YouGov (YOU) H2 2025 earnings summary

Executive summary

• Revenue reached £389 million, up 16% reported and 1% underlying, with a 16% margin and an 8% increase in reported EPS, reflecting stable but slower growth as the company focuses on stability, investment, and execution of the SP3 strategy.

• Adjusted operating profit was £60.7 million, up 22% reported and 26% underlying, driven by the full-year impact of YouGov Shopper and cost optimization savings.

• The company is emphasizing innovation, particularly in AI-driven data collection and analysis, with new methodologies and dashboard enhancements.

• Strategic focus includes expanding public data visibility, panel innovation, and transitioning toward a platform business model.

• Margin recovery and stable revenue as execution of the SP3 strategy commenced.

Financial highlights

• Revenue grew to £389 million, with core business up 1% and YouGov Shopper and Data Products contributing significantly.

• Americas led growth, APAC performed well, while Europe was flat due to headwinds in Switzerland and Germany.

• Cash conversion ratio remained stable at 71%; CapEx decreased, with efficient panel development and lower technology maintenance spend.

• Net debt/EBITDA closed at 1.7x, with a robust balance sheet and reduced loan payments to €20 million annually for FY26 and FY27.

• Operating cash generation increased to £63.3 million.

Outlook and guidance

• Modest improvement in revenue and margin expected for FY26, with continued investment in data science and technology to accelerate platform transition.

• FY26 trading has started in line with expectations; backlog entering the year is 3% higher than last year.

• Inflationary price increases are being implemented after a period of flat pricing.

• Full launch of new AI-driven products is expected after further client testing, with broader deployment likely in FY27.