Informa’s record 2025 and a punchy 2026 plan: what retail investors need to know
Informa has served up a record year. Revenue hit £4,041.4m and adjusted operating profit reached £1,139.8m, with adjusted diluted EPS up 11% to 55.6p. Free cash flow landed at £884.8m, helping to fund £620m of cash returns in 2025 and an increased 2026 buyback commitment to £250m.
The headline message is simple: B2B Live Events continues to do the heavy lifting, first party data is being monetised more effectively, and management is confident enough to guide for faster underlying growth in 2026 and accelerate buybacks while keeping leverage tight.
2025 headline numbers at a glance
| Metric | 2025 | 2024 |
|---|---|---|
| Revenue | £4,041.4m | £3,553.1m |
| Adjusted operating profit | £1,139.8m | £995.0m |
| Adjusted operating margin | 28.2% | 28.0% |
| Adjusted diluted EPS | 55.6p | 50.1p |
| Free cash flow | £884.8m | £812.1m |
| Net debt (incl. IFRS 16) | £3,066.2m | £3,201.8m |
| Leverage ratio | 2.4x | 2.6x |
| Ordinary dividend per share | 22.0p | 20.0p |
| Share buybacks (calendar year) | c.£350m | c.£428m |
| Statutory operating profit | £141.7m | £542.8m |
| Statutory diluted EPS | 0.8p | 22.2p |
Quick jargon check: “Adjusted” excludes items like acquisition amortisation, impairments and one-offs to give a clearer view of trading. “Underlying” growth strips out currency, biennial event timing and M&A to show like-for-like performance.
B2B Live Events remains the growth engine
Live Events delivered £3,002.6m of revenue and £857.5m of adjusted operating profit, with underlying growth of 9.5% in revenue and 12.6% in profit. Margin stepped up to 28.6%. This is where Informa’s “Power of Live” theme shows through: scale brands, deep sector specialism and monetisation beyond floor space into ticketing, hosted buying, matchmaking and sponsorship.
Informa Festivals was notably larger year on year, reflecting portfolio reshaping, while Informa Markets and Informa Connect continued to perform. Management is targeting 7%+ underlying revenue growth for Live Events in 2026, supported by strong early trading in Healthcare and Food brands and expansion in growth regions and categories.
Taylor & Francis: steady core, rebuilding growth drivers
Taylor & Francis posted £670.8m of revenue and £245.7m of adjusted operating profit, with margins steady at 36.6%. Underlying revenue declined 2.1% in 2025, reflecting lower non-recurring data access revenues versus an exceptional 2024. Excluding those contracts, management cites 3.6% underlying growth.
The 2026 plan targets 4%± underlying growth after rebasing, leaning on strong subscription renewals, growing open research volumes, and a push into underweight customer segments such as Corporate. Also in focus: expanding the journal portfolio and diversifying Advanced Learning formats.
Informa TechTarget: impairment drags statutory, execution focus for 2026
Informa TechTarget reported £368.0m of revenue and £36.6m of adjusted operating profit, with a 9.9% margin. On a statutory basis, the division recorded a £562.5m operating loss due to a previously announced non-cash goodwill impairment of £484.2m.
Why it matters: the impairment is the main reason statutory EPS fell to 0.8p, even as adjusted EPS rose 11%. Looking ahead, 2026 is framed as a return-to-growth year following product and go-to-market resets, with an aim for positive revenue growth as AI shifts search behaviour and membership usage rises.
Cash, balance sheet and buybacks: firepower intact
Free cash flow climbed to £884.8m, helped by 106% operating cash conversion and upfront collections for future events. Net debt reduced to £3,066.2m and leverage to 2.4x. Liquidity stood at £1,301.0m, with undrawn facilities of £970.5m.
On financing, Informa issued €700m of bonds in June 2025 and plans to refinance the £450m bond maturing in July 2026. Post the 2025 and 2026 refinancing, average debt maturity is expected to be 4 years with a forward weighted average cost of debt of 4.7%.
Shareholder returns are front and centre. The 2025 dividend rises 10% to 22.0p and buybacks totalled c.£350m. For 2026, the buyback has been increased from £200m to £250m to take advantage of “current equity market dislocation”, with £72.5m already purchased year to date at an average 834p, reducing share count by 8,702,552 shares.
2026 guidance and visibility: growth compounding, with IMEA nuance
Group underlying revenue growth is targeted at 6%± in 2026, ahead of the 5%+ medium-term guide, with double-digit underlying EPS growth. Over £2bn of 2026 revenue, representing 45%+ of the target, is already paid, booked or committed through recurring exhibitor income, subscriptions and forward bookings, pacing ahead of last year like for like.
IMEA is flagged as a continuing growth region following a strong January and February at $250m± of revenue. There is some travel disruption in locations directly affected by military activity, but around 40% of IMEA revenue has already traded or sits in business-as-usual locations, and the rest has been rescheduled into the final four months. Management remains fully committed to 2026 targets.
Strategy update: One Informa, data and AI
The 2025-2028 One Informa programme is about turning leading B2B brands and proprietary first party data into multi-service platforms. Examples include new regional pushes such as Leap East in Hong Kong and Gitex Kenya, and AI-enabled products like Elysia and Lead Insights. The inD partnership with Dubai World Trade Centre closed in January 2026, with Informa owning 52% and consolidating the venture.
Positives, watch-outs and my take
What looks positive
- Broad-based momentum: Group revenue +13.7% reported, underlying +6.3%, with Live Events showing double-digit underlying profit growth.
- Cash machine: £884.8m free cash flow, 77.6% free cash flow conversion and 106% operating cash conversion.
- Clear capital returns: dividend up to 22.0p and a larger £250m buyback for 2026, supported by 2.4x leverage and strong liquidity.
- Forward visibility: 45%+ of 2026 revenue already committed and early strength in major brands.
What to keep an eye on
- Statutory optics: a £484.2m non-cash impairment and higher intangible amortisation pulled statutory EPS down to 0.8p. Not a cash issue, but it will grab headlines.
- Interest costs: adjusted net finance costs rose to £143.7m. The refinancing of the £450m July 2026 bond and the 4.7% forward cost of debt will be worth tracking.
- IMEA execution: rescheduling is in place, but any prolonged disruption could nudge phasing.
- TechTarget delivery: 2026 needs to show that product and sales realignment converts into positive growth.
Investment view in one paragraph
On the numbers disclosed, this is a strong update. Live Events continues to compound, cash generation is robust, leverage is edging down, and management is backing its outlook with a bigger buyback. The statutory loss is largely an accounting clean-up around TechTarget, while the adjusted picture shows healthy, high-margin growth and rising cash returns. If Informa hits its 6%± underlying revenue target, 7%+ in Live Events and delivers positive growth at TechTarget, the case for continued compounding remains intact.
Key 2026 markers to watch next
- Group underlying revenue growth versus the 6%± target and double-digit underlying EPS growth.
- Live Events growth and margin mix as multi-service monetisation scales.
- Taylor & Francis underlying growth at 4%± after rebasing and progress in Corporate sales.
- TechTarget returning to positive revenue growth and margin trajectory.
- Progress of the inD partnership and IMEA trading through the back half.
- Refinancing of the July 2026 £450m bond and interest cover, currently 8.0x.
Bottom line: Informa is leaning into its strengths. Record adjusted profits, rising dividends, an accelerated buyback and firmer 2026 guidance point to a management team confident in its compounding story.
