TransUnion: 2Q26 EPS Beat; 2026 Guide Raised as International Revenues Accelerate and OneTru Goes Global

研报英文原文证据摘录

TransUnion: 2Q26 EPS Beat; 2026 Guide Raised as International Revenues Accelerate and OneTru Goes Global

driving momentum in four geographies: We continue to

be impressed by the results TransUnion has delivered in a number of markets once

its core OneTru platform is made available. To be balanced, timelines for switching

off heritage solutions and migrating customers to OneTru have sometimes been

pushed out, particularly in U.S./FS. Still, we think the migration progress continues

to be a key current driver of performance. Presently, in U.S. core credit, TransUnion

has ~60% of batch activity and ~30% of online customers on OneTru. Management

has prioritized migrating its most-complex activity first, but as sophisticated users

acclimate and the longer tail of accounts switch over, we expect OneTru can

continue to drive robust performance in the U.S./FS core. Similarly, we note that o/

cc revenue accelerated in each the U.K. (6% of 2Q26 revenue), India (5% of

revenue), and Canada (4%) during the most recent quarter. All three of these

markets delivered HSD % y/y o/cc revenue growth in 2Q26, pacing International.

The launch of key global OneTru products in these markets should sustain local

selling momentum in these attractive geographies — TransUnion has recently

deployed its TruIQ analytics suite in all three geographies and is now migrating

credit users to OneTru across these regions. Looking ahead, deploying OneTru into

Mexico presents an opportunity to deliver further incremental revenue growth;

we gauge that Trans Union de Mexico’s strong outperformance versus

management’s acquisition case has been effectively all market-driven, given the

business was acquired only about five months ago as of today.

• U.S.