Half-year Financial Report

Summary by AI ^BETAClose X

Experian plc reported a strong first half performance with total revenue up 12% at constant currency and organic revenue growth of 8%, driven by robust performance across its B2B and Consumer Services segments. Benchmark EBIT increased by 14%, with a 50 basis point improvement in margin at constant currency, and Benchmark EPS grew by 12% at actual exchange rates. The company has raised its full-year outlook, now expecting total revenue growth of 11% and margin accretion of 30 to 50 basis points. Experian also announced a 10% increase in its first interim dividend to USc 21.25 per share.

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Companies

Experian (EXPN)

UK 100

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Benchmark and Statutory financial highlights
	2025 US$m	2024 US$m	Actual rates growth %	Constant rates growth %	Organic growth %²
Benchmark¹
Revenue - ongoing activities³	4,058	3,603	13	12	8
Benchmark EBIT - ongoing activities^3,4	1,149	1,009	14	14	n/a
Total Benchmark EBIT	1,145	999	15	15	n/a
Benchmark EPS	USc 85.0	USc 76.0	12	13	n/a
Statutory
Revenue	4,070	3,628	12	n/a	n/a
Operating profit	973	880	11	n/a	n/a
Profit before tax	975	718	36	n/a	n/a
Basic EPS	USc 81.7	USc 60.2	36	n/a	n/a
First interim dividend	USc 21.25	USc 19.25	10	n/a	n/a

	Statutory	Non-benchmark and other items				Benchmark
		Investment- related items¹	Amortisation of acquisition intangibles	Non-cash financing items²	Exceptional items³
	US$m	US$m	US$m	US$m	US$m	US$m
	4,058	-	-	-	-	4,058	Ongoing
	12	-	-	-	-	12	Exited
Revenue	4,070	-	-	-	-	4,070	Revenue

	977	35	135	-	2	1,149	Ongoing
	(4)	-	-	-	-	(4)	Exited
Operating profit	973	35	135	-	2	1,145	Benchmark EBIT

Profit before tax	975	33	135	(92)	2	1,053	Benchmark PBT

Basic EPS USc	81.7	2.6	10.7	(9.9)	(0.1)	85.0	Benchmark EPS USc

		Year-on-year % change in organic¹ revenue - for the six months ended 30 September 2025			Benchmark EBIT margin²
	% of Group revenue³	B2B	Consumer Services	Total	Total
North America	68	12	8	10	35.4%
Latin America	14	0	18	4	25.6%
UK and Ireland	11	(1)	11	1	19.5%
EMEA and Asia Pacific	7	6	n/a	6	4.8%
Total global	100	8	9	8	28.3%

Ongoing activities only	Percentage of Group Revenue⁴	Total revenue growth %	Organic revenue growth %
	At actual exchange rates	At constant exchange rates	At constant exchange rates
Financial Services	52	14	8
Verticals	20	12	7
B2B	72	14	8
Consumer Services	28	9	9
Total global	100	12	8

Organic revenue growth	c.8%
Inorganic revenue contribution	c.3%
Benchmark EBIT margin¹	Good margin improvement +30 to +50 basis points
Foreign exchange²	c.+1% to revenue and Benchmark EBIT
Net interest	c.US$190m
Benchmark tax rate	c.26%
WANOS³	914m
Capital expenditure	8 - 9% of revenue
OCF⁴ conversion	>90%
Share repurchases	US$200m

Six months ended 30 September	2025 US$m	2024¹ US$m	Growth %
Six months ended 30 September	2025 US$m	2024¹ US$m	Total at actual exchange rates	Total at constant exchange rates	Organic at constant exchange rates
North America
Financial Services	1,140	1,004		14	13
Verticals	741	652		14	9
Business-to-Business	1,881	1,656		14	12
Consumer Services	875	810		8	8
Total ongoing activities	2,756	2,466	12	12	10
Exited business activities	-	-
Total North America	2,756	2,466
Latin America
Financial Services	425	383		14	0
Verticals	10	11		(11)	(11)
Business-to-Business	435	394		13	0
Consumer Services	135	117		19	18
Total ongoing activities	570	511	12	15	4
Exited business activities	1	7
Total Latin America	571	518
UK and Ireland
Financial Services	277	263		1	1
Verticals	56	57		(7)	(11)
Business-to-Business	333	320		(1)	(1)
Consumer Services	108	93		11	11
Total ongoing activities	441	413	7	2	1
Exited business activities	-	-
Total UK and Ireland	441	413
EMEA and Asia Pacific
Financial Services	271	195		36	7
Verticals	20	18		19	3
Total ongoing activities	291	213	37	35	6
Exited business activities	11	18
Total EMEA and Asia Pacific	302	231
Total revenue - ongoing activities	4,058	3,603	13	12	8
Total revenue - exited business activities	12	25
Revenue	4,070	3,628	12	12

Benchmark PBT	Profit before amortisation and impairment charges, acquisition expenses, Exceptional items, financing fair value remeasurements, tax (and interest thereon) and discontinued operations. It includes the Group's share of continuing associates' Benchmark post-tax results.
Benchmark EBIT	Benchmark PBT before net interest expense.
Benchmark EBITDA	Benchmark EBIT before depreciation and amortisation.
Exited business activities	The results of businesses sold, closed or identified for closure during a financial year.
Ongoing activities	The results of businesses that are not disclosed as exited business activities.
Constant exchange rates	Results and growth calculated after translating both years' performance at the prior year's average exchange rates.
Total growth	This is the year-on-year change in the performance of Experian's activities at actual exchange rates.
Organic revenue growth	This is the year-on-year change in the revenue of ongoing activities, translated at constant exchange rates, excluding acquisitions until the first anniversary of their consolidation.
Benchmark earnings	Benchmark PBT less attributable tax and non-controlling interests.
Total Benchmark earnings	Benchmark PBT less attributable tax.
Benchmark EPS	Benchmark earnings divided by the weighted average number of ordinary shares.
Exceptional items	Exceptional items include those arising from the profit or loss on disposal of businesses, closure costs of significant operations (including associated onerous global support costs), costs of significant restructuring programmes, and other financially significant one-off items.
Benchmark operating cash flow	Benchmark EBIT plus amortisation, depreciation and charges for share-based incentive plans, less net capital expenditure and adjusted for changes in working capital, principal lease payments and the Group's share of the Benchmark profit or loss retained in continuing associates.
Cash flow conversion	Benchmark operating cash flow expressed as a percentage of Benchmark EBIT.
Net debt and Net funding	Net debt is borrowings (and the fair value of derivatives hedging borrowings) excluding accrued interest, less cash and cash equivalents. Net funding is borrowings (and the fair value of the effective portion of derivatives hedging borrowings) excluding accrued interest, less cash held in Group Treasury.
Return on capital employed (ROCE)	Benchmark EBIT less tax at the Benchmark rate divided by average capital employed, in continuing operations, over the year. Capital employed is net assets less non-controlling interests and right-of-use assets, plus or minus the net tax liability or asset and plus Net debt.

Six months ended 30 September			Growth %
	2025	2024¹	Total at constant exchange	Organic at constant exchange
	US$m	US$m	rates	rates
Revenue
Financial Services	2,113	1,845	14	8
Verticals	827	738	12	7
Business-to-Business²	2,940	2,583	14	8
Consumer Services	1,118	1,020	9	9
Ongoing activities	4,058	3,603	12	8
Exited business activities	12	25	n/a
Total	4,070	3,628	12
Benchmark EBIT
Business-to-Business	887	787	13
Consumer Services	336	284	18
Business lines	1,223	1,071	14
Central Activities - central corporate costs	(74)	(62)	n/a
Ongoing activities	1,149	1,009	14
Exited business activities	(4)	(10)	n/a
Total Benchmark EBIT	1,145	999	15
Net interest expense	(92)	(70)	n/a
Benchmark PBT³	1,053	929	14
Exceptional items⁴	(2)	(13)
Other adjustments made to derive Benchmark PBT⁴	(76)	(198)
Profit before tax	975	718
Benchmark EBIT margin - ongoing activities
Business-to-Business	30.2%	30.5%
Consumer Services	30.1%	27.8%
Benchmark EBIT margin⁵	28.3%	28.0%

Six months ended 30 September	2025	2024
Six months ended 30 September	US$m	US$m
Benchmark EBIT	1,145	999
Amortisation and depreciation charged to Benchmark EBIT	300	270
Benchmark EBITDA	1,445	1,269
Impairment of non-current assets charged to Benchmark EBIT	1	6
Net capital expenditure (Appendix 4)	(333)	(297)
Increase in working capital	(275)	(314)
Principal lease payments	(24)	(21)
Benchmark profit retained in associates	(2)	(1)
Charge for share incentive plans	73	65
Benchmark operating cash flow²	885	707
Net interest paid	(106)	(87)
Tax paid	(243)	(193)
Dividends paid to non-controlling interests	(1)	(1)
Benchmark free cash flow	535	426
Acquisitions³	(377)	(818)
Disposal of operations	29	-
Additions to other financial assets	(10)	(28)
Disposal of other financial assets	2	19
Movement in Exceptional and other non-benchmark items	(33)	(14)
Ordinary dividends paid	(396)	(370)
Net cash outflow	(250)	(785)
Net debt at 1 April	(4,684)	(4,053)
Net share purchases	(194)	(95)
Non-cash lease obligation additions and disposals	(24)	(8)
Principal lease payments	24	21
Additions through business combinations	(1)	(2)
Foreign exchange and other movements	(51)	(42)
Net debt at 30 September	(5,180)	(4,964)

	Six months ended 30 September 2025			Six months ended 30 September 2024
	Benchmark¹	Non-benchmark²	Total	Benchmark¹	Non-benchmark²	Total
	US$m	US$m	US$m	US$m	US$m	US$m
Revenue (note 7(a))	4,070	-	4,070	3,628	-	3,628
Total operating expenses	(2,927)	(170)	(3,097)	(2,630)	(118)	(2,748)
Operating profit/(loss)	1,143	(170)	973	998	(118)	880

Finance income	19	-	19	11	-	11
Finance expense	(111)	92	(19)	(81)	(93)	(174)
Net finance (expense)/income (note 11(a))	(92)	92	-	(70)	(93)	(163)
Share of post-tax profit of associates	2	-	2	1	-	1
Profit/(loss) before tax (note 7(a))	1,053	(78)	975	929	(211)	718
Tax (charge)/credit (note 12(a))	(271)	48	(223)	(232)	67	(165)
Profit/(loss) for the period	782	(30)	752	697	(144)	553


Attributable to:
Owners of Experian plc	778	(30)	748	695	(145)	550
Non-controlling interests	4	-	4	2	1	3
Profit/(loss) for the period	782	(30)	752	697	(144)	553

Total Benchmark EBIT¹ (note 7(a))	1,145			999


	US cents		US cents	US cents		US cents
Earnings per share (note 13(a))
Basic	85.0		81.7	76.0		60.2
Diluted	84.6		81.3	75.5		59.8

		30 September		31 March
		2025	2024	2025
	Notes	US$m	US$m	US$m
Non-current assets
Goodwill	15	7,012	6,570	6,654
Other intangible assets		2,998	2,714	2,855
Property, plant and equipment		346	359	350
Investments in associates		16	12	13
Deferred tax assets		52	88	71
Post-employment benefit assets	17(a)	218	206	202
Trade and other receivables		238	202	226
Financial assets revalued through OCI	24(b)	215	223	221
Other financial assets	24(b)	245	134	153
		11,340	10,508	10,745

Current assets
Trade and other receivables		1,801	1,669	1,684
Current tax assets		64	66	52
Financial assets revalued through OCI	24(b)	24	-	1
Other financial assets	24(b)	51	20	36
Cash and cash equivalents - excluding bank overdrafts	19(b)	288	245	368
		2,228	2,000	2,141
Assets classified as held-for-sale		10	-	-
		2,238	2,000	2,141

Current liabilities
Trade and other payables		(1,982)	(1,785)	(2,127)
Borrowings	19(b)	(1,220)	(581)	(774)
Current tax liabilities		(58)	(101)	(76)
Provisions		(22)	(33)	(21)
Other financial liabilities		(6)	(24)	(4)
		(3,288)	(2,524)	(3,002)
Liabilities classified as held-for-sale		(3)	-	-
		(3,291)	(2,524)	(3,002)
Net current liabilities		(1,053)	(524)	(861)
Total assets less current liabilities		10,287	9,984	9,884

Non-current liabilities
Trade and other payables		(153)	(167)	(172)
Borrowings	19(b)	(4,405)	(4,617)	(4,242)
Deferred tax liabilities		(155)	(177)	(155)
Post-employment benefit obligations	17(a)	(37)	(40)	(37)
Provisions		(3)	(3)	(3)
Other financial liabilities		(97)	(190)	(185)
		(4,850)	(5,194)	(4,794)
Net assets		5,437	4,790	5,090

Equity
Called-up share capital	21	97	97	97
Share premium account	21	1,863	1,837	1,839
Retained earnings		22,088	21,293	21,797
Other reserves		(18,651)	(18,477)	(18,679)
Attributable to owners of Experian plc		5,397	4,750	5,054
Non-controlling interests		40	40	36
Total equity		5,437	4,790	5,090

Measure	Purpose	Note
(c) Benchmark earnings before interest, tax, depreciation and amortisation (Benchmark EBITDA) Benchmark EBITDA is defined as Benchmark EBIT before the depreciation and amortisation charged therein.	This measure is disclosed to indicate the Group's underlying profitability. It enables the users of the accounts to assess the Group's performance by excluding items that affect short-term profitability and are not related to the Group's underlying ongoing performance.	7(a)
(d) Exited business activities Exited business activities are businesses sold, closed or identified for closure during a financial year. These are treated as exited business activities for both revenue and Benchmark EBIT purposes. The results of exited business activities are disclosed separately with the results of the prior period re-presented in the segmental analyses as appropriate. This measure differs from the definition of discontinued operations in IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations'.	Exited business activities are separated from the Group's ongoing activities to provide clarity on the elements of the business that will not recur in future periods having been sold, closed or identified for closure.	7(a) and 8
(e) Ongoing activities The results of businesses trading at 30 September 2025, that are not disclosed as exited business activities, are reported as ongoing activities.		7(a) and 8
(f) Constant exchange rates The prior year's average exchange rates.	To highlight our underlying performance, we present certain results and growth calculated by translating both years' performance at constant exchange rates.	7(c), 7(d), 9, 13(a) and 13(b)
(g) Total growth This is the year-on-year change in the performance of our activities at actual exchange rates. Total growth at constant exchange rates removes the translational foreign exchange effects arising on the consolidation of our activities and comprises one of our measures of performance at constant exchange rates.	These measures are used to compare the performance of the business across reporting periods.	7(c) and 7(d)
(h) Organic revenue growth This is the year-on-year change in the revenue of ongoing activities, translated at constant exchange rates, excluding acquisitions until the first anniversary of their consolidation.		7(c)
(i) Benchmark earnings and Total Benchmark earnings Benchmark earnings comprises Benchmark PBT less attributable tax and non-controlling interests. The attributable tax for this purpose excludes significant tax credits and charges arising in the year which, in view of their size or nature, are not comparable with previous years, together with tax arising on Exceptional items and on other adjustments made to derive Benchmark PBT. Benchmark PBT less attributable tax is designated as Total Benchmark earnings.	Benchmark earnings is used in the calculation of Benchmark EPS. Benchmark EPS is provided to support the assessment of the Group's underlying performance by presenting EPS on a basis aligned with the Group's underlying profitability.	13
(j) Benchmark earnings per share (Benchmark EPS) Benchmark EPS comprises Benchmark earnings divided by the weighted average number of issued ordinary shares, as adjusted for own shares held.		13(a)

	North America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments	Central Activities	Total Group
Six months ended 30 September 2025	US$m	US$m	US$m	US$m	US$m	US$m	US$m
Revenue from external customers
Ongoing activities	2,756	570	441	291	4,058	-	4,058
Exited business activities	-	1	-	11	12	-	12
Total	2,756	571	441	302	4,070	-	4,070
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities	977	146	86	14	1,223	(74)	1,149
Exited business activities	-	-	-	(4)	(4)	-	(4)
Total¹	977	146	86	10	1,219	(74)	1,145
Net interest (expense)/income included in Benchmark PBT (note 11(b))	(1)	(1)	2	(1)	(1)	(91)	(92)
Benchmark PBT	976	145	88	9	1,218	(165)	1,053
Exceptional items (note 10(a))	(13)	-	-	11	(2)	-	(2)
Amortisation and impairment of acquisition intangibles	(68)	(21)	(2)	(44)	(135)	-	(135)
Acquisition and disposal expenses	(4)	(17)	(2)	(9)	(32)	-	(32)
Adjustment to the fair value of contingent consideration	-	(2)	1	-	(1)	-	(1)
Financing fair value remeasurements (note 11(c))	-	-	-	-	-	92	92
Profit/(loss) before tax	891	105	85	(33)	1,048	(73)	975

	North America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments	Central Activities	Total Group
Six months ended 30 September 2024²	US$m	US$m	US$m	US$m	US$m	US$m	US$m
Revenue from external customers
Ongoing activities	2,466	511	413	213	3,603	-	3,603
Exited business activities	-	7	-	18	25	-	25
Total	2,466	518	413	231	3,628	-	3,628
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities	850	143	78	-	1,071	(62)	1,009
Exited business activities	-	(3)	1	(8)	(10)	-	(10)
Total¹	850	140	79	(8)	1,061	(62)	999
Net interest (expense)/income included in Benchmark PBT (note 11(b))	(1)	(1)	1	(1)	(2)	(68)	(70)
Benchmark PBT	849	139	80	(9)	1,059	(130)	929
Exceptional items (note 10(a))	(3)	(1)	(7)	-	(11)	(2)	(13)
Amortisation of acquisition intangibles	(57)	(10)	(4)	(24)	(95)	-	(95)
Acquisition and disposal expenses	-	(4)	(1)	(3)	(8)	-	(8)
Adjustment to the fair value of contingent consideration	4	(6)	-	-	(2)	-	(2)
Financing fair value remeasurements (note 11(c))	-	-	-	-	-	(93)	(93)
Profit/(loss) before tax	793	118	68	(36)	943	(225)	718

(i) Net assets/(liabilities)	North America	Latin America	UK and Ireland	EMEA and Asia Pacific	Total operating segments	Central Activities and other	Total Group
At 30 September 2025	US$m	US$m	US$m	US$m	US$m	US$m	US$m
Goodwill	4,165	1,199	789	859	7,012	-	7,012
Investments in associates	6	-	10	-	16	-	16
Right-of-use assets	39	19	34	24	116	5	121
Assets classified as held-for-sale	-	-	-	10	10	-	10
Other assets	2,860	1,155	636	604	5,255	1,164	6,419
Total assets	7,070	2,373	1,469	1,497	12,409	1,169	13,578
Lease obligations	(50)	(22)	(39)	(25)	(136)	(5)	(141)
Liabilities classified as held-for-sale	-	-	-	(3)	(3)	-	(3)
Other liabilities	(1,204)	(437)	(297)	(223)	(2,161)	(5,836)	(7,997)
Total liabilities	(1,254)	(459)	(336)	(251)	(2,300)	(5,841)	(8,141)
Net assets/(liabilities)	5,816	1,914	1,133	1,246	10,109	(4,672)	5,437

	Business-to- Business	Consumer Services	Total business lines	Central Activities	Total Group
Six months ended 30 September 2025	US$m	US$m	US$m	US$m	US$m

Revenue from external customers
Ongoing activities	2,940	1,118	4,058	-	4,058
Exited business activities	12	-	12	-	12
Total	2,952	1,118	4,070	-	4,070
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities	887	336	1,223	(74)	1,149
Exited business activities	(4)	-	(4)	-	(4)
Total	883	336	1,219	(74)	1,145
Net interest expense included in Benchmark PBT (note 11(b))	(1)	-	(1)	(91)	(92)
Benchmark PBT	882	336	1,218	(165)	1,053
Exceptional items (note 10(a))	(1)	(1)	(2)	-	(2)
Amortisation and impairment of acquisition intangibles	(121)	(14)	(135)	-	(135)
Acquisition and disposal expenses	(26)	(6)	(32)	-	(32)
Adjustment to the fair value of contingent consideration	2	(3)	(1)	-	(1)
Financing fair value remeasurements (note 11(c))	-	-	-	92	92
Profit/(loss) before tax	736	312	1,048	(73)	975

	Business-to- Business	Consumer Services	Total business lines	Central Activities	Total Group
Six months ended 30 September 2024¹	US$m	US$m	US$m	US$m	US$m

Revenue from external customers
Ongoing activities	2,583	1,020	3,603	-	3,603
Exited business activities	25	-	25	-	25
Total	2,608	1,020	3,628	-	3,628
Reconciliation from Benchmark EBIT to profit/(loss) before tax
Benchmark EBIT
Ongoing activities	787	284	1,071	(62)	1,009
Exited business activities	(11)	1	(10)	-	(10)
Total	776	285	1,061	(62)	999
Net interest expense included in Benchmark PBT (note 11(b))	(1)	(1)	(2)	(68)	(70)
Benchmark PBT	775	284	1,059	(130)	929
Exceptional items (note 10(a))	(6)	(5)	(11)	(2)	(13)
Amortisation of acquisition intangibles	(81)	(14)	(95)	-	(95)
Acquisition and disposal expenses	(11)	3	(8)	-	(8)
Adjustment to the fair value of contingent consideration	-	(2)	(2)	-	(2)
Financing fair value remeasurements (note 11(c))	-	-	-	(93)	(93)
Profit/(loss) before tax	677	266	943	(225)	718

	30 September
	2025			2024
	Assets	Liabilities	Net assets/ (liabilities)	Assets	Liabilities	Net assets/ (liabilities)
	US$m	US$m	US$m	US$m	US$m	US$m
Central Activities	616	(146)	470	619	(124)	495
Net debt¹	437	(5,482)	(5,045)	283	(5,110)	(4,827)
Tax (current and deferred)	116	(213)	(97)	154	(278)	(124)
	1,169	(5,841)	(4,672)	1,056	(5,512)	(4,456)

	Six months ended 30 September 2025	Six months ended 30 September 2024	Year ended 31 March 2025
US dollar : Brazilian real	5.56	5.38	5.61
UK pound sterling : US dollar	1.34	1.28	1.28
Euro : US dollar	1.15	1.09	1.07
US dollar : Australian dollar	1.54	1.51	1.53

	30 September 2025	30 September 2024	31 March 2025
US dollar : Brazilian real	5.32	5.45	5.76
UK pound sterling : US dollar	1.34	1.34	1.29
Euro : US dollar	1.17	1.12	1.08
US dollar : Australian dollar	1.51	1.44	1.60

	Six months ended 30 September
	2025	2024
	US$m	US$m
Profit for the period attributable to owners of Experian plc	748	550
Add: Exceptional items and other adjustments made to derive Benchmark PBT, net of related tax	30	145
Benchmark earnings attributable to owners of Experian plc (non-GAAP measure)	778	695
Adjustment to constant exchange rates	-	(5)
Benchmark earnings attributable to owners of Experian plc at constant FX (non-GAAP measure)	778	690

	Six months ended 30 September 2025		Year ended 31 March 2025¹
	Discount rate	Long-term growth rate	Discount rate	Long-term growth rate
	% p.a.	% p.a.	% p.a.	% p.a.
North America	10.2	3.5	9.7	3.5
Latin America	17.4	5.0	17.6	5.2
UK and Ireland	11.2	2.9	10.7	2.8
EMEA and Asia Pacific	12.7	4.1	12.2	4.1

(c) Capital commitments
	30 September
	2025	2024
	US$m	US$m
Capital expenditure for which contracts have been placed:
Other intangible assets	38	40
Property, plant and equipment	12	7
	50	47

(c) Actuarial assumptions
	30 September
	2025	2024
	% p.a.	% p.a.
Discount rate	5.9	5.1
Inflation rate - based on the UK Retail Prices Index (the RPI)	3.1	3.2
Inflation rate - based on the UK Consumer Prices Index (the CPI)	2.7	2.8
Increase for pensions in payment - element based on the RPI (where cap is 5%)	2.9	3.0
Increase for pensions in payment - element based on the CPI (where cap is 2.5%)	1.8	1.9
Increase for pensions in payment - element based on the CPI (where cap is 3%)	2.0	2.2
Increase for pensions in deferment	2.7	2.8
Inflation in medical costs	6.5	6.3

(c) Purchase of other intangible assets
	Six months ended 30 September
	2025	2024
	US$m	US$m
Databases	105	98
Internally generated software	181	162
Internal use software	34	23
Purchase of other intangible assets	320	283

(a) Analysis by nature
	30 September
	2025	2024
	US$m	US$m
Cash and cash equivalents (net of overdrafts)	285	243
Debt due within one year - bonds and notes	(1,120)	-
Debt due within one year - commercial paper	(53)	(540)
Debt due within one year - lease obligations	(38)	(38)
Debt due after more than one year - bonds and notes	(4,179)	(4,123)
Debt due after more than one year - bank loans	(91)	(387)
Debt due after more than one year - lease obligations	(102)	(104)
Derivatives hedging borrowings	118	(15)
Net debt	(5,180)	(4,964)

(b) Analysis by balance sheet caption
	30 September
	2025	2024
	US$m	US$m
Cash and cash equivalents	288	245
Current borrowings	(1,220)	(581)
Non-current borrowings	(4,405)	(4,617)
Borrowings	(5,625)	(5,198)
Total of Group balance sheet line items	(5,337)	(4,953)
Accrued interest reported within borrowings excluded from Net debt	39	4
Derivatives reported within Other financial assets	149	37
Derivatives reported within Other financial liabilities	(31)	(52)
Net debt	(5,180)	(4,964)


	1 April	Movements in the six months ended 30 September 2025							30 September
	2025	Net cash flow	Non-cash lease obligation movements¹	Principal lease payments	Net share purchases	Additions through business combinations	Fair value gains/ (losses)	Exchange and other movements	2025
	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m	US$m
Derivatives hedging borrowings	(68)	(17)	-	-	-	-	37	166	118
Borrowings	(5,016)	(322)	(24)	-	-	(1)	(10)	(252)	(5,625)
Liabilities from financing activities²	(5,084)	(339)	(24)	-	-	(1)	27	(86)	(5,507)
Accrued interest	32	7	-	-	-	-	-	-	39
Cash and cash equivalents	368	82	-	24	(194)	-	-	8	288
Net debt	(4,684)	(250)	(24)	24	(194)	(1)	27	(78)	(5,180)

	Number of shares	Called-up share capital	Share premium account
	million	US$m	US$m
At 1 April 2024	972.2	97	1,819
Shares issued under employee share incentive plans	0.7	-	18
At 30 September 2024	972.9	97	1,837
Shares issued under employee share incentive plans	0.1	-	2
At 31 March 2025	973.0	97	1,839
Shares issued under employee share incentive plans	0.7	-	24
At 30 September 2025	973.7	97	1,863

	Number of shares	Cost of shares
	million	US$m
At 1 April 2024	59.1	1,343
Purchase of shares by employee trusts	1.8	83
Purchase of shares held as treasury shares	0.7	30
Other vesting of awards and exercises of share options	(3.7)	(80)
At 30 September 2024	57.9	1,376
Purchase of shares held as treasury shares	1.9	87
Other vesting of awards and exercises of share options	(0.4)	(8)
At 31 March 2025	59.4	1,455
Purchase of shares by employee trusts	1.9	97
Purchase of shares held as treasury shares	2.3	121
Other vesting of awards and exercises of share options	(3.9)	(112)
Shares delivered as acquisition consideration (note 23(a))	(0.1)	(6)
At 30 September 2025	59.6	1,555

Half-year Financial Report

Summary by AI BETAClose X

Six months ended 30 September

Revenue (note 7(a))

Total operating expenses

Operating profit/(loss)

Profit/(loss) before tax (note 7(a))

Profit/(loss) for the period

Profit/(loss) for the period

Total Benchmark EBIT1 (note 7(a))

129

(3)

Other comprehensive income/(expense) for the period1

115

(45)

Total comprehensive income for the period

508

Total comprehensive income for the period

508

Current assets

Net assets

Equity

Called-up share capital

Share premium account

Retained earnings

Other reserves

Attributable to owners of Experian plc

Non-controlling interests

Total equity

At 1 April 2025

1,839

Comprehensive income:

Profit for the period

-

-

-

-

- other vesting of awards and exercises of share options

At 1 April 2024

1,819

Comprehensive income:

Profit for the period

-

-

-

-

-

-

- purchase of shares by employee trusts

- other vesting of awards and exercises of share options

Net cash inflow from operating activities

821

695

Cash flows from investing activities

Purchase of other intangible assets

Purchase of property, plant and equipment

Disposal of property, plant and equipment

Additions to other financial assets

Disposal of other financial assets

Acquisition of subsidiaries, net of cash acquired

Disposal of operations

Net cash flows used in investing activities

(650)

(1,087)

Cash inflow in respect of shares issued

Cash outflow in respect of share purchases

Other payments on vesting of share awards

Transactions in respect of non-controlling interests

New borrowings

Repayment of borrowings

Net (payments)/receipts from issuing commercial paper

Principal lease payments

Net receipts for derivative contracts

Dividends paid

Net cash flows (used in)/from financing activities

Net decrease in cash and cash equivalents

Cash and cash equivalents at 30 September

3. Climate-related matters

(f) Constant exchange rates

The prior year's average exchange rates.

Summary by AI ^BETAClose X

Total Benchmark EBIT¹ (note 7(a))

Other comprehensive income/(expense) for the period¹

Total¹

Six months ended 30 September 2024²

	ClearSale	Other	Total
	US$m	US$m	US$m
Intangible assets:
Customer and other relationships	60	-	60
Software development	20	1	21
Marketing-related assets	20	-	20
Other intangibles	37	-	37
Intangible assets	137	1	138
Property, plant and equipment	1	1	2
Deferred tax assets	5	7	12
Trade and other receivables	21	-	21
Cash and cash equivalents (note 18(d))	45	-	45
Trade and other payables	(41)	(1)	(42)
Borrowings	-	(1)	(1)
Total identifiable net assets	168	7	175
Goodwill (note 15(a))	206	-	206
Total	374	7	381
Satisfied by:
Cash and cash equivalents (note 18(d))	340	4	344
Shares delivered as acquisition consideration¹ (note 22)	6	-	6
Deferred consideration	14	-	14
Contingent consideration	14	3	17
Total	374	7	381

At 30 September 2025	Level 1	Level 2	Level 3	Total
At 30 September 2025	US$m	US$m	US$m	US$m
Financial assets:
Derivatives used for hedging - fair value hedges¹	-	155	-	155
Non-hedging derivatives	-	107	-	107
Other financial assets at fair value through profit or loss	-	-	14	14
Financial assets at fair value through profit or loss	-	262	14	276
Derivatives used for hedging - cash flow hedge¹	-	24	-	24
Listed and trade investments	64	-	151	215
Financial assets revalued through OCI	64	24	151	239
	64	286	165	515
Financial liabilities:
Derivatives used for hedging - fair value hedges¹	-	(25)	-	(25)
Non-hedging derivatives	-	(15)	-	(15)
Other liabilities at fair value through profit or loss	-	-	(125)	(125)
Financial liabilities at fair value through profit or loss	-	(40)	(125)	(165)
Put options	-	-	(63)	(63)
	-	(40)	(188)	(228)
Net financial assets/(liabilities)	64	246	(23)	287

Six months ended 30 September 2025	Financial assets revalued through OCI	Other financial assets at FVPL	Contingent consideration	Put options	Total
Six months ended 30 September 2025	US$m	US$m	US$m	US$m	US$m
At 1 April 2024	167	13	(140)	(84)	(44)
Additions¹	9	1	(17)	-	(7)
Disposals	(2)	-	-	-	(2)
Settlement of contingent consideration²	-	-	39	-	39
Adjustment to the fair value of contingent consideration³	-	-	(1)	-	(1)
Valuation gains recognised in the Group income statement^4,5	-	-	-	24	24
Valuation losses recognised in OCI⁶	(23)	-	-	-	(23)
Currency translation losses recognised directly in OCI	-	-	(10)	(3)	(13)
Other	-	-	4	-	4
At 30 September 2025	151	14	(125)	(63)	(23)

Financial calendar
First interim ex-dividend date	8 January 2026
First interim dividend record date	9 January 2026
First interim ex-dividend and record date for American Depositary Receipts (ADRs)	9 January 2026
First interim ex-dividend and record date for Brazilian Depositary Receipts (BDRs)	9 January 2026
First interim dividend exchange rate determined	16 January 2026
Trading update, third quarter	21 January 2026
First interim dividend payment date	6 February 2026
Preliminary announcement of full-year results	20 May 2026
Annual General Meeting	22 July 2026

Contact information
Corporate headquarters	Registered office
Experian plc	Experian plc
2 Cumberland Place	22 Grenville Street
Fenian Street	St Helier
Dublin 2	Jersey
D02 HY05	JE4 8PX
Ireland	Channel Islands

T +353 (0) 1 846 9100	Registered number - 93905
		ISIN - GB00B19NLV48
Investor relations
E investors@experian.com

Registrars
MUFG Corporate Markets (Jersey) Limited
12 Castle Street
St Helier
Jersey
JE2 3RT
Channel Islands

Shareholder helpline 0371 664 9245 (+44 800 141 2952 for calls from outside the UK)
E experian@cm.mpms.mufg.com

Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. Lines are open between 8.30am and 5.30pm (UK time), Monday to Friday excluding public holidays in England and Wales.
Stock exchange listing information Exchange: London Stock Exchange, Equity shares (commercial companies) Index: FTSE 100 Symbol: EXPN