Informa PLC

Latest Results (29.12.2025):

Informa PLC - H1 2025 (half‑year to 30 June 2025) results show strong commercial momentum: reported revenue rose 20.1% to £2,035.9m and adjusted measures (reflecting acquisitions and other adjustments) delivered 20%+ growth across revenues, adjusted operating profit, adjusted diluted EPS and free cash flow, while statutory results were impacted by a large non‑cash goodwill impairment at Informa TechTarget.

Headline financials

Reported revenue +20.1% to £2,035.9m; adjusted operating profit +24.0% to £578.9m; adjusted diluted EPS +25.2% to 29.8p; free cash flow +25.0% to £356.9m. Adjusted operating margin improved to 28.4% (H1 2024: 27.5%).

Underlying performance

Underlying revenue growth was +7.8% and underlying adjusted operating profit +9.2%, driven mainly by Live B2B Events and Taylor & Francis.

Statutory vs adjusted impact

Statutory operating loss of £137.0m and statutory diluted EPS (loss) (5.9)p reflect a £484.2m non‑cash goodwill impairment in Informa TechTarget; adjusted results exclude these and other one‑off items.

Guidance upgrade and shareholder returns

2025 guidance upgraded: group underlying revenue growth to 6%± (Live B2B Events 8%+); reported revenue maintained at ~£4bn and adjusted earnings growth raised to 10%+. Interim dividend increased 9.4% to 7.0p. Share buybacks: £200m completed YTD and an additional £150m confirmed for H2 (total £350m in 2025).

Revenue visibility and pipeline

Forward visibility strong: ~£3.1bn committed/visible (~80% of 2025 revenue) and a further £0.5bn+ already booked/committed for 2026 (c.15% Y/Y increase in booked revenue for 2026).

Balance sheet and cash metrics

Net debt (including leases) £2,968.8m at 30 June 2025; completed €700m EMTN in June extending pro‑forma average maturity to 4.5 years. Available liquidity ~£1.91bn (cash £764.9m plus undrawn facilities £1,145.5m). Free cash flow conversion ~61.7%.

Divisional highlights

Live B2B Events revenue £1,535.6m (underlying +8.5%) with strong margins; Taylor & Francis underlying revenue +11.9% (subscription and data licensing strength); Informa TechTarget reported revenue growth on a reported basis (benefiting from acquisitions) but underlying revenues down 4.3% and remains subject to the combination and restructuring plan with full‑year revenue guidance broadly flat.

Outlook, risks and resilience

Management states confidence in delivering 5%+ underlying growth long term and upgraded 2025 guidance. The Group ran downside scenarios and a reverse stress test (can lose ~41% revenue through to end‑2026 and retain positive liquidity), and the Board concluded going concern is appropriate for the next 12 months despite macro and TechTarget execution risks.