Rightmove (RMV) Trading update summary

Trading and strategic progress

• 4M to 31 Oct: revenue and profit growth in line with prior 2026 guidance; underlying EPS growth guidance raised to at least 7% from at least 5%.

• Ask Rightmove added Comparison Assistant in October; users engaging with its features spent over 2x more time, saved 3x as many properties and sent over 3x as many leads.

• Consumer time share was 90% per Comscore and 76% per SimilarWeb/Sensor Tower; over 85% of traffic was organic/direct and less than 1% came from large language models.

• Call transcription reached all Estate Agency partners, with over 2m calls transcribed; Call Intelligence enriched over 1m calls and the AI Assistant was used by 14,000 estate agents.

• Estate Agency partner retention was 92% at end-October, the second-highest in 10 years; 2027 productivity target was upgraded, with over 60% more releases than the comparator period.

Market conditions

• Average 5-year fixed mortgage rates rose to 5.5% at 31 Oct from 5.0% at 30 Jun; buyer demand fell 10%, sales agreed fell 9%, and average house prices were 0.3% lower YoY.

• Rental enquiries per available property increased and rental prices rose 2.9% YoY; New Homes had 6% fewer developments on site at 31 Oct than at 31 Dec 2025.

• The Your First Home scheme is expected to affect housebuilding volumes later in 2027 and onwards, subject to implementation.

Guidance and capital returns

• 2026 guidance: revenue growth 6–7%, ARPA growth £100–£110, underlying operating profit growth at least 3%, Strategic Growth Area growth 20–30% and EPS growth at least 7%.

• 2027 expectations: revenue growth similar to 2026; ARPA growth £100–£110, broadly flat Core membership, Strategic Growth Area growth 20–30%, operating profit growth 4–7% with margin at least 67%, and EPS growth at least 10%.

• Shareholder returns are expected to exceed £400m from 31 Jul 2026 to 31 Jul 2027; about £125m had been returned since 31 Jul, with a further £80m of buybacks expected by year-end.

• New Growth initiatives remain on track to be announced and scaled over 2027 and 2028; consumer innovation delivery is on track to double its pace.