# EDGAR Filing Document

**Accession Number:** 0001552033
**File Stem:** 0001552033-25-000044
**Filing Date:** 2025-7
**Character Count:** 120147
**Document Hash:** b1f886ff383f259248e6fb809b963dfd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001552033-25-000044.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001552033-25-000044

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250724

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TransUnion
- **CENTRAL INDEX KEY:** 0001552033
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES [7320]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 611678417
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37470
- **FILM NUMBER:** 251144432

**BUSINESS ADDRESS:**
- **STREET 1:** 555 WEST ADAMS STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60661
- **BUSINESS PHONE:** (312) 985-2000

**MAIL ADDRESS:**
- **STREET 1:** 555 WEST ADAMS STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60661

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TransUnion Holding Company, Inc.
- **DATE OF NAME CHANGE:** 20120612

?xml version='1.0' encoding='ASCII'? ck0001552033-20250724

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549** 

**____________________**

**FORM 8-K** 

**____________________**

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d)**

 **of the Securities Exchange Act of 1934** 

**Date of Report (Date Earliest Event Reported): July 24, 2025**

**____________________**

**TransUnion** 

**(Exact name of registrant as specified in its charter)** 

**____________________**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37470** | **61-1678417** |
| (State or other jurisdiction <br>of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

---

| | | | |
|:---|:---|:---|:---|
| **555 West Adams Street,** | **Chicago,** | **Illinois** | **60661** |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(312) 985-2000** 

**____________________**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e- 4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value | TRU | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On July 24, 2025, TransUnion (the "Company") issued a press release announcing results for the quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act.

**Item 7.01 Regulation FD Disclosure.**

On July 24, 2025, management reviewed a slide presentation during the Company's fiscal 2025 second quarter earnings conference call. The presentation materials are attached hereto as Exhibit 99.2 and incorporated herein by reference. These materials may also be used by the Company at one or more subsequent conferences with analysts, investors, or other stakeholders.

The information contained in the attached presentation materials is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission filings and other public announcements. The Company undertakes no duty or obligation to publicly update or revise this information, although it may do so from time to time.

The information furnished pursuant to this Item 7.01, including Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference in any filing made by the Company under the Securities Act or the Exchange Act.

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits**

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| <u>[99.1](exhibit99106302025.htm)</u> | Press release of TransUnion dated July 24, 2025, announcing results for the quarter ended June 30, 2025. |
| <u>[99.2](exhibit99206302025.htm)</u> | Earnings call presentation materials for the quarter ended June 30, 2025. |
| 104 | Cover page Interactive Data File (embedded within the inline XBRL file). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | TRANSUNION | TRANSUNION |
| Date: July 24, 2025 | By: | /s/ Todd M. Cello |
|  | Name: | Todd M. Cello |
|  | Title: | Executive Vice President, Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![tulogoa30a.gif](tulogoa30a.gif) | **News Release** |

---

**TransUnion Announces Second Quarter 2025 Results** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exceeded second quarter 2025 financial guidance across all key financial metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered 9 percent organic constant currency revenue growth (10 percent reported) led by U.S. Financial Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• De-levered to 2.8x Leverage Ratio at quarter-end and repurchased $47 million shares through mid-July

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raising 2025 financial guidance, we now expect to deliver 6 to 7 percent revenue growth for the year on both a reported and organic constant currency basis

**CHICAGO, July 24, 2025** – TransUnion (NYSE: TRU) (the "Company") today announced financial results for the quarter ended June 30, 2025.

**Second Quarter 2025 Results**

<u>Revenue:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue for the quarter was $1,140 million, an increase of 10 percent (10 percent on a constant currency basis and 9 percent on an organic constant currency basis), compared with the second quarter of 2024.

<u>Earnings:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to TransUnion was $110 million for the quarter, compared with $85 million for the second quarter of 2024. Diluted earnings per share was $0.56, compared with $0.44 in the second quarter of 2024. Net income attributable to TransUnion margin was 9.6 percent, compared with 8.2 percent in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Net Income was $213 million for the quarter, compared with $193 million for the second quarter of 2024. Adjusted Diluted Earnings per Share was $1.08, compared with $0.99 in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA was $407 million for the quarter, compared with $377 million for the second quarter of 2024, an increase of 8 percent (8 percent on a constant currency basis). Adjusted EBITDA margin was 35.7 percent, compared with 36.2 percent in the second quarter of 2024.

"In the second quarter, TransUnion delivered strong results that again exceeded financial guidance," said Chris Cartwright, President and CEO. "U.S. Markets revenue grew 10 percent, led by Financial Services and Insurance. International grew 6 percent on an organic constant currency basis, with India accelerating to 8 percent growth and Canada and Africa delivering double-digit growth."

"We are raising our 2025 guidance, reflecting strong results in the first half of the year and ongoing business momentum, balanced against continuing market uncertainty. We now expect revenue growth of 6 to 7 percent."

"After the last several years of investment, we are now focused on execution and value creation. Through our transformation, we now have more and better solutions than ever. We are already seeing the emerging benefits of our accelerated pace of innovation and believe we are well-positioned to drive a generation of industry-leading growth."

------

**Second Quarter 2025 Segment Results**

Segment revenue and Adjusted EBITDA for the second quarter of 2025, which includes the revenue from Monevo in Consumer Interactive and United Kingdom and the corresponding Adjusted EBITDA in U.S. Markets and International, and the related growth rates compared with the second quarter of 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <u>(in millions)</u> | **Second Quarter 2025** | **Reported Growth Rate** | **Constant Currency Growth Rate** | **Organic Constant Currency Growth Rate** |
| **U.S. Markets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | $420 | 17% | 17% | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Verticals | 324 | 5% | 5% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Interactive | 147 | 3% | 3% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Markets Revenue | $890 | 10% | 10% | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Markets Adjusted EBITDA | $337 | 7% | 7% | 7% |
| **International:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | $42 | 9% | 10% | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America | 34 | (1)% | 4% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 67 | 19% | 13% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Africa | 18 | 15% | 14% | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 67 | 5% | 8% | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific | 24 | (7)% | (8)% | (8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total International Revenue | $253 | 7% | 7% | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Adjusted EBITDA | $108 | 7% | 8% | 8% |

---

**Liquidity and Capital Resources**

Cash and cash equivalents was $688 million at June 30, 2025 and $679 million at December 31, 2024.

For the six months ended June 30, 2025, cash provided by operating activities was $344 million, compared with $349 million in 2024. The decrease in cash provided by operating activities was primarily due to higher income tax payments, the timing of accounts receivable collections and higher bonus payouts, mostly offset by improved operating performance and lower interest expense in 2025 compared with 2024. For the six months ended June 30, 2025, cash used in investing activities was $224 million, compared with $127 million in 2024. The increase in cash used in investing activities was primarily due to our acquisition of Monevo, a current year investment in a note receivable and an increase in capital expenditures. For the six months ended June 30, 2025, capital expenditures were $145 million, compared with $131 million in 2024. Capital expenditures as a percent of revenue represented 7% and 6%, respectively, for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, cash used in financing activities was $127 million, compared with $150 million in 2024. Cash used in financing activities was lower primarily due to higher debt repayments in 2024, partially offset by stock buybacks in 2025.

------

**Third Quarter and Full Year 2025 Outlook**

Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 |
| <u>(in millions, except per share data)</u> | Low | High | Low | High |
| Revenue, as reported | $1115 | $1135 | $4432 | $4472 |
| Revenue growth<sup>1</sup>: |  |  |  |  |
| &nbsp;&nbsp;As reported | 3% | 5% | 6% | 7% |
| &nbsp;&nbsp;Constant currency<sup>1, 2</sup> | 3% | 5% | 6% | 7% |
| &nbsp;&nbsp;Organic constant currency<sup>1, 3</sup> | 2% | 4% | 6% | 7% |
| Net income attributable to TransUnion | $78 | $87 | $412 | $432 |
| &nbsp;&nbsp;Net income attributable to TransUnion growth | 14% | 28% | 45% | 52% |
| &nbsp;&nbsp;Net income attributable to TransUnion margin | 7.0% | 7.7% | 9.3% | 9.7% |
| Diluted Earnings per Share | $0.39 | $0.44 | $2.07 | $2.18 |
| &nbsp;&nbsp;Diluted Earnings per Share growth | 13% | 27% | 43% | 51% |
| Adjusted EBITDA, as reported<sup>5</sup> | $397 | $411 | $1580 | $1610 |
| &nbsp;&nbsp;Adjusted EBITDA growth, as reported<sup>4</sup> | 1% | 4% | 5% | 7% |
| &nbsp;&nbsp;Adjusted EBITDA margin | 35.6% | 36.2% | 35.7% | 36.0% |
| Adjusted Diluted Earnings per Share<sup>5</sup> | $0.99 | $1.04 | $4.03 | $4.14 |
| &nbsp;&nbsp;Adjusted Diluted Earnings per Share growth | (5)% | —% | 3% | 6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Additional revenue growth assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The impact of changing exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q3 2025 and approximately 0.5 point of benefit for FY 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The impact of mortgage is expected to be approximately 2 points of benefit for Q3 2025 and 2 points of benefit for FY 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Additional Adjusted EBITDA assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The impact of changing foreign currency exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

------

**Earnings Webcast Details**

In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

**About TransUnion (NYSE: TRU)**

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good<sup>®</sup> — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

**Availability of Information on TransUnion's Website**

Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

**Forward-Looking Statements**

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as "anticipate," "expect," "guidance," "suggest," "plan," "believe," "intend," "estimate," "target," "project," "should," "could," "would," "may," "will," "forecast," "outlook," "potential," "continues," "seeks," "predicts," or the negatives of these words and other similar expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to provide competitive services and prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain or renew existing agreements with large or long-term customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain the security and integrity of our data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to deliver services timely without interruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our access to data sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government regulation and changes in the regulatory environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation or regulatory proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our approach to the use of artificial intelligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively manage our costs;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our efforts to execute our transformation plan and achieve the anticipated benefits and savings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic and political stability in the United States and risks associated with the international markets where we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively develop and maintain strategic alliances and joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to timely develop new services and the market's willingness to adopt our new services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage and expand our operations and keep up with rapidly changing technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to defend our intellectual property from infringement claims by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our outside service providers and key vendors to fulfill their obligations to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• further consolidation in our end-customer markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the increased availability of free or inexpensive consumer information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• losses against which we do not insure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to make timely payments of principal and interest on our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to satisfy covenants in the agreements governing our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock price volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dividend payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• share repurchase plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dividend rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on key management personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws or adverse outcomes resulting from examination of our tax returns.

There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

**For More Information**

E-mail:&nbsp;&nbsp;&nbsp;&nbsp;<u>Investor.Relations@transunion.com</u>

Telephone:&nbsp;&nbsp;&nbsp;&nbsp;312.985.2860

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TRANSUNION AND SUBSIDIARIES**

**Consolidated Balance Sheets (Unaudited)**

(in millions, except per share data)

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| | | |
|:---|:---|:---|
| | June 30,<br>2025 | December 31,<br>2024 |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $687.5 | $679.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable, net of allowance of $27.4 and $19.9 | 895.9 | 798.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 322.3 | 323.4 |
| Total current assets | 1905.7 | 1801.8 |
| Property, plant and equipment, net of accumulated depreciation and amortization of $536.4 and $506.3 | 228.5 | 203.5 |
| Goodwill | 5256.7 | 5144.3 |
| Other intangibles, net of accumulated amortization of $2,522.2 and $2,294.5 | 3238.7 | 3257.5 |
| Other assets | 488.1 | 577.7 |
| **Total assets** | $11117.7 | $10984.8 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable | $345.1 | $294.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 76.1 | 70.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 519.9 | 694.4 |
| Total current liabilities | 941.1 | 1059.6 |
| Long-term debt | 5060.4 | 5076.6 |
| Deferred taxes | 370.7 | 415.3 |
| Other liabilities | 119.3 | 114.5 |
| **Total liabilities** | 6491.5 | 6666.0 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2025 and December 31, 2024, 201.4 million and 201.5 million shares issued at June 30, 2025 and December 31, 2024, respectively, and 194.8 million and 194.9 million shares outstanding as of June 30, 2025 and December 31, 2024, respectively | 2.0 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2600.7 | 2558.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock at cost; 6.7 million and 6.6 million shares at June 30, 2025 and December 31, 2024, respectively | (342.0) | (334.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 2571.1 | 2357.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (311.6) | (367.2) |
| Total TransUnion stockholders' equity | 4520.2 | 4217.0 |
| Noncontrolling interests | 106.0 | 101.8 |
| **Total stockholders' equity** | 4626.2 | 4318.8 |
| **Total liabilities and stockholders' equity** | $11117.7 | $10984.8 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TRANSUNION AND SUBSIDIARIES**

**Consolidated Statements of Operations (Unaudited)**

(in millions, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| **Revenue** | $1139.7 | $1040.8 | $2235.5 | $2062.0 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of services (exclusive of depreciation and amortization below) | 469.9 | 406.7 | 915.5 | 813.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 335.0 | 310.8 | 591.8 | 616.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 142.7 | 132.9 | 281.6 | 266.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring |  | 8.1 |  | 26.3 |
| **Total operating expenses** | 947.5 | 858.4 | 1788.9 | 1722.4 |
| **Operating income** | 192.2 | 182.4 | 446.6 | 339.6 |
| **Non-operating income and (expense)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (55.7) | (67.9) | (111.8) | (136.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 8.8 | 6.7 | 17.3 | 12.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings from equity method investments | 5.0 | 4.6 | 9.3 | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income and (expense), net | 6.6 | (5.1) | (10.8) | (20.8) |
| **Total non-operating income and (expense)** | (35.4) | (61.7) | (96.0) | (135.9) |
| **Income before income taxes** | 156.8 | 120.7 | 350.5 | 203.7 |
| **Provision for income taxes** | (44.4) | (31.0) | (85.4) | (44.1) |
| **Net income** | 112.4 | 89.7 | 265.1 | 159.7 |
| **Less: net income attributable to noncontrolling interests** | (2.8) | (4.7) | (7.4) | (9.5) |
| **Net income attributable to TransUnion** | $109.6 | $85.0 | $257.7 | $150.1 |
| **Basic earnings per common share from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to TransUnion | $0.56 | $0.44 | $1.32 | $0.77 |
| **Diluted earnings per common share from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to TransUnion | $0.56 | $0.44 | $1.31 | $0.77 |
| **Weighted-average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 195.0 | 194.2 | 195.0 | 194.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 197.2 | 195.2 | 197.2 | 195.3 |

---

As a result of displaying amounts in millions, rounding differences may exist in the table above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TRANSUNION AND SUBSIDIARIES**

**Consolidated Statements of Cash Flows (Unaudited)**

(in millions)

---

| | | |
|:---|:---|:---|
| | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $265.1 | $159.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 281.6 | 266.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on repayment of loans |  | 2.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | (54.1) | (63.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 70.5 | 51.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 29.1 | 19.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable | (98.4) | (71.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and long-term assets | 8.0 | 45.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts payable | 37.1 | 53.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and long-term liabilities | (195.1) | (115.2) |
| **Cash provided by operating activities** | 343.8 | 349.2 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (145.4) | (130.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale/maturities of other investments | 0.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in consolidated affiliates, net of cash acquired | (55.7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in nonconsolidated affiliates and notes receivable | (25.0) | (4.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of investments in nonconsolidated affiliates |  | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2.2 | 4.8 |
| **Cash used in investing activities** | (223.7) | (126.5) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from term loans |  | 934.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of term loans |  | (927.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments of debt | (43.2) | (99.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt financing fees |  | (13.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends to shareholders | (45.1) | (41.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 10.5 | 12.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee taxes paid on restricted stock units recorded as treasury stock | (7.4) | (11.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (38.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interests | (3.3) | (3.8) |
| **Cash used in financing activities** | (127.3) | (150.1) |
| Effect of exchange rate changes on cash and cash equivalents | 15.2 | (5.6) |
| Net change in cash and cash equivalents | 8.0 | 67.0 |
| Cash and cash equivalents, beginning of period | 679.5 | 476.2 |
| **Cash and cash equivalents, end of period** | $687.5 | $543.2 |

---

As a result of displaying amounts in millions, rounding differences may exist in the table above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**TRANSUNION AND SUBSIDIARIES**

**Non-GAAP Financial Measures**

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

*Consolidated Adjusted EBITDA*

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net interest expense* is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Provision for income taxes,* as reported on our Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Depreciation and amortization,* as reported on our Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stock-based compensation* is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Operating model optimization program* represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in "Results of Operations - Factors Affecting Our Results of Operations" in our Quarterly Report on Form 10-Q for the three months ended June 30, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Accelerated technology investment* includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected

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to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar's capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise's timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar's technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mergers and acquisitions, divestitures and business optimization* expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, including gains or losses on a step acquisition, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net other* adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*Consolidated Adjusted EBITDA Margin*

Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

*Adjusted Net Income*

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Amortization of certain intangible assets* represents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Stock-based compensation* (see Consolidated Adjusted EBITDA above)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Operating model optimization program* (see Consolidated Adjusted EBITDA above)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Accelerated technology investment* (see Consolidated Adjusted EBITDA above)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Mergers and acquisitions, divestiture and business optimization* (see Consolidated Adjusted EBITDA above)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net other* is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Total adjustments for income taxes* relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statements of operations.

*Adjusted Diluted Earnings Per Share*

Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

*Adjusted Provision for Income Taxes*

Management has excluded the following items from our provision for income taxes for the periods presented:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Tax effect of above adjustments* represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Excess tax expense (benefit) for stock-based compensation* is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Other* principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

*Adjusted Effective Tax Rate*

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax

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adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.

*Leverage Ratio* 

Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

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**SCHEDULE 1**

**TRANSUNION AND SUBSIDIARIES**

**Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC**

**(Unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended June 30, 2025 compared with<br>the Three Months Ended June 30, 2024 | For the Three Months Ended June 30, 2025 compared with<br>the Three Months Ended June 30, 2024 | For the Three Months Ended June 30, 2025 compared with<br>the Three Months Ended June 30, 2024 | For the Three Months Ended June 30, 2025 compared with<br>the Three Months Ended June 30, 2024 | For the Six Months Ended June 30, 2025 compared with<br>the Six Months Ended June 30, 2024 | For the Six Months Ended June 30, 2025 compared with<br>the Six Months Ended June 30, 2024 | For the Six Months Ended June 30, 2025 compared with<br>the Six Months Ended June 30, 2024 | For the Six Months Ended June 30, 2025 compared with<br>the Six Months Ended June 30, 2024 |
| | Reported | CC Growth<sup>1</sup> | Inorganic | Organic CC Growth<sup>2</sup> | Reported | CC Growth<sup>1</sup> | Inorganic | Organic CC Growth<sup>2</sup> |
| **Revenue:** |  |  |  |  |  |  |  |  |
| Consolidated | 9.5% | 9.5% | 0.7% | 8.9% | 8.4% | 8.8% | 0.3% | 8.5% |
| U.S. Markets | 10.0% | 10.0% | 0.3% | 9.8% | 9.3% | 9.3% | 0.1% | 9.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 17.1% | 17.1% | —% | 17.1% | 15.9% | 15.9% | —% | 15.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emerging Verticals | 4.9% | 4.9% | —% | 4.9% | 5.4% | 5.4% | —% | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Interactive | 3.3% | 3.3% | 1.5% | 1.8% | 1.3% | 1.3% | 0.7% | 0.5% |
| International | 7.4% | 7.4% | 2.0% | 5.5% | 4.9% | 6.7% | 1.0% | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | 9.0% | 10.5% | —% | 10.5% | 4.8% | 8.7% | —% | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Latin America | (1.0)% | 4.0% | —% | 4.0% | (0.8)% | 5.5% | —% | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 18.7% | 12.6% | 8.4% | 4.6% | 13.8% | 11.0% | 4.3% | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Africa | 15.0% | 13.7% | —% | 13.7% | 13.5% | 11.7% | —% | 11.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;India | 4.8% | 7.6% | —% | 7.6% | 0.5% | 4.0% | —% | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia Pacific | (6.8)% | (7.7)% | —% | (7.7)% | —% | —% | —% | —% |
| **Adjusted EBITDA:** |  |  |  |  |  |  |  |  |
| Consolidated | 8.1% | 8.3% | —% | 8.3% | 9.4% | 10.2% | —% | 10.2% |
| U.S. Markets | 6.8% | 6.8% | —% | 6.8% | 9.4% | 9.4% | —% | 9.4% |
| International | 7.2% | 8.0% | —% | 7.9% | 4.9% | 7.6% | —% | 7.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;1.Constant Currency ("CC") growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;2.Organic CC growth rate is the CC growth rate less the inorganic growth rate.

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**SCHEDULE 2**

**TRANSUNION AND SUBSIDIARIES**

**Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited)**

(dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| **Revenue:** |  |  |  |  |
| U.S. Markets gross revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | $419.9 | $358.7 | $823.5 | $710.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerging Verticals | 323.6 | 308.5 | 638.5 | 606.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Interactive | 146.9 | 142.1 | 285.1 | 281.5 |
| U.S. Markets gross revenue | $890.4 | $809.3 | $1747.0 | $1597.8 |
| International gross revenue |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | $42.3 | $38.8 | $80.1 | $76.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Latin America | 34.1 | 34.5 | 66.9 | 67.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 67.2 | 56.6 | 126.1 | 110.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Africa | 18.2 | 15.8 | 35.1 | 30.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 66.6 | 63.5 | 135.3 | 134.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asia Pacific | 24.5 | 26.2 | 51.5 | 51.5 |
| International gross revenue | $252.9 | $235.4 | $495.0 | $471.7 |
| **Total gross revenue** | $1143.2 | $1044.7 | $2242.1 | $2069.6 |
| Intersegment revenue eliminations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Markets | $(1.9) | $(2.4) | $(3.5) | $(4.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;International | (1.6) | (1.5) | (3.1) | (3.0) |
| Total intersegment revenue eliminations | $(3.5) | $(3.9) | $(6.6) | $(7.6) |
| Total revenue as reported | $1139.7 | $1040.8 | $2235.5 | $2062.0 |
| **Adjusted EBITDA:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Markets | $337.2 | $315.8 | $657.4 | $600.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;International | 108.0 | 100.8 | 217.8 | 207.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate | (38.2) | (40.0) | (71.0) | (73.8) |
| **Adjusted EBITDA Margin:**<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Markets | 37.9% | 39.0% | 37.6% | 37.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;International | 42.7% | 42.8% | 44.0% | 44.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;1.Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| **Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:** |  |  |  |  |
| Net income attributable to TransUnion | $109.6 | $85.0 | $257.7 | $150.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest expense | 47.0 | 61.2 | 94.5 | 124.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 44.4 | 31.0 | 85.4 | 44.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 142.7 | 132.9 | 281.6 | 266.9 |
| EBITDA | $343.7 | $310.1 | $719.2 | $585.4 |
| Adjustments to EBITDA: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 40.2 | 27.8 | 70.5 | 51.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mergers and acquisitions, divestitures and business optimization<sup>1</sup> | (4.6) | 0.7 | 13.2 | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accelerated technology investment<sup>2</sup> | 23.2 | 18.2 | 43.3 | 36.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating model optimization program<sup>3</sup> | 5.4 | 14.6 | 15.2 | 39.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net other<sup>4</sup> | (0.8) | 5.2 | (57.3) | 11.7 |
| Total adjustments to EBITDA | $63.3 | $66.5 | $85.0 | $149.3 |
| **Consolidated Adjusted EBITDA** | $407.0 | $376.6 | $804.1 | $734.7 |
| Net income attributable to TransUnion margin | 9.6% | 8.2% | 11.5% | 7.3% |
| Consolidated Adjusted EBITDA margin<sup>5</sup> | 35.7% | 36.2% | 36.0% | 35.6% |

---

As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

&nbsp;&nbsp;&nbsp;&nbsp;1.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Transaction and integration costs | $2.9 | $1.2 | $8.2 | $3.4 |
| Fair value and impairment adjustments | (7.6) | 0.7 | 5.0 | 0.8 |
| Post-acquisition adjustments |  | (1.2) |  | 5.7 |
| Total mergers and acquisitions, divestitures and business optimization | $(4.6) | $0.7 | $13.2 | $9.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;2.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Foundational Capabilities | $4.2 | $8.3 | $11.7 | $15.0 |
| Migration Management | 19.0 | 8.7 | 31.6 | 18.8 |
| Program Enablement |  | 1.2 |  | 2.9 |
| Total accelerated technology investment | $23.2 | $18.2 | $43.3 | $36.8 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;3.Operating model optimization consisted of the following adjustments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Employee separation | $— | $7.9 | $— | $24.6 |
| Facility exit |  | 0.2 |  | 1.7 |
| Business process optimization | 5.4 | 6.5 | 15.2 | 12.8 |
| Total operating model optimization | $5.4 | $14.6 | $15.2 | $39.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;4.Net other consisted of the following adjustments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Deferred loan fee expense from debt prepayments and refinancing | $— | $6.0 | $(0.1) | $9.1 |
| Other debt financing expenses | 0.6 | 0.6 | 1.1 | 1.1 |
| Currency remeasurement on foreign operations | (1.5) | (1.3) | (2.1) | 1.3 |
| Legal and regulatory expenses, net |  |  | (56.0) |  |
| Other non-operating (income) expense | 0.2 | (0.1) | (0.1) | 0.2 |
| Total other adjustments | $(0.8) | $5.2 | $(57.3) | $11.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5.Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE 3**

**TRANSUNION AND SUBSIDIARIES**

**Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited)**

(in millions, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Income attributable to TransUnion | $109.6 | $85.0 | $257.7 | $150.1 |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 195.0 | 194.2 | 195.0 | 194.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 197.2 | 195.2 | 197.2 | 195.3 |
| Basic earnings per common share from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to TransUnion | $0.56 | $0.44 | $1.32 | $0.77 |
| Diluted earnings per common share from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to TransUnion | $0.56 | $0.44 | $1.31 | $0.77 |
| **Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to TransUnion | $109.6 | $85.0 | $257.7 | $150.1 |
| Adjustments before income tax items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of certain intangible assets<sup>1</sup> | 73.1 | 71.3 | 143.9 | 143.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 40.2 | 27.8 | 70.5 | 51.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mergers and acquisitions, divestitures and business optimization<sup>2</sup> | (4.6) | 0.7 | 13.2 | 9.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accelerated technology investment<sup>3</sup> | 23.2 | 18.2 | 43.3 | 36.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating model optimization program<sup>4</sup> | 5.4 | 14.6 | 15.2 | 39.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net other<sup>5</sup> | (1.5) | 4.8 | (58.2) | 10.7 |
| Total adjustments before income tax items | $135.6 | $137.4 | $227.9 | $291.6 |
| Total adjustments for income taxes<sup>6</sup> | (32.1) | (29.4) | (64.8) | (69.7) |
| **Adjusted Net Income** | $213.1 | $193.0 | $420.7 | $372.0 |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 195.0 | 194.2 | 195.0 | 194.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 197.2 | 195.2 | 197.2 | 195.3 |
| Adjusted Earnings per Share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.09 | $0.99 | $2.16 | $1.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.08 | $0.99 | $2.13 | $1.90 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| **Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:** |  |  |  |  |
| Diluted earnings per common share from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to TransUnion | $0.56 | $0.44 | $1.31 | $0.77 |
| Adjustments before income tax items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of certain intangible assets<sup>1</sup> | 0.37 | 0.37 | 0.73 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 0.20 | 0.14 | 0.36 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mergers and acquisitions, divestitures and business optimization<sup>2</sup> | (0.02) |  | 0.07 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accelerated technology investment<sup>3</sup> | 0.12 | 0.09 | 0.22 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating model optimization program<sup>4</sup> | 0.03 | 0.08 | 0.08 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net other<sup>5</sup> | (0.01) | 0.02 | (0.30) | 0.05 |
| Total adjustments before income tax items | $0.69 | $0.70 | $1.16 | $1.49 |
| Total adjustments for income taxes<sup>6</sup> | (0.16) | (0.15) | (0.33) | (0.36) |
| Adjusted Diluted Earnings per Share | $1.08 | $0.99 | $2.13 | $1.90 |

---

Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

&nbsp;&nbsp;&nbsp;&nbsp;1.Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.

&nbsp;&nbsp;&nbsp;&nbsp;2.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Transaction and integration costs | $2.9 | $1.2 | $8.2 | $3.4 |
| Fair value and impairment adjustments | (7.6) | 0.7 | 5.0 | 0.8 |
| Post-acquisition adjustments |  | (1.2) |  | 5.7 |
| Total mergers and acquisitions, divestitures and business optimization | $(4.6) | $0.7 | $13.2 | $9.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Foundational Capabilities | $4.2 | $8.3 | $11.7 | $15.0 |
| Migration Management | 19.0 | 8.7 | 31.6 | 18.8 |
| Program Enablement |  | 1.2 |  | 2.9 |
| Total accelerated technology investment | $23.2 | $18.2 | $43.3 | $36.8 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;4.Operating model optimization consisted of the following adjustments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Employee separation | $— | $7.9 | $— | $24.6 |
| Facility exit |  | 0.2 |  | 1.7 |
| Business process optimization | 5.4 | 6.5 | 15.2 | 12.8 |
| Total operating model optimization | $5.4 | $14.6 | $15.2 | $39.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;5.Net other consisted of the following adjustments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Deferred loan fee expense from debt prepayments and refinancing | $— | $6.0 | $(0.1) | $9.1 |
| Currency remeasurement on foreign operations | (1.5) | (1.3) | (2.1) | 1.3 |
| Legal and regulatory expenses, net |  |  | (56.0) |  |
| Other non-operating (income) and expense |  | 0.1 |  | 0.3 |
| Total other adjustments | $(1.5) | $4.8 | $(58.2) | $10.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;6.Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE 4**

**TRANSUNION AND SUBSIDIARIES**

**Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited)**

(dollars in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Income before income taxes | $156.8 | $120.7 | $350.5 | $203.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments before income tax items from Schedule 3 | 135.6 | 137.4 | 227.9 | 291.6 |
| Adjusted income before income taxes | $292.4 | $258.1 | $578.5 | $495.3 |
| **Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:** |  |  |  |  |
| Provision for income taxes | (44.4) | (31.0) | (85.4) | (44.1) |
| Adjustments for income taxes: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of above adjustments | (33.0) | (31.7) | (65.3) | (66.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminate impact of excess tax expense for stock-based compensation | (0.2) | (0.1) | 0.3 | 0.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>1</sup> | 1.1 | 2.5 | 0.2 | (4.0) |
| Total adjustments for income taxes | $(32.1) | $(29.4) | $(64.8) | $(69.7) |
| **Adjusted Provision for Income Taxes** | $(76.5) | $(60.4) | $(150.3) | $(113.8) |
| Effective tax rate | 28.3% | 25.7% | 24.4% | 21.6% |
| Adjusted Effective Tax Rate | 26.2% | 23.4% | 26.0% | 23.0% |

---

As a result of displaying amounts in millions, rounding differences may exist in the table above.

&nbsp;&nbsp;&nbsp;&nbsp;1.Other adjustments for income taxes include:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| Deferred tax adjustments | $(2.9) | $— | $(7.4) | $(5.2) |
| Valuation allowance adjustments | (0.7) |  | 1.5 | 0.2 |
| Return to provision, audit adjustments and reserves related to prior periods | 3.9 | 3.3 | 4.9 | 2.3 |
| Other adjustments | 0.8 | (0.8) | 1.2 | (1.3) |
| Total other adjustments | $1.1 | $2.5 | $0.2 | $(4.0) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE 5**

**TRANSUNION AND SUBSIDIARIES**

**Leverage Ratio (Unaudited)**

(dollars in millions)

---

| | |
|:---|:---|
|  | Trailing Twelve Months Ended<br> June 30, 2025 |
| **Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:** |  |
| Net income attributable to TransUnion | $391.9 |
| Net interest expense | 206.8 |
| Provision for income taxes | 140.2 |
| Depreciation and amortization | 552.5 |
| **EBITDA** | $1291.4 |
| **Adjustments to EBITDA:** |  |
| &nbsp;&nbsp;Stock-based compensation | $139.9 |
| &nbsp;&nbsp;Mergers and acquisitions, divestitures and business optimization<sup>1</sup> | 29.9 |
| &nbsp;&nbsp;Accelerated technology investment<sup>2</sup> | 90.8 |
| &nbsp;&nbsp;Operating model optimization program<sup>3</sup> | 71.0 |
| &nbsp;&nbsp;Net other<sup>4</sup> | (47.2) |
| **Total adjustments to EBITDA** | $284.3 |
| Consolidated Adjusted EBITDA | 1575.7 |
| Adjusted EBITDA for Pre-Acquisition Period<sup>5</sup> | 1.7 |
| **Leverage Ratio Adjusted EBITDA** | $1577.4 |
| Total debt | $5136.5 |
| Less: Cash and cash equivalents | 687.5 |
| Net Debt | $4449.0 |
| Ratio of Net Debt to Net income attributable to TransUnion | 11.4 |
| Leverage Ratio | 2.8 |

---

As a result of displaying amounts in millions, rounding differences may exist in the table above.

&nbsp;&nbsp;&nbsp;&nbsp;1.Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

---

| | |
|:---|:---|
| | Trailing Twelve Months Ended<br> June 30, 2025 |
| Transaction and integration costs | $16.0 |
| Fair value and impairment adjustments | 12.6 |
| Post-acquisition adjustments | 1.3 |
| Total mergers and acquisitions, divestitures and business optimization | $29.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;2.Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| | Trailing Twelve Months Ended<br> June 30, 2025 |
| Foundational Capabilities | $32.3 |
| Migration Management | 55.9 |
| Program Enablement | 2.5 |
| Total accelerated technology investment | $90.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;3.Operating model optimization consisted of the following adjustments:

---

| | |
|:---|:---|
| | Trailing Twelve Months Ended<br> June 30, 2025 |
| Employee separation | $— |
| Facility exit | 40.5 |
| Business process optimization | 30.5 |
| Total operating model optimization | $71.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;4.Net other consisted of the following adjustments:

---

| | |
|:---|:---|
| | Trailing Twelve Months Ended<br> June 30, 2025 |
| Deferred loan fee expense from debt prepayments and refinancings | $8.6 |
| Other debt financing expenses | 2.3 |
| Currency remeasurement on foreign operations | (1.3) |
| Legal and regulatory expenses, net | (56.0) |
| Other non-operating (income) and expense | (0.8) |
| Total other adjustments | $(47.2) |

---

&nbsp;&nbsp;&nbsp;&nbsp;5.The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE 6**

**TRANSUNION AND SUBSIDIARIES**

**Segment Depreciation and Amortization (Unaudited)**

(in millions)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
| | 2025 | 2024 | 2025 | 2024 |
| U.S. Markets | $105.2 | $99.4 | $206.4 | $200.1 |
| International | 36.6 | 32.5 | 73.2 | 64.7 |
| Corporate | 0.9 | 1.0 | 2.0 | 2.0 |
| Total depreciation and amortization | $142.7 | $132.9 | $281.6 | $266.9 |

---

As a result of displaying amounts in millions, rounding differences may exist in the table above.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SCHEDULE 7**

**TRANSUNION AND SUBSIDIARIES**

**Reconciliation of Non-GAAP Guidance (Unaudited)**

(in millions, except per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2025 | Twelve Months Ended December 31, 2025 | Twelve Months Ended December 31, 2025 |
| | Low | High | Low | High |
| **Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:** |  |  |  |  |
| Net income attributable to TransUnion | $78 | $87 | $412 | $432 |
| Interest, taxes and depreciation and amortization | 235 | 239 | 931 | 940 |
| EBITDA | $312 | $326 | $1342 | $1372 |
| Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments<sup>1</sup> | 85 | 85 | 238 | 238 |
| Adjusted EBITDA | $397 | $411 | $1580 | $1610 |
| Net income attributable to TransUnion margin | 7.0% | 7.7% | 9.3% | 9.7% |
| Consolidated Adjusted EBITDA margin<sup>2</sup> | 35.6% | 36.2% | 35.7% | 36.0% |
| **Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:** |  |  |  |  |
| Diluted earnings per share | $0.39 | $0.44 | $2.07 | $2.18 |
| Adjustments to diluted earnings per share<sup>1</sup> | 0.60 | 0.60 | 1.96 | 1.96 |
| Adjusted Diluted Earnings per Share | $0.99 | $1.04 | $4.03 | $4.14 |

---

As a result of displaying amounts in millions, rounding differences may exist in the table above.

&nbsp;&nbsp;&nbsp;&nbsp;1.These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.

&nbsp;&nbsp;&nbsp;&nbsp;2.Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

## Exhibit 99.2

![](exhibit99206302025001.jpg)

Second Quarter 2025 Earnings July 24, 2025 Chris Cartwright, President and CEO Todd Cello, CFO Exhibit 99.2

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![](exhibit99206302025002.jpg)

2@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Non-GAAP Financial InformationForward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion's management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Factors that could cause TransUnion's actual results to differ materially from those described in the forward-looking statements include: macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate; our ability to provide competitive services and prices; our ability to retain or renew existing agreements with large or long-term customers; our ability to maintain the security and integrity of our data; our ability to deliver services timely without interruption; our ability to maintain our access to data sources; government regulation and changes in the regulatory environment; litigation or regulatory proceedings; our approach to the use of artificial intelligence; our ability to effectively manage our costs; our efforts to execute our transformation plan and achieve the anticipated benefits and savings; our ability to maintain effective internal control over financial reporting or disclosure controls and procedures; economic and political stability in the United States and risks associated with the international markets where we operate; our ability to effectively develop and maintain strategic alliances and joint ventures; our ability to timely develop new services and the market's willingness to adopt our new services; our ability to manage and expand our operations and keep up with rapidly changing technologies; our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions; our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property; our ability to defend our intellectual property from infringement claims by third parties; the ability of our outside service providers and key vendors to fulfill their obligations to us; further consolidation in our end-customer markets; the increased availability of free or inexpensive consumer information; losses against which we do not insure; risks related to our indebtedness, including our ability to make timely payments of principal and interest and our ability to satisfy covenants in the agreements governing our indebtedness; our ability to maintain our liquidity; our dividend payments and dividend rate; share repurchase plans; our reliance on key management personnel; changes in tax laws or adverse outcomes resulting from examination of our tax returns; and other one-time events and other factors that can be found in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K, which are filed with the Securities and Exchange Commission and are available on TransUnion's website (www.transunion.com/tru) and on the Securities and Exchange Commission's website (www.sec.gov). TransUnion undertakes no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this presentation. This investor presentation includes certain non-GAAP measures that are more fully described in the appendices to the presentation. Exhibit 99.1, "Press release of TransUnion dated July 24, 2025, announcing results for the quarter ended June 30, 2025," under the heading 'Non-GAAP Financial Measures,'" furnished to the Securities and Exchange Commission on July 24, 2025. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for each of the periods included in this presentation are included in the Appendices at the back of this investor presentation.

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![](exhibit99206302025003.jpg)

3@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Second quarter highlights and market perspectives1 Strategic priorities and spotlight on Trusted Call Solutions2 Second quarter 2025 financial results3 Third quarter and full-year 2025 guidance4

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![](exhibit99206302025004.jpg)

4@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. \*Revenue growth figures referenced above are organic constant currency. \*\*Represents the cost to acquire shares excluding commissions and excise taxes. International revenue grew +6%\*, with India accelerating to +8%; Canada and Africa grew double- digits U.S. Markets revenue +10%\* led by double-digit growth in Financial Services and Insurance Organic constant currency revenue +9%, ~6.5% excluding mortgage Exceeded guidance on revenue, Adjusted EBITDA and Adjusted Diluted EPS Leverage Ratio of 2.8x at quarter- end; repurchased $47M\*\* shares year-to-date through mid-July For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. Second quarter 2025 highlights

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![](exhibit99206302025005.jpg)

5@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. U.S. credit volumes stable and modestly better than anticipated in Q2 Improving clarity on U.S. trade and fiscal policies but risks remain around inflation, interest rates, employment and economic growth Lenders well- positioned with strong earnings, adequate capital and good credit performance Consumer finances healthy, supported by low unemployment, modest real wage growth and manageable inflation Raising FY 2025 revenue and Adjusted Diluted EPS guidance; reflecting H1 outperformance balanced against prudent conservatism given ongoing market uncertainty Market perspectives

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![](exhibit99206302025006.jpg)

6@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Celebrating 25th anniversary of partnering to shape India's financial ecosystem Credit Conference: Hosted 2,500+ clients, 100+ CEOs – Presentations from CEOs, industry veterans and RBI Deputy Governor – 10 thematic sessions focused on lending, insurance, consumer experience Launched 6 products and 4 thought-leadership reports – Enhanced versions of our flagship scores and ranks – Reports on key lending segments, some in partnership with leading industry bodies India is a multi-decade growth story for TransUnion – Supportive macroeconomic and regulatory environment – Experiencing a gradual pace of credit volume recovery – as anticipated – Continue to believe the business can deliver 20%+ growth over the medium term

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![](exhibit99206302025007.jpg)

7@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Drive consistent financial results Complete technology modernizations Accelerate innovation across solution suites Enhance global operating model Delivering against our 2025 strategic priorities Transform the BusinessDeliver Financial Commitments • Exceeded financial guidance for 7th straight quarter • 6th straight quarter of at least high-single digit organic constant currency revenue growth • Double-digit growth in U.S. Financial Services and Insurance • Accelerated growth in India (+8%); double-digit growth in Canada and Africa • Maintaining prudently conservative guidance for 2025 • FactorTrust: Grew double-digits with increasing competitive wins and a strong pipeline • Fraud: Launched new models utilizing enriched identity graph and advanced analytics and machine learning capabilities • Marketing: Increased sales momentum and strong retention • Consumer: Launched freemium offering in U.S.; achieved key milestones in Monevo integration • Strengthened credit functionality on OneTru to deliver the most complex workloads • Migrated key consumer indirect customers to new global consumer technology platform • Augmented OneTru Identity with public records database • Expanded use cases and adoption of OneTru Assist, a proprietary AI-powered tool to enhance developer productivity • Strengthened Solutions leadership, adding Brian Silver as Head of Marketing Solutions • Refined product management approach to align resources, streamline decision-making and accelerate new product iterations • Fostered best-in-class GCC network with continuous process improvement For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation.

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![](exhibit99206302025008.jpg)

8@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. ~$50M ~$150M ~$185M ~$170M ~$235M ~$320M FY22 FY23 FY24 FY25(F) Long-Term Aspiration Trusted Call Solutions (TCS) All Other\* • Restoring trust and transforming phone experience for businesses and consumers – Highly relevant for fraud mitigation and consumer engagement • Trusted Call Solutions (TCS) scaled from ~$50M in 2022 to expected $150M in 2025 • Remaining solutions embed us with telco companies and enabled the creation of TCS – Highly profitable solutions but revenue growth is flat to declining slightly Communications Solutions Overview Fast-growing solutions suite (FY22-25) Complementary to TransUnion strategy \*All Other includes landline CallerID, Carrier Provisioning, Listings Management, and Global Number Intelligence Communications and Trusted Call Solutions (TCS) 10%+ CAGR High-single digit or greater Revenue

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![](exhibit99206302025009.jpg)

9@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. TCS transforms the phone experience Solution Trusted Call Solutions (TCS) Improves trust and engagement by adding context, blocking fraudsters and ensuring customers' calls have been authenticated87% of enterprises said phone channel remains the most important outbound contact channel Problem Poor consumer experience in the phone channel Consumers faced 55 billion robocalls in 2024 and lost $12 billion to robocall- related fraud 78% of consumers prefer calls when dealing with personal, urgent or complex issues. But 80% block calls from numbers they don't know. Industry KPI Financial Credit Card 135% increase in promise to pay Marketing firm 129% improvement in conversions Consumer subscription service 181% increase in sales conversions Food delivery 17% reduction in declined calls Healthcare contact tracing 105% increase in answer rates Benefit Improve customer engagement, protect brands across verticals and use cases Communications and Trusted Call Solutions (TCS) Sources: Youmail, FTC, Forrester, OMDIA. Customer KPIs based on actual TransUnion customer results.

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![](exhibit99206302025010.jpg)

10@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. TCS plays a pivotal role in the mobile call ecosystem TCS creates a safer and more effective phone ecosystem Benefits to all stakeholders • Businesses (customers): Stronger ROI on outbound calls – Reach more consumers and improve business outcomes • Telco Carriers: New royalty revenue stream via trusted partner (TransUnion) • Consumers: Improved user experience and lower fraud risk Communications and Trusted Call Solutions (TCS)

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![](exhibit99206302025011.jpg)

11@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 94% coverage across leading U.S. wireless carriers Trusted identity solutions provider to top businesses Highly complementary fraud solutions Exclusive relationship with AT&T and partnership with First Orion and TNS Capabilities protect against data breach, account takeover, phishing and other threats Distribution and applicability across all core vertical markets Authoritative verification data Expansive data sources to vet enterprise and telephone information Communications and Trusted Call Solutions (TCS) TCS leads the industry in a $1 billion+ addressable market Note: $1 billion+ market opportunity is based on internal TransUnion estimates.

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![](exhibit99206302025012.jpg)

12@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. TCS strengthens TransUnion's long-term growth potential Trusted Call Solutions Market leader with robust integration into telcos and businesses; $1 billion+ U.S. market opportunity Pathway to approach $250M revenue by 2028: penetrate verticals, scale solutions and expand offering Global scalability over the long-term; expansion opportunities in Canada, Brazil and other geographies Communications and Trusted Call Solutions (TCS)

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![](exhibit99206302025013.jpg)

13@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Consolidated second quarter 2025 highlights For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. Reported ($M) Y/Y Change Revenue $1,140 10% Organic Constant Currency Revenue 9% Adjusted EBITDA $407 8% Adjusted EBITDA Margin 35.7% (50)bps Adjusted Diluted EPS $1.08 9% • Organic constant currency revenue growth of +9%, or ~6.5% excluding mortgage • Margins ahead of expectations; contraction compared to prior year due to expense timing in H1 Q2 2025 Results

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![](exhibit99206302025014.jpg)

14@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. U.S. Markets second quarter 2025 highlights Note: Rows may not foot due to rounding. For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. • U.S. Financial Services +17%, or +11% excluding mortgage - Card & Banking +5% - Consumer Lending +18% - Auto +19% - Mortgage +29%, compared to flat inquiries • Emerging Verticals +5% led by Insurance up double-digits • Consumer Interactive +2% with growth in indirect and direct Reported ($M) Reported Y/Y FX Impact Inorganic Impact Organic Constant Currency Revenue $890 10% – – 10% Financial Services 420 17% – – 17% Emerging Verticals 324 5% – – 5% Consumer Interactive 147 3% – 1% 2% Adjusted EBITDA $337 7% – – 7% Q2 2025 Results \*Revenue growth figures referenced above are organic constant currency.

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![](exhibit99206302025015.jpg)

15@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. International second quarter 2025 highlights Note: Rows may not foot due to rounding. For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. • India +8% with commercial, direct-to-consumer and new wins offsetting still-muted consumer credit volumes • Canada +10% led by share gains and wins in identity, fraud and consumer indirect • Africa +14% with growth across financial services, retail and insurance Reported ($M) Reported Y/Y FX Impact Inorganic Impact Organic Constant Currency Revenue $253 7% – 2% 6% Canada 42 9% (1)% – 10% Latin America 34 (1)% (5)% – 4% U.K. 67 19% 6% 8% 5% Africa 18 15% 1% – 14% India 67 5% (3)% – 8% Asia Pacific 24 (7)% 1% – (8%) Adjusted EBITDA $108 7% (1)% – 8% \*Revenue growth figures referenced above are organic constant currency. Q2 2025 Results

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![](exhibit99206302025016.jpg)

16@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. 1We define Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period. Total debt is netted for deferred financing fees / original issue discount. 2Represents the cost to acquire shares excluding commissions and excise taxes. Note: For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. Balanced capital deployment and natural de-leveraging Leverage Ratio1 4.3x 3.9x 3.4x 3.1x 4.1x 3.5x 3.1x 3.5x 3.8x 3.6x 3.0x 2.8x 2015 IPO 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q2 2025 Balance Sheet • Roughly $5.1 billion of debt and $688 million cash at quarter-end • $47 million2 of share repurchases year-to-date through mid-July

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![](exhibit99206302025017.jpg)

17@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Reported Revenue: $1,115M to $1,135M +3% to +5% M&A contribution: ~1pt. benefit FX contribution: <0.5pt. headwind Organic Constant Currency Revenue: +2% to +4% Mortgage impact: ~2pt. benefit Organic CC Revenue ex. Mortgage: Flat to +2% Adjusted EBITDA: $397M to $411M +1% to +4% FX contribution: <0.5pt. headwind Adjusted EBITDA margin: 35.6% to 36.2% Adjusted EBITDA margin bps change: (70)bps to (10)bps Adjusted Diluted EPS: $0.99 to $1.04 (5)% to flat Third quarter 2025 guidance Note: For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. Financial Guidance Revenue • 6% to 8% organic constant currency growth excluding ~4% headwind from large breach remediation win in Q3 2024 • Mortgage inquiries expected to decline modestly Adjusted EBITDA • Q3 and H2 2025 margin consistent with ~36% margin in H1 2025

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![](exhibit99206302025018.jpg)

18@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • Organic constant currency growth guidance raised (prior +4.5% to +6%) for H1 outperformance and positive business momentum – Ability to manage some softening in U.S. lending activity within guidance; potential for upside if current conditions persist • ~1% headwind from breach comparison – Consumer Interactive up low- single digit excluding breach • U.S. mortgage: Expect 20%+ revenue growth and modest inquiry declines – U.S. mortgage ~12% of trailing 12-month revenue Note: For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. Full-year 2025 revenue guidance Reported Revenue: $4.432B to $4.472B +6% to +7% M&A contribution: ~0.5pt. benefit FX contribution: <0.5pt. headwind Organic Constant Currency Revenue: +6% to +7% Mortgage impact: ~2pt. benefit Organic CC Revenue ex. Mortgage: +4% to 5% Organic Growth Assumptions • U.S. Markets up mid-single digit (up mid-single digit excluding mortgage) – Financial Services up low-double digit (up high-single digit excluding mortgage) – Emerging Verticals up mid-single digit – Consumer Interactive down low-single digit • International up high-single digit (constant-currency) Note: For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. Financial Guidance

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![](exhibit99206302025019.jpg)

19@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. The adjusted tax rate guidance of ~26.5% reflects expected full year GAAP effective rate of ~28% less the elimination of discrete adjustments and other items totaling ~(1.5%). For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. Full-year 2025 Adjusted EBITDA, Adjusted Diluted EPS and other guidance Adjusted EBITDA: $1.580B to $1.610B +5% to +7% FX contribution: <0.5pt. headwind Adjusted EBITDA margin: 35.7% to 36.0% Adjusted EBITDA margin bps change: (30)bps to flat Adjusted Diluted EPS: $4.03 to $4.14 +3% to +6% Adjusted Tax Rate: ~26.5% Total D&A: ~$570M D&A ex. step-up from 2012 change in control and subsequent acquisitions: ~$285M Net Interest Expense: ~$200M CapEx: ~8% of revenue Financial Guidance • Adjusted EBITDA guidance raised (prior +3% to +6%) – Driven by flow-through on stronger revenue growth • Adjusted Diluted EPS guidance raised (prior flat to +4%) – Reflects strong underlying performance – Inclusive of ~4% headwind from higher tax rate and FX • Expect ~70% free cash flow conversion in 2025 (as a % of Adjusted Net Income), improving to 90%+ in 2026

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![](exhibit99206302025020.jpg)

20@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Raising 2025 guidance, now expect to deliver +6% to +7% organic constant currency revenue growth Exceeded Q2 guidance across all key financial metrics Accelerating product innovation to complement our vertical and geographic growth strategy Note: For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation.

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![](exhibit99206302025021.jpg)

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

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![](exhibit99206302025022.jpg)

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

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![](exhibit99206302025023.jpg)

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

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![](exhibit99206302025024.jpg)

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

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![](exhibit99206302025025.jpg)

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

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![](exhibit99206302025026.jpg)

26@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Credit 50% Consumer 16% Marketing 8% Fraud 7% Communications 7% All Other 12% Credit 44% Consumer 18% Marketing 10% Fraud 5% Communications 9% All Other 14% Credit 71% Consumer 9% Marketing 1% Fraud 15% All Other 4% Note – "All Other" includes investigative solutions as well as vertical- and country-specific solutions + = U.S. Markets ($3.2 billion) International ($1.0 billion) Total Company ($4.2 billion) Revenue by Solution Family (FY 2024) Business Mix Details

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![](exhibit99206302025027.jpg)

27@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. U.S. Markets revenue composition (FY 2024) Card & Banking 31% Consumer Lending 20% Mortgage 31% Auto 18% Insurance 27% Tech, Retail & E- Commerce 22% Tele- Communications 19% Media 14% Tenant & Employment Screening 6% Collections 6% Public Sector 5% Direct 25% Indirect 75% Note: ~1% of revenue in administrative/other Financial Services (~$1.4 billion) Emerging Verticals (~$1.2 billion) Consumer Interactive (~$0.6 billion) Business Mix Details

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![](exhibit99206302025028.jpg)

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

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![](exhibit99206302025029.jpg)

29@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. • $355-375M of one-time expenses to capture benefits - $257M of one-time expenses in 2023 and 2024 - Remaining ~$100-120M expected in 2025; $58M in H1 2025 • Capex of ~8% of revenues in 2024 and expected in 2025 • $200M free cash flow benefit expected by 2026 - $120 to 140M of operating expense savings - Capex to 6% of revenues by 2026 or $70-80M\* reduction • ~$95M run-rate operating expense savings at YE 2024 - Resulted from pull-forward of savings related to operating model optimization - Tech modernization expected to be completed by YE 2025; remaining ~$35M of savings realized in 2026 • Step change improvement in innovation to drive revenue growth \*Based on capex reduction from 8% of revenues to 6% on 2023 revenue base Investments Expected Benefits Completing U.S. and India technology modernization will drive remaining transformation program cost savings Transformation Program

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![](exhibit99206302025030.jpg)

30@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Debt profile and 2025F interest expense bridge Debt Profile (6/30/25) 2025F Interest Expense Bridge Notional ($B) Expiry Rate Term Loan Tranche Term Loan A-4 1.3 Jun'29 SOFR + 1.25% Term Loan B-5 0.1 Nov'26 SOFR + CSA + 1.75% Term Loan B-9 1.9 Jun'31 SOFR + 1.75% Term Loan B-8 1.9 Jun'31 SOFR + 1.75% Swaps\* June 2025 1.25 Dec'27 Receive SOFR, Pay 3.49% December 2021 1.5 Dec'26 Receive SOFR, Pay 1.39% December 2024 1.1 Dec'27 Receive SOFR, Pay 3.54% • ~75% of debt is currently swapped to fixed rate • 2025 net interest expense guidance assumes no additional debt prepayment or incremental debt $237M ~$200M ~($8M) ~($12M) ~($17M) 2024 Net Interest Expense 2024 Prepayments Refinancings SOFR, Hedges, Other 2025F Net Interest Expense Debt / Interest Expense

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![](exhibit99206302025031.jpg)

31@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Strengthening free cash flow in 2025 and beyond For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. Path to improving free cash flow Free cash flow conversion defined as (cash flow from operations less capex) as a percent of adjusted net income; 2022 – 2024 conversion excludes $355M tax payment in 2022 related to gain on sale of Healthcare business. 2015 – 2021, and 2022 – 2024 represent average annual free cash flow conversion • Continue to grow revenue and earnings • Complete multi-year transformation program – $100-120M of one-time spend remaining in 2025 – Remaining ~$35M of transformation operating expense savings expected in 2026; ~$130M total – No further "Accelerated Technology Investment" addbacks upon program completion • Reduce capital intensity – CapEx at 6% of revenues starting in 2026 – CapEx focused more on product investments • Optimize working capital usage Capital Allocation Framework Free cash flow conversion Impacted by M&A integration and transformation investments Complete remaining transformation investments 95%+ ~50% ~70% 90%+ 2015 - 2021 2022 - 2024 2025 2026+

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![](exhibit99206302025032.jpg)

32@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Strong free cash flow and optimized leverage enables balanced capital allocation Capital Allocation Framework For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. Prioritize growth investments • Fund growth investments while expanding margins, supported by revenue growth and ongoing business optimization • Focus areas of investment: – Technology and platform enhancements – New product innovation – Incremental sales specialists – International expansion • Consider bolt-on M&A aligned to growth strategy Manage leverage and liquidity • Targeting Leverage Ratio of <2.5x – Expect natural de-leveraging in 2025 • Continue to evaluate debt structure and voluntary prepayments • Maintain appropriate cash balances and explore repatriation opportunities – ~70% of current cash is overseas Increase capital returns to shareholders • Grow dividend alongside Adjusted Net Income – Raised quarterly dividend to $0.115 from $0.105 in Q1 2025 – Maintain 10%-15% dividend payout ratio • Increase bias toward share repurchases going forward – Board authorized new $500 million share repurchase program in February 2025 – Modest level of repurchases in 2025, balanced against de-levering and managing capital for planned Trans Union de Mexico acquisition

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![](exhibit99206302025033.jpg)

33@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Disciplined M&A approach aligned to growth strategy Strategic Focus for M&A M&A is an important strategic tool, but strength of portfolio creates a high bar • Ongoing transformation supports a generation of innovation-led growth • Not seeking large, transformational M&A Focus for bolt-on M&A and minority investments: • Foreign credit bureaus • Data assets centered around consumer identity • Complementary capabilities for core solutions Capital Allocation Framework For additional information, refer to the "Non-GAAP Financial Information" section on slide 2 and the Appendix at the back of this investor presentation. Financial Considerations M&A evaluated against all alternatives to maximize long- term free cash flow per share Key financial guideposts:  Attractive cash-on-cash return and unlevered IRR exceeding cost of capital  Additive to revenue growth rate  Strong profitability with path to scale to company-level margins  Accretive to Adjusted Diluted EPS by Year 2  Ability to return to target leverage within one year

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![](exhibit99206302025034.jpg)

34@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted EBITDA and Adjusted EBITDA Margin

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![](exhibit99206302025035.jpg)

35@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted Net Income and Adjusted Diluted EPS

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![](exhibit99206302025036.jpg)

36@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted Effective Tax Rate $ in millions 2025 2024 2025 2024 Income before income taxes 156.8$120.7$350.5$203.7$ Total adjustments before income tax items from Adjusted Net Income table above 135.6 137.4 227.9 291.6 Adjusted income before income taxes 292.4$258.1$578.5$495.3$ Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes: Provision for income taxes (44.4) (31.0) (85.4) (44.1) Adjustment for income taxes: Tax effect of above adjustments (33.0) (31.7) (65.3) (66.7) Eliminate impact of excess tax expense for stock-based compensation (0.2) (0.1) 0.3 0.9 Other8 1.1 2.5 0.2 (4.0) Total adjustments for income taxes (32.1)$(29.4)$(64.8)$(69.7)$ Adjusted Provision for Income Taxes (76.5)$(60.4)$(150.3)$(113.8)$ Effective tax rate 28.3 % 25.7 % 24.4 % 21.6 % Adjusted Effective Tax Rate 26.2 % 23.4 % 26.0 % 23.0 % Three Months Ended June 30, Six Months Ended June 30,

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![](exhibit99206302025037.jpg)

37@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Leverage Ratio

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![](exhibit99206302025038.jpg)

38@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Non-GAAP Adjustment Footnotes As a result of displaying amounts in millions, rounding differences may exist in the tables and footnotes. 1. Consisted of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction. 2. Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments: 3. Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows: $ in millions 2025 2024 2025 2024 Transaction and integration costs 2.9$1.2$8.2$3.4$ Fair value and impairment adjustments (7.6) 0.7 5.0 0.8 Post-acquisition adjustments - (1.2) - 5.7 Total mergers and acquisitions, divestitures and business optimization (4.6)$0.7$13.2$9.8$1.3 29.9$ Three Months Ended June 30, Six Months Ended June 30, Trailing Twelve Months Ended June 30, 2025 16.0$12.6 Adjusted EBITDA & Adjusted Net Income Leverage Ratio $ in millions 2025 2024 2025 2024 Foundational Capabilities 4.2$8.3$11.7$15.0$ Migration Management 19.0 8.7 31.6 18.8 Program Enablement - 1.2 - 2.9 Total accelerated technology investment 23.2$18.2$43.3$36.8$2025 32.3$55.9 2.5 90.8$ Adjusted EBITDA & Adjusted Net Income Leverage Ratio Three Months Ended June 30, Six Months Ended June 30, Trailing Twelve Months Ended June 30,

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![](exhibit99206302025039.jpg)

39@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Non-GAAP Adjustment Footnotes 4. Operating model optimization consisted of the following adjustments: 5. Net other consisted of the following adjustments: 6. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue. 7. Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes 8. Other adjustments for income taxes include: 9. The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025. $ in millions 2025 2024 2025 2024 Employee separation -$7.9$-$24.6$ Facility exit - 0.2 - 1.7 Business process optimization 5.4 6.5 15.2 12.8 Total operating model optimization 5.4$14.6$15.2$39.1$ Adjusted EBITDA & Adjusted Net Income Leverage Ratio Three Months Ended June 30, Six Months Ended June 30, Trailing Twelve Months Ended June 30, 2025 -$40.5 30.5 71.0$$ in millions 2025 2024 2025 2023 Deferred tax adjustments (2.9)$-$(7.4)$(5.2)$ Valuation allowance adjustments (0.7) - 1.5 0.2 Return to provision, audit adjustments, and reserves related to prior periods 3.9 3.3 4.9 2.3 Other adjustments 0.8 (0.8) 1.2 (1.3) Total other adjustments 1.1$2.5$0.2$(4.0)$ Three Months Ended June 30, Six Months Ended June 30,

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![](exhibit99206302025040.jpg)

40@ Copyright 2025 TransUnion, its subsidiaries and/or affiliates. All Rights Reserved. Adjusted EBITDA and Adjusted EPS Guidance As a result of displaying amounts in millions, rounding differences may exist in the table. 1. These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release. 2. Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

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