Experian: Q1 27: Momentum remains key

研报英文原文证据摘录

Experian: Q1 27: Momentum remains key

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Experian 16 July 2026

Results

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 15 Jul 2026 (GBP) 2,709.00

EXPN.L EXPN LN LSE EXPN

Price Target (GBP) 3,500.00

Business Services

Business & Information ADR ISIN 52-week range (GBP) 4,088.002,375.00-

EXPGY US30215C1018

Services

Q1 27: Momentum remains key

Valuation & Risks

Ben Wild

In Q1, Experian delivered organic growth of 7%, in line with management

Research Analyst

expectations provided in May and consistent with organic growth guidance (6-8%). +44-20-754-15334

As expected, growth slowed in Q1 27 vs Q4 26 (9%). This is largely a result of

revenue phasing effects, and particularly the impact of unwinding long-term mass David Brockton

data breach contracts (a total $100m headwind from Q4 26 to Q4 27).

+44-20-754-11721

Excluding these "one-off" revenue phasing impacts, the group is demonstrating Steve Woolf

good momentum across its segments and geographies. However, in our view, Research Analyst

underlying organic growth in North America Consumer Services of 3% excluding +44-20-754-54604

the lapped breach revenues looks soft relative to upbeat commentary from the Bharat Rajesh, CFA

largest US banks reporting their Q2s earlier this week. Research Associate

Membership is delivering modest positive growth, as would be expected during

periods of credit expansion. But growth in the US marketplace has only been Key changes

positive modestly over the last two quarters, with strong growth in personal loans DB EPS (USD) - ↓ -0.1%

and insurance offset by weakness in cards. Management flagged that there is some Revenue (USDm) 9,228 to 9,227 ↓ -0.0%

weakness related to specific cards clients.