H1 26: In-line; FY26 revenue guidance revised downwards driven by New Homes

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H1 26: In-line; FY26 revenue guidance revised downwards driven by New Homes

UpdateMmortgage market, although revenue improved by £1.2m versus 2H25. Rightmove

reiterated guidance for 20% to 30% Strategic Growth Areas revenue growth, with

H2 growth expected to be more than double the H1 rate.

Other. A proposed competition class action is seeking damages of up to £1.56bn.

The claim must first be certified by the Competition Appeal Tribunal, with a hearing

due in November 2026. Rightmove expects related costs of c.£4m to £7m in 2026,

including £2.3m recorded in H1, and the statement says: "the Group considers the

proposed claim to be without merit and will continue to defend it vigorously."

Forecasts/view. For FY26, we forecast revenues of £457m (+7.6%) and Adj. EBIT of

£309m (67.5% margin), compared to consensus of £460m (+8%)/£308m (66.9%

margin). Following today's results, we expect a modest revision in consensus

forecasts expectations despite EPS guidance remaining unchanged. On our forecasts,

the stock trades on 15.6x 2026e P/E and a 6.5% FCF yield. We rate the shares

Underweight with a 495p price target.

Exhibit 1: Results versus expectations

Actual MS Consensus Dif Difference

H126 H1/26E H1/26E vs MS vs Consensus

Agency (incl. rental) 164 160 162 2% 1%

New Homes 38 39 39 -2% -1%

Core revenue 202 200 201 1% 1%

Commercial 8.4 8.0 8.6 5% -3%

Mortgages 3.4 8.1 6.2 -58% -45%

Strategic Growth Areas Rev. (excl. rental) 11.8 16.1 14.8 -27% -20%

Other 11.9 12 11 -2% 5%

Total Revenue 226 228 227 -1% 0%

Cost above Adj. EBIT 70.7 69 72 2% -2%

Adj. EBIT 155 159 155 -2% 0%

Margin 68.7% 69.6% 68.3% -0.9pp. 0.4pp.

Memberships, period end 19,357 19,450 19,415 0% 0%

o/w Agencies 16,591 16,549 16,526 0% 0%

o/w New Homes 2,766 2,901 2,889 -5% -4%

Total ARPA 1,726 1,715 1,715 1% 1%