DB Media & Online #what's appening: DATA/H1 trad. update, HEM, VIV, INF, PRX, NFG/AGM, PSON-CAN/preview

Research evidence excerpt

DB Media & Online #what's appening: DATA/H1 trad. update, HEM, VIV, INF, PRX, NFG/AGM, PSON-CAN/preview

9 July 2026

DB Media & Online #what's appening

n New strategy progressing with focus on portfolio simplification, better

margin, investment in growth capabilities and operational efficiency. The

Track-based framework aligns capital/investment to the most data-, tech-

and AI-enabled businesses with strong growth and long-term value

potential.

n Simplification strategy – some further progress with sale agreement of

certain Elvis Communications businesses (in Creative Services), retaining

roughly half of current, profitable core revenues such as user/customer

experience (we assume HSD millions of revenue). While focusing on better

growth strategically, we see this as a modest-sized transaction and await

completion/further detail.

n M49 arbitration ongoing with NFG maintaining its position on non-

payment of further earn outs and has counterclaimed for previous

payments. NFG assessment of the strength of its legal position is

unchanged. The B/S deferred consideration provision is £68.9m (£63.4m

directly related to M49). Link to report

Pearson (Steve Liechti): 1H preview

We preview 1H figures due 31 July. PSON revenue/profit is weighted seasonally

to 2H (roughly 40/60 usually), though FY26 LFL revenue growth looks far less

skewed to 2H this year vs FY25, even allowing for the A&Q contract loss in 1H.

While AI ‘loser’ basket commentary has reduced, we look to further updates on

tech/AI-driven new product/services. We would also like more on internal

change/commercial focus, visibility on 2H, plus evidence of enterprise

partnership deals conversion to higher growth/margin. This will be the first public

appearance for new CFO, Simon Robson.