidance range. We were successful too in the conversion of revenue into Benchmark EBIT, Benchmark EPS and cash. We have continued to see good contributions from new products during the year as well as competitive success in the market. This year we introduced Experian Smart Money and we also saw great early success from our consumer insurance marketplace in North America, whilst we continue to enhance our product capabilities in Brazil. In B2B, we expanded our product suite across our verticals, launched important extensions to our Ascend Platform globally, made very good progress in expanding our fraud prevention capabilities, and our income verification business continues to grow, with progress in North America and the UK and emerging capabilities in Latin America.

We are excited about the progress we have made in FY24, which builds on work done over many years to create new paths for growth in large and growing addressable markets. We have made substantial progress, expanding our Consumer Services businesses, driving higher adoption of our integrated platforms, broadening and deepening client relationships across several industry verticals, diversifying our business in Brazil, and transforming our

1 Total revenue growth at constant exchange rates.

2 Organic revenue growth is at constant currency.

180m+* consumers engaged in navigating their financial lives

22,500

* Free memberships only.

EMEA and Asia Pacific operations. We have also deployed our capital inorganically where targets meet our strict criteria for strategic fit and financial discipline and in FY24, we bolstered our position in Health, expanded our services in Brazil and added to our data quality operations in the UK and Ireland (UK&I). After the period end, we announced an agreement to acquire illion, which will transform our market position in Australia and New Zealand (A/NZ), another step in the evolution of our operations in EMEA and Asia Pacific.

While we have continued to invest in these initiatives and others, we have delivered resiliently throughout a period of significant challenge in global markets with high single-digit compound growth across all of our key financial metrics including five-year compound growth in revenue of 8%, Benchmark EBIT of 8%, operating cash flow of 8% and Benchmark EPS of 8%. We believe that the business is well positioned to drive top-line growth, and as lending market softness recedes, as we expect it will, this will further underpin our ambitions. Our strategic focus remains firmly on driving long term organic growth, however, the progress made to date in building scale in our businesses and transforming our technology estate provide us with the potential to achieve that whilst benefitting from greater operating leverage going forward.

This year also saw us make great progress in important foundational areas which are critical strategic enablers to help support our next phase of growth. We are proud of Experian's reputation as a great place to work, helping us to attract and retain the best talent in our industries. This year we have been certified as a Great Place to Work in 24 countries, with employee engagement scores which are best-in-class and for the fifth year in a row, our global client Net Promoter Scores have increased.

No progress would be possible without the dedication and support of our 22,500 talented people. We are proud of our culture, having created an environment which is collaborative, inclusive and which encourages idea generation. Our colleagues around the world put our customers at the heart of everything we do, and this helps to unlock many opportunities. I would like to thank all my Experian colleagues for their outstanding commitment and support over this year.

Full-year strategic highlights

Our FY24 performance reflects continued progress towards delivery of our long-term strategy.

talented and dedicated

employees

In our B2B business, we lead with our rich and unique datasets and extend further into analytics and related software solutions to help address client needs and to expand across new client segments. We leverage advanced technologies and Artificial Intelligence to drive solutions across credit, marketing, identity, and fraud prevention. Not only is our product portfolio one of the broadest and most comprehensive, it is also now more connected and integrated. This means we become embedded into client workflows and open new opportunities to expand by providing trusted insights for businesses across their customers' lifecycle.

Within our Consumer Services business, we strive to become the pre-eminent consumer finance platform. We are focused on product innovation to help our members improve outcomes and engage further with our offerings. This can range from helping consumers build their credit through Experian Smart Money, save on car insurance through our marketplace, or facilitate payments through our Serasa e-wallet. Importantly, we are increasingly focused on maximising synergies between our B2B and Consumer Services businesses to leverage the full power of Experian and to differentiate ourselves in the marketplace.

FY25 guidance and medium-term financial outlook Highlights in Business-to-Business...

For FY25, we expect credit conditions to remain reasonably subdued and our growth to be driven by strong performance across our portfolio with continued expansion and contributions from newer products. Organic revenue growth is expected to be in the range of 6-8%. We expect good margin expansion, in the range of 30-50 basis points, at constant currency.

As highlighted above, in recent years, we have driven resilient performance against a soft consumer credit environment whilst investing for growth and transforming many aspects of our business. This has put us in a position to drive strong top-line growth, expand on investments made in recent years while gradually benefitting from a normalising credit environment.

Collectively, we are confident in our financial prospects in FY25 and beyond. We will drive revenue growth through delivery of our strategic commitments.

These are to:

grow B2B globally through new data, product introductions and adoption of integrated platforms;
broaden and deepen client relationships to grow wallet share and extend in higher growth verticals and segments;
elevate Consumer Services growth, led by increased member engagement, marketplace scaling and new contributions from payments, while helping hundreds of millions of consumers thrive on their financial journey;
increase the contribution from Brazil and Spanish Latin America, the UK&I, and EMEA and Asia Pacific.

We have made considerable progress on the delivery of our cloud-native technology infrastructure, as well as on productivity opportunities through the greater use of GenAI, automation and offshoring. Over the coming two years, we will materially complete our cloud technology transition in North America and Brazil, at which point 85-90% of our non-health processing capacity will be in the cloud in these two regions. In the UK&I and EMEA and Asia Pacific, we are earlier in our journey, but still expect to progress to between 45-50% in the cloud over the same period. Investment in technology cloud transformation will peak in our largest regions and will largely be completed over the next two years. With the majority of the migration investment completing in our largest regions, this will step-up our pace of innovation, support software delivery at scale, improve customer experiences and enhance productivity. It will also reduce investments in technology transition and dual running costs. The programme will reduce our capital expenditure as a percentage of revenue, which we expect to trend from c.9% to c.7% over the medium term.

Looking ahead, the combination of economic recovery, continued growth from vertical market expansion and new product contributions alongside productivity benefits from completing the technology cloud transition will sustain high single-digit rates of organic revenue growth, good levels of annual margin accretion and deliver reduced levels of capital expenditure.

Ascend continues to gain traction with clients and establish itself as an industry leader. Global Ascend revenue of US\$184m increased 19% vs the prior year.
Our software solutions across analytics, decisioning, and identity and fraud prevention have benefitted from cross-sell initiatives, with 48% of software clients now purchasing two or more products.
We have progressed well in our strategy to expand into the Verification Solutions and Employer Services markets. During the year, we added 94 new clients to our Verification Solutions business and 337 new clients in Employer Services. We now have 54 million* active records in North America from a combination of our payroll partners and Employer Services clients.
The introduction of positive data in Brazil continues to be a driver of enhanced solutions and accelerated revenue growth. We have invested in continuous expansion of our positive data product portfolio with 211 products in the market across areas such as data, scores, fraud prevention, and analytics.
We have made targeted investments in Brazil beyond our core credit offering, with a focus on increasingly digitised markets such as agrifinance and verifications. Agrifinance continued to perform well as we leverage our data and analytics capabilities to unlock growth in a sector that has historically found it difficult to access credit.
In North America Automotive, we continue to outpace the underlying market as we leverage our proprietary data and solutions to multiple areas beyond core credit. Notably, we have grown marketing revenue by double digits, with continued expansion of our product suite.
In North America Health, our product innovations continue to be recognised in the marketplace. We earned the top KLAS ranking for the second consecutive year in the Claims Management and Clearinghouse and Revenue Cycle: Contract Management categories for our ClaimSource and Contract Manager products. We remain deeply embedded with our clients, and now sell an average of over nine products per client.
In North America Targeting, we continue to leverage our Experian marketing data alongside our unique offline and digital graphs to give our clients a holistic view of their audiences. We are well positioned for the continued shift of advertising dollars to the digital space, with 65% of North America Targeting revenue now sourced from digital channels.
We now include 'pay-in-4' buy-now-pay-later (BNPL) loan information from Apple Pay Later in consumer credit reports, the first major BNPL Programme in North America to fully furnish this information to Experian. Experian's role as the first credit bureau receiving Apple Pay Later loan information underscores our commitment to drive industry transparency while protecting consumers.
In the UK and Ireland, we extended our market position through data superiority and product innovations that address market needs. These have led to significant new client wins, including our largest ever client contract in the UK&I. We have also made investments beyond core credit, such as in the Verifications market, where we now have contracted 82% of the UK PAYE.
In EMEA and Asia Pacific, our transformation is well underway as we have repositioned the business to focus on our scale markets. Growth drivers across our geographies centre around our software offerings, including identity and fraud (ID&F), decisioning, and analytics. Our geographic focus drove regional margin expansion of 50 basis points year-on-year. After the year end, we announced an agreement to acquire illion, one of the leading consumer and commercial credit bureaux in Australia and New Zealand.

Highlights in Consumer Services...

We continue to grow our membership base as we enhance our products and expand into new categories. Globally, free memberships grew to over 180m.
We launched Experian Smart Money in North America, our no-fee and no minimums digital checking account, which helps consumers build credit without taking on additional debt. We are pleased with progress so far with 640,000 accounts opened, and Smart Money consumers showing increased engagement throughout our platform.
We launched Boost for Insurance, which has already added 1.2m tradelines and along with our online education tool Insurance Hub, has helped drive further engagement in our ecosystem. We have also grown our position with new insurance carriers during the year to our marketplace and have delivered an accelerated trend in policy growth as we have onboarded these new carriers.
80% of Experian members have a pre-approved offer in our North America marketplace, supported by our partners leveraging our Ascend capabilities in our consumer ecosystem.
In Brazil, Limpa Nome remains a key growth driver as more consumers utilise our service to renegotiate their debts and re-enter the credit markets. US\$14.5bn of consumer debts were resolved with our help in FY24. Our e-wallet also gained traction in the market as we see increased volumes and more engagement from consumers.
The growth of our consumer platforms and free member base enabled further good margin progress, up 140 basis points in the year and up around 400 basis points over five years.
- Learn more in Our strategy See pages 26 to 45

Strategic report

To strengthen our foundations...

We have made significant progress in developing the Experian GenAI Platform, an ecosystem of tools to power both internal and external GenAI use cases, which leverage Experian data safely and securely.
We have expanded GenAI productivity tools and products by utilising a global One Experian strategy. We started the roll-out of our code development assistant to our large developer base and began implementation of other end use productivity tools across the organisation. Highlights of our product development progress include incorporating Experian GPT into both a Digital Financial Assistant and our Ascend Platform.
Our employer brand and distinctive culture positions Experian as a technology employer of choice, both internally and externally. Based on our ongoing efforts and our Great Place to Work survey scores, we are now certified as a Great Place to Work in 24 countries, including achieving this accreditation in Canada, Norway and Spain for the first time this year. Our overall employee engagement increased by one point to 83% and we saw promising improvements across a range of categories.
For the fifth year in a row, our global client Net Promoter Scores have increased, driven by an increase in promoters.

Learn more in Our strategy See pages 26 to 45

Full-year financial highlights

Revenue growth was at the top end of our expected performance range. Total revenue growth from ongoing activities was 8% at actual exchange rates, 7% at constant currency. Organic revenue growth was 6%.
All four of our regions contributed positively to our performance. Organic revenue growth was 5% in North America, 13% in Latin America, 2% in the UK&I and 7% in EMEA and Asia Pacific.
We closed the year strongly. By quarter, organic revenue growth was 5% in Q1, 5% in Q2, 6% in Q3 and 8% in Q4.
Consumer Services organic revenue growth was 7%. We grew to over 180 million free members. Our expanded portfolio of offerings drove revenue growth in Brazil, and premium subscriptions, our expanding insurance marketplace and partner solutions benefitted North America.
B2B organic revenue growth was 5%. Revenue growth along with our diversified portfolio mix helped offset muted credit conditions across more mature markets such as the USA and the UK.
We delivered good progress in Benchmark EBIT from ongoing activities, up 7% at constant and up 8% at actual exchange rates. EBIT margin increased by 10 basis points at both constant and actual exchange rates to 27.6%.
We delivered strong growth in Benchmark earnings per share, which increased by 7% at constant exchange rates driven by revenue performance and margin expansion. Basic EPS was USc131.3 (2023: USc84.2), up 56%.
Cash flow conversion was strong and we converted 97% of Benchmark EBIT into Benchmark operating cash flow. Benchmark operating cash flow at actual exchange rates was US\$1,864m, reflecting 6% growth.
We continued to invest in data, technology and new products through capital expenditure, which represented 9% of revenue.
We invested US\$512m in acquisitions to support our strategic initiatives. After the year end, we announced an agreement to acquire illion, a commercial and credit bureau in A/NZ for up to AU\$820m. We expect this transaction to complete during H2 FY25.
We ended the year with Net debt to Benchmark EBITDA of 1.7x, compared to our target range of 2.0-2.5x.
We have completed our FY24 share repurchase programme for a net cash consideration of US\$129m, of which net cash spend during FY24 was US\$100m and US\$29m during April 2024. These repurchases offset deliveries under employee share plans. We are also announcing that we will commence a net up to US\$150m share repurchase programme in FY25, which will again offset deliveries under employee share plans.

Revenue and Benchmark EBIT by region, Benchmark EBIT margin

	2024 US\$m	2023¹ US\$m	Total growth %	Organic growth
Revenue
North America	4,659	4,432	5	5
Latin America	1,107	914	16	13
UK and Ireland	840	781	3	2
EMEA and Asia Pacific	450	421	8	7
Ongoing activities	7,056	6,548	7	6
Exited business activities	41	71	n/a
Total	7,097	6,619	6
Benchmark EBIT
North America	1,531	1,467	4
Latin America	360	292	18
UK and Ireland	181	169	3
EMEA and Asia Pacific	16	13	35
Total operating segments	2,088	1,941	6
Central Activities – central corporate costs	(144)	(143)	n/a
Benchmark EBIT from ongoing activities	1,944	1,798	7
Exited business activities	(16)	(4)	n/a
Total Benchmark EBIT	1,928	1,794	7
Benchmark EBIT margin – ongoing activities	27.6%	27.5%

1 Results for FY23 are re-presented for the reclassification to exited business activities of certain B2B businesses. Total growth and organic growth percentages are at constant exchange rates.

See the Financial review for analysis of revenue, See note 10(a)(i) & (ii) to the Group financial statements for the Reconciliation of revenue from ongoing activities and Benchmark EBIT by business segment and note 7 to the Group financial statements for the definition of non-GAAP measures including Benchmark EBIT margin.

We have announced a second interim dividend of USc40.50 per share, up 7%. This will be paid on 19 July 2024 to shareholders on the register at the close of business on 21 June 2024.
ROCE was 17.0%, up 50 basis points on the prior year.

Environmental, social and governance (ESG)

As our approach to improving financial health matures, we have focused more on the positive social impact our products can deliver. We have therefore articulated a new ambition, which is to help people thrive on their financial journey. We have developed a new Positive Social Impact Framework that will help us measure progress towards this ambition. It defines positive social impact as a favourable and measurable change that occurs in someone's financial journey as a result of interacting with an Experian product. We are developing a methodology to report on this in the future.
Over 15 million consumers have now connected to Experian Boost in the USA, helping millions improve their credit scores. Experian Go has now helped around 210,000 'credit invisible' US consumers to establish their financial identity. We have received a BIG Innovation award three years running, recognising each of these products.
Our social innovation products, specifically developed to deliver societal benefits and improve financial health, have reached a further 8 million people this year.
Our United for Financial Health programme to improve financial education among disadvantaged communities has now connected with 146 million people since launch in 2020, exceeding our target of 100 million people by 2024.
We pride ourselves on our 'People first' culture. This year we were listed in the Top 50 UK and Top 100 US Glassdoor Best Places to Work 2024, and 87% of our employees agreed they can be themselves at Experian. We have set new gender diversity targets to increase the proportion of women in our senior leaders to 40%, in our mid-level leaders to 41%, and in our total workforce to 48% by 2027.
Our Board continues to comprise 45% women and includes two ethnically diverse Board members. This meets the recommendations of the FTSE Women Leaders Review on gender diversity and the Parker Review on ethnic diversity.

• This year we have increased our renewable energy usage from 62% to 75%, contributing to a 75% reduction in our Scope 1 and 2 emissions since 2019, ahead of our 50% reduction by 2030 target. We have also set a new Scope 3 emissions target, that suppliers covering 78% of Experian's spend on Purchased Goods and Services, Upstream Leased Assets, Capital Goods, and Investments are to have science-based targets by 2029, which is being submitted to the SBTi for validation. We were recognised as a Supplier Engagement Leader in the 2023 CDP Supplier Engagement Leaderboard.

Other financial developments

Benchmark profit before tax (PBT) was US\$1,789m, up 7% at actual exchange rates, after net interest expense of US\$139m (2023: US\$124m). Our interest expense increased only modestly despite the rise in market rates due to our forward rate fixing programme. For FY25, we expect net interest expense to be in the range of US\$135-US\$140m.

The benchmark tax rate was 25.7% (2023: 26.0%) reflecting the mix of profits and prevailing tax rates by territory, and a one-off benefit from the recognition of historical UK tax losses. We expect our effective tax rate on Benchmark PBT in FY25 will be around 26-27%.

Our Benchmark EPS was USc145.5, an increase of 8% at actual exchange rates and 7% at constant exchange rates. For FY25, we expect weighted average number of ordinary shares (WANOS) of c.914m.

Foreign exchange translation was a +1% benefit to Benchmark EPS for the full year. For FY25, we expect the foreign exchange translation effect to be neutral to a 1% headwind on revenue and Benchmark EBIT, assuming recent foreign exchange rates prevail.

Non-benchmark items:

Profit before tax was US\$1,551m, up from US\$1,174m, as a result of growth, the charge for a goodwill impairment in the prior year and reduced non-benchmark costs.
We have incurred a charge of US\$4m (2023: US\$45m) for increased contingent consideration.

Chief Executive's review continued

Regional highlights for the year ended 31 March 2024

North America

North America performance was good. Revenue was US\$4,659m, with organic revenue growth of 5%. Total constant currency revenue growth was 5% including the contribution from a health acquisition completed during the year.

B2B organic revenue growth was 5%, driven by new products, new client wins, and the breadth of our portfolio.

Consumer and Business Information Services grew 4% organically for the year, excluding mortgage. Growth was driven by our focus on innovative data, analytics and software to win new business and expand deeper into existing customer workflows. Lenders continued to maintain a cautious stance around credit supply, which impacted credit volumes. We saw strong growth from Clarity, our leading alternative credit bureau, which has benefitted from enhanced analytical solutions and strong client demand. We also continue to solidify our position in Employer and Verification Solutions, with over 400 new client logos added during the year across the two businesses. We continue to secure records by utilising our Employer Services capabilities and through payroll partnerships. Coverage increased to 54 million* active employment records on US individuals. Mortgage profile revenue declined by 1% as lower inquiry volumes were almost entirely offset by higher pricing.

Our vertical lines of business also performed well. Automotive revenue grew 8% as we capitalise on our unique data and deep client relationships. Health revenue increased by 7% reflecting growth across all major product lines. We continue to increase penetration across our provider base and help our clients navigate the complex and increasingly digitising healthcare system. Targeting delivered 5% growth and benefitted from our differentiated consumer data, paired with our leading digital identity graph.

		Year-on-year % change in organic¹ revenue – for the twelve months ended 31 March 2024				Benchmark EBIT margin²
	% of Group revenue3		Data Decisioning	B2B	Consumer Services	Total	Total
North America	66	4	5	5	6	5	32.9%
Latin America	16	8	14	9	26	13	32.5%
UK and Ireland	12	5	0	3	1	2	21.5%
EMEA and Asia Pacific	6	4	14	7	n/a	7	3.6%
Total global	100	5	6	5	7	6	27.6%

1 At constant exchange rates.

2 At actual exchange rates.

3 Percentage of Group revenue from ongoing activities calculated based on FY24 revenue at actual exchange rates.

Consumer Services revenue grew by 6% for the full year. Our FY24 growth benefitted from the breadth of our revenue sources, reflecting growth across premium memberships and partner solutions.

We continue to grow our membership base and extend the services we offer to help consumers manage their daily financial lives. We introduced Experian Smart Money in October, a digital checking account which helps consumers build credit. It also helps to drive engagement, with Smart Money consumers showing increased interaction with the rest of the Experian platform. Our insurance ecosystem continues to take shape. We have seen strong engagement from new offerings this year such as Boost with Insurance, which adds eligible on-time payments to Experian credit reports, and our Insurance Hub, which educates prospective buyers on the purchase process. Insurance carriers are recognising the utility of participating in our platform and four major providers launched in scale during the year. Strong insurance revenue momentum helped mitigate the impact of tighter credit supply in our credit marketplace.

Within premium membership, we launched subscription cancellations to help our members save money on unwanted recurring payments. Premium membership revenue was solid as consumers utilised our resources to monitor their credit health and improve their prospects to access credit during this period of tighter market supply. Partner Solutions performed strongly during the year, benefitting from non-recurring data breach service revenue.

We remain focused on leveraging our unique position in both B2B and Consumer Services to benefit both customer bases. Experian Activate is a prime example of this, as we utilise our Ascend technology to help our business clients better access our member population, and it has resulted in improvements in both conversion rates and consumer engagement. We also recently piloted a GenAI-powered Digital Financial Assistant to create a highly personalised automated experience which leverages consumer-permissioned data. We expect this next-generation solution to further drive up the engagement with consumers on our platform.

Benchmark EBIT rose 4% to US\$1,531m. The Benchmark EBIT margin reduced 20 basis points to 32.9%. Margins reflected the mix of growth, investments in our verification solutions and our insurance marketplace and our innovations across our scaling verticals.

Latin America performance was strong, with revenue from ongoing activities of US\$1,107m increasing by 13% organically and total constant currency revenue growing by 16%. Contributing acquisitions included a new credit bureau in Panama and four small acquisitions in Brazil: Agrosatélite, MOVA, AllowMe and Flexpag.

B2B organic revenue growth was 9%.

The credit market in Brazil continues to evolve following the introduction of positive and new open data assets. We have leveraged this market change to expand our capabilities and extend our competitive position, as well as to improve access to credit in the Brazilian market. In FY24, we enhanced the positive data solutions in our analytical portfolio, as we continue to innovate around new scores and attributes and see increasing demand for our products. Small and medium enterprise revenue saw strong growth for the year driven by new client acquisition. Our Agrifinance vertical, while still in its early stages, is outperforming expectations. We are striving to build the leading information bureau for decision-making and risk monitoring in Brazilian agribusiness and facilitate access to credit for millions of farmers over the coming years.

Spanish Latin America grew well, reflecting growth across our core bureau geographies of Colombia, Chile, Peru, and Panama. We are seeing strong uptake of our new digital solutions and identity and fraud management offerings at large customers and are extending our position with SMEs as we focus on client acquisition and deepening initiatives.

Consumer Services organic revenue growth was 26%. We continue to successfully grow our brand in Brazil, with the ambition to become one of the pre-eminent financial services providers in the region. Our debt resolution service, Limpa Nome, was a key driver of growth as we settled US\$14.5bn of debt on the platform during the year. We continue to invest to drive engagement in our platform, including through recent inorganic investments which have enhanced our e-wallet solution and brought more functionality to consumers.

Benchmark EBIT in Latin America was US\$360m, up 18% at constant exchange rates. The Benchmark EBIT margin from ongoing activities at actual exchange rates was 32.5%, up by 60 basis points. FY24 margin benefitted from continued scaling of the Consumer Services business.

The UK and Ireland delivered solid performance despite continued underlying market softness. Revenue from ongoing activities was US\$840m with total constant currency growth at 3% and organic revenue growth of 2%.

In B2B, organic revenue increased by 3% as we deepened market penetration despite economic headwinds and volume challenges. Our innovative new products, are a key growth contributor, and are supporting cross-business unit opportunities. Data superiority is also differentiating us in the marketplace and driving key wins this past year across FinTech, government, and traditional players.

In Consumer Services, organic revenue was up by 1%. The year was impacted by a weak lending market, but a combination of product enhancements and execution improvements have helped mitigate the impact and support growth. Our subscription business gained momentum in paid subscribers towards the end of the year and our marketplace exited FY24 strongly as well as we leveraged strength in our lender panel and more personalised consumer engagements.

Benchmark EBIT from ongoing activities was US\$181m, up 3% at constant exchange rates. The Benchmark EBIT margin from ongoing activities was 21.5% (2023: 21.6%), which reflects cost discipline, and offsets the impact of lower credit volumes.

Latin America UK and Ireland EMEA and Asia Pacific

In EMEA and Asia Pacific, revenue from ongoing activities was US\$450m, with organic growth of 7% and total growth at constant exchange rates of 8%. The difference relates to the acquisition of a small cloud-based decisioning business. Data delivered organic revenue growth of 4% while Decisioning delivered strong growth, up 14%.

EMEA and Asia Pacific has continued its transformation process. Revenues are on a stronger trajectory and profitability has improved markedly. We see further scope to improve profitability as we focus on innovation-led growth, including through new scores and attributes and new fraud prevention capabilities.

Our actions have improved Benchmark EBIT performance, which for ongoing activities was US\$16m, up 23% at actual exchange rates. The Benchmark EBIT margin for ongoing activities improved to 3.6% from 3.1% in FY23.

Outlook

For FY25, we expect further strategic progress and expect to deliver organic revenue growth in the range of 6-8%. We also expect good margin expansion, in the range of 30-50 basis points, at constant currency.

Looking further ahead, we expect the combination of economic recovery, continued new product and vertical market expansion as well as productivity gains from technology cloud transition to elevate our financial performance. We anticipate strong organic revenue growth, good margin accretion and reduced levels of capital expenditure.

Our business model Making a meaningful difference, building value

Experian's roots stretch back to the days when it was a pioneering credit bureau. As technology evolved, we recognised the huge potential of data to power businesses and transform access to financial services for people and businesses.

We embarked on a strategy to layer-in advanced analytical and software capabilities and to become an indispensable financial partner for consumers. This has propelled our transformation into a technology-focused global data analytics and software company.

What we are now

The value we create for businesses and consumers continues to expand

How we organise our business and how it generates revenue