Informa (INF) H1 2025 earnings summary

Executive summary

• Achieved over 20% reported revenue growth to £2,035.9m and 24% increase in adjusted operating profit to £578.9m year-over-year, driven by strong performance in Live B2B Events and Academic Markets.

• Underlying group revenue growth was 7.8%, with B2B events revenue up over 8% and academic business nearing 12% growth, aided by non-recurring data licensing agreements.

• Upgraded full-year guidance with underlying revenue growth now expected at 6%± and adjusted earnings growth at 10%+, despite currency headwinds.

• Confirmed additional £150m share buybacks, bringing total 2025 buybacks to £350m and over £1.8bn since 2022.

• Interim dividend increased 9.4% to 7.0p per share, reflecting ongoing commitment to shareholder returns.

Financial highlights

• H1 2025 revenue: £2,036m, adjusted operating profit: £579m, adjusted diluted EPS: 29.8p (up 25.2%), and free cash flow: £357m (up 25%).

• Adjusted operating margin improved to 28.4% from 27.5% year-over-year.

• Net debt/EBITDA at 2.5x, within targeted leverage range; net debt at £2,968.8m.

• Dividend per share increased to 7.0p (H1 2024: 6.4p).

• Adjusted profit before tax: £515.9m; reported profit before tax impacted by adjusting items, resulting in a loss of £254.2m.

Outlook and guidance

• Full-year underlying revenue growth guidance raised to 6%±, with Live B2B Events targeting 8%+ and Taylor & Francis 3-4% (excluding non-recurring Data Licensing Agreements).

• Adjusted EPS growth guidance increased to 10%+, absorbing USD weakness.

• High confidence and visibility in revenue through 2025 and into 2026, with £3.1bn (80% of 2025 revenue) already committed and £0.5bn+ booked for 2026.

• Expectation to maintain current operating profit margins into H2 and full year, both at group and B2B segment levels.

• Interim dividend up 9%+ to 7.0p; further £150m share buybacks confirmed for H2.