B2B Media: 1H26E – For some, the renaissance starts here

Research evidence excerpt

B2B Media: 1H26E – For some, the renaissance starts here

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Media & Internet

B2BMedia: 1H26E – For some, the

renaissance starts here

Price Objective Change

H1 focus stocks: RELX, Scout24 13 July 2026

H1 offers few opportunities for genuine earnings beats, but a chance to reshape the Equity

narrative and for valuation arguments to finally come to the fore. We say position in Europe

stocks where mid-term growth conviction strongest, prefer info services to classifieds. Media & Internet

Our focus names: 1) RELX (one of our “25 for 2026”), where growth improvement in key

Legal and STM divisions could kickstart long-overdue re-rating to unlock c.60% potential Table of Contents

upside; and 2) Scout24 (PO raised 12%), a highly attractive entry point ahead of mid- Key changes 3

term doubling in EPS - conviction likely builds into H2. Elsewhere Wolters Kluwer (Buy)

Valuation 3

remains deep value, Q2 an unlikely catalyst but growth must substantially deteriorate to

RELX: Growing more confident 3

justify current 10% FCF yield – we view as unlikely. Informa (Buy) could draw a line

under Middle East risk and upsize buyback ahead of 2027 acceleration, but dependent on Scout24: Top classifieds pick, rare entry point 3

fluid geopolitical backdrop. We are constructive on Pearson (Neutral, PO raised to Informa: H1 results could draw a line under 3

1,300p) into H1 but further upside following strong YTD performance looks demanding. uncertainty

Wolters Kluwer: Q2 unlikely catalyst, but deep

valueRELX: A chance to reshape the narrative

We are bullish: 1) Expect above-consensus growth in the Legal division in 1H26E (BofA: Pearson: Feeling confident, but room for re- 3

10% vs. consensus: 9%); 2) Arguably more important, guidance in the STM division to be rating limited