Wolters Kluwer (WKL) Q3 2026 TU earnings summary

Executive summary

• Nine-month organic revenue growth was 6%, unchanged YoY, with stronger Q3 growth than H1; full-year 2026 guidance was reaffirmed.

• Recurring revenues grew 7% organically; recurring cloud software grew 15%, while print reduced organic growth by 100 bps.

Financial highlights

• Nine-month revenue rose 2% reported and 4% in constant currencies; a 2% negative currency impact partly offset growth.

• Adjusted operating profit increased 10% in constant currencies, driven by operational gearing and operating efficiencies.

• Adjusted free cash flow increased 3% in constant currencies; working-capital outflows and higher interest and tax paid offset much of operating profit growth.

Outlook and guidance

• FY 2026 guidance unchanged: adjusted operating profit margin ~28.0%, adjusted free cash flow €1,300–€1,350 million, and high-single-digit diluted adjusted EPS growth in constant currencies.

• Adjusted operating profit margin is expected to rise while product development spending increases to 12%–13% of revenue; product development and restructuring costs are expected to rise significantly in Q4.

• Adjusted net financing costs are expected to reach ~€105 million; adjusted tax rate 23.5%–24.5%, capex 5.0%–6.0% of revenue, and cash conversion 95%–100%.

• FY divisional outlook: Health, Tax & Accounting, and Corporate Performance & ESG in line with prior year; Financial & Corporate Compliance and Legal & Regulatory ahead of prior year.