Experian plc

For FY'26, Experian reported revenue from ongoing activities up 13% at actual rates and 11% at constant rates, with organic revenue growth of 8%. Benchmark EBIT from ongoing activities was up 15% at actual rates and 13% at constant rates to over $2.4 billion, Benchmark EBIT margin was 28.6%, and organic constant currency margin expansion was 90 bps according to CFO commentary. Benchmark EPS increased 15% at actual rates and 13% at constant rates. Benchmark operating cash flow was over $2.2 billion, ROCE was 17.2%, and net debt to Benchmark EBITDA ended at 1.7x. FY'27 guidance calls for total reported revenue growth of 8% to 11% at actual rates, organic revenue growth of 6% to 8%, Benchmark EBIT margin progression of 50 bps at constant exchange rates, net interest of $250 million to $260 million, a tax rate around 26%, CapEx around 8% of revenue, and Benchmark operating cash flow conversion above 90%.

Brian Cassin framed FY'26 as a record year and emphasized that Experian is executing consistently against its Medium-Term Framework. He stressed the strategic value of platforms like Ascend, the expansion of Consumer Services to over 215 million members, and more than $15 billion of incremental TAM from AI-enabled opportunities. His tone was confident and forward-looking, pointing to strong renewals, new wins, cloud completion, and deeper client embedding as evidence that the strategy is working.

Lloyd Pitchford highlighted broad-based financial strength, including Benchmark EBIT above $2.4 billion, Benchmark EBIT margin of 28.6%, Benchmark EPS up 15%, and operating cash flow of over $2.2 billion. He said labor costs as a percentage of revenue have fallen by over 300 bps since FY'20, organic headcount has been broadly stable, and dual-run cloud costs peaked in FY'26 and should trend down from FY'27. He also cited $2.8 billion of funding capacity in FY'26, $0.7 billion invested organically in CapEx and product development, $0.8 billion in acquisitions and minority investments, $0.6 billion returned via dividends, and $0.7 billion through buybacks, while ending with net debt/EBITDA of 1.7x.

Analysts focused on LatAm sustainability, AI disruption risk, VantageScore and mortgage regulation, consumer marketplace trends, and margin mechanics. Management said LatAm consumer should stay around the 20% growth level, B2B in Brazil improved as rate pressure eased, and the region could return to around double-digit growth; on AI they argued it is more opportunity than threat, citing strong renewals, broader use of Ascend, and new products like Patient Access Curator and Know Your Agent. On mortgage, they said FY'27 assumes no structural market change, volumes may be slightly down as rates move, and the FHFA pilot is the main notable change for VantageScore adoption.