Informa: H126 demonstrates resilience and forward momentum with IMEA risks well contained - reiterate OW

研报英文原文证据摘录

Informa: H126 demonstrates resilience and forward momentum with IMEA risks well contained - reiterate OW

C A Z E N O V E Europe Equity Research

31 July 2026

Informa Overweight

INF.L, INF LN

H126 demonstrates resilience and forward momentum Price (30 Jul 26):914p

with IMEA risks well contained - reiterate OW Price Target (Dec-27):1,285p

As expected, management struck a confident tone through H126 reporting (here), European Internet & Media

ACframing IMEA as a manageable, timing- and mix-driven dislocation (logistics-led Lara Simpson

deferrals), with risk contained through the combination of rescheduling and (44-20) 7134-3637

customer flexibility. The broader portfolio was positioned as the key cushion, lara.simpson@jpmorgan.com

supported by strong forward visibility ($4.5bn± committed/visible, c.80% of 2026 J.P. Morgan Securities plc

targeted revenues) and a resilient operating playbook – driving outperformance Marcus Diebel

outside impacted markets, substituting domestic/intra-regional participation (44-20) 7742-4447

marcus.diebel@jpmorgan.com

where needed, and protecting long-term brand value through rescheduling and J.P. Morgan Securities plc

selective deferrals, offset by targeted regional opportunities. Shareholder returns

Daniel Kerven

were a supportive pillar, with the increased 2026 share buyback commitment to (44-20) 7134-3057

£350m viewed as a signal of confidence and potential source of further capital daniel.kerven@jpmorgan.com

return optionality as the year progresses, while visibility into 2027 was framed as J.P. Morgan Securities plc

building positively (H127 forward booked revenues $0.8bn+). Overall, we Thyagarajan J

continue to like the name for its diversified growth engines, high-quality forward (91-22) 6157-5005