Informa Posts Record 2025 Results, Announces Accelerated Buybacks and Confident 2026 Outlook

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.