Informa (INF) H2 2025 earnings summary

Executive summary

• Achieved double-digit reported growth in 2025, with B2B live markets business growing nearly 10% year-over-year and B2B Live Events contributing 74% of group revenue.

• Profits grew faster than revenues, with adjusted operating profit up 14.6% and EPS up 11.0% year-over-year.

• Free cash flow increased by 9.0% to over £885m, supporting significant cash returns to shareholders.

• Academic business has more than doubled in size, with strong international reach and subject specialization.

• The company operates in highly specialized, diversified micro-markets, providing resilience against macro volatility.

Financial highlights

• 2025 revenue reached £4,041m, up from £3,553m in 2024, with double-digit revenue growth and high single-digit growth in B2B live events.

• Adjusted operating profit rose to £1,140m from £995m year-over-year.

• Free cash flow reached nearly GBP 900 million in 2025, the highest ever, with expectations for further growth in 2026.

• Dividend per share grew 10% to 22.0p, and share buybacks accelerated due to strong cash flow and market conditions.

• Net debt/EBITDA improved to 2.4x from 2.6x.

Outlook and guidance

• 2026 guidance targets 6% group underlying revenue growth, 7%+ for B2B Live Events, and 4% for Taylor & Francis.

• Targeting 5%+ growth in every region and aiming for 30% margins.

• Confident in maintaining guidance for 2026, with strong starts in subscriptions and U.S./China event performance.

• Expecting mid-single digit free cash flow growth in 2026, supporting further buybacks.

• B2B digital services expected to return to growth in 2026 after a challenging debut.