Informa (INF) Status update summary

Trading and outlook

• 2026 on track for 6%+ underlying revenue growth and double-digit underlying adjusted EPS growth; guidance reaffirmed.

• Q4 visibility supported by £1bn+ booked and committed; Live B2B Events growth guided at 7%+, and Academic Markets at 4%, excluding non-recurring data contracts.

• Strength across the Americas, Europe and Asia; 20+ IMEA brands representing ~$200m revenue ran since H1 results, with major brands scheduled through December despite regional flare-ups.

Clarion acquisition and platform

• £2.24bn acquisition expected to complete in Q4 2026, subject to regulatory clearances; valued at 11x 2027 adjusted EBITDA, or 8x after synergies.

• Adds 100+ brands and exposure to Electronics, Defence and Security, and Gaming, while deepening Technology and Energy and expanding geographic reach.

• 2027 revenue of £575m+, adjusted operating margin of 30%+, and annual-event underlying growth of 10%+; ~£100m of biennial revenue makes 2027 an up year.

• Combined B2B Live Events revenue to exceed £4.2bn, with 7%+ underlying growth; platform spans ~1,000 brands, 40 markets and 30 countries, with 9m+ attendees and 220k+ exhibitors annually.

Synergies and returns

• £50m cost and £25m revenue synergies targeted by 2029; benefits begin in 2027, with ~25% in the first full ownership year and delivery weighted mainly to 2028; £50m+ one-off costs.

• Mid-single-digit adjusted diluted EPS enhancement expected in 2027; post-tax ROIC above 10% by 2029, ahead of WACC.