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Pearson (PSON) investor relations material
Pearson Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 sales growth accelerated to 4%, with broad-based execution across business units and strong performance in virtual learning and assessment segments.
Virtual learning saw standout 17% sales growth in Q3, driven by improved digital marketing, enrollment processes, and new school openings.
Strategic progress includes new partnerships with Cognizant, Deloitte, and Salesforce, and expansion of AI-powered study tools and content.
English language learning returned to growth in Q3, led by PTE's resilience despite challenging migration conditions.
Q3 performance aligns with expectations, with confidence in a strong Q4 and annual results in line with market expectations.
Financial highlights
Q3 sales growth reached 4%, up from 2% for the nine-month period.
Virtual learning delivered 17% sales growth in Q3 and 4% for nine months, with 13% enrolment growth.
Assessment and qualifications segment grew 4% in Q3 and 2% for nine months; Pearson VUE returned to growth.
Higher education segment grew 2% over nine months, with U.S. core higher ed showing sustained growth.
English language learning up 1% in Q3, down 1% for nine months, with strong PTE performance.
Outlook and guidance
Strong Q4 expected, with business unit dynamics supporting assessments, qualifications, and English language learning.
Group sales growth and adjusted operating profit expected in line with market expectations for 2025.
Beyond 2025, targeting mid-single digit underlying sales growth CAGR, sustained margin improvement, and strong free cash conversion.
Adjusted net finance costs expected at £65m; effective tax rate on adjusted profit before tax between 24% and 25%.
Free cash flow conversion expected at 90-100%, plus £0.1bn State Aid repayment received in Q1 2025.
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