RWS Holdings PLC: 1H26 - delivering to plan

Research evidence excerpt

RWS Holdings PLC: 1H26 - delivering to plan

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy RWS Holdings PLC 11 June 2026

Results

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 10 Jun 2026 (GBP) 102.70

RWS.L RWS LN LSE RWS

Price Target (GBP) 175.00

Business Services

52-week range (GBP) 109.50 - 70.90

Professional Services

1H26 - delivering to plan

Valuation & Risks

James Beard

H1 results as expected Research Analyst

Revenue was £360m +5% YoY (+7.8% organic), gross margin 41.6% -170bp, EBIT +44-20-754-56765

£26.4m +28% with EBIT margin 7.3% +130bp, PBT £24m (as guided) +33%, EPS

David Brockton

4.9p (DBe 4.8p) +34%, DPS 1.75p -29%. Pre-IFRS 16 net debt was £32.5m. Research Analyst

+44-20-754-11721

Strong momentum in Generate; progress in Transform; Protect growth should be Steve Woolf

boosted by Obviously acquisition

Research Analyst

Generate delivered 52% organic revenue growth driven by strong momentum in

+44-20-754-54604

TrainAI which benefited from exceptional revenues from an additional programme

with an existing client, as well as new customer wins and growth with other existing Bharat Rajesh, CFA

customers. Protect organic revenue growth of -4.6% was consistent with previous Research Associate

guidance but EBIT growth of 17% (margin +100bp) reflected strong cost control

and productivity improvements, and the Language Weaver Pro launch has been Ben Wild

well received. Transform revenues grew +3.3% broadly in line with guidance albeit Research Analyst

EBIT -37% due to mix and investments in growing the business. On 05 May, RWS +44-20-754-15334

announced the acquisition of Obviously for a £16.5m initial consideration and an

earn-out of up to £23.5m. Obviously is an AI-enabled platform to enable IP and Key changes