Fair Isaac Corp.: Takeaways from MBA '26 & FICO's (Universal) World

Research evidence excerpt

Fair Isaac Corp.: Takeaways from MBA '26 & FICO's (Universal) World

Equity Research

U.S. Business & Professional Services

21 May 2026

Fair Isaac Corp.

Takeaways from MBA '26 & FICO's

(Universal) World

We started off the week attending the “Modernized Credit FICO OVERWEIGHT

NEUTRALScores & Securitization” panel at the MBA Secondary and U.S.ProfessionalBusinessServices&

Capital Markets ’26 conference in NYC; and followed it up by Price Target USD 1950.00

spending time with most of FICO’s C-team at FICO World in Price (20-May-26) USD 1230.23 Potential Upside/Downside +58.5%

Source: Bloomberg, Barclays ResearchOrlando. A lot of interesting/informative data points....

...over the three days (including from EXPN’s EPS results), but the potential catalysts and U.S. Business & Professional Services

current debate remain as we had highlighted in our note leading up to this event (see Update Manav Patnaik

+1 212 526 2983FAQ’s…..)

manav.patnaik@barclays.com

We first start by providing our takeaways from the BCI, US

Ronan Kennedy, CPA

MBA Secondary and Capital Markets ’26 conference in +1 212 526 2912

NYC. ronan.kennedy@barclays.comBCI, US

Interestingly, the MBA conference’s panel was structured as an education session, and

judging by the content of the speakers and the questions from the audience – this process

is still in the very early stages of being implemented; and if you thought us in the investor

community were confused and perplexed by this even happening, the industry seems to be on

the same page (albeit chugging along since the directive is coming from the FHFA dating back to

2022).

•• The moderator from MBA’s Residential Policy team - Sasha Hewlett; herself noted that this

was going to take some time (even though the MBA will look to try and get this done as