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0001552033false00015520332025-04-242025-04-24

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): April 24, 2025
____________________
TransUnion

(Exact name of registrant as specified in its charter)
____________________
Delaware 001-37470 61-1678417
(State or other jurisdiction
of incorporation)
(Commission File Number) (IRS Employer Identification No.)
555 West Adams Street, Chicago, Illinois 60661
(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:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a−12 under the Exchange Act (17 CFR 240.14a−12)
☐    Pre−commencement communications pursuant to Rule 14d−2(b) under the Exchange Act (17 CFR 240.14d−2(b))
☐    Pre−commencement communications pursuant to Rule 13e−4(c) under the Exchange Act (17 CFR 240.13e− 4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value TRU New York Stock Exchange
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 April 24, 2025, TransUnion (the “Company”) issued a press release announcing results for the quarter ended March 31, 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 April 24, 2025, management reviewed a slide presentation during the Company’s fiscal 2025 first 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 April 24, 2025, announcing results for the quarter ended March 31, 2025.
Earnings call presentation materials for the quarter ended March 31, 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: April 24, 2025
By: /s/ Todd M. Cello
Name: Todd M. Cello
Title: Executive Vice President, Chief Financial Officer

EX-99.1 2 exhibit99103312025.htm EX-99.1 Document
Exhibit 99.1
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News Release
TransUnion Announces First Quarter 2025 Results
•Exceeded first quarter 2025 financial guidance across all key financial metrics
•Delivered 8 percent organic constant currency revenue growth (7 percent reported) led by U.S. Financial Services, Emerging Verticals and International
•De-levered to 2.9x Leverage Ratio at quarter-end and repurchased $10 million shares through mid-April
•Maintaining organic constant currency revenue growth guidance of 4.5 to 6 percent (4 to 5.5 percent reported revenue growth)

CHICAGO, April 24, 2025 – TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended March 31, 2025.
First Quarter 2025 Results
Revenue:
•Total revenue for the quarter was $1,096 million, an increase of 7 percent (8 percent on a constant currency basis), compared with the first quarter of 2024.
Earnings:
•Net income attributable to TransUnion was $148 million for the quarter, compared with $65 million for the first quarter of 2024 primarily due to a $56 million reduction of a previously established accrual for a lawsuit that was dismissed in the first quarter of 2025. Diluted earnings per share was $0.75, compared with $0.33 in the first quarter of 2024. Net income attributable to TransUnion margin was 13.5 percent, compared with 6 percent in the first quarter of 2024.
•Adjusted Net Income was $208 million for the quarter, compared with $179 million for the first quarter of 2024. Adjusted Diluted Earnings per Share was $1.05, compared with $0.92 in the first quarter of 2024.
•Adjusted EBITDA was $397 million for the quarter, compared with $358 million for the first quarter of 2024, an increase of 11 percent (12 percent on a constant currency basis). Adjusted EBITDA margin was 36.2 percent, compared with 35.1 percent in the first quarter of 2024.
“In the first quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 9 percent against subdued market conditions, led by strong mortgage and accelerating non-mortgage Financial Services and Emerging Verticals growth. International grew 6 percent on a constant currency basis, with high-single digit growth across most markets and India up low-single digits as anticipated.”
“We are maintaining our 2025 organic constant currency revenue guidance of 4.5 to 6 percent, balancing strong outperformance in the first quarter against increasing market risks. We are actively monitoring conditions but to-date have not experienced softening volumes in our business.”
“We believe we are well-positioned to navigate potential economic softening. We have a proven track record of delivering revenue growth through economic cycles, supported by a diversified and high-growth portfolio across solutions, verticals and geographies. Should conditions deteriorate, we are prepared to prudently manage costs while prioritizing the completion of our business transformation to deliver structural cost savings and accelerate innovation.”



First Quarter 2025 Segment Results
Segment revenue and Adjusted EBITDA for the first quarter of 2025 and the related growth rates compared with the first quarter of 2024 were as follows:
(in millions)
First Quarter 2025
Reported Growth Rate
Constant Currency Growth Rate
U.S. Markets:
Financial Services $ 404  15  % 15  %
Emerging Verticals 315  % %
Consumer Interactive 138  (1) % (1) %
Total U.S. Markets Revenue
$ 857  % %
U.S. Markets Adjusted EBITDA
$ 320  12  % 12  %
International:
Canada
$ 38  —  % %
Latin America
33  —  % %
United Kingdom
59  % %
Africa
17  12  % 10  %
India
69  (3) % %
Asia Pacific
27  % %
Total International Revenue
$ 242  % %
International Adjusted EBITDA
$ 110  % %
Liquidity and Capital Resources
Cash and cash equivalents was $610 million at March 31, 2025 and $679 million at December 31, 2024.
For the three months ended March 31, 2025, cash provided by operating activities was $53 million, compared with $54 million in 2024. The decrease in cash provided by operating activities was primarily due to the timing of accounts receivable collections and higher bonus payouts in 2025 compared with 2024, mostly offset by improved operating performance and lower interest expense. For the three months ended March 31, 2025, cash used in investing activities was $87 million, compared with $62 million in 2024. The increase in cash used in investing activities was primarily due to a current year investment in a note receivable and an increase in capital expenditures. For the three months ended March 31, 2025, capital expenditures were $68 million, compared with $62 million in 2024. Capital expenditures as a percent of revenue represented 6% for each of the three months ended March 31, 2025 and 2024. For the three months ended March 31, 2025, cash used in financing activities was $41 million, compared with $31 million in 2024. Cash used in financing activities was higher primarily due to stock buybacks in 2025.



Second 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 June 30, 2025 Twelve Months Ended December 31, 2025
(in millions, except per share data) Low High Low High
Revenue, as reported $ 1,076  $ 1,095  $ 4,358  $ 4,417 
Revenue growth1:
As reported % % % 5.5  %
Constant currency1, 2
% % % %
Organic constant currency1, 3
% % 4.5  % %
Net income attributable to TransUnion
$ 69  $ 77  $ 383  $ 411 
Net income attributable to TransUnion growth
(18) % (9) % 35  % 44  %
Net income attributable to TransUnion margin
6.5  % 7.1  % 8.8  % 9.3  %
Diluted Earnings per Share $ 0.35  $ 0.39  $ 1.92  $ 2.06 
Diluted Earnings per Share growth (20) % (10) % 33  % 43  %
Adjusted EBITDA, as reported5
$ 375  $ 386  $ 1,549  $ 1,590 
Adjusted EBITDA growth, as reported4
—  % % % %
Adjusted EBITDA margin 34.8  % 35.3  % 35.6  % 36.0  %
Adjusted Diluted Earnings per Share5
$ 0.95  $ 0.99  $ 3.93  $ 4.08 
Adjusted Diluted Earnings per Share growth (4) % —  % —  % %
1.Additional revenue growth assumptions:
a.The impact of changing exchange rates is expected to be approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind for FY 2025.
b.The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q2 2025 and less than 1 point of benefit for FY 2025.
c.The impact of mortgage is expected to be approximately 2 points of benefit for Q2 2025 and 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 have approximately 1 point of headwind for Q2 2025 and approximately 1 point of headwind 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;
•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:    Investor.Relations@transunion.com
Telephone:    312.985.2860


                                                
TRANSUNION AND SUBSIDIARIES
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)
March 31,
2025
December 31,
2024
Assets
Current assets:
Cash and cash equivalents $ 609.9  $ 679.5 
Trade accounts receivable, net of allowance of $24.4 and $19.9
882.3  798.9 
Other current assets 326.2  323.4 
Total current assets 1,818.4  1,801.8 
Property, plant and equipment, net of accumulated depreciation and amortization of $527.6 and $506.3
199.8  203.5 
Goodwill 5,162.7  5,144.3 
Other intangibles, net of accumulated amortization of $2,421.7 and $2,294.5
3,205.6  3,257.5 
Other assets 562.6  577.7 
Total assets $ 10,949.1  $ 10,984.8 
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable $ 325.6  $ 294.6 
Current portion of long-term debt 70.6  70.6 
Other current liabilities 492.3  694.4 
Total current liabilities 888.5  1,059.6 
Long-term debt 5,060.2  5,076.6 
Deferred taxes 386.4  415.3 
Other liabilities 121.5  114.5 
Total liabilities 6,456.6  6,666.0 
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of March 31, 2025 and December 31, 2024, respectively
—  — 
Common stock, $0.01 par value; 1.0 billion shares authorized at March 31, 2025 and December 31, 2024, 201.7 million and 201.5 million shares issued at March 31, 2025 and December 31, 2024, respectively, and 195.1 million and 194.9 million shares outstanding as of March 31, 2025 and December 31, 2024, respectively
2.0  2.0 
Additional paid-in capital 2,595.1  2,558.9 
Treasury stock at cost; 6.7 million and 6.6 million shares at March 31, 2025 and December 31, 2024, respectively
(340.1) (334.6)
Retained earnings 2,484.5  2,357.9 
Accumulated other comprehensive loss (355.7) (367.2)
Total TransUnion stockholders’ equity 4,385.8  4,217.0 
Noncontrolling interests 106.7  101.8 
Total stockholders’ equity 4,492.5  4,318.8 
Total liabilities and stockholders’ equity $ 10,949.1  $ 10,984.8 


                                                
TRANSUNION AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
Three Months Ended March 31,
2025 2024
Revenue $ 1,095.7  $ 1,021.2 
Operating expenses
Cost of services (exclusive of depreciation and amortization below) 445.6  406.3 
Selling, general and administrative 256.8  305.6 
Depreciation and amortization 138.9  134.0 
Restructuring —  18.2 
Total operating expenses 841.4  864.1 
Operating income 254.4  157.2 
Non-operating income and (expense)
Interest expense (56.1) (68.7)
Interest income 8.6  5.4 
Earnings from equity method investments 4.3  4.7 
Other income and (expense), net (17.4) (15.7)
Total non-operating income and (expense) (60.6) (74.1)
Income before income taxes 193.8  83.0 
Provision for income taxes (41.0) (13.0)
Net income 152.7  70.0 
Less: net income attributable to noncontrolling interests (4.7) (4.9)
Net income attributable to TransUnion $ 148.1  $ 65.1 
Basic earnings per common share from:
Net income attributable to TransUnion
$ 0.76  $ 0.34 
Diluted earnings per common share from:
Net income attributable to TransUnion $ 0.75  $ 0.33 
Weighted-average shares outstanding:
Basic 195.1  194.1 
Diluted 197.3  195.3 
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)
Three Months Ended March 31,
2025 2024
Cash flows from operating activities:
Net income
$ 152.7  $ 70.0 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 138.9  134.0 
Loss on repayment of loans —  0.7 
Deferred taxes (22.5) (27.1)
Stock-based compensation 30.3  24.1 
Other 15.2  (1.2)
Changes in assets and liabilities:
Trade accounts receivable (88.9) (60.7)
Other current and long-term assets 3.8  43.7 
Trade accounts payable 29.7  28.7 
Other current and long-term liabilities (206.7) (158.2)
Cash provided by operating activities
52.5  54.0 
Cash flows from investing activities:
Capital expenditures (68.4) (62.4)
Proceeds from sale/maturities of other investments 0.2  — 
Investments in nonconsolidated affiliates and notes receivable
(20.0) (1.2)
Other 1.6  1.2 
Cash used in investing activities (86.6) (62.4)
Cash flows from financing activities:
Proceeds from term loans
—  264.1 
Repayments of term loans
—  (257.1)
Repayments of debt (17.7) (14.6)
Debt financing fees —  (4.7)
Dividends to shareholders (22.6) (20.8)
Proceeds from issuance of common stock
10.6  12.4 
Employee taxes paid on restricted stock units recorded as treasury stock (5.5) (10.6)
Repurchase of common stock
(5.4) — 
Cash used in financing activities (40.6) (31.3)
Effect of exchange rate changes on cash and cash equivalents 5.1  (2.9)
Net change in cash and cash equivalents (69.6) (42.6)
Cash and cash equivalents, beginning of period 679.5  476.2 
Cash and cash equivalents, end of period $ 609.9  $ 433.6 
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 March 31, 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, (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 presents 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 statement 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 March 31, 2025 compared with
the Three Months Ended March 31, 2024
Reported
CC Growth1
Organic CC Growth2
Revenue:
Consolidated 7.3  % 8.1  % 8.1  %
U.S. Markets 8.6  % 8.6  % 8.6  %
Financial Services 14.7  % 14.7  % 14.7  %
Emerging Verticals 5.8  % 5.8  % 5.8  %
Consumer Interactive (0.8) % (0.8) % (0.8) %
International 2.5  % 6.0  % 6.0  %
Canada 0.4  % 6.9  % 6.9  %
Latin America (0.5) % 6.9  % 6.9  %
United Kingdom 8.6  % 9.5  % 9.5  %
Africa 11.9  % 9.5  % 9.5  %
India (3.3) % 0.9  % 0.9  %
Asia Pacific 7.0  % 8.0  % 8.0  %
Adjusted EBITDA:
Consolidated 10.9  % 12.3  % 12.3  %
U.S. Markets 12.3  % 12.3  % 12.3  %
International 2.8  % 7.3  % 7.3  %

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.We have no inorganic revenue or Adjusted EBITDA for the periods presented. 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 March 31,
  2025 2024
Revenue:
U.S. Markets gross revenue
     Financial Services $ 403.6  $ 351.7 
     Emerging Verticals 314.9  297.5 
Consumer Interactive 138.2  139.3 
U.S. Markets gross revenue $ 856.6  $ 788.6 
International gross revenue
     Canada $ 37.8  $ 37.7 
     Latin America 32.8  32.9 
United Kingdom 58.8  54.2 
     Africa 16.9  15.1 
     India 68.8  71.1 
     Asia Pacific 27.0  25.3 
International gross revenue $ 242.2  $ 236.3 
Total gross revenue $ 1,098.8  $ 1,024.9 
Intersegment revenue eliminations
U.S. Markets $ (1.6) $ (2.3)
International (1.5) (1.5)
Total intersegment revenue eliminations $ (3.1) $ (3.7)
Total revenue as reported $ 1,095.7  $ 1,021.2 
Adjusted EBITDA:
U.S. Markets $ 320.1  $ 285.2 
International 109.8  106.8 
Corporate (32.8) (33.9)
Adjusted EBITDA Margin:1
U.S. Markets 37.4  % 36.2  %
International 45.3  % 45.2  %
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 March 31,
  2025 2024
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion
$ 148.1  $ 65.1 
Net interest expense 47.5  63.2 
Provision for income taxes 41.0  13.0 
Depreciation and amortization 138.9  134.0 
EBITDA $ 375.5  $ 275.4 
Adjustments to EBITDA:
Stock-based compensation 30.3  24.1 
Mergers and acquisitions, divestitures and business optimization1
17.9  9.2 
Accelerated technology investment2
20.0  18.5 
Operating model optimization program3
9.8  24.4 
Net other4
(56.4) 6.5 
Total adjustments to EBITDA $ 21.7  $ 82.8 
Consolidated Adjusted EBITDA $ 397.1  $ 358.2 
Net income attributable to TransUnion margin
13.5  % 6.4  %
Consolidated Adjusted EBITDA margin5
36.2  % 35.1  %
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 March 31,
2025 2024
Transaction and integration costs $ 5.3  $ 2.2 
Fair value and impairment adjustments 12.6  0.1 
Post-acquisition adjustments —  6.9 
Total mergers and acquisitions, divestitures and business optimization $ 17.9  $ 9.2 
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 March 31,
2025 2024
Foundational Capabilities $ 7.4  $ 6.8 
Migration Management 12.6  10.1 
Program Enablement —  1.7 
Total accelerated technology investment $ 20.0  $ 18.5 


                                                
3.Operating model optimization consisted of the following adjustments:
Three Months Ended March 31,
2025 2024
Employee separation
$ —  $ 16.8 
Facility exit —  1.4 
Business process optimization 9.8  6.2 
Total operating model optimization $ 9.8  $ 24.4 
4.Net other consisted of the following adjustments:
Three Months Ended March 31,
2025 2024
Deferred loan fee expense from debt prepayments and refinancing $ (0.1) $ 3.1 
Other debt financing expenses 0.5  0.6 
Currency remeasurement on foreign operations (0.6) 2.6 
Legal and regulatory expenses, net (56.0) — 
Other non-operating (income) expense (0.3) 0.2 
Total other adjustments $ (56.4) $ 6.5 
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 March 31,
2025 2024
Income attributable to TransUnion
$ 148.1  $ 65.1 
Weighted-average shares outstanding:
Basic 195.1  194.1 
Diluted 197.3  195.3 
Basic earnings per common share from:
Net income attributable to TransUnion
$ 0.76  $ 0.34 
Diluted earnings per common share from:
Net income attributable to TransUnion
$ 0.75  $ 0.33 
Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion
$ 148.1  $ 65.1 
Adjustments before income tax items:
Amortization of certain intangible assets1
70.9  72.0 
Stock-based compensation
30.3  24.1 
Mergers and acquisitions, divestitures and business optimization2
17.9  9.2 
Accelerated technology investment3
20.0  18.5 
Operating model optimization program4
9.8  24.4 
Net other5
(56.7) 5.9 
Total adjustments before income tax items $ 92.3  $ 154.3 
Total adjustments for income taxes6
(32.7) (40.4)
Adjusted Net Income $ 207.6  $ 179.0 
Weighted-average shares outstanding:
Basic 195.1  194.1 
Diluted
197.3  195.3 
Adjusted Earnings per Share:
Basic $ 1.06  $ 0.92 
Diluted $ 1.05  $ 0.92 


                                                
  Three Months Ended March 31,
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
$ 0.75  $ 0.33 
Adjustments before income tax items:
Amortization of certain intangible assets1
0.36  0.37 
Stock-based compensation
0.15  0.12 
Mergers and acquisitions, divestitures and business optimization2
0.09  0.05 
Accelerated technology investment3
0.10  0.09 
Operating model optimization program4
0.05  0.13 
Net other5
(0.29) 0.03 
Total adjustments before income tax items $ 0.47  $ 0.79 
Total adjustments for income taxes6
(0.17) (0.21)
Adjusted Diluted Earnings per Share $ 1.05  $ 0.92 
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 March 31,
2025 2024
Transaction and integration costs $ 5.3  $ 2.2 
Fair value and impairment adjustments 12.6  0.1 
Post-acquisition adjustments —  6.9 
Total mergers and acquisitions, divestitures and business optimization $ 17.9  $ 9.2 
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 March 31,
2025 2024
Foundational Capabilities $ 7.4  $ 6.8 
Migration Management 12.6  10.1 
Program Enablement —  1.7 
Total accelerated technology investment $ 20.0  $ 18.5 


                                                
4.Operating model optimization consisted of the following adjustments:
Three Months Ended March 31,
2025 2024
Employee separation
$ —  $ 16.8 
Facility exit —  1.4 
Business process optimization 9.8  6.2 
Total operating model optimization $ 9.8  $ 24.4 
5.Net other consisted of the following adjustments:
Three Months Ended March 31,
2025 2024
Deferred loan fee expense from debt prepayments and refinancing $ (0.1) $ 3.1 
Currency remeasurement on foreign operations (0.6) 2.6 
Legal and regulatory expenses, net (56.0) — 
Other non-operating (income) and expense —  0.2 
Total other adjustments $ (56.7) $ 5.9 
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 March 31,
2025 2024
Income before income taxes
$ 193.8  $ 83.0 
Total adjustments before income tax items from Schedule 3
92.3  154.3 
Adjusted income before income taxes
$ 286.1  $ 237.3 
Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:
Provision for income taxes
(41.0) (13.0)
Adjustments for income taxes:
Tax effect of above adjustments (32.3) (35.0)
Eliminate impact of excess tax expense for stock-based compensation
0.5  1.0 
Other1
(0.9) (6.4)
Total adjustments for income taxes $ (32.7) $ (40.4)
Adjusted Provision for Income Taxes
$ (73.7) $ (53.4)
Effective tax rate 21.2  % 15.7  %
Adjusted Effective Tax Rate 25.8  % 22.5  %
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 March 31,
2025 2024
Deferred tax adjustments $ (4.6) $ (5.1)
Valuation allowance adjustments 2.3  0.2 
Return to provision, audit adjustments and reserves related to prior periods 1.0  (0.9)
Other adjustments 0.4  (0.5)
Total other adjustments $ (0.9) $ (6.4)


                                                

SCHEDULE 5
TRANSUNION AND SUBSIDIARIES
Leverage Ratio (Unaudited)
(dollars in millions)

Trailing Twelve Months Ended
 March 31, 2025
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion
$ 367.3 
Net interest expense 221.0 
Provision for income taxes 126.9 
Depreciation and amortization 542.6 
EBITDA $ 1,257.7 
Adjustments to EBITDA:
Stock-based compensation
$ 127.5 
Mergers and acquisitions, divestitures and business optimization1
35.2 
Accelerated technology investment2
85.7 
Operating model optimization program3
80.3 
Net other4
(41.1)
Total adjustments to EBITDA $ 287.6 
Leverage Ratio Adjusted EBITDA $ 1,545.3 
Total debt $ 5,130.8 
Less: Cash and cash equivalents 609.9 
Net Debt $ 4,521.0 
Ratio of Net Debt to Net income attributable to TransUnion
12.3 
Leverage Ratio 2.9 
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
 March 31, 2025
Transaction and integration costs $ 14.2 
Fair value and impairment adjustments 20.8 
Post-acquisition adjustments 0.1 
Total mergers and acquisitions, divestitures and business optimization $ 35.2 
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
 March 31, 2025
Foundational Capabilities $ 36.3 
Migration Management 45.6 
Program Enablement 3.8 
Total accelerated technology investment $ 85.7 
3.Operating model optimization consisted of the following adjustments:
Trailing Twelve Months Ended
 March 31, 2025
Employee separation
$ 7.9 
Facility exit 40.7 
Business process optimization 31.7 
Total operating model optimization $ 80.3 
4.Net other consisted of the following adjustments:
Trailing Twelve Months Ended
 March 31, 2025
Deferred loan fee expense from debt prepayments and refinancings $ 14.6 
Other debt financing expenses 2.3 
Currency remeasurement on foreign operations (1.1)
Legal and regulatory expenses, net
(56.0)
Other non-operating (income) and expense (1.0)
Total other adjustments $ (41.1)



                                                
SCHEDULE 6
TRANSUNION AND SUBSIDIARIES
Segment Depreciation and Amortization (Unaudited)
(in millions)
  Three Months Ended March 31,
  2025 2024
U.S. Markets $ 101.2  $ 100.8 
International 36.6  32.2 
Corporate 1.1  1.0 
Total depreciation and amortization $ 138.9  $ 134.0 
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 June 30, 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 $ 69  $ 77  $ 383  $ 411 
Interest, taxes and depreciation and amortization 220  224  917  929 
EBITDA $ 290  $ 302  $ 1,299  $ 1,340 
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments1
85  85  250  250 
Adjusted EBITDA $ 375  $ 386  $ 1,549  $ 1,590 
Net income attributable to TransUnion margin 6.5  % 7.1  % 8.8  % 9.3  %
Consolidated Adjusted EBITDA margin2
34.8  % 35.3  % 35.6  % 36.0  %
Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share $ 0.35  $ 0.39  $ 1.92  $ 2.06 
Adjustments to diluted earnings per share1
0.60  0.60  2.00  2.01 
Adjusted Diluted Earnings per Share $ 0.95  $ 0.99  $ 3.93  $ 4.08 
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.

EX-99.2 3 exhibit99203312025.htm EX-99.2 exhibit99203312025
First Quarter 2025 Earnings April 24, 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; 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 April 24, 2025, announcing results for the quarter ended March 31, 2025,” under the heading ‘Non-GAAP Financial Measures,’” furnished to the Securities and Exchange Commission on April 24, 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. First quarter 2025 highlights1 Market perspectives and strategic priorities2 First quarter 2025 financial results3 Full-year 2025 guidance and portfolio resiliency review4


 
4@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. *Revenue growth figures referenced above are organic constant currency. International revenue grew +6%, with India +1% as anticipated and all other geographies up high-single digits U.S. Markets revenue +9% led by Financial Services and Insurance Organic constant currency revenue +8%, +6% excluding mortgage Exceeded guidance on revenue, Adjusted EBITDA and Adjusted Diluted EPS Leverage Ratio of 2.9x at quarter- end; repurchased $10M shares from March through mid-April For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation. First quarter 2025 highlights


 
5@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Lenders entered 2025 with cautious optimism for credit growth, supported by healthy consumer finances New U.S. trade and fiscal policy proposals add uncertainty around levels of inflation, employment, interest rates and economic growth International portfolio on solid and broad-based growth trajectory, with re-acceleration expected in India U.S. credit volumes remain subdued but stable in Q1 and mid- April, consistent with guidance assumptions Maintaining FY 2025 organic constant currency revenue growth and Adjusted Diluted EPS guidance, balancing broad-based Q1 strength against increased market uncertainty Market perspectives


 
6@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Drive consistent financial results Enhance global operating model Accelerate innovation across solution suites Complete technology modernizations Delivering against our 2025 strategic priorities Transform the BusinessDeliver Financial Commitments • Exceeded financial guidance for 6th straight quarter - 5th consecutive quarter of at least high-single digit organic revenue and low double-digit Adjusted Diluted EPS growth • Accelerated growth in non- mortgage U.S. Financial Services and Emerging Verticals • Maintaining conservative guidance approach for 2025 • Consumer: Completed Monevo acquisition; plan to launch freemium solution by end of Q2 • TruIQ: Accelerated sales and revenue from Data Enrichment • TruValidate: New wins with TruValidate Integrated Solutions • TruAudience: Strong retention rates in key Q1 renewal season • Trusted Call Solutions: On track to deliver $150M revenue in 2025 • 2025 focus: Develop best-in- class GCC network, enhance functional collaboration and accelerate innovation • Strengthened leadership team - Tiffani Chambers as Chief Operations Officer - Mohamed Abdelsadek as Chief Global Solutions Officer • Transitioning 90+ U.S. credit customers to OneTru, managing large and complex workloads • Launched OneTru Assist, a proprietary AI-powered tool to enhance developer productivity • Planning migration and delivering foundational capabilities for Canada, UK and Philippines migration in 2026 For additional information, refer to the “Non-GAAP Financial Information” section on slide 2 and the Appendix at the back of this investor presentation.


 
7@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Consolidated first 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 $1,096 7% Organic Constant Currency Revenue 8% Adjusted EBITDA $397 11% Adjusted EBITDA Margin 36.2% 115bps Adjusted Diluted EPS $1.05 15% • Organic constant currency revenue growth of +8%, or +6% excluding mortgage • Strong margin expansion from revenue growth and annualization of transformation savings Q1 2025 Results


 
8@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. U.S. Markets first 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 +15%, or +9% excluding mortgage − Card & Banking +5% − Consumer Lending +11% − Auto +14% − Mortgage +27%, compared to inquiries (10)% • Emerging Verticals +6% led by double-digit Insurance growth • Consumer Interactive (1)% Reported ($M) Reported Y/Y FX Impact Organic Constant Currency Revenue $857 9% – 9% Financial Services 404 15% – 15% Emerging Verticals 315 6% – 6% Consumer Interactive 138 (1)% – (1)% Adjusted EBITDA $320 12% – 12% Q1 2025 Results


 
9@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. International first 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. • India (+1%) commercial and new wins offsetting declines in consumer credit volumes • U.K. (+9%) volume improvement in banking and FinTech • Canada (+7%) led by financial services, consumer indirect and insurance Reported ($M) Reported Y/Y FX Impact Organic Constant Currency Revenue $242 2% (3)% 6% Canada 38 0% (7)% 7% Latin America 33 0% (7)% 7% U.K. 59 9% (1)% 9% Africa 17 12% 2% 10% India 69 (3)% (4)% 1% Asia Pacific 27 7% (1)% 8% Adjusted EBITDA $110 3% (4)% 7% *Revenue growth figures referenced above are organic constant currency. Q1 2025 Results


 
10@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 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.​ 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. Balanced capital allocation framework and natural de-leveraging Leverage Ratio1 4.3x 3.9x 3.4x 3.1x 4.1x 3.5x 3.1x 3.5x 3.8x 3.6x 3.0x 2.9x 2015 IPO 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 2025 Balance Sheet • Roughly $5.1 billion of debt and $610 million cash at quarter-end • $10 million of share repurchases from March through mid-April • Average effective cost of debt (net of swaps) of 4.3%


 
11@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Reported Revenue: $1,076M to $1,095M +3% to +5% M&A contribution: ~1pt. benefit FX contribution: ~1pt. headwind Organic Constant Currency Revenue: +3% to +5% Mortgage impact: ~2pt. Benefit Organic CC Revenue ex. Mortgage: +1% to +3% Adjusted EBITDA: $375M to $386M Flat to +3% FX contribution: ~1pt. headwind Adjusted EBITDA margin: 34.8% to 35.3% Adjusted EBITDA margin bps change: (130)bps to (90)bps Adjusted Diluted EPS: $0.95 to $0.99 (4)% to flat Second 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. Financial Guidance Revenue • Mortgage inquiries expected to decline mid-single digits Adjusted EBITDA • Some timing shift of expenses between Q1 and Q2 • H1 2025 margins expected to approach 36%, similar to FY 2025 expectation


 
12@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • Organic growth guidance unchanged from February; Monevo acquisition now incorporated in guidance – Ability to manage some level of U.S. lending activity softening within our guidance range – Implies H2 growth similar to Q2 • ~1% expected headwind from breach comparison, assuming no large-scale wins in 2025 – Consumer Interactive up low- single digit excluding breach • U.S. mortgage: Continue to expect ~20% revenue growth and modest inquiry declines – U.S. mortgage ~11% 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: $4.358B to $4.417B +4% to +5.5% M&A contribution: ~0.5pt. benefit FX contribution: ~1pt. headwind Organic Constant Currency Revenue: +4.5% to +6% Mortgage impact: ~2pt. benefit Organic CC Revenue ex. Mortgage: +2.5% to 4% Organic Growth Assumptions • U.S. Markets up mid-single digit (up low-single digit excluding mortgage) – Financial Services up low-double digit (up mid-single digit excluding mortgage) – Emerging Verticals up mid-single digit – Consumer Interactive down low-single digit • International up high-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. Financial Guidance


 
13@ 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: $1.549B to $1.590B +3% to +6% FX contribution: ~1pt. headwind Adjusted EBITDA margin: 35.6% to 36.0% Adjusted EBITDA margin bps change: (40)bps to flat Adjusted Diluted EPS: $3.93 to $4.08 Flat to +4% 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: ~$195M CapEx: ~8% of revenue Financial Guidance • Adjusted EBITDA guidance unchanged; Monevo generating limited Adjusted EBITDA in 2025 due to one- time integration investments • Anticipate using excess cash for debt prepayment and/or share repurchases; however, guidance assumes no further capital allocation benefit


 
14@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. TransUnion is well-positioned to navigate increased economic uncertainty Track record of through-cycle revenue growth. Grew 3% in COVID- impacted 2020 and 3% during rate-hike cycle of 2022-2023 Transformation delivering value; positioned for accelerating innovation and structural cost savings Breadth of solutions and expertise to advise customers through a dynamic market environment Diversified across solutions, verticals and geographies; U.S. Financial Services accounts for ~1/3rd of revenue (vs. ~60% in 2007) Portfolio resiliency TransUnion grew through varying economic environments over the last decade, compounding revenue at high-single digits organically


 
15@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. U.S. Financial Services (~1/3rd of revenue) credit volumes already below historical trend, particularly mortgage Portfolio resiliency Card & Banking 31% Consumer Lending 20% Mortgage 31% Auto 18% Not experiencing incremental volume softness through mid-April; continue to actively monitor • Current volumes at historical lows and ~50% below 2022 levels • Vast majority of mortgage revenue is tied to credit origination or marketing • Potential mortgage refinancing opportunity if interest rates fall - ~7 million mortgages outstanding with 6%+ rates compared to ~5 million originations in 2024 Mortgage • Current volumes across lending types below 2022 levels • Breadth of solutions significantly expanded over last several years • ~30% of revenue is tied to portfolio review, analytic enablement and non- credit solutions • Consumer Lending (FinTechs) debt consolidation loans experience healthy demand in slowing economy Card & Banking, Auto and Consumer Lending Pie chart is U.S. Financial Services revenue breakdown as of FY 2024


 
16@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Bulk of portfolio is diversified across solutions, verticals and geographies and not tied to U.S. credit volumes Emerging Verticals (~30% of revenue) • Insurance strength with improving marketing, healthy shopping and new wins • Fraud and Communications solutions largely not cyclical • Marketing ~70% subscription Consumer Interactive (~15% of revenue) • Freemium launch expands offering and positions business for improved growth • ID protection is by nature a long-term engagement • Breach is episodic but acyclical International (20%+ of revenue) • India positioned for improving credit volumes following period of credit tightening • Canada and U.K. track record of outgrowing underlying market • Latin America diversified set of growthful economies Portfolio resiliency Diversified and indexed to faster growth economies Relevant offering to consumers in periods of economic stress Broad-based solutions serving diversified set of customers Revenue breakdown based on FY 2024 results.


 
17@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Prioritize completion of final phase of business transformation to deliver structural cost savings and accelerate innovation Actively monitor lending volumes, as well as business and consumer activity, for signs of softness Prudently manage costs if conditions soften (e.g., manage hiring levels, third-party spend, travel & entertainment and prioritization of investments) Portfolio resiliency Seasoned leadership team with experience operating through economic cycles Ability to manage costs dynamically, enabled by global operating model and increased centralization of work Plan to monitor market dynamics, prioritize transformation investment and prudently manage costs Strategic actions


 
18@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Secular growth drivers remain intact 1. Mature and high-growth core U.S. credit market - Growing demand for analytics and alternative data - High margin upside when volumes improve from below- trend levels 2. Robust opportunity for solution and vertical expansion - Right to win in multi-billion-dollar Fraud, Marketing and Communications markets - Relevant products and strong relationships across our vertical markets 3. Best-in-class International business - Market-leading position in geographies with large populations and increasing credit penetration - Continued diffusion of innovation across markets Transformation strategy progress strengthens growth foundation  Integrated capabilities, data and talent from Neustar, Sontiq and Argus  Modernized technology on state-of-the-art platform  Strengthened global operating model to standardize work and drive structural cost savings  Bolstered Solutions function with improved talent, innovation and go-to-market approach  Repositioned Consumer Interactive for growth with freemium launch and Monevo acquisition  Announced planned acquisition of largest consumer credit bureau in Mexico Despite near-term uncertainty, better positioned than ever to deliver next generation of growth


 
19@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Q&A


 
20@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Appendices and Non-GAAP Reconciliations


 
21@ 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


 
22@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • Grow Trusted Call Solutions – targeting $150M revenue in 2025F ($80M 2023; $115M 2024) • Improve mobile call experience with Branded Call Display • Restore trust in call display with Spoofed Call Protection • Leverage comprehensive fraud signal to enhance existing solutions • Drive new wins with TruValidate Integrated Solutions enhanced data signals, analytics and model capabilities • Mature cross-functional go-to-market approach • Expand data, identity, and decisioning services to address customer needs • Accelerate sales of TruIQ Data Enrichment (on- demand credit marketing) • Complete launch of Advanced Acquisition – modular suite enabling end-to-end credit marketing • Deploy Identity, Audience Building and Analytics solutions to extend deeper into customer workflows • Accelerate cloud-based Identity growth with partners like Snowflake and Google • Strengthen brand awareness and cross- functional go-to-market • Enhance direct-to- consumer offering with freemium launch • Consolidate credit education and identity protection on a single global platform • Enable highly personalized credit offers via Monevo acquisition Accelerating innovation and growth potential across integrated solution suites Unlock multibillion $ analytics enablement opportunity Become a recognized leader in identity solutions Be our customers’ “first call” for fraud mitigation Transform phone experience for customers and consumers Empower consumers with credit monitoring, ID protection and offers Credit / Analytics FraudMarketing Communications Consumer Business Mix Details


 
23@ 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


 
24@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Future revenue and earnings upside when U.S. credit volumes improve from below-trend levels Mortgages Auto Loans Credit Cards Unsecured Personal Loans 6.8 8.4 4.3 4.3 2019 2022 2023 2024 28.2 26.6 24.4 24.5 2019 2022 2023 2024 66.9 83.0 80.2 74.9 2019 2022 2023 2024 18.6 22.4 19.7 20.8 2019 2022 2023 2024 Source: TransUnion Consumer Credit Database. Bar charts represent total industry- level originations (millions) on a trailing-twelve-month basis from Q3 of the stated year. • Limited new home inventory weighing on purchase volume • Refinance volumes at multi-decade lows • Higher inventory and incentives supports improved sales • Replacement cycle adds to pent-up demand • FinTech funding continues to recover • Significant debt consolidation opportunity • Consumer delinquencies stable in Q4 • Replenished deposit bases for small- and medium-sized lenders Originations (in millions) Market Dynamics


 
25@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • $355-375M of one-time expenses to capture benefits - $257M of one-time expenses in 2023 and 2024 - Remaining ~$100-120M expected in 2025; $30M in Q1 • Capex of ~8% of revenues in 2024 and expected in 2025 - Lower capex in 2024 driven by spending efficiency • $200M free cash flow benefit expected by 2026 - $120 to 140M of operating expense savings - Capex to 6% of revenues by 2026 or $70-80M* reduction • ~$95M run-rate operating expense savings at YE 2024​ - Resulted from pull-forward of savings related to operating model optimization​ - Tech modernization expected to be completed by YE 2025; remaining ~$35M of savings realized in 2026 • Step change improvement in innovation to drive revenue growth *Based on capex reduction from 8% of revenues to 6% on 2023 revenue base Investments Expected Benefits Completing U.S. and India technology modernization will drive remaining transformation program cost savings Transformation Program


 
26@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Debt profile and 2025F interest expense bridge Debt Profile (3/31/25) 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 2022 1.1 Jun’25 Receive SOFR, Pay 0.87% December 2021 1.5 Dec’26 Receive SOFR, Pay 1.39% December 2024 1.1 Dec’27 Receive SOFR, Pay 3.54% • ~72% of debt is currently swapped to fixed rate • 2025 net interest expense guidance assumes no additional debt prepayment or incremental debt $237M ~$195M ~($8M) ~($12M) ~($22M) 2024 Net Interest Expense 2024 Prepayments Refinancings SOFR, Hedges, Other 2025F Net Interest Expense Debt / Interest Expense


 
27@ 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 2026+


 
28@ 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 • Now targeting Leverage Ratio of <2.5x (prior <3x) – Expect natural de-leveraging in 2025 • Continue to evaluate debt structure and voluntary prepayments • Maintain appropriate cash balances and explore repatriation opportunities – ~80% 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 authorized new $500 million share repurchase program in February – Modest level of repurchases in 2025, balanced against de-levering and managing capital for planned Trans Union de Mexico acquisition


 
29@ 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


 
30@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted EBITDA and Adjusted EBITDA Margin $ in millions 2025 2024 Net income attributable to TransUnion 148.1$ $ 65.1 Net interest expense 47.5 63.2 Provision for income taxes 41.0 13.0 Depreciation and amortization 138.9 134.0 EBITDA 375.5$ $ 275.4 Adjustments to EBITDA: Stock-based compensation 30.3$ $ 24.1 Mergers and acquisitions, divestitures and business optimization2 17.9 9.2 Accelerated technology investment3 20.0 18.5 Operating model optimization program4 9.8 24.4 Net other5 (56.4) 6.5 Total adjustments to EBITDA 21.7$ $ 82.8 Consolidated Adjusted EBITDA 397.1$ $ 358.2 Net income attributable to TransUnion margin 13.5 % 6.4% Consolidated Adjusted EBITDA margin6 36.2 % 35.1% Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA: Three Months Ended March 31,


 
31@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted Net Income and Adjusted Diluted EPS $ in millions, except per share data 2025 Reconciliation of Net income attributable to TransUnion to Adjusted Net Income: Net income attributable to TransUnion 148.1$ 65.1$ Adjustments before income tax items: Amortization of certain intangible assets1 70.9 72.0 Stock-based compensation 30.3 24.1 Mergers and acquisitions, divestitures and business optimization2 17.9 9.2 Accelerated technology investment3 20.0 18.5 Operating model optimization program4 9.8 24.4 Net other5 (56.7) 5.9 Total adjustments before income tax items 92.3$ 154.3$ Total adjustments for income taxes7 (32.7) (40.4) Adjusted Net Income 207.6$ 179.0$ Weighted-average shares outstanding: Basic 195.1 194.1 Diluted 197.3 195.3 Adjusted Earnings per Share: Basic 1.06$ 0.92$ Diluted 1.05$ 0.92$ Three Months Ended March 31, 2024 $ in millions, except per share data 2025 Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share: Diluted earnings per common share from: Income attributable to TransUnion 0.75$ 0.33$ Adjustments before income tax items: Amortization of certain intangible assets1 0.36 0.37 Stock-based compensation 0.15 0.12 Mergers and acquisitions, divestitures and business optimization2 0.09 0.05 Accelerated technology investment3 0.10 0.09 Operating model optimization program4 0.05 0.13 Net other5 (0.29) 0.03 Total adjustments before income tax items 0.47$ 0.79$ Total adjustments for income taxes7 (0.17) (0.21) Adjusted Diluted Earnings per Share 1.05$ 0.92$ Three Months Ended March 31, 2024


 
32@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted Effective Tax Rate $ in millions 2025 2024 Income before income taxes 193.8$ 83.0$ Total adjustments before income tax items from Adjusted Net Income table above 92.3 154.3 Adjusted income before income taxes 286.1$ 237.3$ Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes: Provision for income taxes (41.0) (13.0) Adjustment for income taxes: Tax effect of above adjustments (32.3) (35.0) Eliminate impact of excess tax expense for stock-based compensation 0.5 1.0 Other8 (0.9) (6.4) Total adjustments for income taxes (32.7)$ (40.4)$ Adjusted Provision for Income Taxes (73.7)$ (53.4)$ Effective tax rate 21.2 % 15.7 % Adjusted Effective Tax Rate 25.8 % 22.5 % Three Months Ended March 31,


 
33@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Leverage Ratio $ in millions Net income attributable to TransUnion 367.3$ Net interest expense 221.0 Provision for income taxes 126.9 Depreciation and amortization 542.6 EBITDA 1,257.7$ Adjustments to EBITDA: Stock-based compensation 127.5$ Mergers and acquisitions, divestitures and business optimization2 35.2 Accelerated technology investment3 85.7 Operating model optimization program4 80.3 Net other5 (41.1) Total adjustments to EBITDA 287.6$ Leverage Ratio Adjusted EBITDA 1,545.3$ Total debt 5,130.8$ Less: Cash and cash equivalents 609.9 Net Debt 4,521.0$ Ratio of Net Debt to Net income attributable to TransUnion 12.3 Leverage Ratio 2.9 Trailing Twelve Months Ended March 31, 2025 Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:


 
34@ 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: $ in millions 2025 2024 Transaction and integration costs 5.3$ 2.2$ Fair value and impairment adjustments 12.6 0.1 Post-acquisition adjustments - 6.9 Total mergers and acquisitions, divestitures and business optimization 17.9$ 9.2$ 0.1 35.2$ Three Months Ended March 31, Trailing Twelve Months Ended March 31, 2025 14.2$ 20.8 Adjusted EBITDA & Adjusted Net Income Leverage Ratio $ in millions 2025 2024 Foundational Capabilities 7.4$ 6.8$ Migration Management 12.6 10.1 Program Enablement - 1.7 Total accelerated technology investment 20.0$ 18.5$ 2025 36.3$ 45.6 3.8 85.7$ Adjusted EBITDA & Adjusted Net Income Leverage Ratio Three Months Ended March 31, Trailing Twelve Months Ended March 31,


 
35@ 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: $ in millions 2025 2024 Employee separation -$ 16.8$ Facility exit - 1.4 Business process optimization 9.8 6.2 Total operating model optimization 9.8$ 24.4$ 2025 7.9$ 40.7 31.7 80.3$ Adjusted EBITDA & Adjusted Net Income Leverage Ratio Three Months Ended March 31, Trailing Twelve Months Ended March 31, $ in millions 2025 2024 Deferred tax adjustments (4.6)$ (5.1)$ Valuation allowance adjustments 2.3 0.2 Return to provision, audit adjustments, and reserves related to prior periods 1.0 (0.9) Other adjustments 0.4 (0.5) Total other adjustments (0.9)$ (6.4)$ Three Months Ended March 31, Leverage Ratio $ in millions Trailing Twelve Months Ended March 31, 2025 2024 2024 2025 Deferred loan fee expense from debt prepayments and refinancing (0.1)$ 3.1$ (0.1)$ 3.1$ 14.6$ Other debt financing expenses 0.5 0.6 - - 2.3 Currency remeasurement on foreign operations (0.6) 2.6 (0.6) 2.6 (1.1) Legal and regulatory expenses, net (56.0) - (56.0) - (56.0) Other non-operating (income) and expense (0.3) 0.2 - 0.2 (1.0) Total other adjustments (56.4)$ 6.5$ (56.7)$ 5.9$ (41.1)$ 2025 Adjusted EBITDA Adjusted Net Income Three Months Ended March 31, Three Months Ended March 31,


 
36@ 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.