Informa PLC: Committing on EPS guidance for FY26

Research evidence excerpt

Informa PLC: Committing on EPS guidance for FY26

Barclays | Informa PLC

•• They refer to the 7%+ organic revenue growth guidance for B2B Events. But they note

that they will update the market further on the Middle East B2B Live Events in the autumn at

the 1H results on 30th July. There clearly remains some uncertainty on the impact on B2B

Events organic revenue growth from how those shows run and what effect that has.

•• They do not refer to group organic guidance of 6%+ or -. We think that is because

uncertainty remains on the Middle East shows.

•• There is no reference to Informa TechTarget (either for guidance or for the 5mth period).

We assume that this is because they are separately listed and do not want to give a 5mth

update as well as Q1 and Q2. Previously they guided to "growth" at that business for FY26.

Other key points from the release:

•• No change to buyback of £250m for this year at this stage. They are still buying back and we

think they will be done by end July, so they will likely reassess about their H2 buyback plans

at that stage (with more clarity on Middle East hopefully).

•• They expect "further strong growth in adjusted EPS" in 2027, with a "full brand schedule"

expected. In terms of forward bookings into 1H27, they are seeing "annual and biennial B2B

brands pacing to deliver strong growth".

We expect Informa to make decisions on its Dubai shows in Sept-Dec in the next month.

Our forecast for September-December Dubai shows is -30% yoy organic, while our

forecasts for Riyadh shows in the same period is 0% yoy organic. That leaves us on c.3.5%

FY26 group organic growth, compared to original guidance of 6% + or -.

Overall, they are tracking on organic growth as we expected them to at this stage. There