MIL-OSI United Kingdom: Simon Lewis appointed as Chair of UK Anti-Doping

Source: United Kingdom – Government Statements

News story

Simon Lewis appointed as Chair of UK Anti-Doping

The Secretary of State has appointed Simon Lewis as the new Chair of UK Anti-Doping (UKAD) for a term of 4 years.

Simon Lewis

Simon has been appointed as Chair of UK Anti-Doping and his term will commence on 4 August 2025.

His background is primarily in the Legal Sector where he has practised as a barrister, in various relevant areas of law, and where he now sits as a fee-paid judge. Simon has served in a number of non-executive board-level roles: within workplace relations (at Acas); professional regulation (at Social Work England and at the Bar Standards Board); healthcare (at a mental health and community NHS trust); higher education (at England’s leading university for improving social mobility); sport governance; and charity. He has also acted in a range of independent regulatory roles across various sectors: within healthcare, sport, and finance/business.

Simon grew up in Wales and then Yorkshire, playing representative sports, before graduating from the University of Cambridge.

On his appointment, Simon Lewis said:

“It is an honour to be appointed as Chair of UKAD. Having worked extensively across regulatory and sporting landscapes, I’m excited to be able to govern and support an organisation so inextricably involved in both.

“I want to ensure UKAD continues to bolster the UK’s strong reputation for clean and healthy sport across the four nations. I’m arriving at an important and busy time, with a host of major sporting events approaching, including the Women’s Rugby World Cup, the Winter Olympics and Paralympics, and the 2026 Commonwealth Games in Glasgow. I look forward to working with the team, engaging with a wide range of stakeholders, and supporting UKAD’s goal to protect clean sport.”

Lisa Nandy, Secretary of State for Culture, Media and Sport said:

“I’m delighted to welcome Simon Lewis as the new Chair of UKAD. Simon has extensive experience in sport and law, which will ensure UKAD continues to deliver with professionalism and integrity.

“Sport is part of our national story and as part of our Plan for Change we want to remove barriers to participation at grassroots and support athletes in elite settings. Upholding the values of clean sport and fair competition are absolutely vital in achieving this and as we welcome Simon, I’d like to thank departing Chair Trevor Pearce for all of his work during his tenure.”

Jane Rumble, Chief Executive of UKAD said:

“We are very pleased to welcome Simon to UKAD. Simon brings his deep and relevant legal and sport governance experience to us at a pivotal time. In addition to a busy sporting calendar of major events UKAD will also soon shape and deliver a new multi-year Strategic Plan. UKAD is also preparing for the launch of the 2027 World Anti-Doping Code.

“On behalf of us all at UKAD we are looking forward to giving Simon a warm welcome as he takes up stewardship of our committed and brilliant team.

“I would also like to thank our outgoing chair Trevor Pearce, who has been with us for nearly nine years, for his excellent stewardship at the helm of our organisation.”

Remuneration and Governance Code

The Chair of UK Anti-Doping is remunerated at a rate of £20,640 per annum. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Simon has not declared any significant political activity.

Published 24 July 2025

MIL OSI United Kingdom –

July 24, 2025

MIL-OSI Africa: Africa Finance Corporation (AFC) Fuels Africa’s Mining Ambitions as Silver Sponsor of African Mining Week (AMW) 2025

Source: APO

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Africa Finance Corporation (AFC), a leading multilateral finance institution, has joined the upcoming African Mining Week (AMW) 2025 as a Silver Sponsor. Held under the theme, From Extraction to Beneficiation: Unlocking Africa’s Mineral Wealth, AMW offers a strategic platform for AFC to engage with African and global mining stakeholders to advance the continent’s mineral development agenda.

As part of the conference program, AFC will feature in a dedicated finance panel: “The Investor Perspective – Financing Africa’s Mineral Industrialization.” The session will explore how tailored financing solutions can drive local beneficiation, industrialization and inclusive economic growth across Africa’s mining value chains.

AMW serves as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energies 2025 conference from October 1-3 in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com.

The AFC’s involvement in AMW 2025 comes at a time of expanded capital mobilization efforts. In June 2025, the Corporation secured a €250 million, 10-year loan from Italy’s Cassa Depositi e Prestiti to catalyze Italian investment in African mining and energy infrastructure projects – particularly the strategic Lobito Corridor, enhancing mineral transport between Angola, Zambia and the Democratic Republic of Congo. This initiative complements a proposed €320 million EU financing package supporting the same corridor.

In February 2025, the European Investment Bank committed $750 million to AFC’s Climate Resilient Infrastructure Fund, targeting climate-focused projects including energy transition metals and sustainable logistics infrastructure. The same month, AFC also secured a $400 million Shariah-compliant facility from Islamic financiers, following a $500 million hybrid bond issuance in January and a $30 million equity investment from the African Development Bank in December 2024.

AFC’s capital base has also grown with a $184.8 million equity injection from Angola, reflecting the country’s continued collaboration with AFC following over $1 billion in investments in mining, energy and transport. Meanwhile, a €100 million loan extended to construction group Mota–Engil is enabling the execution of three major gold mining contracts in Ivory Coast and Mali – Africa’s second- and third-largest gold producers.

Against this backdrop, AMW 2025 provides a timely opportunity for the AFC to showcase its financing strategy, highlight its role in advancing Africa’s mineral beneficiation and connect with mining ventures in search of capital.

Distributed by APO Group on behalf of Energy Capital & Power.

MIL OSI Africa –

July 24, 2025

MIL-OSI United Kingdom: Mirvetuximab soravtansine approved to treat adult patients who have ovarian, fallopian tube or primary peritoneal cancer

Source: United Kingdom – Executive Government & Departments

Press release

Mirvetuximab soravtansine approved to treat adult patients who have ovarian, fallopian tube or primary peritoneal cancer

The approval is supported by a study involving 453 adults with advanced platinum-resistant cancers of the ovary, fallopian tubes and the peritoneum that were FRα positive

The Medicines and Healthcare products Regulatory Agency (MHRA) has today (24 July 2025) approved the medicine mirvetuximab soravtansine (Elahere) to treat adults with ovarian cancer, fallopian tube cancer, and primary peritoneal cancer.

It is used in patients whose cancer cells have a protein on the surface known as folate receptor-alpha (FRα), and who have previously not responded to or are no longer responding to treatment with ‘platinum-based’ chemotherapy, and who have already received one to three prior treatments.

Mirvetuximab soravtansine has been approved via the International Recognition Procedure (IRP).

Julian Beach, MHRA Interim Executive Director, Healthcare Quality and Access, said:

Keeping patients safe and enabling their access to high quality, safe and effective medical products are key priorities for us.

We are committed to making innovative treatment options, like mirvetuximab soravtansine, the first and only folate receptor-alpha (FRα) directed antibody drug conjugate, available to patients as quickly as possible, ensuring our approval is underpinned by robust evidence of efficacy alongside the highest standards of safety.

We’re assured that the appropriate regulatory standards for the approval of mirvetuximab soravtansine have been met.

As with all products, we will keep its safety under close review.

Mirvetuximab soravtansine is administered as a concentrated solution for infusion, and the route of administration is intravenous infusion (into a vein). The medicine will be given to the patient by a doctor or a nurse experienced in using cancer medicines.

The patient’s doctor will calculate the dose based on the patient’s body weight. The patient’s doctor will decide how many cycles the patient needs.

Mirvetuximab soravtansine is made up of a monoclonal antibody which is attached to a cancer medicine. The monoclonal antibody is a protein that recognises and attaches to the FRα protein on the cancer cells. When this happens, mirvetuximab soravtansine enters the cancer cell and releases the cancer medicine DM4. DM4 then interferes with the normal growth process of the cancer cells which results in death of the cancer cells.

This approval is supported by evidence from a study involving 453 adults with advanced platinum-resistant cancers of the ovary, fallopian tubes and the peritoneum that were FRα positive. In this study, mirvetuximab soravtansine was compared with standard chemotherapy treatment. Patients who received mirvetuximab soravtansine lived on average for around 5.6 months without their disease getting worse while those who received standard treatment lived for around 4 months without their disease getting worse. In addition, patients who received mirvetuximab soravtansine lived longer (around 16.5 months) compared to those given standard treatment (around 12.8 months).

The most common side effects of the medicine (which may affect more than 1 in 10 people) include blurred vision, nausea (feeling sick), diarrhoea, tiredness, abdominal pain (belly pain), keratopathy (damage to the cornea, the transparent layer in front of the eye that covers the pupil and iris), dry eye, constipation, vomiting, decreased appetite, peripheral neuropathy (nerve damage in arms and legs), headache, weakness, increased liver enzyme levels (in the blood) and joint pain.

As with any medicine, the MHRA will keep the safety and effectiveness of mirvetuximab soravtansine under close review. Anyone who suspects they are having a side effect from this medicine are encouraged to talk to their doctor, pharmacist or nurse and report it directly to the Yellow Card scheme, either through the website (https://yellowcard.mhra.gov.uk/) or by searching the Google Play or Apple App stores for MHRA Yellow Card.

Notes to editors 

The new marketing authorisation was granted on 24 July 2025 to AbbVie Ltd.
More information can be found in the Summary of Product Characteristics and Patient Information leaflets which will be published on the MHRA Products website within 7 days of approval.
More information on the International Recognition Procedure can be found here
The Medicines and Healthcare products Regulatory Agency (MHRA) is responsible for regulating all medicines and medical devices in the UK by ensuring they work and are acceptably safe.  All our work is underpinned by robust and fact-based judgements to ensure that the benefits justify any risks. 
The MHRA is an executive agency of the Department of Health and Social Care. 
For media enquiries, please contact the newscentre@mhra.gov.uk, or call on 020 3080 7651.

Published 24 July 2025

MIL OSI United Kingdom –

July 24, 2025

MIL-OSI United Kingdom: Revived Sunderland Charity Returns to Support Next Generation of Athletes

Source: City of Sunderland

A long-standing Sunderland charity dedicated to supporting Sunderland’s athletes has been revived thanks to new funding from the Martin Laing Foundation and Sunderland City Council.

The Sunderland Sports Fund, a charitable trust established over 20 years ago, provides financial support to talented young athletes and sportspeople with disabilities of all ages across the Sunderland area. After a period of inactivity during the Covid-19 pandemic, the charity is back in action, helping to nurture the city’s sporting talent.

The funding will be used to award grants to individuals who live in, study in, or represent a sports club or organisation based in Sunderland. The goal is to break down financial barriers and ensure that no promising athlete is held back due to lack of resources.

Grants awarded by the Sunderland Sports Fund can help pay for coaching fees, equipment and used towards travel expenses and accommodation for national and international competitions. These grants can help bridge the financial gap for athletes between amateur and elite status.

Thanks to additional funding from Sunderland City Council the charity can now broaden its scope to help encourage more residents to get into sport. This includes directly funding coaches who will in turn help inspire and train more young people.

Councillor Beth Jones, Cabinet Member for Communities, Culture and Tourism at Sunderland City Council, said: “The Sunderland Sports Fund is a fantastic charity that champions our young athletes and athletes with disabilities. It’s inspiring to see it brought back to life with this much-needed funding, ensuring we continue to support the next generation of sporting talent in our city, while also promoting the many health and wellbeing benefits that come from participating in sport.

“It’s especially timely as Sunderland is set to host the opening match of the Women’s Rugby World Cup, shining an even brighter spotlight on women’s sport – and I’m delighted that one of the athletes receiving funding this year is a women’s rugby coach, helping inspire more local women and girls to get involved in the game.”

To mark the revival, the charity held a relaunch event at Sunderland Fire Station, where it awarded bursaries to two young athletes and a rising young coach. Among the recipients was a female rugby coach from Houghton Rugby Club, who is using her qualifications to help drive participation in women’s and girls’ rugby.

Jorja Spoors, Houghton Rugby Club Coach said: “The Sunderland Sports fund is a great opportunity offered to me thanks to Sunderland City Council. I’ll be using the fund to gain further qualifications, experience, and knowledge within the game and my coaching. The fund will help me to take my coaching to the highest levels available within rugby, with hopes to possibly pursue coaching as a career in the future.

“It is amazing to see that Sunderland City Council have chosen to re-launch the fund to support upcoming athletes and coaches, like myself and the other recipients of the fund. It is also great to see the recognition that could be gained for women and girls within rugby and sport as a whole.”

The relaunch event was hosted by former BBC Look North host Jeff Brown, who now serves as a trustee at Sunderland Sports Fund. Also in attendance was Gary Bennet, former SAFC player and Terry Deary, Sunderland born author of Horrible Histories, as well as the Deputy Mayor Councillor Melanie Thornton.

In its 25 years, the Sunderland Sports Fund has awarded 670 grants to athletes and coaches across a great number of sports including boxing, basketball, swimming, skiing and more.

Leslie Scott MBE, Chairman of Sunderland Sports Fund said: “This was a landmark occasion for our charity, not only celebrating its 25th year but also relaunching our mission to help Sunderland’s aspiring young athletes and coaches. Over the years, the achievements of our high achievers, some who have become world champions, has reflected positively on the reputation of the city. It is our hope that we will inspire the current and future cohorts of Sunderland’s young people, who are serious about taking part in competitive sports.”

For more information or to apply for a grant, contact active@sunderland.gov.uk.

MIL OSI United Kingdom –

July 24, 2025

MIL-OSI United Kingdom: Gary Crowe is appointed as new Non-executive Director at GAD

Source: United Kingdom – Executive Government Non-Ministerial Departments

News story

Gary Crowe is appointed as new Non-executive Director at GAD

Exchequer Secretary to the Treasury, James Murray MP has appointed Gary Crowe as a Non-executive Director of the Government Actuary’s Department.

Gary Crowe brings extensive experience across the financial services, education and healthcare sectors, with expertise in digital transformation, risk and strategy.

He was recently Professor of Innovation Leadership at Keele University Management School and is an experienced non-executive director (NED). Gary has chaired a range of committees including Finance, Audit, Risk, Investments, and People & Nominations.

He will be appointed for a 3-year term, starting on 1 August, as NED to the Government Actuary’s Department (GAD). Gary will replace Ian Wilson whose term on the Board is coming to an end later this year.

Les Philpott, Non-executive Director and Board Chair said :

“I am delighted at Gary’s appointment to our Board. Gary brings exceptional breadth and depth of experience, having served on 2 NHS Trust boards as well as holding senior roles across consultancy, financial services, and commercial, retail and private banking. His background spans both public and private sectors, and he has led digital transformation in complex, highly regulated environments, always underpinned by robust governance, financial, and risk management expertise.

“As Chair of the Audit and Risk Assurance Committee for the Human Tissue Authority, Gary has demonstrated a strong capacity for oversight and assurance in demanding regulatory contexts. His appointment will significantly strengthen our Board’s ability to provide strategic guidance and effective oversight. I look forward to welcoming him and working together to advance the department’s objectives.”

Fiona Dunsire, Government Actuary said:

“We are very pleased to be able to welcome Gary to GAD as our new non-executive director. His extensive background in innovation leadership and digital transformation, combined with his health and workforce experience as a non-executive director within the NHS, will be invaluable as we continue to evolve our services and support government departments in addressing complex national challenges. I’m confident Gary will make a valuable contribution to GAD’s continued success in serving the public sector.”

Gary Crowe added:

“I’m honoured to be appointed as non-executive director at GAD and look forward to contributing to the department’s important work in supporting the public sector. Having worked across various sectors in consultancy and innovation roles, I understand the critical importance of robust actuarial analysis in helping government make informed decisions about financial risk and uncertainty. I’m excited to work with the talented team at GAD to ensure we continue to broaden the impact of the department in supporting government growth objectives and delivering the highest standards of professional service to our clients.”

About Gary Crowe

Gary Crowe brings significant strategic and commercial expertise to the Government Actuary’s Department, with a strong track record in public service.

He currently serves as Chair of the Audit and Risk Assurance Committee for the Human Tissue Authority (term ending September 2025), is the Local Chair for the Dudley Group NHS Foundation Trust and Vice-Chair of University Hospitals of North Midlands NHS Trust.

He has previously advised on commercial digital innovation as a management consultant with PA Consulting and during 30 years in financial services. Most recently, Gary was Professor of Innovation Leadership at Keele University Management School.

About the appointment process

GAD applies technical skills from the actuarial profession, consultancy discipline, high standards of professionalism and industry sector knowledge to help solve financial challenges faced by the UK public sector, helping our clients to understand and analyse financial risk and uncertainty for a wide range of contemporary issues.

Gary Crowe was appointed following an open recruitment process in line with public appointment procedures.

He confirmed that he has not undertaken any political activity within the previous 5 years.

Published 24 July 2025

MIL OSI United Kingdom –

July 24, 2025

MIL-OSI: Correction: Stabilization Notice – Pre Stab – Alstria HoldCo

Source: GlobeNewswire (MIL-OSI)

[24/07/25]

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

[Alstria HoldCo]

Pre-stabilisation Period Announcement

BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014).

The securities:1
Issuer:	ALEXANDRITE LAKE LUX HOLDINGS S.A R.L., SAVOY LUXEMBURG HOLDINGS S.A R.L
Guarantor (if any):	N.A
Aggregate nominal amount:	300.000.000 EUR
Description:	SENIOR SECURED NOTES
Offer price:	TBC
Other offer terms:	N.A
Stabilisation:
Stabilisation Manager(s)	BNP PARIBAS, MS, CACIB, DB, SG, BOFA
Stabilisation period expected to start on:	24/07/2025
Stabilisation period expected to end no later than:	29/08/2025
Existence, maximum size and conditions of use of over‑allotment facility:	The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law.
Stabilisation trading venue:	OTC

In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules.

This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the “Prospectus Regulation”) (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State.

This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

The MIL Network –

July 24, 2025

MIL-OSI: TransUnion Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

Exceeded second quarter 2025 financial guidance across all key financial metrics
Delivered 9 percent organic constant currency revenue growth (10 percent reported) led by U.S. Financial Services
De-levered to 2.8x Leverage Ratio at quarter-end and repurchased $47 million shares through mid-July
Raising 2025 financial guidance, we now expect to deliver 6 to 7 percent revenue growth for the year on both a reported and organic constant currency basis

CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE: TRU) (the “Company”) today announced financial results for the quarter ended June 30, 2025.

Second Quarter 2025 Results

Revenue:

Total revenue for the quarter was $1,140 million, an increase of 10 percent (10 percent on a constant currency basis and 9 percent on an organic constant currency basis), compared with the second quarter of 2024.

Earnings:

Net income attributable to TransUnion was $110 million for the quarter, compared with $85 million for the second quarter of 2024. Diluted earnings per share was $0.56, compared with $0.44 in the second quarter of 2024. Net income attributable to TransUnion margin was 9.6 percent, compared with 8.2 percent in the second quarter of 2024.
Adjusted Net Income was $213 million for the quarter, compared with $193 million for the second quarter of 2024. Adjusted Diluted Earnings per Share was $1.08, compared with $0.99 in the second quarter of 2024.
Adjusted EBITDA was $407 million for the quarter, compared with $377 million for the second quarter of 2024, an increase of 8 percent (8 percent on a constant currency basis). Adjusted EBITDA margin was 35.7 percent, compared with 36.2 percent in the second quarter of 2024.

“In the second quarter, TransUnion delivered strong results that again exceeded financial guidance,” said Chris Cartwright, President and CEO. “U.S. Markets revenue grew 10 percent, led by Financial Services and Insurance. International grew 6 percent on an organic constant currency basis, with India accelerating to 8 percent growth and Canada and Africa delivering double-digit growth.”

“We are raising our 2025 guidance, reflecting strong results in the first half of the year and ongoing business momentum, balanced against continuing market uncertainty. We now expect revenue growth of 6 to 7 percent.”

“After the last several years of investment, we are now focused on execution and value creation. Through our transformation, we now have more and better solutions than ever. We are already seeing the emerging benefits of our accelerated pace of innovation and believe we are well-positioned to drive a generation of industry-leading growth.”

Second Quarter 2025 Segment Results

Segment revenue and Adjusted EBITDA for the second quarter of 2025, which includes the revenue from Monevo in Consumer Interactive and United Kingdom and the corresponding Adjusted EBITDA in U.S. Markets and International, and the related growth rates compared with the second quarter of 2024 were as follows:

(in millions)	Second Quarter 2025		Reported Growth Rate		Constant Currency Growth Rate		Organic Constant Currency Growth Rate
U.S. Markets:
Financial Services	$	420	17	%	17	%	17	%
Emerging Verticals		324	5	%	5	%	5	%
Consumer Interactive		147	3	%	3	%	2	%
Total U.S. Markets Revenue	$	890	10	%	10	%	10	%

U.S. Markets Adjusted EBITDA	$	337	7	%	7	%	7	%

International:
Canada	$	42	9	%	10	%	10	%
Latin America		34	(1	)%	4	%	4	%
United Kingdom		67	19	%	13	%	5	%
Africa		18	15	%	14	%	14	%
India		67	5	%	8	%	8	%
Asia Pacific		24	(7	)%	(8	)%	(8	)%
Total International Revenue	$	253	7	%	7	%	6	%

International Adjusted EBITDA	$	108	7	%	8	%	8	%

Liquidity and Capital Resources

Cash and cash equivalents was $688 million at June 30, 2025 and $679 million at December 31, 2024.

For the six months ended June 30, 2025, cash provided by operating activities was $344 million, compared with $349 million in 2024. The decrease in cash provided by operating activities was primarily due to higher income tax payments, the timing of accounts receivable collections and higher bonus payouts, mostly offset by improved operating performance and lower interest expense in 2025 compared with 2024. For the six months ended June 30, 2025, cash used in investing activities was $224 million, compared with $127 million in 2024. The increase in cash used in investing activities was primarily due to our acquisition of Monevo, a current year investment in a note receivable and an increase in capital expenditures. For the six months ended June 30, 2025, capital expenditures were $145 million, compared with $131 million in 2024. Capital expenditures as a percent of revenue represented 7% and 6%, respectively, for the six months ended June 30, 2025 and 2024. For the six months ended June 30, 2025, cash used in financing activities was $127 million, compared with $150 million in 2024. Cash used in financing activities was lower primarily due to higher debt repayments in 2024, partially offset by stock buybacks in 2025.

Third Quarter and Full Year 2025 Outlook

Our guidance is based on a number of assumptions that are subject to change, many of which are outside of the control of the Company, including general macroeconomic conditions, interest rates and inflation. There are numerous evolving factors that we may not be able to accurately predict. There can be no assurance that the Company will achieve the results expressed by this guidance.

	Three Months Ended September 30, 2025						Twelve Months Ended December 31, 2025
(in millions, except per share data)	Low			High			Low			High
Revenue, as reported	$	1,115		$	1,135		$	4,432		$	4,472
Revenue growth¹:
As reported		3	%		5	%		6	%		7	%
Constant currency^{1, 2}		3	%		5	%		6	%		7	%
Organic constant currency^{1, 3}		2	%		4	%		6	%		7	%

Net income attributable to TransUnion	$	78		$	87		$	412		$	432
Net income attributable to TransUnion growth		14	%		28	%		45	%		52	%
Net income attributable to TransUnion margin		7.0	%		7.7	%		9.3	%		9.7	%

Diluted Earnings per Share	$	0.39		$	0.44		$	2.07		$	2.18
Diluted Earnings per Share growth		13	%		27	%		43	%		51	%

Adjusted EBITDA, as reported⁵	$	397		$	411		$	1,580		$	1,610
Adjusted EBITDA growth, as reported⁴		1	%		4	%		5	%		7	%
Adjusted EBITDA margin		35.6	%		36.2	%		35.7	%		36.0	%

Adjusted Diluted Earnings per Share⁵	$	0.99		$	1.04		$	4.03		$	4.14
Adjusted Diluted Earnings per Share growth	(5		)%		—	%		3	%		6	%

Additional revenue growth assumptions:

The impact of changing exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
The impact of the recent acquisition is expected to have approximately 1 point of benefit for Q3 2025 and approximately 0.5 point of benefit for FY 2025.
The impact of mortgage is expected to be approximately 2 points of benefit for Q3 2025 and 2 points of benefit for FY 2025.
Constant currency growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic constant currency growth rates are constant currency growth excluding inorganic growth. Inorganic growth represents growth attributable to the first twelve months of activity for recent business acquisitions.

Additional Adjusted EBITDA assumptions:

The impact of changing foreign currency exchange rates is expected to have less than 0.5 point of headwind for Q3 2025 and less than 0.5 point of headwind for FY 2025.
For a reconciliation of the above non-GAAP financial measures to the most directly comparable GAAP financial measures, refer to Schedule 7 of this Earnings Release.

Earnings Webcast Details

In conjunction with this release, TransUnion will host a conference call and webcast today at 8:30 a.m. Central Time to discuss the business results for the quarter and certain forward-looking information. This session and the accompanying presentation materials may be accessed at www.transunion.com/tru. A replay of the call will also be available at this website following the conclusion of the call.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good^® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.

http://www.transunion.com/business

Availability of Information on TransUnion’s Website

Investors and others should note that TransUnion routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the TransUnion Investor Relations website. While not all of the information that the Company posts to the TransUnion Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in TransUnion to review the information that it shares on www.transunion.com/tru.

Forward-Looking Statements

This earnings release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this earnings release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions.

Factors that could cause actual results to differ materially from those described in the forward-looking statements, or that could materially affect our financial results or such forward-looking statements include:

macroeconomic effects and changes in market conditions, including the impact of tariffs, inflation, risk of recession, and industry trends and adverse developments in the debt, consumer credit and financial services markets, including the impact on the carrying value of our assets in all of the markets where we operate;
our ability to provide competitive services and prices;
our ability to retain or renew existing agreements with large or long-term customers;
our ability to maintain the security and integrity of our data;
our ability to deliver services timely without interruption;
our ability to maintain our access to data sources;
government regulation and changes in the regulatory environment;
litigation or regulatory proceedings;
our approach to the use of artificial intelligence;
our ability to effectively manage our costs;
our efforts to execute our transformation plan and achieve the anticipated benefits and savings;
our ability to maintain effective internal control over financial reporting or disclosure controls and procedures;
economic and political stability in the United States and risks associated with the international markets where we operate;
our ability to effectively develop and maintain strategic alliances and joint ventures;
our ability to timely develop new services and the market’s willingness to adopt our new services;
our ability to manage and expand our operations and keep up with rapidly changing technologies;
our ability to acquire businesses, successfully secure financing for our acquisitions, timely consummate our acquisitions, successfully integrate the operations of our acquisitions, control the costs of integrating our acquisitions and realize the intended benefits of such acquisitions;
our ability to protect and enforce our intellectual property, trade secrets and other forms of unpatented intellectual property;
our ability to defend our intellectual property from infringement claims by third parties;
the ability of our outside service providers and key vendors to fulfill their obligations to us;
further consolidation in our end-customer markets;
the increased availability of free or inexpensive consumer information;
losses against which we do not insure;
our ability to make timely payments of principal and interest on our indebtedness;
our ability to satisfy covenants in the agreements governing our indebtedness;
our ability to maintain our liquidity;
stock price volatility;
our dividend payments;
share repurchase plans;
dividend rate;
our reliance on key management personnel; and
changes in tax laws or adverse outcomes resulting from examination of our tax returns.

There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

The forward-looking statements contained in this earnings release speak only as of the date of this earnings release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this earnings release.

For More Information

TRANSUNION AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) (in millions, except per share data)

	June 30, 2025			December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	687.5		$	679.5
Trade accounts receivable, net of allowance of $27.4 and $19.9		895.9			798.9
Other current assets		322.3			323.4
Total current assets		1,905.7			1,801.8
Property, plant and equipment, net of accumulated depreciation and amortization of $536.4 and $506.3		228.5			203.5
Goodwill		5,256.7			5,144.3
Other intangibles, net of accumulated amortization of $2,522.2 and $2,294.5		3,238.7			3,257.5
Other assets		488.1			577.7
Total assets	$	11,117.7		$	10,984.8
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable	$	345.1		$	294.6
Current portion of long-term debt		76.1			70.6
Other current liabilities		519.9			694.4
Total current liabilities		941.1			1,059.6
Long-term debt		5,060.4			5,076.6
Deferred taxes		370.7			415.3
Other liabilities		119.3			114.5
Total liabilities		6,491.5			6,666.0
Stockholders’ equity:
Preferred stock, $0.01 par value; 100.0 million shares authorized; none issued or outstanding as of June 30, 2025 and December 31, 2024, respectively		—			—
Common stock, $0.01 par value; 1.0 billion shares authorized at June 30, 2025 and December 31, 2024, 201.4 million and 201.5 million shares issued at June 30, 2025 and December 31, 2024, respectively, and 194.8 million and 194.9 million shares outstanding as of June 30, 2025 and December 31, 2024, respectively		2.0			2.0
Additional paid-in capital		2,600.7			2,558.9
Treasury stock at cost; 6.7 million and 6.6 million shares at June 30, 2025 and December 31, 2024, respectively		(342.0	)		(334.6	)
Retained earnings		2,571.1			2,357.9
Accumulated other comprehensive loss		(311.6	)		(367.2	)
Total TransUnion stockholders’ equity		4,520.2			4,217.0
Noncontrolling interests		106.0			101.8
Total stockholders’ equity		4,626.2			4,318.8
Total liabilities and stockholders’ equity	$	11,117.7		$	10,984.8

TRANSUNION AND SUBSIDIARIES Consolidated Statements of Operations (Unaudited) (in millions, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue	$	1,139.7		$	1,040.8		$	2,235.5		$	2,062.0
Operating expenses
Cost of services (exclusive of depreciation and amortization below)		469.9			406.7			915.5			813.0
Selling, general and administrative		335.0			310.8			591.8			616.4
Depreciation and amortization		142.7			132.9			281.6			266.9
Restructuring		—			8.1			—			26.3
Total operating expenses		947.5			858.4			1,788.9			1,722.4
Operating income		192.2			182.4			446.6			339.6
Non-operating income and (expense)
Interest expense		(55.7	)		(67.9	)		(111.8	)		(136.5	)
Interest income		8.8			6.7			17.3			12.1
Earnings from equity method investments		5.0			4.6			9.3			9.3
Other income and (expense), net		6.6			(5.1	)		(10.8	)		(20.8	)
Total non-operating income and (expense)		(35.4	)		(61.7	)		(96.0	)		(135.9	)
Income before income taxes		156.8			120.7			350.5			203.7
Provision for income taxes		(44.4	)		(31.0	)		(85.4	)		(44.1	)
Net income		112.4			89.7			265.1			159.7
Less: net income attributable to noncontrolling interests		(2.8	)		(4.7	)		(7.4	)		(9.5	)
Net income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.32		$	0.77
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.31		$	0.77
Weighted-average shares outstanding:
Basic		195.0			194.2			195.0			194.2
Diluted		197.2			195.2			197.2			195.3

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) (in millions)

	Six Months Ended June 30,
		2025			2024
Cash flows from operating activities:
Net income	$	265.1		$	159.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		281.6			266.9
Loss on repayment of loans		—			2.6
Deferred taxes		(54.1	)		(63.6	)
Stock-based compensation		70.5			51.8
Other		29.1			19.5
Changes in assets and liabilities:
Trade accounts receivable		(98.4	)		(71.3	)
Other current and long-term assets		8.0			45.1
Trade accounts payable		37.1			53.7
Other current and long-term liabilities		(195.1	)		(115.2	)
Cash provided by operating activities		343.8			349.2
Cash flows from investing activities:
Capital expenditures		(145.4	)		(130.7	)
Proceeds from sale/maturities of other investments		0.2			—
Investments in consolidated affiliates, net of cash acquired		(55.7	)		—
Investments in nonconsolidated affiliates and notes receivable		(25.0	)		(4.4	)
Proceeds from the sale of investments in nonconsolidated affiliates		—			3.8
Other		2.2			4.8
Cash used in investing activities		(223.7	)		(126.5	)
Cash flows from financing activities:
Proceeds from term loans		—			934.9
Repayments of term loans		—			(927.9	)
Repayments of debt		(43.2	)		(99.4	)
Debt financing fees		—			(13.5	)
Dividends to shareholders		(45.1	)		(41.4	)
Proceeds from issuance of common stock		10.5			12.4
Employee taxes paid on restricted stock units recorded as treasury stock		(7.4	)		(11.4	)
Repurchase of common stock		(38.8	)		—
Distributions to noncontrolling interests		(3.3	)		(3.8	)
Cash used in financing activities		(127.3	)		(150.1	)
Effect of exchange rate changes on cash and cash equivalents		15.2			(5.6	)
Net change in cash and cash equivalents		8.0			67.0
Cash and cash equivalents, beginning of period		679.5			476.2
Cash and cash equivalents, end of period	$	687.5		$	543.2

As a result of displaying amounts in millions, rounding differences may exist in the table above.

TRANSUNION AND SUBSIDIARIES
Non-GAAP Financial Measures

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes, Adjusted Effective Tax Rate and Leverage Ratio for all periods presented. These are important financial measures for the Company but are not financial measures as defined by GAAP. These financial measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of GAAP. Other companies in our industry may define or calculate these measures differently than we do, limiting their usefulness as comparative measures. Because of these limitations, these non-GAAP financial measures should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP, including operating income, operating margin, effective tax rate, net income attributable to the Company, diluted earnings per share or cash provided by operating activities. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented in the tables below.

We present Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted Earnings per Share, Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate as supplemental measures of our operating performance because these measures eliminate the impact of certain items that we do not consider indicative of our cash operations and ongoing operating performance. These are measures frequently used by securities analysts, investors and other interested parties in their evaluation of the operating performance of companies similar to ours.

Our board of directors and executive management team use Adjusted EBITDA as an incentive compensation measure for most eligible employees and Adjusted Diluted Earnings per Share as an incentive compensation measure for certain of our senior executives.

Under the credit agreement governing our Senior Secured Credit Facility, our ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to our Leverage Ratio which is partially based on Adjusted EBITDA. Investors also use our Leverage Ratio to assess our ability to service our debt and make other capital allocation decisions.

Consolidated Adjusted EBITDA

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted EBITDA for the periods presented:

Net interest expense is the sum of interest expense and interest income as reported on our Consolidated Statements of Operations.
Provision for income taxes, as reported on our Consolidated Statements of Operations.
Depreciation and amortization, as reported on our Consolidated Statements of Operations.
Stock-based compensation is used as an incentive to engage and retain our employees. It is predominantly a non-cash expense. We exclude stock-based compensation because it may not correlate to the underlying performance of our business operations during the period since it is measured at the grant date fair value and it is subject to variability as a result of performance conditions and timing of grants. These expenses are reported within cost of services and selling, general and administrative on our Consolidated Statements of Operations.
Operating model optimization program represents employee separation costs, facility lease exit costs and other business process optimization expenses incurred in connection with the transformation plan discussed further in “Results of Operations – Factors Affecting Our Results of Operations” in our Quarterly Report on Form 10-Q for the three months ended June 30, 2025. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business. Further, these costs will vary and may not be comparable during the transformation initiative as we progress toward an optimized operating model. These costs are reported primarily in restructuring and selling, general and administrative on our Consolidated Statements of Operations.
Accelerated technology investment includes Project Rise and the final phase of our technology investment announced in November 2023. Project Rise was announced in February 2020 and was originally expected to be completed in 2022. Following our acquisition of Neustar in December 2021, we recognized the opportunity to take advantage of Neustar’s capabilities to enhance and complement our cloud-based technology already under development as part of Project Rise. As a result, we extended Project Rise’s timeline to 2024 and increased the total estimated cost to approximately $240 million. In November 2023, we announced our plans to further leverage Neustar’s technology to standardize and streamline our product delivery platforms and to build a single global platform for fulfillment of our product lines. The additional investment is expected to be approximately $90 million during 2024 and 2025 and represents the final phase of the technology investment in our global technology infrastructure and core customer applications. We expect that the accelerated technology investment will fundamentally transform our technology infrastructure by implementing a global cloud-based approach to streamline product development, increase the efficiency of ongoing operations and maintenance and enable a continuous improvement approach to avoid the need for another major technology overhaul in the foreseeable future. The unique effort to build a secure, reliable and performant hybrid cloud infrastructure requires us to dedicate separate resources in order to develop the new cloud-based infrastructure in parallel with our current on-premise environment by maintaining our existing technology team to ensure no disruptions to our customers. The costs associated with the accelerated technology investment are incremental and redundant costs that will not recur after the program has been completed and are not representative of our underlying operating performance. Therefore, we believe that excluding these costs from our non-GAAP measures provides a better reflection of our ongoing cost structure. These costs are primarily reported in cost of services and therefore do not include amounts that are capitalized as internally developed software.
Mergers and acquisitions, divestitures and business optimization expenses are non-recurring expenses associated with specific transactions (exploratory or executed) and consist of (i) transaction and integration costs, (ii) post-acquisition adjustments to contingent consideration or to assets and liabilities that occurred after the acquisition measurement period, (iii) fair value and impairment adjustments related to investments and call and put options, including gains or losses on a step acquisition, (iv) transition services agreement income, and (v) a loss on disposal of a business. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary depending upon the timing of such transactions. These expenses are reported in costs of services, selling, general and administrative and other income and (expenses), net, on our Consolidated Statements of Operations.
Net other adjustments principally relate to: (i) deferred loan fee expense from debt prepayments and refinancing, (ii) currency remeasurement on foreign operations, (iii) other debt financing expenses consisting primarily of revolving credit facility deferred financing fee amortization and commitment fees and expenses associated with ratings agencies and interest rate hedging, (iv) certain legal and regulatory expenses, net, and (v) other non-operating (income) expense. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business and create variability between periods based on the nature and timing of the expense or income. These costs are reported in selling, general and administrative and in non-operating income and expense, net as applicable based on their nature on our Consolidated Statements of Operations.

Consolidated Adjusted EBITDA Margin

Management defines Consolidated Adjusted EBITDA Margin as Consolidated Adjusted EBITDA divided by total revenue as reported.

Adjusted Net Income

Management has excluded the following items from net income attributable to TransUnion in order to calculate Adjusted Net Income for the periods presented:

Amortization of certain intangible assets represents non-cash amortization expenses related to assets that arose from our 2012 change in control transaction and business combinations occurring after our 2012 change in control. We exclude these expenses as we believe they are not directly correlated to the underlying performance of our business operations and vary dependent upon the timing of the transactions that give rise to these assets. Amortization of intangible assets is included in depreciation and amortization on our Consolidated Statements of Operations.
Stock-based compensation (see Consolidated Adjusted EBITDA above)
Operating model optimization program (see Consolidated Adjusted EBITDA above)
Accelerated technology investment (see Consolidated Adjusted EBITDA above)
Mergers and acquisitions, divestiture and business optimization (see Consolidated Adjusted EBITDA above)
Net other is consistent with the definition in Consolidated Adjusted EBITDA above except that other debt financing expenses and certain other miscellaneous income and expense that are included in the adjustment to calculate Adjusted EBITDA are excluded in the adjustment made to calculate Adjusted Net Income.
Total adjustments for income taxes relates to the cumulative adjustments discussed below for Adjusted Provision for Income Taxes. This adjustment is made for the reasons indicated in Adjusted Provision for Income Taxes below. Adjustments related to the provision for income taxes are included in the line item by this name on our Consolidated Statements of operations.

Adjusted Diluted Earnings Per Share

Management defines Adjusted Diluted Earnings per Share as Adjusted Net Income divided by the weighted-average diluted shares outstanding.

Adjusted Provision for Income Taxes

Management has excluded the following items from our provision for income taxes for the periods presented:

Tax effect of above adjustments represents the income tax effect of the adjustments related to Adjusted Net Income described above. The tax rate applied to each adjustment is based on the nature of each line item. We include the tax effect of the adjustments made to Adjusted Net Income to provide a comprehensive view of our adjusted net income.
Excess tax expense (benefit) for stock-based compensation is the permanent difference between expenses recognized for book purposes and expenses recognized for tax purposes, in each case related to stock-based compensation expense. We exclude this amount from the Adjusted Provision for Income Taxes in order to be consistent with the exclusion of stock-based compensation from the calculation of Adjusted Net Income.
Other principally relates to (i) deferred tax adjustments, including rate changes, (ii) infrequent or unusual valuation allowance adjustments, (iii) return to provision, tax authority audit adjustments, and reserves related to prior periods, and (iv) other non-recurring items. We exclude these items because they create variability that impacts comparability between periods.

Adjusted Effective Tax Rate

Management defines Adjusted Effective Tax Rate as Adjusted Provision for Income Taxes divided by Adjusted income before income taxes. We calculate adjusted income before income taxes by excluding the pre-tax adjustments in the calculation of Adjusted Net Income discussed above and noncontrolling interest related to these pre-tax adjustments from income before income taxes.

Leverage Ratio

Management defines Leverage Ratio as net debt divided by Consolidated Adjusted EBITDA for the most recent twelve-month period including twelve months of Adjusted EBITDA from significant acquisitions. Net debt is defined as total debt less cash and cash equivalents as reported on the balance sheet as of the end of the period.

This earnings release presents constant currency growth rates assuming foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates. This earnings release also presents organic constant currency growth rates, which assumes consistent foreign currency exchange rates between years and also eliminates the impact of our recent acquisitions. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates and the impacts of recent acquisitions.

Free cash flow is defined as cash provided by operating activities less capital expenditures and is a measure we may refer to.

Refer to Schedules 1 through 7 for a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

SCHEDULE 1 TRANSUNION AND SUBSIDIARIES Revenue and Adjusted EBITDA growth rates as Reported, CC, and Organic CC (Unaudited)

	For the Three Months Ended June 30, 2025 compared with the Three Months Ended June 30, 2024								For the Six Months Ended June 30, 2025 compared with the Six Months Ended June 30, 2024
	Reported		CC Growth¹		Inorganic		Organic CC Growth²		Reported		CC Growth¹		Inorganic		Organic CC Growth²
Revenue:
Consolidated	9.5	%	9.5	%	0.7	%	8.9	%	8.4	%	8.8	%	0.3	%	8.5	%
U.S. Markets	10.0	%	10.0	%	0.3	%	9.8	%	9.3	%	9.3	%	0.1	%	9.2	%
Financial Services	17.1	%	17.1	%	—	%	17.1	%	15.9	%	15.9	%	—	%	15.9	%
Emerging Verticals	4.9	%	4.9	%	—	%	4.9	%	5.4	%	5.4	%	—	%	5.4	%
Consumer Interactive	3.3	%	3.3	%	1.5	%	1.8	%	1.3	%	1.3	%	0.7	%	0.5	%
International	7.4	%	7.4	%	2.0	%	5.5	%	4.9	%	6.7	%	1.0	%	5.7	%
Canada	9.0	%	10.5	%	—	%	10.5	%	4.8	%	8.7	%	—	%	8.7	%
Latin America	(1.0	)%	4.0	%	—	%	4.0	%	(0.8	)%	5.5	%	—	%	5.5	%
United Kingdom	18.7	%	12.6	%	8.4	%	4.6	%	13.8	%	11.0	%	4.3	%	7.0	%
Africa	15.0	%	13.7	%	—	%	13.7	%	13.5	%	11.7	%	—	%	11.7	%
India	4.8	%	7.6	%	—	%	7.6	%	0.5	%	4.0	%	—	%	4.0	%
Asia Pacific	(6.8	)%	(7.7	)%	—	%	(7.7	)%	—	%	—	%	—	%	—	%

Adjusted EBITDA:
Consolidated	8.1	%	8.3	%	—	%	8.3	%	9.4	%	10.2	%	—	%	10.2	%
U.S. Markets	6.8	%	6.8	%	—	%	6.8	%	9.4	%	9.4	%	—	%	9.4	%
International	7.2	%	8.0	%	—	%	7.9	%	4.9	%	7.6	%	—	%	7.6	%

Constant Currency (“CC”) growth rates assume foreign currency exchange rates are consistent between years. This allows financial results to be evaluated without the impact of fluctuations in foreign currency exchange rates.
Organic CC growth rate is the CC growth rate less the inorganic growth rate.

SCHEDULE 2 TRANSUNION AND SUBSIDIARIES Consolidated and Segment Revenue, Adjusted EBITDA, and Adjusted EBITDA Margin (Unaudited) (dollars in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Revenue:
U.S. Markets gross revenue
Financial Services	$	419.9		$	358.7		$	823.5		$	710.4
Emerging Verticals		323.6			308.5			638.5			606.0
Consumer Interactive		146.9			142.1			285.1			281.5
U.S. Markets gross revenue	$	890.4		$	809.3		$	1,747.0		$	1,597.8

International gross revenue
Canada	$	42.3		$	38.8		$	80.1		$	76.5
Latin America		34.1			34.5			66.9			67.4
United Kingdom		67.2			56.6			126.1			110.8
Africa		18.2			15.8			35.1			30.9
India		66.6			63.5			135.3			134.6
Asia Pacific		24.5			26.2			51.5			51.5
International gross revenue	$	252.9		$	235.4		$	495.0		$	471.7

Total gross revenue	$	1,143.2		$	1,044.7		$	2,242.1		$	2,069.6

Intersegment revenue eliminations
U.S. Markets	$	(1.9	)	$	(2.4	)	$	(3.5	)	$	(4.7	)
International		(1.6	)		(1.5	)		(3.1	)		(3.0	)
Total intersegment revenue eliminations	$	(3.5	)	$	(3.9	)	$	(6.6	)	$	(7.6	)

Total revenue as reported	$	1,139.7		$	1,040.8		$	2,235.5		$	2,062.0

Adjusted EBITDA:
U.S. Markets	$	337.2		$	315.8		$	657.4		$	600.9
International		108.0			100.8			217.8			207.6
Corporate		(38.2	)		(40.0	)		(71.0	)		(73.8	)
Adjusted EBITDA Margin:¹
U.S. Markets		37.9	%		39.0	%		37.6	%		37.6	%
International		42.7	%		42.8	%		44.0	%		44.0	%

Segment Adjusted EBITDA Margins are calculated using segment gross revenue and segment Adjusted EBITDA. Consolidated Adjusted EBITDA Margin is calculated using total revenue as reported and consolidated Adjusted EBITDA.

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Reconciliation of Net income attributable to TransUnion to consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1
Net interest expense		47.0			61.2			94.5			124.4
Provision for income taxes		44.4			31.0			85.4			44.1
Depreciation and amortization		142.7			132.9			281.6			266.9
EBITDA	$	343.7		$	310.1		$	719.2		$	585.4
Adjustments to EBITDA:
Stock-based compensation		40.2			27.8			70.5			51.9
Mergers and acquisitions, divestitures and business optimization¹		(4.6	)		0.7			13.2			9.8
Accelerated technology investment²		23.2			18.2			43.3			36.8
Operating model optimization program³		5.4			14.6			15.2			39.1
Net other⁴		(0.8	)		5.2			(57.3	)		11.7
Total adjustments to EBITDA	$	63.3		$	66.5		$	85.0		$	149.3
Consolidated Adjusted EBITDA	$	407.0		$	376.6		$	804.1		$	734.7

Net income attributable to TransUnion margin		9.6	%		8.2	%		11.5	%		7.3	%
Consolidated Adjusted EBITDA margin⁵		35.7	%		36.2	%		36.0	%		35.6	%

As a result of displaying amounts in millions, rounding differences may exist in the tables above and footnotes below.

1.

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025		2024
Transaction and integration costs	$	2.9		$	1.2		$	8.2	$	3.4
Fair value and impairment adjustments		(7.6	)		0.7			5.0		0.8
Post-acquisition adjustments		—			(1.2	)		—		5.7
Total mergers and acquisitions, divestitures and business optimization	$	(4.6	)	$	0.7		$	13.2	$	9.8

2.

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities, which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Foundational Capabilities	$	4.2	$	8.3	$	11.7	$	15.0
Migration Management		19.0		8.7		31.6		18.8
Program Enablement		—		1.2		—		2.9
Total accelerated technology investment	$	23.2	$	18.2	$	43.3	$	36.8

3.

Operating model optimization consisted of the following adjustments:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Employee separation	$	—	$	7.9	$	—	$	24.6
Facility exit		—		0.2		—		1.7
Business process optimization		5.4		6.5		15.2		12.8
Total operating model optimization	$	5.4	$	14.6	$	15.2	$	39.1

4.

Net other consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	—		$	6.0		$	(0.1	)	$	9.1
Other debt financing expenses		0.6			0.6			1.1			1.1
Currency remeasurement on foreign operations		(1.5	)		(1.3	)		(2.1	)		1.3
Legal and regulatory expenses, net		—			—			(56.0	)		—
Other non-operating (income) expense		0.2			(0.1	)		(0.1	)		0.2
Total other adjustments	$	(0.8	)	$	5.2		$	(57.3	)	$	11.7

5.

Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

SCHEDULE 3 TRANSUNION AND SUBSIDIARIES Adjusted Net Income and Adjusted Diluted Earnings Per Share (Unaudited) (in millions, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1

Weighted-average shares outstanding:
Basic		195.0			194.2			195.0			194.2
Diluted		197.2			195.2			197.2			195.3

Basic earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.32		$	0.77
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.31		$	0.77

Reconciliation of Net income attributable to TransUnion to Adjusted Net Income:
Net income attributable to TransUnion	$	109.6		$	85.0		$	257.7		$	150.1
Adjustments before income tax items:
Amortization of certain intangible assets¹		73.1			71.3			143.9			143.3
Stock-based compensation		40.2			27.8			70.5			51.9
Mergers and acquisitions, divestitures and business optimization²		(4.6	)		0.7			13.2			9.8
Accelerated technology investment³		23.2			18.2			43.3			36.8
Operating model optimization program⁴		5.4			14.6			15.2			39.1
Net other⁵		(1.5	)		4.8			(58.2	)		10.7
Total adjustments before income tax items	$	135.6		$	137.4		$	227.9		$	291.6
Total adjustments for income taxes⁶		(32.1	)		(29.4	)		(64.8	)		(69.7	)
Adjusted Net Income	$	213.1		$	193.0		$	420.7		$	372.0

Weighted-average shares outstanding:
Basic		195.0			194.2			195.0			194.2
Diluted		197.2			195.2			197.2			195.3

Adjusted Earnings per Share:
Basic	$	1.09		$	0.99		$	2.16		$	1.92
Diluted	$	1.08		$	0.99		$	2.13		$	1.90

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Reconciliation of Diluted earnings per share from Net income attributable to TransUnion to Adjusted Diluted Earnings per Share:
Diluted earnings per common share from:
Net income attributable to TransUnion	$	0.56		$	0.44		$	1.31		$	0.77
Adjustments before income tax items:
Amortization of certain intangible assets¹		0.37			0.37			0.73			0.73
Stock-based compensation		0.20			0.14			0.36			0.27
Mergers and acquisitions, divestitures and business optimization²		(0.02	)		—			0.07			0.05
Accelerated technology investment³		0.12			0.09			0.22			0.19
Operating model optimization program⁴		0.03			0.08			0.08			0.20
Net other⁵		(0.01	)		0.02			(0.30	)		0.05
Total adjustments before income tax items	$	0.69		$	0.70		$	1.16		$	1.49
Total adjustments for income taxes⁶		(0.16	)		(0.15	)		(0.33	)		(0.36	)
Adjusted Diluted Earnings per Share	$	1.08		$	0.99		$	2.13		$	1.90

Each component of earnings per share is calculated independently, therefore, rounding differences exist in the table above.

	1.	Consists of amortization of intangible assets from our 2012 change-in-control transaction and amortization of intangible assets established in business acquisitions after our 2012 change-in-control transaction.
	2.	Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025		2024
Transaction and integration costs	$	2.9		$	1.2		$	8.2	$	3.4
Fair value and impairment adjustments		(7.6	)		0.7			5.0		0.8
Post-acquisition adjustments		—			(1.2	)		—		5.7
Total mergers and acquisitions, divestitures and business optimization	$	(4.6	)	$	0.7		$	13.2	$	9.8

3.

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform, including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Foundational Capabilities	$	4.2	$	8.3	$	11.7	$	15.0
Migration Management		19.0		8.7		31.6		18.8
Program Enablement		—		1.2		—		2.9
Total accelerated technology investment	$	23.2	$	18.2	$	43.3	$	36.8

4.

Operating model optimization consisted of the following adjustments:

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Employee separation	$	—	$	7.9	$	—	$	24.6
Facility exit		—		0.2		—		1.7
Business process optimization		5.4		6.5		15.2		12.8
Total operating model optimization	$	5.4	$	14.6	$	15.2	$	39.1

5.

Net other consisted of the following adjustments:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Deferred loan fee expense from debt prepayments and refinancing	$	—		$	6.0		$	(0.1	)	$	9.1
Currency remeasurement on foreign operations		(1.5	)		(1.3	)		(2.1	)		1.3
Legal and regulatory expenses, net		—			—			(56.0	)		—
Other non-operating (income) and expense		—			0.1			—			0.3
Total other adjustments	$	(1.5	)	$	4.8		$	(58.2	)	$	10.7

6.

Total adjustments for income taxes represents the total of adjustments discussed to calculate the Adjusted Provision for Income Taxes.

SCHEDULE 4 TRANSUNION AND SUBSIDIARIES Adjusted Provision for Income Taxes and Adjusted Effective Tax Rate (Unaudited) (dollars in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Income before income taxes	$	156.8		$	120.7		$	350.5		$	203.7
Total adjustments before income tax items from Schedule 3		135.6			137.4			227.9			291.6
Adjusted income before income taxes	$	292.4		$	258.1		$	578.5		$	495.3

Reconciliation of Provision for income taxes to Adjusted Provision for Income Taxes:
Provision for income taxes		(44.4	)		(31.0	)		(85.4	)		(44.1	)
Adjustments for income taxes:
Tax effect of above adjustments		(33.0	)		(31.7	)		(65.3	)		(66.7	)
Eliminate impact of excess tax expense for stock-based compensation		(0.2	)		(0.1	)		0.3			0.9
Other¹		1.1			2.5			0.2			(4.0	)
Total adjustments for income taxes	$	(32.1	)	$	(29.4	)	$	(64.8	)	$	(69.7	)
Adjusted Provision for Income Taxes	$	(76.5	)	$	(60.4	)	$	(150.3	)	$	(113.8	)

Effective tax rate		28.3	%		25.7	%		24.4	%		21.6	%
Adjusted Effective Tax Rate		26.2	%		23.4	%		26.0	%		23.0	%

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.

Other adjustments for income taxes include:

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Deferred tax adjustments	$	(2.9	)	$	—		$	(7.4	)	$	(5.2	)
Valuation allowance adjustments		(0.7	)		—			1.5			0.2
Return to provision, audit adjustments and reserves related to prior periods		3.9			3.3			4.9			2.3
Other adjustments		0.8			(0.8	)		1.2			(1.3	)
Total other adjustments	$	1.1		$	2.5		$	0.2		$	(4.0	)

SCHEDULE 5 TRANSUNION AND SUBSIDIARIES Leverage Ratio (Unaudited) (dollars in millions)

	Trailing Twelve Months Ended June 30, 2025
Reconciliation of Net income attributable to TransUnion to Consolidated Adjusted EBITDA:
Net income attributable to TransUnion	$	391.9
Net interest expense		206.8
Provision for income taxes		140.2
Depreciation and amortization		552.5
EBITDA	$	1,291.4
Adjustments to EBITDA:
Stock-based compensation	$	139.9
Mergers and acquisitions, divestitures and business optimization¹		29.9
Accelerated technology investment²		90.8
Operating model optimization program³		71.0
Net other⁴		(47.2	)
Total adjustments to EBITDA	$	284.3
Consolidated Adjusted EBITDA		1,575.7
Adjusted EBITDA for Pre-Acquisition Period⁵		1.7
Leverage Ratio Adjusted EBITDA	$	1,577.4

Total debt	$	5,136.5
Less: Cash and cash equivalents		687.5
Net Debt	$	4,449.0

Ratio of Net Debt to Net income attributable to TransUnion		11.4
Leverage Ratio		2.8

As a result of displaying amounts in millions, rounding differences may exist in the table above.

1.

Mergers and acquisitions, divestitures and business optimization consisted of the following adjustments:

	Trailing Twelve Months Ended June 30, 2025
Transaction and integration costs	$	16.0
Fair value and impairment adjustments		12.6
Post-acquisition adjustments		1.3
Total mergers and acquisitions, divestitures and business optimization	$	29.9

2.

Represents expenses associated with our accelerated technology investment to migrate to the cloud. There are three components of the accelerated technology investment: (i) building foundational capabilities which includes establishing a modern, API-based and services-oriented software architecture, (ii) the migration of each application and customer data to the new enterprise platform including the redundant software costs during the migration period, as well as the efforts to decommission the legacy system, and (iii) program enablement, which includes dedicated resources to support the planning and execution of the program. The amounts for each category of cost are as follows:

	Trailing Twelve Months Ended June 30, 2025
Foundational Capabilities	$	32.3
Migration Management		55.9
Program Enablement		2.5
Total accelerated technology investment	$	90.8

3.

Operating model optimization consisted of the following adjustments:

	Trailing Twelve Months Ended June 30, 2025
Employee separation	$	—
Facility exit		40.5
Business process optimization		30.5
Total operating model optimization	$	71.0

4.

Net other consisted of the following adjustments:

	Trailing Twelve Months Ended June 30, 2025
Deferred loan fee expense from debt prepayments and refinancings	$	8.6
Other debt financing expenses		2.3
Currency remeasurement on foreign operations		(1.3	)
Legal and regulatory expenses, net		(56.0	)
Other non-operating (income) and expense		(0.8	)
Total other adjustments	$	(47.2	)

5.

The trailing twelve months ended June 30, 2025 includes the nine months of Adjusted EBITDA related to Monevo prior to our acquisition in April 2025.

SCHEDULE 6 TRANSUNION AND SUBSIDIARIES Segment Depreciation and Amortization (Unaudited) (in millions)

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024

U.S. Markets	$	105.2	$	99.4	$	206.4	$	200.1
International		36.6		32.5		73.2		64.7
Corporate		0.9		1.0		2.0		2.0
Total depreciation and amortization	$	142.7	$	132.9	$	281.6	$	266.9

As a result of displaying amounts in millions, rounding differences may exist in the table above.

SCHEDULE 7 TRANSUNION AND SUBSIDIARIES Reconciliation of Non-GAAP Guidance (Unaudited) (in millions, except per share data)

	Three Months Ended September 30, 2025						Twelve Months Ended December 31, 2025
	Low			High			Low			High
Guidance reconciliation of Net income attributable to TransUnion to Adjusted EBITDA:
Net income attributable to TransUnion	$	78		$	87		$	412		$	432
Interest, taxes and depreciation and amortization		235			239			931			940
EBITDA	$	312		$	326		$	1,342		$	1,372
Stock-based compensation, mergers, acquisitions divestitures and business optimization-related expenses and other adjustments¹		85			85			238			238
Adjusted EBITDA	$	397		$	411		$	1,580		$	1,610

Net income attributable to TransUnion margin		7.0	%		7.7	%		9.3	%		9.7	%
Consolidated Adjusted EBITDA margin²		35.6	%		36.2	%		35.7	%		36.0	%

Guidance reconciliation of Diluted earnings per share to Adjusted Diluted Earnings per Share:
Diluted earnings per share	$	0.39		$	0.44		$	2.07		$	2.18
Adjustments to diluted earnings per share¹		0.60			0.60			1.96			1.96
Adjusted Diluted Earnings per Share	$	0.99		$	1.04		$	4.03		$	4.14

As a result of displaying amounts in millions, rounding differences may exist in the table above.

These adjustments include the same adjustments we make to our Adjusted EBITDA and Adjusted Net Income as discussed in the Non-GAAP Financial Measures section of our Earnings Release.
Consolidated Adjusted EBITDA margin is calculated by dividing Consolidated Adjusted EBITDA by total revenue.

The MIL Network –

July 24, 2025

MIL-OSI NGOs: Israel/OPT: At UN conference states must prioritize ending Israel’s genocide, unlawful occupation and apartheid

Source: Amnesty International –

The high-level UN conference to discuss a peaceful settlement of the question of Palestine and implementation of the two-state solution next week must be centered around the immediate and effective application of international law, including states’ obligations to prevent and punish genocide and apartheid and end Israel’s unlawful occupation of Palestinian territory, said Amnesty International in an advocacy briefing published today.

The briefing outlines a series of recommendations for states to take meaningful action and exert the necessary pressure on Israel to end its ongoing genocide against the Palestinians in Gaza, lift the inhumane humanitarian blockade and dismantle its unlawful occupation of the Palestinian territory and its system of apartheid imposed on all Palestinians whose rights it controls.

“If the ministers gathering in New York next week are truly committed to forging just, comprehensive and lasting peace and security for both Israelis and Palestinians, the first priority must be to take concrete action to end Israel’s ongoing genocide against Palestinians in Gaza and its unlawful military occupation of Palestinian territory, which has fuelled mass violations against Palestinians and enabled and entrenched Israel’s cruel system of apartheid,” said Agnès Callamard, Amnesty International’s Secretary General.

The current catastrophic crisis created by Israel in Gaza is unbearable, and states must act with urgency and resolve. Statements, condemnation and limited state actions are failing to protect civilians and uphold international humanitarian law.

States must be unequivocal: Israel is not above the law and accountability is a priority.

Amnesty International’s Secretary General Agnès Callamard

“Genuine and meaningful action by states must begin, first and foremost, with the demand for an immediate and sustained ceasefire, as well as the lifting of Israel’s illegal blockade. Without these fundamental urgent steps, any process aimed at addressing the future of Palestinians lacks credibility. How such process be considered meaningful when Palestinians are being slaughtered, starved and forcibly displaced into ever-shrinking pockets of land on a daily basis?”

Among the recommendations, Amnesty International is urgently calling on states to:

Demand an immediate and lasting ceasefire in Gaza, ensure full, unimpeded access to all areas of Gaza and firmly reject Israel’s military-controlled, non-neutral aid distribution model. A principled, UN-led humanitarian response must be immediately restored, and funding for impartial humanitarian organizations must be maintained and expanded.
End any trade or transfers that contribute to or are linked to the genocide, apartheid or the unlawful occupation. This includes in the first place banning all weapons and surveillance equipment transfers and any military assistance to Israel. States must end preferential trade agreements and cooperation deals with Israel, including the EU-Israel Trade Agreement.
Adopt targeted sanctions against those Israeli officials most implicated in international crimes and cooperate with the International Criminal Court, including by implementing its arrest warrants.
Commit to the reconstruction of the Gaza Strip and the rehabilitation of its people while opposing any forced displacement of Palestinians within or outside of Gaza.
Establish mechanisms for reparations and rehabilitation of Palestinians, with Israel bearing the primary financial responsibility.

Amnesty International calls also on corporations to refuse any involvement in, or direct linkage to Israel’s unlawful actions. Corporations must ensure that they are not contributing to serious human rights violations themselves.

The organization also calls on civil society and the public at large to continue mobilizing and campaigning to demand that states abide by their legal obligations under international law and denounce companies, banks and other economic actors that contribute to or are directly linked to Israel’s violations of international law, and demand that they stop.

“States must be unequivocal: Israel is not above the law and accountability is a priority. They must seize the opportunity presented by this conference to end their active or tacit support for Israeli violations or their self-imposed inertia. The conference must lead to a clear commitment by all states to suspend all economic activity that contributes to or is directly linked to Israel’s illegal occupation, its system of apartheid or its genocide against the Palestinians in Gaza,” said Agnès Callamard.

“With the very survival of Palestinians at stake, there’s no time to waste with false promises or platitudes. As people continue to take to the streets to demand global action and as more and more states are recognizing Israel’s genocide for what it is, an empty, performative exercise would not be just tone-deaf, it would be unconscionable. For this conference to be anything more than a charade, states must heed our calls. They must turn words into action that is firmly rooted in international law and protection of human rights.”

Co-chaired by France and Saudi Arabia, the High-level International Conference for the Peaceful Settlement of the Question of Palestine and the Implementation of the Two-State Solution will take place in New York from 28 to 29 July 2025. Agnès Callamard and other Amnesty International spokespeople will be available for interviews.

MIL OSI NGO –

July 24, 2025

MIL-OSI Europe: Italy: EIB and Eni sign €500 million finance agreement to convert Livorno refinery into a biorefinery

Source: European Investment Bank

This will be Eni’s third biorefinery in Italy, after those in Venice and Gela.
Among the distinctive features of the project, in addition to the use of advanced technologies, there is the possibility of adapting the plant to also produce SAF (sustainable aviation fuel) in the future.
This initiative contributes to the European Union’s decarbonisation goals, with particular reference to the transport sector, and confirms Eni’s energy transition path.
The project is part of Enilive’s strategy to reach more than five million tonnes of biorefinery capacity by 2030.

The European Investment Bank (EIB) and Eni have signed a €500 million 15-year finance contract to support the conversion of Eni’s Livorno refinery in Tuscany into a biorefinery. The agreement was signed today at Eni’s headquarters in San Donato Milanese by EIB Vice-President Gelsomina Vigliotti and Eni CEO Claudio Descalzi.

Eni’s project involves the construction of new plants to produce hydrogenated biofuels at the Livorno refinery site, including a biogenic pre-treatment unit and a 500 000-tonne/year Ecofining™ plant.

Thanks to its proprietary Ecofining™ technology, Eni’s company dedicated to sustainable mobility, Enilive, produces HVO (hydrogenated vegetable oil) – a biofuel made from renewable raw materials[1] such as used cooking oil and agrifood waste. Pure HVO can now be used in approved engines and is distributed through existing infrastructure.

EIB Vice-President Gelsomina Vigliotti said: “The EIB financing is key to delivering a project of high environmental, technological and strategic value, helping to promote the decarbonisation of the transport sector. This is a concrete example of how industrial innovation can accelerate the path towards climate neutrality, while generating sustainable value for regions.”

Eni CEO Claudio Descalzi said: “The agreement with the EIB confirms Eni’s concrete and high-quality commitment in the transition towards increasingly decarbonized energy. It also underscores the validity of our approach, which is to invest and leverage all available and effective initiatives and technologies for reducing emissions. This virtuous approach is now leading us to convert a third refinery into a biorefinery in Italy, following the examples of Venice and Gela.”

HVO biofuels play a key role because they can make an immediate contribution to reducing transport sector emissions generated not only on roads, but also by air traffic, maritime and rail transport (calculated along the entire value chain). The conversion of the Livorno site is in line with Enilive’s strategy to increase the production of biofuels in response to growing demand in Europe and Italy, in order to meet both emission reduction targets under RED III (Renewable Energy Directive) and the obligations to release pure biofuels for use as defined by Italian legislation. Worldwide, it is estimated that the demand for hydrogenated biofuels will increase by 65% over the period 2024-2028[2].

The Livorno biorefinery will be able to treat different types of biogenic charges, mainly waste and residues of plant origin, to produce HVO diesel, HVO naphtha and bio-LPG.

Among the distinctive features of the project, in addition to the adoption of advanced technologies, there is the possibility in the future of modifying the layout of the plant to have the flexibility to also produce sustainable aviation fuel (SAF), which is a key element of efforts to decarbonise aviation. This gives flexibility to the investment and brings it up to speed with the environmental priorities of the European Union, broadening the potential impact.

This operation is part of the energy transition at national and European level, contributing substantially to decarbonisation of the transport sector and the reduction of CO₂ emissions. It also supports the achievement of Italy’s targets for the production of pure biofuels, which under current legislation provides for a gradual increase in use from 300 000 tonnes per year in 2023 to one million tonnes by 2030.

Background information

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. In the last five years, the EIB Group has provided more than €58 billion in financing for projects in Italy. All projects financed by the EIB Group are in line with the Paris Climate Agreement. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation and adaptation, and a healthier environment. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower.

Eni is a global energy tech company operating in 64 Countries, with about 32.500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni’s goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers. In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni’s areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy – a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.

[1] In accordance with the EU Renewable Energy Directive

[2] IEA Renewables 2023 report, main case, analysis and forecast to 2028.

MIL OSI Europe News –

July 24, 2025

MIL-OSI Europe: Italy: EIB and Eni sign €500 million finance agreement to convert Livorno refinery into a biorefinery

Source: European Investment Bank

This will be Eni’s third biorefinery in Italy, after those in Venice and Gela.
Among the distinctive features of the project, in addition to the use of advanced technologies, there is the possibility of adapting the plant to also produce SAF (sustainable aviation fuel) in the future.
This initiative contributes to the European Union’s decarbonisation goals, with particular reference to the transport sector, and confirms Eni’s energy transition path.
The project is part of Enilive’s strategy to reach more than five million tonnes of biorefinery capacity by 2030.