YouGov (YOU) H1 2026 earnings summary

Executive summary

• Revenue increased 2% year-over-year to £194.8 million, with resilient demand in Research and ongoing AI-driven innovation and automation initiatives.

• Statutory operating profit rose 14% to £16.8m, while adjusted operating profit fell 20% to £24.0m due to significant investments, especially in the Shopper division and AI.

• The company is investing in AI and automation, launching new AI-driven products and enhancements.

• A strategic review of the Shopper business is underway, considering deeper integration, data asset combination, or potential disposal.

• Leadership transition is planned, with a new CEO search initiated and a new chairman and CFO appointed.

Financial highlights

• Revenue grew 2% year-over-year to £194.8 million, outperforming many sector peers.

• Statutory operating profit was £16.8m, up 14% year-over-year; adjusted operating profit was £24.0m, down 20%.

• Adjusted EPS reached 11.4p, down 19% year-over-year.

• Gross margin stable at 81%; adjusted operating margin decreased to 12.3% from 15.7%.

• Balance sheet remains strong with cash at £32.8m and net debt at £160.3m; leverage ratio at 2.1x.

Outlook and guidance

• Full-year adjusted operating profit is guided between £52 million and £56 million, at the lower end of consensus, including £6m incremental investment in Shopper.

• Excluding Shopper investments, guidance would have been £58m–£63m.

• Value Delivery Plan (VDP) aims for an annualized adjusted operating profit margin uplift of over 350 basis points by FY 2027.

• 80% of FY26 revenue expectations are contractually secured, slightly ahead of prior year.

• Focus is on optimizing value for 2027 and beyond, not just short-term profit.