TRU 10-K & 10-Q changes, risk factors and insider trading

•Our business and operations are exposed to risks arising from developments and trends associated with climate change and other environmental and socialsustainability matters, including risks associated with our own reporting or other initiatives.

Our largest customers, and therefore our business and revenues, are influenced by macroeconomic conditions and are impacted by the availability of credit, the level and volatility of interest rates, inflation, employment levels, consumer confidence and housing demand. In addition, a significant amount of our revenue is concentrated among certain customers, industries, product offerings and in distinct geographic regions, primarily in the United States. Our 20242025 revenue in our U.S. Markets Financial Services and Consumer Interactive verticals accounted for approximately 34%37% and 14%,13%, respectively, of consolidated gross revenues, respectively. If businesses in these industries experience economic hardship, we cannot assure you that we will be able to generate future revenue growth. Our customer base suffers when financial markets experience volatility, liquidity issues and disruption, which has occurred in the past and which could reoccur, and the potential for increased and continuing disruptions going forward, present considerable risks to our business and revenue. Changes in the macroeconomic environment have resulted, and may continue to result, in fluctuations in volumes, pricing and operating margins for our services. In addition, if consumer demand for financial services and products and the number of credit applications decrease, the demand for our services could also be materially reduced. High inflation levels hashave a negative impact on our business by decreasing demand for credit due to slower consumer spending on non-essential goods and services and due to the Federal Reserve raising interest rates to combat inflation. Continued inflation and additional interest rate increases could further materially impact our business. These types of disruptions could lead to a decline in the volumes of services we provide our customers and could negatively impact our revenue and results of operations.

The markets for our services are highly competitive, and we may not be able to compete successfully against our competitors, which could impair our ability to sell our services. We compete on the basis of differentiated solutions, datasets,data assets, analytics capabilities, ease of integration with our customers’ technology, stability of services, customer relationships, innovation and price. Our regional and global competitors vary in size, financial and technical capability, and in the scope of the products and services they offer. Some of our competitors may be better positioned to develop, promote and sell their products. Larger competitors may benefit from greater cost efficiencies and may be able to win business simply based on pricing. We consistently face downward pressure on the pricing of our products, which could result in reduced prices for certain products, or a loss of market share. Our competitors may also be able to respond to opportunities before we do, by taking advantage of new technologies, changes in customer requirements or market trends.

OurFor example, our Consumer Interactive vertical experiences competition from emerging companies. In the past several years, there has been an influx of other companies offering similar services to ours, free of charge. TheseIn developmentsresponse, havewe resultedlaunched a new direct-to-consumer product that is offered in increasedboth competition.free and paid tiers in 2025.

We experience numerous attempts to access our computer systems, software, networks, data and other technology assets on a daily basis. We have also experienced cyberattacks and other security incidents, and expect that such attacks and incidents will continue in varying degrees in the future. To date, none of these attacks or incidents has had a material impact on our business, operations or financial results. However, there can be no assurance that future attacks will be immaterial and even immaterial incidents may adversely impact us. For example, in MarchJuly 2022,2025, TransUnion was affected by a criminalcyberattack in which a third party obtainedgained unauthorized access through social engineering to a third-party application used in our customer support operations that exposed certain personal data of 4.4 million consumers. While this incident was not material to TransUnion South Africa server and certaindid customernot personally identifiable information through misuse of an authorized client’s credentials. We promptly initiatedaffect our responsecore processes,credit implementeddatabase technicalor containmentrelated measures,credit engagedreport cybersecurityproducts and forensicservices, expertswe have incurred and launchedexpect anto investigation.continue Asincurring acosts precautionaryassociated measure,with, TransUnionamong Southother Africathings, temporarilyresponding tookto certainregulatory elementsinquiries ofand ourclass servicesaction offline, all of which have been resumed.lawsuits.

The security and protection of non-public consumer information is TransUnion’sour top priority. However, there can be no guarantee that the cybersecurity risk management program and processes for any company, including us and our service providers, will be fully implemented, complied with and effective at all times. We cannot assure you that our systems, databases and services will not be compromised or disrupted in the future, whether as a result of deliberate attacks by malicious actors, breaches due to employee error or malfeasance, or other disruptions during the process of upgrading or replacing computer software or hardware, power outages, computer viruses, telecommunication or utility failures, or natural disasters or other catastrophic events.

We have acquired, and may continue to acquire, companies with cybersecurity vulnerabilities and/or unsophisticated security measures, which exposes us to significant cybersecurity, operational, and financial risks. While we execute security due diligence in these transactions, it is possible that neither the acquired company nor TransUnion maycan identify every issue in a timely manner, which could causecreate impactmaterial orrisk cyberto concernsus during the integration effort.

The preventive actions we take to address cybersecurity risk, including protection of our systems and networks, cannot sufficiently account for all threats or repel or mitigate the effects of all cyberattacks in the future as it is not always be possible to anticipate, detect or recognize all threats to our systems, or to implement comprehensive preventive measures against all cybersecurity risks. This is because, among other things:

•third parties may seek to gain access to our systems either directly or using equipment or security passwords belonging to employees, customers, third-party service providers or other users (such as through social engineering and phishing attacks)., similar to the tactics used in our cyber incident in July 2025.

Unauthorized disclosure, loss or corruption of our data or inability of our customers to access our systems could materially disrupt our operations, subject us to substantial regulatory and legal proceedings (including class actions) and potentialliability liability,(such as penalties, fines and required changes to business practices), result in a material loss of business and/or significantly harm our reputation.reputation and competitiveness.

Due to concerns about data security and integrity, a growing number of legislative and regulatory bodies around the world have adopted consumer notificationnotification, public disclosure and other requirements in the event that consumer information is accessed by unauthorized persons and additional regulations regarding the use, access, accuracy and security of such data are possible. For example, in the United States,States alone, we are subject to federal and state laws that provide for more than 50 disparate notification regimes, some of which also provide for statutory damages and private rights of action for plaintiffs who experience certain types of data breaches. InJurisdictions outside the eventU.S., ofincluding unauthorizedin access,Europe, ourhave strict notification and reporting requirements that are time sensitive and subject to large penalty provisions. Any failure to comply with the complexities of these various global regulations could subject us to regulatory scrutiny and additionalsubstantial liability.

The CFPB has broad authority over our business. This includes authority to issue regulations under federal consumer financial protection laws, such as under the FCRA and other laws applicable to us and our financial customers. The CFPB is authorized to prevent “unfair, deceptive or abusive acts or practices” through its regulatory, supervisory and enforcement authority.

The CFPB conducts examinations and investigations,investigations and may issue subpoenas and bring civil actions in federal court for violations of the federal consumer financial laws including the FCRA. In these proceedings, the CFPB can seek relief that includes: rescission or reformation of contracts, restitution, disgorgement of profits, payment of damages, limits on activities and civil money penalties of up to $1.0 million per day for knowing violations. The CFPB conducts periodic examinations of us and the consumer credit reporting industry, which could result in new regulations or enforcement actions or proceedings. Actions by the CFPB could result in requirements to alter or cease offering affected products and services, making them less attractive and restricting our ability to offer them.

For example, in January 2017, as part of a Consent Order (“2017 Consent Order”) entered into with the CFPB, we agreed among other things, to implement certain practice changes in the way we advertise, market and sell products and services offered directly to consumers. In June 2021, we received a Notice and Opportunity to Respond and Advise (“NORA”) letter from the CFPB, alleging that we failed to comply with and timely implement the January 2017 Consent Order (the “2017 Consent Order”), and further alleging additional violations related to TransUnion Interactive, Inc.’s marketing practices. On April 12, 2022, after failed settlement negotiations with the CFPB related to the matter, the CFPB filed a lawsuit against us, Trans Union LLC, TransUnion Interactive, Inc. (collectively, the “TU Entities”) and the former President of our Consumer Interactive business, John Danaher, seeking restitution, civil money penalties, and injunctive relief, among other remedies, and alleging that the TU Entities violated the 2017 Consent Order and engaged in deceptive acts and practices in marketing the TransUnion Credit Monitoring product, among other allegations. TheOn CFPBFebruary further28, alleges2025, thatthe CFPB, the TU Entities and Mr. Danaher violatedfiled with the 2017Court Consenta Orderjoint and that we and Trans Union LLC provided substantial assistancestipulation to TransUnionvoluntarily Interactive, Inc. in violatingdismiss the 2017lawsuit Consentwith Orderprejudice, and the law.Court Ondismissed Februarythe 5,lawsuit on March 21, 2025. During the first quarter of 2025, thewe Court issued a stay inadjusted the proceedings at the CFPB’s request. As of December 31, 2024, we have an accrued liability of $56.0 million inaccrual connectionpreviously withrecorded for this matter andto therezero, isas a reasonable possibility that athe loss inwas excessno oflonger the amount accrued may be incurred, and such an outcome could have a material adverse effect on our results of operations and financial condition.probable.

In March 2024, we received a Notice and Opportunity to Respond and Advise (“NORA”) letter from the CFPB, informing us that the CFPB’s Enforcement Division was considering whether to recommend that the CFPB take legal action against us related to our dispute handling practices and procedures. The NORA letter alleged that Trans Union LLC violated the FCRA’s requirements to conduct a reasonable reinvestigation of disputed information and follow reasonable procedures to assure maximum possible accuracy of the information in consumer reports, and the Consumer Financial Protection Act’s prohibition of unfair, deceptive, and abusive acts or practices. On July 12, 2024, the CFPB Enforcement Division advised us that it had obtained authority to pursue an enforcement action against us seeking specific injunctive relief provisions and civil money penalties. SinceWe thatwere time, we have beenpreviously engaged in active discussions with the CFPB regarding this matter, includingbut that our ability to make proposed changes to certain dispute handling processes is dependent on the participation of other consumer reporting agencies, data furnishers and industry participants. Givengiven recent changes in CFPB leadership, our engagement with the agency on this matter has paused. We cannot provide an estimate of when, or if, such engagement will resume. We further cannot provide assurance that the CFPB will not ultimately commence a lawsuit against us in this matter, nor are we able to predict the likely outcome of this matter, which could have a material adverse effect on our results of operations and financial condition. We are not able to reasonably estimate our potential loss or range of loss related to this matter.

Recently,In recent years, the consumer reporting industry has been subject to heightened scrutiny. If this trend continues, it could result in more regulatory and legislative scrutiny of the practices of our industry and additional regulatory enforcement actions and litigation, which could adversely affect our business and results of operations.

Our compliance costs and legal and regulatory exposure could increase materially if we are targeted by the CFPB for additional enforcement actions, or if the CFPB or other federal, state or local regulators enact new regulations, change regulations that were previously adopted, modify through supervision or enforcement past regulatory guidance, or interpret existing regulations in a manner different or stricter than have been previously interpreted. For example, the CFPB recently issued guidance that indicates increased focus on consumer reporting agencies’ compliance with the accuracy and dispute obligations under the FCRA with respect to rental information. Although we have committed resources to enhancing our risk and compliance programs, actions by the CFPB or other regulators against us or our current or former executives could result in increased operating costs, reputational harm, payment of damages and civil monetary penalties, injunctive relief and/or restitution, any of which could have a material adverse effect on our business, results of operations and financial condition.

Our businesses are subject to regulation under the FCRA, the GLBA, the DPPA, HIPAA, HITECH, the Dodd-Frank Act, the FTC Act and various other international, federal, state and local laws and regulations. See “Business-Legal and Regulatory Matters” for a description of select regulatory regimes to which we are subject. These laws and regulations, which generally are designed to protect the privacy of the public and to prevent the misuse of personal information available in the marketplace, are complex, change frequently and have tended to become more stringent over time. We already incur significant expenses in implementing programs designed to ensure compliance with these laws.

In addition, many consumer advocates, privacy advocates, legislatures and government regulators believe that existing laws and regulations do not adequately protect privacy and have become increasingly concerned with the collection and use of this type of personal information. As a result, nineteenover a dozen U.S. states have passed comprehensive privacy legislation intended to provide consumers with greater transparency and control over their personal information by providing consumers with certain rights, such as the right to know what personal information is being collected about them, and the right to access, delete, correct, or opt out of the sale of their personal information. The original California Consumer Privacy Act became effective in 2020, with amendments in the California Privacy Rights Act effective in 2023. Similar laws in Colorado, Connecticut, Utah and Virginia became effective over the course of 2023. Similar laws in Montana, Oregon and Texas became effective over the course of 2024. Similar laws in Delaware, Iowa, Nebraska, New Hampshire and New Jersey became effective in January 2025. Similar laws in Indiana, Kentucky, Maryland, Minnesota, Rhode Island and Tennessee will take effect over the course of 2025 to 2026. While these laws include specific exemptions for practices and activities regulated by the FCRA, the GLBA, HIPAA and the DPPA, including our credit reporting business, they apply to other portions of our business that are not regulated by these laws.

Changes in applicable legislation or regulations that restrict or dictate how we collect, maintain, combine and disseminate information, or that require us to provide services to consumers or a segment of consumers without charge, could adversely affect our business, financial condition or results of operations. Evolutions in consumer finance regulatory requirements or market practices involving our customers also might negatively affect our businesses and the markets into which we sell. For instance, the Federal Housing Finance Agency and various government sponsored entities continue to evaluate permitting mortgage originators to underwrite loans using onlyless twothan three credit reports, rather than the current mandate to use a credit report from each of the three national consumer reporting agencies. In the future, we may be subject to significant additional expense to ensure continued compliance with applicable laws and regulations and to investigate, defend or remedy actual or alleged violations. Any failure by us to comply with applicable laws or regulations could also result in significant liability to us, including liability to private plaintiffs as a result of individual or class action litigation, or may result in the cessation of our operations or portions of our operations or impositions of fines and restrictions on our ability to carry on or expand our operations. Moreover, our compliance with privacy laws and regulations and our reputation depend in part on our customers’ adherence to privacy laws and regulations and their use of our services in ways consistent with consumer expectations and regulatory requirements. Certain of the laws and regulations governing our business are subject to interpretation by judges, juries and administrative entities, creating substantial uncertainty for our business. We cannot predict what effect the interpretation of existing or new laws or regulations may have on our business. See “Business-Legal and Regulatory Matters.”

Regulatory guidance to financial institutions like national banks (e.g., from The Office of the Comptroller of the Currency’s (the “OCC”) guidance to national banks and federal savings associations) on assessing and managing risks associated with third-party relationships, which include all business arrangements between a bank and another entity, by contract or otherwise, requires banks to exercise comprehensive oversight throughout each phase of a bank’s business arrangement with third-party service providers, and instructs banks to adopt risk management processes commensurate with the level of risk and complexity of its third-party relationships. The OCC expectsand other regulators expect especially rigorous oversight of third-party relationships that involve certain “critical activities,” which include significant bank functions or significant shared services or other activities that could have a major impact on a bank’s operations. In light of this guidance, our existing or potential financial services customers subject to OCC regulation may continue to revise their third-party risk management policies and processes and the terms on which they do business with us, which may adversely affect our relationship with such customers.

Legal proceedings arise frequently as part of the normal course of our business. These may include individual consumer cases, class action lawsuits and inquiries, investigations, examinations, regulatory proceedings or other actions brought by federal or state authorities or by consumers. The scope and outcome of these proceedings is often difficult to assess or quantify. Plaintiffs in lawsuits may seek recovery of large amounts and the cost to defend such litigation may be significant. There may also be adverse publicity and uncertainty associated with investigations, litigation and orders (whether pertaining to us, our customers or our competitors) that could decrease customer acceptance of our services or result in material discovery expenses. In addition, a court-ordered injunction or an administrative cease-and-desist order or settlement may require us to modify our business practices or may prohibit conduct that would otherwise be legal and in which our competitors may engage. Many of the technical and complex statutes to which we are subject, including state and federal credit reporting, medical privacy and financial privacy requirements, may provide for civil and criminal penalties and may permit consumers to maintain individual or class action lawsuits against us and obtain statutorilystatutory prescribedand punitive damages. Additionally, our customers might face similar proceedings, actions or inquiries, which could affect their business and, in turn, our ability to do business with those customers. While we do not believe that the outcome of any pending or threatened legal proceeding, investigation, examination or supervisory activity will have a material adverse effect on our financial position, such events are inherently uncertain and adverse outcomes could result in significant monetary damages, penalties or injunctive relief against us.

In the United States, legislation related to AI Technologies has been introduced at the federal level and is46 advancingstates have passed at theleast stateone level.law relating to AI Technologies. For example, the California Privacy Protection Agency is currently finalizingfinalized regulations under the California Consumer Privacy ActAct, which will become effective over the course of 2026 through 2027, regarding the use of automated decision-making. California also enacted 17 new laws in 2024 that further regulate use of AI Technologies and provide consumers with additional protections around companies’ use of AI Technologies, such as requiring companies to disclose certain uses of generative AI. Other states have also passed AI-focused legislation, such as Colorado’s Artificial Intelligence Act, which will requirerequires developers and deployers of “high-risk” AI systems to implement certain safeguards against algorithmic discrimination, and Utah’s Artificial Intelligence Policy Act, which establishes disclosure requirements and accountability measures for the use of generative AI in certain consumer interactions.

Over the last several years, we have derived a growing portion of our revenues from customers outside the United States, and it is our intent to continue to expand our international operations, including our recently announced planned acquisition in Mexico. We have sales and technical support personnel in numerous countries worldwide. We expect to continue to add personnel internationally to expand our abilities to deliver differentiated services to our international customers. Expansion into international markets will require significant resources and management attention and will subject us to new regulatory, economic and political risks. Moreover, the services we offer in developed and emerging markets must match our customers’ demand for those services. Due to price, limited purchasing power and differences in the development of consumer credit markets, there can be no assurance that our services will be accepted in any particular developed or emerging market, and we cannot be sure that our international expansion efforts will be successful. The results of our operations and our growth rate could be adversely affected by a variety of factors arising out of international commerce, some of which are beyond our control. These factors include:

•political and economic conditions in foreign countries, particularly in emerging marketsmarkets, and between countries;

We conduct operations in over 30 countries and, in the fiscal year ended December 31, 2024,2025, approximately 22.8%22% of our reported revenue was derived fromby our international operations,operations based on where it was earned, which subjects us to various risks inherent in global operations. We may conduct business in additional foreign jurisdictions in the future, which may carry operational risks. At any particular time, our global operations may be affected by local changes in laws, regulations, and political and economic environments, including inflation, recession, currency volatility, and competition, as well as business and operational decisions made by joint venture partners.

An important focus of our business is to identify business partners who can enhance our services and enable us to develop solutions that differentiate us from our competitors. We have entered into several alliance agreements or license agreements with respect to certain of our datasetsdata assets and services and may enter into similar agreements in the future. These arrangements may require us to restrict our use of certain of our technologies among certain customer industries, or to grant licenses on terms that ultimately may prove to be unfavorable to us, either of which could adversely affect our business, financial condition or results of operations. Relationships with our alliance agreement partners may include risks due to incomplete information regarding the marketplace and commercial strategies of our partners, and our alliance agreements or other licensing agreements may be the subject of contractual disputes. If we or our alliance agreements’ partners are not successful in maintaining or commercializing the alliance agreements’ services, such commercial failure could adversely affect our business.

As of December 31, 2024,2025, the book value of our debt was approximately $5,147.2$5.1 millionbillion primarily consisting of outstanding borrowings under Trans Union LLC’s senior secured credit facility. We may also incur significant additional indebtedness in the future. Our substantial indebtedness may:

We and our subsidiaries may be able to incur substantial additional indebtedness in the future. The terms of the credit agreement govern our debt limit, but do not prohibit, us or our subsidiaries from incurring additional indebtedness, and any additional indebtedness incurred in compliance with these restrictions could be substantial. If we incur any additional debt, the priority of that debt may impact the ability of existing debt holders to share ratably in any proceeds distributed in connection with any insolvency, liquidation, reorganization, dissolution or other winding-up of us, subject to collateral arrangements. These restrictions will also not prevent us from incurring obligations that do not constitute indebtedness. We also have the ability to request incremental loans on the same terms under the existing senior secured credit facility up to the greater of $1.0 billion and 100% of consolidated EBITDAEBITDA, as defined in the credit agreement, and may incur additional incremental loans so long as the senior secured net leverage ratio does not exceed 4.25 to 1.0, subject to certain additional conditions and commitments by existing or new lenders to fund any additional borrowings. If new indebtedness is added to our current debt levels, the related risks that we and our subsidiaries now face could intensify.

In the recent past, our stock price has been volatile and hadhas declined due to a number of factors, including the deteriorating macroeconomic environment, changing expectations about our future revenue and operating results, and softening of the forward-looking guidance we have provided. The financial markets have at various times experienced significant price and volume fluctuations that have impacted the stock prices of many companies in the broader markets and in our industry in particular. These broad market and industry-specific fluctuations, as well as deteriorating macroeconomic conditions, could have a material adverse effect on our results of operations, financial condition and stock price. We reconcile the fair value of our reporting units to our market capitalization during our annual goodwill impairment test, which we conduct more frequently if events or circumstances indicate that the carrying value of goodwill may be impaired. A decrease in our market capitalization could be an indicator that one or more of our reporting units has a goodwill impairment.

Our business and operations are exposed to risks arising from developments and trends associated with climate change and other environmental and socialsustainability matters, including risks associated with our own reporting or other initiatives.

There are inherent environmental, including climate-related,climate-related and social risksrisks, wherever business is conducted. Various meteorological phenomena and extreme weather events (including, but not limited to, storms, flooding, drought, wildfire, and extreme temperatures) may directly or indirectly disrupt our operations (including the productivity of our employees) or those of our suppliers or infrastructure on which we rely, require us to incur additional operating or capital expenditures or otherwise adversely impact our business, financial condition, or results of operations. Climate change may impact the frequency and/or intensity of such events, as well as contribute to chronic physical changes, such as shifting precipitation or temperature patterns or rising sea-levels, which may also impact our operations or infrastructure on which we rely. While we may take various actions to mitigate our business risks associated with climate change, this may require us to incur substantial costs and may not be successful, due to, among other things, the uncertainty associated with the longer-term projections associated with managing climate risks. Any significant failure, compromise, interruption or a significant slowdown of operations, whether as a result of climate change or otherwise, may impair the Company’sour ability to deliver itsour products and services. Additionally, we expect to be subject to increased regulations, reporting requirements, standards or expectations regarding the environmental impacts of our business. Such regulations and other expectations are not uniform, and may be inconsistently interpreted or applied, which can increase the complexity and cost of compliance as well as any associated litigation or enforcement risks. Changing market dynamics and other global and domestic policy developments also have the potential to disrupt our business, the business of our suppliers and/or customers, or otherwise adversely impact our business, financial condition, or results of operations.

Finally,We increasedengage scrutinyin regardingvarious climate,initiatives human(including capital,disclosures) to address sustainability matters and otherstakeholder practicesexpectations andacross disclosuresthe arevarious likelylocations to continue. Such increased scrutiny may result in increased costs, changes in demand, enhanced compliance or disclosure obligations, increased legal exposure or other adverse impacts on our business, financial condition or results of operations. Whilewhere we havedo engagedbusiness. and may engaged in the future in voluntary initiatives and reporting on environmental and social matters,However, such initiatives and reporting may be costly and may not have the desired effect. Many of our initiatives, including targets and disclosures, are informed by methodologies, standards, and data that continue to evolve, are subject to varying interpretations, and are often subject to factors outside of our control. As with other companies, our approach to such matters evolves over time as well,time, and we cannot guarantee that our approach will align with the expectations or preferences of any particular stakeholder. For example, there have been targeted efforts by certain parties, including policymakers, to reduce companies’ attention to environmental and social matters which may result in additional costs or complexities in navigating stakeholder expectations. Moreover, actions or statements that we may make based on expectations, assumptions, calculation methodologies or third-party information that we currently believe to be reasonable may subsequently be determined to be erroneous or be subject to misinterpretation. For example, there have been increasingly nuanced allegations against companies making significant environmental and socialsustainability claims due to a variety of perceived deficiencies in disclosure, methodology, or performance, including as stakeholder perceptions of sustainability continue to evolve. Our approach to measuring and assessing our GHG emissions and establishing or pursuing targets for the reduction of our emissions, or other targets and metrics, may ultimately be deemed to be inconsistent with future regulatory requirements or best practices, or revised interpretations of existing requirements and standards. Even if this is not the case, our current actions may subsequently be determined to be insufficient or not aligned to best practices by various stakeholders. Our disclosures on these matters, a failure to satisfy evolving stakeholder expectations for environmentalsustainability and social practices and reporting,matters, a failure to successfully navigate competing stakeholder expectations, or a failure or perceived failure to meet our commitments or targets (including the manner in which we complete such initiatives) on our established timeline may potentially harm our reputationreputation, andresult impactin relationshipsadverse withstakeholder investors. If our environmental and social practices, reporting and performance do not meet investor, consumer,engagements, or employee, or other stakeholder expectations, or are perceived as not meeting those expectations, our brand, reputation and customer retention may be negatively impacted, and we may be subject to investor or regulator engagement regarding such matters, which couldotherwise adversely impact our business, financial condition or results of operations.

Our share repurchase program may change from time to time, and we may not repurchase shares in any particular amounts, in amounts consistent with historical practice, or at all. Our repurchase program does not obligate the Companyus to repurchase any specific dollar amount or to acquire any specific number of shares and the timing and amount of repurchases, if any, will depend on several factors, including market and business conditions, applicable debt covenants, the timing and amount of cash proceeds from asset dispositions, the timing and amount of any like-kind exchange transactions and other tax-planning matters, the trading price of our common stock, the nature of other investment opportunities, and other factors as our Board may deem relevant from time to time. Repurchase activity could have a negative effect on our stock price, increase volatility, or fail to enhance stockholder value.

We believe the assumptions that we use in our qualitative and quantitative analysis are reasonable and consistent with assumptions that would be used by other marketplace participants. However, such assumptions are inherently uncertain. During times of economic distress, declining demand and declining earnings could lead to us to have less favorable estimates of our future cash flows, discount rates or market multiples. Such changes could lead to lower estimated fair values of our reporting units, which could lead to a material impairment charge. In certain markets where we operate, macroeconomic conditions are unfavorable. If these unfavorable macroeconomic conditions persist longer than we currently expect, or are worse than we currently expect, our estimates of revenue growth rates and EBITDA margins would decline, which could lead to an impairment of goodwill. For example, during 2023, inflationary pressures and rising interest rates in the U.K. resulted in a goodwill impairment of $414 million in our United Kingdom reporting unit.

Grounded in our heritage as a credit reporting agency, weWe have built robust data and accurateanalytics databases of informationassets for a large portion of the adult population in the markets we serve. We use our OneTru solution enablement platform to centralize data management, identity resolution, AI-powered analytics, enabling more persistent identity resolution methodologywith tosharper, linkmore andcontextualized match our expanding high-quality datasets.insights. We use thisthese enriched data and analytics,insights, combined with our industry expertise, to continuously develop more insightfulrelevant solutions forto oursolve customers,customers’ allneeds, whileincluding maintainingcredit compliancerisk, with global lawsmarketing and regulations.fraud mitigation. Because of our work, organizationscustomers can better understand consumers in order to make more informed decisions, and earn consumer trust through great, personalized experiences, and the proactive extension ofextend the rightappropriate opportunities, tools and offers. In turn, we believe consumers can be confident that their data identities will result in better offers and opportunities.

We provideOur solutions that enable businesses to manage and measure credit risk, market to new and existing customers, verify consumer identities, and mitigate fraud. BusinessesWe embedhave ourdeep solutionsdomain intoexpertise theiracross processa workflowsnumber of attractive industries, which we also refer to deliveras criticalverticals, insightsincluding Financial Services and enableEmerging effectiveVerticals, actions.which Consumersincludes Insurance, Technology, Retail and E-Commerce, Telecommunications, Media, Tenant & Employment Screening, Collections, and Public Sector. In addition, consumers use our solutions to view their credit profiles, access analytical tools that help them understand and manage their personal financial information, and take precautions against identity theft. We have deep domain expertise across a number of attractive industries, which we also refer to as verticals, including Financial Services, Emerging Verticals and Consumer Interactive. Emerging Verticals consists of Insurance, Technology, Retail and E-Commerce, Telecommunications, Media, Tenant & Employment Screening, Collections, and Public Sector. We have a global presence in over 30 countries and territories across North America, Latin America, Europe, Africa, India,India and Asia Pacific.

Our addressable market includes the global data and analytics market, which continues to grow as companies around the world increasingly recognize the benefits of data and analytics-based decision making, and as consumers recognize the important role that their data identities play in their ability to procure goods and services.services and prevent fraud. There are several underlying trends supporting this market growth, including the proliferation of data, advances in technology andsuch analyticsas AI that enable data to be processed more quickly and efficiently to provide business insights, and growing demand for these business insights across industries and geographies. Leveraging our established position as a leading provider of information and insights, weWe have grown our business by expanding the breadth and depth of our data, strengthening our analytics capabilities, expanding into complementary adjacent and vertical markets, deepening our solution suitesuites in areas such as fraud mitigation and marketing, building out our geographic portfolio, investing in technology infrastructure, and enhancing our global operating model. As a result, we believe we are well positioned to expand our share within the markets we currently serve and capitalize on the larger data and analytics opportunity.serve.

AsWe discussedmanage our business and report our financial results in Part II, Item 8, “Financial Statements and Supplementary Data – Notes to Consolidated Financial Statement,” Note 1, “Significant Accounting Policies,” during the first quarter of 2024, we reorganized our operations to merge our Consumer Interactive operating segment with our U.S. Markets operating segment. In addition, we changed the responsibility for certain international operations previously managed within the U.S. Markets segment to certain regions within the International segment. We now report two operatingreportable segments,segments: U.S. Markets and International, which are consistent with our reportable segments, and reflectreflects the structure of the Company’s internal organization, the method by which the Company’s resources are allocated and the manner by which the chief operating decision maker (“CODM”) assesses the Company’s performance. The reporting of certain revenue from the acquisition of Argus, which was previously reported within our Financial Services vertical, is now reported in Emerging Verticals in the U.S. Markets operating segment. While this change does not impact our operating segments, it does impact our disaggregated revenue disclosures. See Part II, Item 8 “Financial Statements and Supplementary Data – Notes to Consolidated Financial Statement,Statements,” Note 19,18, “Reportable Segments” for additional information about our operating segments.

The U.S. Markets segment provides consumerdata, reports,analytics and actionable insights and analytics to businesses and consumers. Businesses use our services to acquire customers, assess consumers’ ability to pay for services, identify cross-selling opportunities, measure and manage debt portfolio risk, collect debt, verify consumer identities, mitigate fraud risk and respond to data breach events. Consumers use our services to manage their personal finances and take precautions against identity theft.

The International segment provides services similar to our U.S. Markets segment to businesses in select regions outside the United States. Depending on the maturity of the credit economy in each country, services may include credit reports, analytics and technology solutions services and other value-added risk management services. WeIn alsoaddition, we have insurance, business and automotive databases in select geographies. These services are offered to customers in a number of industries including financial services, retail credit, insurance, automotive, collections, public sectorsector, gaming and communications, and are delivered through both direct and indirect channels. The International segment also provides consumer services similar to those offered by our Consumer Interactive vertical withinin our U.S. Markets segment that help consumers proactively manage their personal finances and take precautions against identity theft.

Our revenues and results of operations have been and can be significantly influenced by general macroeconomic conditions, including but not limited to, interest rates, inflation, tariffs, housing demand, the availability of credit and capital, employment levels, consumer confidence and consumerthe confidence.risk of recession.

The ongoingfactors described above impact the comparability of our results of operations, including our revenue and expense, between the periods presented below. Ongoing uncertainty and the unpredictable nature of the macroeconomic environment could have a material adverse impact on various aspects of our business in the future, including our stock price, results of operations andoperations, financial condition,condition includingand the carrying value of our long-lived assetsassets, such as goodwill and intangible assets.

We believe that elevated levels of inflation have had, and will continue to have, a negative impact on our business and results of operations, including decreased demand for our services. The U.S. Federal Reserve and several international central banks have begun lowering interest rates inIn response to significant reductionsreduction in inflation levels from peak levels in 2022 and 2023, the Fed and several international central banks began lowering interest rates in 2024 and 2025, and have indicated that further interest rate reductions in the future are likely. In the U.S., inflation expectations remain elevated as the labor market remains strong and economic growth resilient, easing pressures on the Federal Reserve to continue lowering rates in 2025, while markets assess the potential implementation and impact of policies of the new administration on inflation.possible. Meanwhile, rates that remain elevated relative to historic levels may result in depressed consumer spending on non-essential goods and services, and consequently lower demand for credit, which could have a material adverse impact on various aspects of our business in the future.

•The operating model optimization program will eliminate certain roles, transitiontransitioned certain job responsibilities to our Global Capability Centers, which we expect will improve productivity, reduce costsGCCs and fund growth, optimize business processes, and reducereduced our facility footprint. We expectexpected to incur total one-time pre-tax expenses of $205.0 to $215.0 million,million includingfor employee separation expenses of approximately $110.0 million,expenses, facility exit expenses ofand approximately $45.0 million, andother business optimization expenses. We incurred cumulative expenses of approximately$204.7 $55.0million million.associated with this initiative.

•The incremental investment to advance our technologytechnology, iswhich was the final phase of our accelerated technology investment. We expect to incur one-time pre-tax expenses of $150.0 to $160.0 million, including approximately $65.0 million in 2024 related to the final year of Project Rise, and approximately $90.0 million of incremental expenses during 2024 and 2025 to streamline our product delivery platforms, and leverage the cloud-based infrastructure being established with Project Rise. The accelerated technology investment willinvestment, fundamentally transformtransformed our technology infrastructure bythrough implementingthe implementation of a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance, enable a continuous improvement approach, and provide a single global platform for fulfillment of our product lines. ProjectWe Riseexpected wasto announcedincur inone-time Februarypre-tax 2020expenses andof expanded$150.0 into February$160.0 2022,million and completed in 2024associated with athis totalinitiative. estimatedWe expenseincurred cumulative expenses of approximately$168.7 $240.0million million,associated includingwith this initiative, slightly above our estimate but within the approximatelyexpected $65.0range millionfor tothe beoverall incurredtransformation in 2024, as discussed above.plan.

In 2024,2025, we entered into interest rate swap agreements with various counterparties that effectively fix our variable interest rate exposure on a portion of our Senior Secured Term Loan or similar replacement debt. The swaps commenced on DecemberJune 31,30, 2024,2025 and expire on December 31, 2027, with a current aggregate notional amount of $1.1$1,238.1 billionmillion that amortizes each quarter beginning the first quarter 2025.quarter. The swaps require us to pay fixed rates varying between 3.0650%3.2893% and 3.9925%3.6920% in exchange for receiving a variable rate that matches the variable rate on our loans. We have designated these swap agreements as cash flow hedges.

During the third quarter of 2023, we identified a triggering event requiring an interim impairment assessment for our United Kingdom reporting unit, which resulted in a goodwill impairment of $414.0 million, as discussed in Part II, Item 8, “Financial Statements and Supplementary Data – Notes to Consolidated Financial Statements,” Note 6,5, “Goodwill.”

We report revenue for our two reportable segments, U.S. Markets and International. Within the U.S. Markets segment, we report and disaggregate revenue by vertical, which consists of our Financial Services, Emerging and Consumer Interactive verticals. Within the International segment, we disaggregate revenue by regions, which consists of Canada, Latin America, the United Kingdom, Africa, India,India and Asia Pacific.

• an increase of approximately $138.0 million in product and fulfillment costs resulting from an increase in certain product cost pricing primarily in our U.S. Markets segment, an increase in variable postage related to an increase in breach remediation business in our U.S. Markets segment and an increase in volume in both segments;

•a net increase of approximately $10.0 million in labor-related costs, due primarily due to an increase in annual incentive and stock-based compensation, partially offset by the realization of benefits from our operating model transformation plan;

•an increase of approximately $9.0 million from costs related to our operating model optimization program, partially offset by:

•an increase of approximately $16.0 million from costs related to our operating model optimization program, partially offset by:

In February 2026, the United States and Israel launched coordinated military strikes against Iran, which retaliated with missile attacks across the region. Although we do not have material operations in the Middle East, the ongoing conflict has, and is likely to continue to have, an impact on global energy prices, inflation, consumer spending, market volatility, and overall macroeconomic conditions,conditions. andThe anyongoing furtheruncertainty escalation ofabout the conflict iswill likelycontinue to exacerbateimpact these effects.effects in an unpredictable way. These factors form part of the broader macroeconomic environment in which inflation has remained above the U.S. Federal Reserve’s (the “Fed”) long-term target, prompting the Fed to maintain the federal funds rate during the first threesix months of 2026 after cutting rates by 75 basis points in the last four months of 2025. The federal funds rate,rate whileremains lowerelevated, thanrelative recentto highs and rateslevels during the first half of 2025,2025 remained elevated relativeand to historical norms over the past 15 years, and is expected to remain elevated given macroeconomic concerns arising from conflict in the Middle East. Higher interest rates have slowed demand for consumer and auto loans, and have had a more pronounced impact on the housing sector, where higher borrowing rates impact both home affordability, driving down purchase activity, and demand for mortgage loan refinancing. However, mortgage rates are not directly tied to the federal funds rate but instead are tied to the 10-year Treasury rate,rate. which showed signs of improvement inDuring the first two months of the quarter, but subsequently rose atyear, the end10-year treasury rate declined modestly, before rising over the remainder of the quartersix-month dueperiod, toreflecting general macroeconomic concerns stemming from the ongoing conflict in the Middle East. As a result, 30-year mortgage rates remained elevated at quarter-end,June 30, 2026, which continues to suppress activity in the housing sector.

Macro-economic conditions in the U.K. and Canada were relatively stable in the first two monthsquarter of 2026 and showed somesigns recoveringof recovery following a weakweaker final quarter of 2025. However, the conflict in the Middle East and the resulting increase in energy prices has renewed inflationinflationary pressures and heightened consumer uncertainty, which likelymay have impacted fulleconomic firstgrowth quarterand growth.consumer sentiment in the second quarter. In India, the economy is highly sensitive to energy prices,prices. andWhile economic growth likely slowed in theIndia final month of the quarter after relativelyremained strong performance in the first twoquarter months,of although2026, regulatorythe actionsReserve haveBank continuedof toIndia has held its interest rates steady in the second quarter citing lower growth expectations and increased inflation projections, which could slow credit expansion. Globally, many central banks have paused further policy interest rate cutscuts, inreflecting theinflationary quarterpressures, asincluding athose resultassociated ofwith the increase inhigher energy prices and the likely impact on inflation levels,prices, which may impact consumer credit demand.

On March 2, 2026, we acquired approximately a 68% equity interest in Trans Union de Mexico for total cash consideration of $659.7 million. Prior to the transaction, we owned approximately a 26% equity interest that was accounted for under the equity method. Our total equity interest isupon nowclosing was approximately 94%, representing a controlling financial interest and resulting in the consolidation of Trans Union de Mexico. We accounted for the transaction as a step acquisition in accordance with ASC Topic 805, Business Combinations. Accordingly, we remeasured our initial 26% investment at a fair value of $247.4 million resulting in a non-taxable gain of $225.5 million recorded within gain on acquisition of affiliate in the Consolidated Statement of Operations.

The acquisition was funded primarily with proceeds from our Senior Secured Revolving Credit Facility and cash on hand. See Note 10, “Debt,” for additional information about our Senior Secured Revolving Credit Facility. There was no contingent consideration related to this transaction. Trans Union de Mexico’s results of operations subsequent to the acquisition date are reflected in the Latin America reporting unit in our International segment for the three months ended March 31, 2026, which affects the comparability of results to prior year periods. See Part I, Item 1, Note 2 “Business Acquisitions” for further information about this transaction.

On April 1, 2025, we gained control of Monevo Limited (“Monevo”) by acquiring the remaining 70% of its outstanding equity, of which we previously owned 30%. We accounted for the transaction as a step acquisition in accordance with ASC Topic 805, Business Combinations. Monevo’s results of operations subsequent to the acquisition date, which are not material, are reflected in both the U.S. Markets and International segments for the three and six months ended MarchJune 31,30, 2026, which affects the comparability of results to prior year periods. See Part I, Item 1, Note 2 “Business Acquisitions” for further information about this transaction.

Repurchased shares are retired, resulting in a reduction to common stock at par with the remainder to additional paid-in capital. Once repurchased, the shares are returned to the status of authorized but unissued shares of the Company and reduce the weighted average number of shares of common stock outstanding for purposes of calculating basic and diluted earnings per share. DuringSee thePart threeI, monthsItem endedI, MarchNote 31,1, 2026“Significant andAccounting 2025, the Company repurchased approximately 171,000 and 63,000 shares of common stock, respectively,Policies” for aadditional totalinformation ofabout $12.1this million and $5.4 million, respectively, including commissions and excise taxes, under the 2025 Repurchase Plan. The average price paid per share for the three months ended March 31, 2026 and 2025 was $70.92 and $84.86, respectively. As of March 31, 2026, $688.1 million remains available for repurchases under the 2025 Repurchase Plan.matter.

Cost of services includes product and fulfillment costs, such as data acquisition and royalty fees, personnel costs related to our databases and software applications, consumer and call center support costs, hardware and software maintenance costs, telecommunication expenses and data center costs.

Results of Operations —Three Months Ended MarchJune 31,30, 2026 and 2025 (Tabular amounts in millions, except per share amounts)

For the three and six months ended MarchJune 31,30, 2026 and 2025, our results of operations were as follows:

For the three and six months ended MarchJune 31,30, 2026 revenue increased $149.9$169.9 million, or 13.7%,14.9%, and $319.8 million, or 14.3%, respectively, compared with the same periodperiods in 2025, due to growth in both segments and ourrevenue from recent acquisitionacquisitions, which contributed 4.9% and 3.6% of athe majority ownership interestgrowth in Transeach Unionrespective de Mexico.period. The impact of foreign currency on organic revenue was an increase of 0.7%.negligible.

For the three months ended MarchJune 31,30, 2026, cost of services increased $73.8$74.8 million compared with the same period in 2025. The increase was due primarily to:

•an increase of approximately $81.0$75.0 million in product and fulfillment costs due primarily to an increase in certain product cost pricingpricing, including FICO mortgage royalties in our U.S. Markets segmentsegment, costs from our recent acquisitions, and an increase in volume in both segments.segments; and

•a decrease of approximately $10.0$7.0 million in technology and communications costs, due primarily to our accelerated technology investment programprogram, which ended in 2025, partially offset by an increase in cloud costs.

For the three months ended MarchJune 31,30, 2026, selling, general and administrative expenses increased $72.2$11.5 million compared with the same period in 2025. The increase was due primarily to:

•an increase of approximately $25.0$16.0 million in labor-related costscosts, including incentive compensation, primarily stock-based compensation, an increase in salaries including from our recent acquisitions, and an increase in salaries and commissions.commissions,

•a decrease of approximately $9.0$12.0 million in costs related to our operating model optimization program due to the completion of the program in 2025.2025; and

For the three and six months ended MarchJune 31,30, 2026, depreciation and amortization increased $13.5$17.8 million and $31.3 million, respectively, compared with the same periodperiods in 2025, due primarily to the increase in capital expenditures related to our accelerated technology investment initiative over the past few years and incremental intangible asset amortization from our recent acquisitions.

For the three and six months ended MarchJune 31,30, 2026, interest expense increased $5.9$10.2 million and $16.1 million, respectively, compared with the same periodperiods in 2025. The increase was due primarily to the replacement of our hedges in June 2025 and borrowing on our Senior Secured Revolving Credit Facility to fund the acquisition of a majority ownership interest in Trans Union de Mexico, partially offset by a decrease in the average periodic variable interest rate on the unhedged portion of our debt.

The decrease in interest income for the currentthree periodand six months ended June 30, 2026, compared to the prior periodperiods, was due primarily to the settlement of a note receivable in October 2025.

For the threesix months ended MarchJune 31,30, 2026, we recognized a gain on our acquisition of a majority ownership interest in Trans Union de Mexico, as further discussed in Part I, Note 2, “Business Acquisition.Acquisitions.”

Acquisition fees represent costs we have incurred for various acquisition-related efforts, for both executed and exploratory transactions, and include costs related to our acquisitions of Monevo andMonevo, Trans Union de Mexico.Mexico and the mobile division of RealNetworks. The three months ended June 30, 2026 includes adjustments to estimated acquisition fees.

For the three months ended March 31, 2026 and 2025, debt-relatedDebt-related expenses includedcomprise othercertain debt financing fees ofin $0.5all millionperiods and $0.4 million, respectively.presented.

Our effective tax rates were 6.5%13.1% and 21.2%24.4% for the threesix months ended MarchJune 31,30, 2026 and 2025, respectively. The effective tax rate was lower in 2026 compared to 2025 due primarily to the non-taxable gain on our acquisition of a majority equity interest in Trans Union de Mexico and a benefit from the elimination of a deferred tax liability on our Cost Method Investment upon obtaining control as further discussed in Note 2, “Business Acquisitions," a reduction in valuation allowance related to the realizability of foreign tax credits and capital loss carryforwards in 2026 compared to 2025, and benefits on the remeasurement of deferred taxes due to changes in state apportionment rates as a result of legal entity mergers, all of which occurred during the first quarter of 2026.

Segment Results of Operations—Three and Six Months Ended MarchJune 31,30, 2026 and 2025

Management, including our CODM, evaluates the financial performance of our businesses based on revenue and segment Adjusted EBITDA. For the three and six months ended MarchJune 31,30, 2026 and 2025, our segment revenue, segment Adjusted EBITDA and segment Adjusted EBITDA Margin were as follows:

For the three and six months ended MarchJune 31,30, 2026, U.S. Markets revenue increased $118.5$102.3 million, or 13.8%,11.5% and $220.8 million, or 12.6%, respectively, compared with the same periodperiods in 2025. Revenue increased in allFinancial verticals.Services and Emerging Verticals, partially offset by a decrease in Consumer Interactive.

Financial Services: For the three and six months ended MarchJune 31,30, 2026, revenue increased $96.9$76.4 million, or 24.0%,18.2%, and $173.3 million, or 21.0%, respectively, compared with the same periodperiods in 2025. A majority of the growth in Financial Services comes from our Mortgage line of business, due primarily to increases in priceprice, including from FICO mortgage royalties, and volume. Our other lines of business also grew, due primarily to volume increases in our Consumer Lending line of business, and price and volume increases in our Auto and Card and Banking lines of business and volume increases in our Consumer Lending line of business.

Emerging Verticals: For the three and six months ended MarchJune 31,30, 2026, revenue increased $19.8$30.3 million, or 6.3%,9.4%, and $50.0 million, or 7.8%, respectively, compared with the same periodperiods in 2025. The increase was due primarily to an increase in Insurance from price and volume increases, andin most other verticals from volume increases across online and batch services, new business wins and pricing increases.increases, and revenue from our recent acquisitions.

Consumer Interactive: For the three and six months ended MarchJune 31,30, 2026, revenue increaseddecreased $1.7$4.4 million, or 1.3%,3.0%, and $2.7 million, or 0.9%, respectively, compared with the same periodperiods in 2025, due primarily to increaseda breachdecrease and indirect channel revenue, partially offset by slowingin demand for paid credit products.products, partially offset by higher indirect channel breach revenue and offers revenue from our new direct platform.

For the three and six months ended MarchJune 31,30, 2026, Adjusted EBITDA increased $36.7$23.8 million and $60.5 million, respectively, compared with the same periodperiods in 2025, due primarily to the increase in revenue, partially offset by higher variable product and fulfillment costs and other operating costs. For the three and six months ended MarchJune 31,30, 2026, Adjusted EBITDA margins decreased 0.8%150 and 110 basis points, respectively, due primarily to FICO mortgage royalties, partially offset by technology and communication and labor-related costs growing at a slower pace than revenue.

For the three and six months ended MarchJune 31,30, 2026, International revenue increased $31.8$67.9 million, or 13.1%,26.8%, and $99.8 million, or 20.2%, respectively, compared with the same periodperiods in 2025 due primarily to the acquisitions of Trans Union de Mexico and Monevo, which contributed 9.6%21.2% and 15.5% of the increase.growth in each respective period. The impact of foreign currencies on organic revenue was a decrease of 0.7% and an increase of 3.2%.1.3% for the three and six months ended June 30, 2026, respectively.

Canada: For the three and six months ended MarchJune 31,30, 2026, Canada revenue increased $5.4$4.1 million, or 14.4%,9.7%, and $9.6 million, or 12.0%, respectively, compared with the same periodperiods in 2025, due primarily to higher local currency revenue from broad-based volume increases and an increase of 5.1%0.1% and an increase of 2.5% in each respective period from the impact of foreign currencies.

Latin America: For the three and six months ended MarchJune 31,30, 2026, Latin America revenue increased $21.1$58.6 million, or 64.4%,171.8%, and $79.7 million, or 119.2%, respectively, compared with the same periodperiods in 2025. Our acquisition of the majority ownership interest in Trans Union de Mexico contributed 56.0%157.5% and 107.8% of the increase.growth in each respective period, with the remaining increase driven primarily by volumes and new business wins. The impact of foreign currencies on organic revenue was an increase of 8.1%.9.6% and an increase of 8.9% in each respective period.

United Kingdom: For the three and six months ended MarchJune 31,30, 2026, United Kingdom revenue increased $13.4$6.3 million, or 22.7%,9.3%, and $19.6 million, or 15.5%, respectively, compared with the same periodperiods in 2025.2025 due to an increase in volume and an increase of 0.7% and 4.2%, in each respective period from the impact of foreign currencies. Our acquisition of Monevo in the prior year contributed 8.1%3.8% of the increase. The impact of foreign currencies on organic revenue was an increase offor 7.5%.the six months ended June 30, 2026.

Africa: For the three and six months ended MarchJune 31,30, 2026, Africa revenue increased $4.0$2.8 million, or 23.4%,15.5%, and $6.8 million, or 19.4%, respectively, compared with the same periodperiods in 2025, due primarily to volume growth in emerging verticals, and an increase of 13.8%10.9% and 12.3% in each respective period from the impact of foreign currencies.

India: For the three and six months ended MarchJune 31,30, 2026, India revenue decreased $7.2$1.5 million, or 10.5%,2.3%, and $8.7 million, or 6.4%, respectively, compared with the same periodperiods in 2025, due primarily to lowera consumerdecrease onlineof 10.3% and batch7.6%, volumes,in partiallyeach offsetrespective byperiod directfrom to consumer and credit risk volumes. Thethe impact of foreign currencies wasand alower decreasebatch inactivity, revenuepartially ofoffset 5.0%by inhigher thecommercial three-monthonline, period.direct-to-consumer and other volumes.

Asia Pacific: For the three and six months ended MarchJune 31,30, 2026, Asia Pacific revenue decreased $4.9$2.4 million, or 18.2%,9.8%, and $7.3 million, or 14.2%, respectively, compared with the same periodperiods in 2025, due primarily to lower volumes and prior year one-time contracts,contracts partiallyactivity offsetand bya batchdecrease activity.of The2.7% and 1.7% in each respective period from the impact of foreign currencies was a decrease in revenue of 0.7%.currencies.

For the three and six months ended MarchJune 31,30, 2026, Adjusted EBITDA increased $11.9$28.8 million and $40.8 million, respectively compared with the same periodperiods in 2025 due primarily to increased revenue in most regions as discussed above, partially offset by an increase in expenses due to the increase in revenue. For the three and six months ended MarchJune 31,30, 2026, Adjusted EBITDA margins were flat in the three-month period and decreased 0.9%,50 basis points, in the six month period, due primarily to a shift in the mix of revenues. and integration costs for our recent acquisition.

Non-GAAP Measures—Three Months Ended MarchJune 31,30, 2026 and 2025

For the three and six months ended MarchJune 31,30, 2026 and 2025, these non-GAAP measures were as follows:

FairFor the six months ended June 30, 2026, fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.

For the three and six months ended MarchJune 31,30, 2026, Consolidated Adjusted EBITDA increased $40.7$49.1 million and $89.9 million, respectively, compared with the same periodperiods in 2025, due primarily to an increase in revenue and the realization of cost savings from the transformation plan, partially offset by higher product costs compared to prior year. For the three and six months ended MarchJune 31,30, 2026, Consolidated Adjusted EBITDA margin decreased 1.0%,90 and 100 basis points, respectively, compared with the same periodperiods in 2025, due primarily to FICO mortgage royalties in the U.S. Markets segment.

FairFor the six months ended June 30, 2026, fair value and impairment adjustments includes the gain on our acquisition of Trans Union de Mexico.