1H26 - 8% Live B2B Events Growth, Guidance Re-iterated

研报英文原文证据摘录

1H26 - 8% Live B2B Events Growth, Guidance Re-iterated

Update

July 30, 2026 06:15 AM GMT

Morgan Stanley & Co. International plc+MInforma | Europe George W Webb

Equity Analyst

1H26 - 8% Live B2B Events George.Webb@morganstanley.comWilliam Richards +44 20 7425-2686

Research Associate

William.Richards1@morganstanley.com +44 20 7425-0269

Growth, Guidance Re-iterated Mark Hyatt

Mark.Hyatt@morganstanley.com +44 20 7677-3663

AlphaSignals Earnings Reaction

Informa (INF.L, INF LN)

Unchanged Modest upside Largely unchanged

Media & Entertainment | United Kingdom

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Overweight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target 1,085p

Shr price, close (Jul 29, 2026) 905p

8% underlying growth in B2B Live Events underscored a strong 52-Week Range 1,000-719p

1H result, with 5.1% total group underlying growth, or 6.8% MktNet debtcap, curr(12/26e)(mn) (mn)* £12,459£2,709

when excluding non-recurring contracts in 1H25. We expect EV, curr (mn)* £15,915

limited consensus forecast changes, but reiterated FY * = GAAP or approximated based on GAAP

confidence, including on top-line growth, is an incremental

positive.

Key Takeaways

1H26 underlying revenue growth of 5.1% y/y (incl. non-recurring data access

contracts (nDACs)) above consensus at 4.8%

Excluding nDACs, 1H26 group underlying revenue growth was +6.8% y/y; B2B

Live Events at +8.0%, Taylor & Francis +5.4%, and Informa TechTarget -1.3%

c. 2% 1H26 revenue beat versus consensus, c. 3% adj. EBIT beat, and c. 7% adj.

diluted EPS (aided by fast pace of YTD buybacks)

FY26 revenue guidance reiterated at 6%± underlying, while £100m added to the

buyback (to £350m total)

Our FY26 adj.