Informa (INF) Trading Update summary

Trading performance and growth

• Achieved double-digit underlying revenue growth for the first ten months of 2024 at 10.7%, with B2B Markets up 11.1% and Academic Markets up 10.0%.

• Strong momentum in B2B Markets, especially in Transaction-Led Live Events (+13.5%), Content-Led Live Events (+4.9%), and Tech-focused B2B Events & Digital Services (+11.2%).

• Growth observed across all major regions, with the Americas contributing about 45% of revenue, Asia/ASEAN 25%, IMEA 10%, and UK/Europe 10%.

• IMEA region saw significant expansion, highlighted by Cityscape Global in Riyadh with 170,000+ participants and $61bn+ in transactions.

• Academic Markets benefited from diversified revenue streams, including $75m+ in AI partnership revenues in 2024.

Financial guidance and cash flow

• Reaffirmed upgraded full-year guidance, targeting over £3.5bn in revenue and £975m+ in adjusted operating profit.

• Free cash flow expected to exceed £750m, supported by strong operating cash conversion and divestment of minority holdings.

• Successful €1.75bn bond placement at a 3.33% average cost, securing long-term funding and targeting year-end leverage of around 2.5x net debt to EBITDA.

Strategic initiatives and future outlook

• Forward bookings for 2025 Live B2B Events are on track, with Q1 major event revenues more than 5% ahead year-on-year.

• Launch of Informa Festivals in January 2025 and creation of Informa TechTarget scheduled for early December, aiming to scale B2B Digital Services.

• The 2025-2028 One Informa programme will align operations, brands, technology, and data analytics to drive sustainable 5%+ underlying revenue growth.

• Integration of Live B2B Events businesses and digital platforms to enhance customer experience and operational efficiency.