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 revenue growth was 7.8% and underlying adjusted operating profit growth was 9.2% compared to H1 2024.

• 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

• Statutory revenue rose 20.1% year-over-year to £2,035.9m; underlying revenue up 7.8%.

• Adjusted diluted EPS increased 25.2% to 29.8p; statutory diluted EPS was (5.9)p due to a £484.2m non-cash impairment at Informa TechTarget.

• Free cash flow grew 25% to £356.9m; operating cash flow conversion at 82.9%.

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

• Net debt at £2,968.8m, leverage ratio at 2.5x, and interest cover at 9.7x.

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).

• Informa TechTarget expects broadly flat revenues for 2025, with improvement anticipated in H2.

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

• Additional £150m share buybacks planned in H2 2025, following completion of initial £200m.

• High revenue visibility into 2026, with £0.5bn+ already booked.