Wolters Kluwer：1H26——利润率强劲，领先于下半年投资

研报英文原文证据摘录

M

Update

August 5, 2026 06:42 AM GMT

Morgan Stanley & Co. International plc+

Wolters Kluwer | Europe

George W Webb

Equity Analyst

1H26 - Margin strength ahead of

2H investments

William Richards

Research Associate

Mark Hyatt

Equity Analyst

AlphaSignals Earnings Reaction

Wolters Kluwer (WLSNc.AS, WKL NA)

Unchanged

Modest upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

1H26 organic growth of c. 5% in-line with expectations; segmental growth

matched consensus across the board, except for CP&E which was marginally

Media & Entertainment | Netherlands

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

Mkt cap, curr (mn)

Net debt (12/26e) (mn)*

EV, curr (mn)*

Equal-weight

In-Line

€80.50

€71.60

€135.75-54.64

€17,299

€3,639

€21,121

* = GAAP or approximated based on GAAP

better

Adj. EBIT margin up 100bps y/y in 1H, to 29.4%, 20bps above MS but 60bps

above consensus; though in our view largely expected post strong 1Q

No changes to group level core guidance. Separately, marginally higher guided

restructuring, marginally lower adj. net financing costs

Segmental outlooks reiterated, except for CP&E where growth is now expected

to be in-line with FY25 at 7% org. (vs. above the prior year previously)

Results may support a minor uplift to consensus FY adj. diluted EPS estimates.

WKL stock trades on 12.7x FY26 adj. P/E, 1.2x PEG

Strong first-half execution, although margin investments to come in 2H: Wolters

Kluwer delivered 5% organic revenue growth in 1H26; within that, recurring

revenues grew 7%, recurring cloud software grew 14%, and organic growth

excluding print was 6%. Adjusted operating profit increased 9% organically, while

the 1H margin was +100bps to 29.4%. That was despite a slight y/y uplift in

restructuring expenses in 1H to €9m (from €5m), but partly benefited from the FRR

disposal. That said, product development spending remained at 11% in 1H26 and

management continue to point to an uplift to 12-13% for the FY, with product

development spending overall this year weighted to 2H.…