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Pearson (PSON) investor relations material
Pearson H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Underlying sales and adjusted operating profit rose 2% in H1 2025 to £1,722m and £242m, meeting expectations and reaffirming full-year guidance.
Adjusted EPS fell to 24.5p due to FX headwinds and higher interest costs, despite positive trading and share buybacks.
Free cash flow surged by £129m to £156m, aided by a £114m State Aid tax repayment; net debt reduced to £1.0bn.
Interim dividend increased 5% to 7.8p, and a £350m share buyback is underway.
Strategic progress included new partnerships (Microsoft, AWS, Google Cloud), the eDynamic Learning acquisition, and a focus on AI and demographic trends.
Financial highlights
Statutory sales declined 2% due to currency, but statutory operating profit rose 10% to £240m.
Adjusted operating margin flat at 14% for H1 2025.
Net cash from operations was £188m; net debt at 30 June 2025 was £1,027m, down from £1.2bn prior year.
Free cash flow conversion strong at 90–100%, supported by working capital management and State Aid recovery.
Interim dividend set at 7.8p (up 5%); £169m of shares repurchased by June 2025, 48% of the buyback programme.
Outlook and guidance
2025 guidance reaffirmed, with stronger H2 and Q4 growth expected across most segments.
Adjusted operating profit guidance updated to £611m due to FX impact.
Medium-term targets: mid-single digit underlying sales CAGR, 40bps average margin improvement per year, and 90–100% free cash flow conversion.
eDynamic Learning acquisition not expected to materially impact 2025 guidance due to integration costs.
Segment outlook: A&Q to grow low to mid-single digits, Virtual Learning to return to growth in H2, Higher Ed growth to exceed 2024, ELL growth to moderate, and Enterprise Learning & Skills to grow high single digits.
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