Informa half-year results 2026: growth holds firm as buyback rises

Informa PLC has delivered another period of underlying growth, led by its international portfolio of business events and a resilient performance from Academic Markets.

The headline numbers require some unpacking. Reported revenue increased by just 1.4%, while adjusted operating profit and adjusted earnings per share both declined. However, these figures were affected by event timing, conflict-related rescheduling in the IMEA region and a significant non-recurring data contract in the prior-year comparison.

On the company's preferred like-for-like measure, excluding that contract, underlying revenue grew by 6.8% and underlying operating profit increased by 6.9%.

Management has reaffirmed its full-year guidance, increased the interim dividend by 6.9% and raised the 2026 share buyback commitment from £250 million to £350 million.

Informa's key half-year figures

Metric	H1 2026	H1 2025	Change
Revenue	£2,063.8 million	£2,035.9 million	+1.4% reported
Adjusted operating profit	£548.3 million	£578.9 million	-5.3%
Adjusted operating margin	26.6%	28.4%	-1.8 percentage points
Adjusted diluted EPS	26.6p	29.8p	-10.7%
Statutory operating profit or loss	£323.3 million profit	£137.0 million loss	Improved
Free cash flow	£283.9 million	£356.9 million	-20.5%
Interim dividend	7.48p	7.0p	+6.9%
Net debt including leases	£3,027.5 million	£2,968.8 million	Increased

Underlying growth adjusts for factors such as acquisitions, disposals, currencies and the timing of events. Excluding the prior-year non-recurring data contract gives an additional view of the recurring trading performance.

This distinction matters because the reported figures look considerably softer than the underlying growth rates.

Live Events remains the main growth engine

B2B Live Events generated revenue of £1,590.3 million, representing 8.0% underlying growth. The division accounted for more than three-quarters of group revenue during the period.

Informa Markets was the standout performer, delivering 10.4% underlying revenue growth. Informa Connect grew by 5.4%, while Informa Festivals recorded growth of 1.9%.

Live Events business	Revenue	Underlying growth
Informa Markets	£991.5 million	10.4%
Informa Connect	£380.6 million	5.4%
Informa Festivals	£218.2 million	1.9%
Total B2B Live Events	£1,590.3 million	8.0%

Demand was reported across several regions and specialist categories, including finance, healthcare, pharmaceuticals and food.

The complication is the conflict-related disruption within parts of IMEA, which covers India, the Middle East and Africa. Informa moved more than 15 event brands from the first half into the second half and deferred some events or launches until 2027.

This reduced first-half reported profit and margins, but management believes the broader international portfolio can absorb the disruption. Full-year guidance for at least 7% underlying revenue growth in B2B Live Events has been maintained.

That is encouraging, although the second-half schedule is now fuller and execution will be important. Further disruption in affected markets could place additional pressure on event timing and profitability.

Academic Markets is stronger than the reported decline suggests

Taylor & Francis, Informa's Academic Markets business, reported revenue of £308.5 million, down 6.1% on a reported basis and 4.4% on the standard underlying measure.

This comparison includes a significant non-recurring data contract secured in the first half of 2025. Excluding that contract, underlying revenue grew by 5.4%, ahead of the division's full-year target of 4%.

Management highlighted good performances from subscriptions, Open Research and Advanced Learning. It is also investing in international sales, underserved customer segments and faster publication processes.

Adjusted operating profit nevertheless declined by 14.8% to £94.1 million, with the adjusted margin falling from 33.6% to 30.5%.

For investors, the recurring growth rate is positive, but the lower reported profit demonstrates how unusually large contracts can distort comparisons between periods.

Informa TechTarget remains the weak spot

B2B Digital Services revenue declined by 1.3% on an underlying basis to £165.0 million.

Informa said US enterprise technology companies continue to prioritise artificial intelligence research and development over product marketing, custom research and sales support. That has created a subdued backdrop for Informa TechTarget.

There was some progress in profitability. Adjusted operating profit increased from £0.2 million to £4.7 million, giving an adjusted margin of 2.8%.

However, the division remains small in profit terms and management has only guided for full-year revenue growth, without disclosing a specific percentage target.

Guidance and revenue visibility provide reassurance

Informa has reaffirmed its group guidance for approximately 6% underlying revenue growth and double-digit underlying growth in adjusted diluted EPS at constant currency, adjusted for event phasing and non-recurring data contracts.

Around $4.5 billion of 2026 revenue is already committed or visible through subscriptions, bookings and contracts. This represents roughly 80% of targeted full-year revenue and is pacing ahead of the prior year on a like-for-like basis.

Visibility into 2027 is also building, with more than $0.8 billion of revenue forward booked for the first half.

This level of forward visibility is one of the more reassuring features of the results. It does not eliminate operational, geopolitical or currency risks, but it gives management a substantial contracted revenue base from which to deliver its targets.

Cash flow, debt and shareholder returns

Free cash flow declined by 20.5% to £283.9 million. The reduction reflected lower adjusted profit, increased capital expenditure, higher interest payments and higher tax payments, partly offset by improved working capital movements.

Net capital expenditure rose from £44.1 million to £63.1 million, partly because of investment in the One Informa programme. Net cash interest payments increased by £25.0 million to £76.1 million.

Net debt including leases stood at £3,027.5 million, while leverage was 2.4 times. The group reported total liquidity of £1,743.1 million at the end of June and no further debt maturities until October 2027 following the repayment of a £450 million bond in July.

Against that backdrop, the board increased the interim dividend by 6.9% to 7.48p per share. It also added £100 million to the 2026 share buyback programme, taking the total commitment to £350 million.

The dividend is due to be paid on 18 September 2026 to shareholders on the register at the close of business on 7 August 2026.

What investors should watch next

The most important test is whether the rescheduled event portfolio converts into the expected second-half revenue and profit. Informa's visibility and geographic diversification are helpful, but conflict-affected markets remain uncertain.

Investors should also monitor the recovery at Informa TechTarget, the margin performance of Taylor & Francis and the conversion of underlying growth into free cash flow.

Overall, the half-year statement shows a business with healthy recurring momentum beneath a softer set of reported earnings. The reaffirmed guidance, higher dividend and expanded buyback are positives, but weaker free cash flow, lower adjusted EPS and geopolitical disruption stop this from being a completely clean result.

The full figures and accompanying notes are available in the original company announcement.