Experian (AO) | Buy | CFO tour feedback

Research evidence excerpt

Experian (AO) | Buy | CFO tour feedback

t, fraud, health, automotive, marketing and

consumer services.

AI is more tailwind than threat

The most important message was that AI should increase the value of Experian's data rather than commoditise it. Management

argued that AI expands the volume of available data and increases the speed at which value can be extracted.

In regulated decisioning, clients need deterministic and repeatable outcomes, not probabilistic answers from general models.

This distinction matters for the equity story because it supports the view that Experian's moat sits in proprietary data, history,

permissions, regulation, model governance and client workflow integration rather than in generic software alone.

Client stickiness remains underappreciated

The CFO gave a strong defence of the B2B franchise. Large bank clients are not using technology budgets to replace Experian.

They are buying more because Experian helps automate fraud, KYC, credit analytics and front office decisioning.

The call highlighted full renewal among recently renewed US strategic clients, higher annual contract base and longer contract

terms.

The fundamental implication is that Experian remains a small cost item but a high value workflow partner, which should protect

retention and allow the company to keep expanding its footprint before maximising price.

Consumer services need channel adaptation

The consumer discussion was more nuanced but still reassuring. Management rejected the idea that consumer services is simply

an advertising business.

In Brazil, debt resolution is material. In the US, subscriptions remain important, while marketplace revenue connects consumers

with regulated financial products.

IMPORTANT.