Experian: Strong FY26, $1bn fresh buyback, new AI opportunities & 40% de-rating. Buy

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Experian: Strong FY26, $1bn fresh buyback, new AI opportunities & 40% de-rating. Buy

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Experian

Strong FY26, $1bn fresh buyback, new AI

opportunities & 40% de-rating. Buy

Reiterate Rating: BUY | PO: 4,600 GBp | Price: 2,710 GBp

Robust delivery in FY26 with results in line 20 May 2026

FY26 demonstrated robust execution with 11% constant fx growth and 8% organic Equity

growth including 9% in Q4. Benchmark margins increased 60bps – ahead of the medium

term framework and driving 13% constant fx EPS growth. Growth was stable across the

Key Changesquarters and broad based across geographies and verticals.

(US$) Previous Current

2026E EPS 1.80 1.81Fresh data points highlight AI revenue and cost

opportunities 2027E EPS 2.03 2.01

2028E EPS 2.30 2.21

Given ongoing questions regarding Experian’s risk/opportunity trade off in a more AI

centric world, the company has provided robust observations, we believe should assuage

Virginia Montorsi >>

some investor concerns. Key points: 1) a year of many large and complex client renewals Research Analyst

led to a 100% renewal rate, with contracts extended in scope and duration – clear MLI (UK) 44 20 7996 2921

evidence of the opportunity for deepening client dependencies and uses for the virginia.montorsi@bofa.com

company’s proprietary datasets. 2) The company has identified US$15bn of AI-enabled Tim Ramskill, CFA >>

market opportunities, in Health, agentic commerce, Ascend platform expansion and Research Analyst MLI (UK)

embedded consumer marketplaces. 3) Efficiency gains are being harvested as +44 20 7996 3050

highlighted by a more than 300bps reduction in labour costs as a % of revenues in just 2 tim.ramskill@bofa.com

years.

New FY27 estimates capture 7% organic growth, 50bps of Stock Data