Strong H126 momentum with FY26 guidance reiterated despite selective deferrals

研报英文原文证据摘录

Strong H126 momentum with FY26 guidance reiterated despite selective deferrals

C A Z E N O V E Europe Equity Research

30 July 2026

Informa Overweight

INF.L, INF LN

Strong H126 momentum with FY26 guidance reiterated Price (29 Jul 26):905p

despite selective deferrals

European Internet & Media

Our Take: Informa’s H126 results showed continued underlying momentum (adj. Lara Simpson AC

operating profit a 4% beat to company consensus), but with headline optics shaped (44-20) 7134-3637

by IMEA-related event phasing and biennial timing effects. The Group reported lara.simpson@jpmorgan.com

underlying revenue growth of +6.8% excluding non‑recurring data contracts, and J.P. Morgan Securities plc

adj. operating profit of £548.3m (+2% beat to JPMe, +4% beat to company- Marcus Diebel

consensus). Performance was supported by strong B2B Live Events (8.0% (44-20) 7742-4447

marcus.diebel@jpmorgan.com

underlying revenue growth) and Academic Markets growth (5.4% underlying J.P. Morgan Securities plc

revenue growth excluding non‑recurring data contracts), while B2B Digital Daniel Kerven

Services declined modestly on an underlying basis (1.3% lower). Importantly, the (44-20) 7134-3057

company has reiterated full-year guidance for c.6%± underlying revenue growth daniel.kerven@jpmorgan.com

and double-digit underlying growth in adjusted diluted EPS (despite select IMEA J.P. Morgan Securities plc

rescheduling, detailed below), emphasising high revenue visibility with $4.5bn± Thyagarajan J

of revenues already committed or visible (around 80% of targeted FY26 revenues), (91-22) 6157-5005

alongside increasing the 2026 share buyback commitment to £350m. While thyagarajan.j@jpmchase.com

J.P. Morgan India Private Limited

management notes “there continues to be a degree of uncertainty in directly