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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.
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H1 2025 earnings summary1 Aug, 2025

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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Frequently asked questions

Pearson plc is a global education company specializing in digital learning, educational content, assessments, and qualifications. The company provides a wide range of products and services, including online learning platforms, textbooks, standardized testing, and professional certifications. Pearson serves learners, educators, and institutions across sectors such as K-12, higher education, and corporate training. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE (London Stock Exchange).

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