Pearson PLC (PSON.L)：H1小幅超预期；重申指引

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31 Jul 2026 02:09:26 ET │ 11 pages

Pearson PLC (PSON.L)

Small H1 beat; guidance reaffirmed

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Pearson reported H1 results this morning. The key information from the

release is 1) H1 A&Q organic growth has come in at +2% (VA cons: +1%).

This implies that Q2 organic growth accelerated to +c5% and the Q2

growth is in line with the implied H2 growth in order to deliver the FY26E

VA consensus of 3.5%, which now seems well underpinned considering

the headwinds in H2 dissipate relative to H1; 2) H1 Group sales is +1% vs

VA consensus and group adj. EBIT is +3% vs consensus; FY26E guidance

reaffirmed but consensus divisional contribution could move around. For

instance, H1 A&Q adj. EBIT was -8% vs cons;but this was more than offset

by the stronger divisional performance relative to consensus in ELS, VL &

Higher Ed.

H1 organic growth summary — Group revenue was £1,779m, +1% vs VA consensus.

Organic growth for H1 was 4% (all reported organic growth figures are rounded to

1sf.) which is in line with VA consensus of 4.2%. In terms of the divisional

performance, A&Q grew +2% versus VA cons of +1% (CitiE:+1.0%), Virtual Learning

grew +19% vs VA cons: +17.7% (CitE: +17.5%), Higher Education grew 2%, vs VA cons

of +1.9% (CitiE:2%), English Language Learning declined -3% versus VA cons of

+1.2% (CitiE:1%). Enterprise Learning & Skills grew 7% vs VA cons of +6.7%

(CitiE:6%).

H1 profitability, EPS and FCF summary; — Group adj. EBIT was £276m, +3% vs VA

consensus. H1 margin was 15.5%, vs VA cons of 14.8% (CitiE: 15.1%). Margin

improved 140bps yoy, excluding the amortisation benefit, margin still improved by

c100bps yoy, which is reflective of a few factors including the strong operating

leverage and cost efficiencies. In terms of the divisional margin performance, A&Q

was 19.6% versus VA cons of 21.2% (CitiE:21.4%), Virtual Learning was 17.5% vs VA

cons: +17.0% (CitE:+17.0%), Higher Education grew 2%, vs VA cons of +1.9% (CitiE:

2%), English Language Learning declined -3% versus VA cons of +1.2% (CitiE:1%).

Ciaran DonnellyAC

Doyinsola Ojo

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