YouGov (YOU) H2 2026 earnings summary

Executive summary

• FY26 revenue was £396.6m, up 2% reported and underlying, marking the 16th consecutive year of revenue growth; all three divisions delivered low-single-digit headline growth.

• Cost discipline, product innovation and Value Delivery Plan execution advanced amid a challenging market; a CEO transition, debt-facility extension and buyback were also announced.

• AI is a source of client demand, operating efficiency and new products, while human panel data remains central to the offering.

Financial highlights

• Adjusted operating profit was £54.3m, down 11%; statutory operating profit was £21.2m, down 32%.

• Adjusted EPS was 30.2p, down 11% reported and 9% underlying; H2 adjusted operating profit was marginally higher YoY, with the EPS decline attributed to H1.

• Adjusted operating margin was 14%, versus 16% in FY25; margin was stable excluding Shopper investment.

• Separately reported items were £33.1m versus £29.3m in FY25, including impairment of £17.2m versus £0.4m; amortisation was £10.1m versus £15.8m.

• Cash restructuring items fell to £5m from £13m.

Outlook and guidance

• FY27 adjusted operating profit guidance is £58m–£61m, representing stated YoY growth of 7%–12%; 49% of expected revenue was contractually secured at the start of the year, marginally above last year.

• FY27 is expected to be the 17th consecutive year of revenue growth; the year started encouragingly, with the order book at a record level for this point in the year and several percentage points above last year.

• The first two Value Delivery Plan waves target a 350 bps annualized adjusted operating margin uplift from the H1 FY26 12.3% baseline, with high confidence of delivery before FY27 ends.

• Shopper investment is expected to remain broadly at FY26 levels; revenue benefits are expected toward FY27 year-end, with marginal segment growth anticipated.

• Cash restructuring costs are expected to remain material as the Value Delivery Plan continues; customer-list amortization is expected to be £10m in FY27.