EXPGY changes
Pick any two versions below to diff them.
- Balance sheet
- Experian reports in US dollars. Its debt is mostly unsecured bonds that the group issues centrally, not the operating businesses. At March 31, 2026, net debt was $5,179 million. This is 1.7 times Benchmark EBITDA of $3,010 million, below the group's own 2.0 to 2.5 times range. Net debt included $5,028 million of bonds and notes, with $572 million due within one year. It also included $278 million of commercial paper, $90 million of bank loans and $133 million of leases. From this, Experian subtracts $326 million of cash and deposits. The bonds are in euros, US dollars and pounds, mostly at fixed rates. A 500 million euro bond fell due on June 25, 2026. The next bond is a 300 million euro floating-rate note due March 2028, and other bonds run to 2035. In the year to March 2026, Benchmark EBIT of $2,397 million covered interest expense of $219 million about 11 times. The company expects net interest of $250 to $260 million in fiscal 2027. S&P rates Experian A- and Moody's rates it A3, both with stable outlooks. $2.5 billion of committed bank facilities were undrawn at March 31, 2026. The UK pension plan had a net surplus of $183 million. Goodwill and other intangibles from acquisitions make up most of the $5.6 billion of net assets. The low leverage gives room to fund the new $1 billion buyback and more bolt-on deals, and to keep a strong credit rating. As of 2026-03-31.
- Checkpoints
- Jul 16, 2026: Q1 FY27 trading update: organic growth against guidance. Passed. Watch: Organic revenue growth inside the 6% to 8% range with guidance kept passes; growth below 6% or a guidance cut fails. Outcome: Organic revenue grew 7% and Experian kept its full-year guidance unchanged. Nov 18, 2026: H1 FY27 results: organic growth, margin and leverage. Pending. Watch: Organic growth of 6% to 8% with a higher Benchmark EBIT margin passes; growth below 6% or weaker North America B2B growth fails. Jan 2027 (estimate): Q3 FY27 trading update. Pending. Watch: Organic growth stays inside the 6% to 8% range with no sign that lenders are dropping bureau data passes; a slowdown below 6% fails. May 2027 (estimate): FY27 full-year results and FY28 guidance. Pending. Watch: Full-year organic growth of 6% to 8% and FY28 guidance for similar growth pass; lower FY28 growth guidance because of AI or score competition fails.