Another good grade, but top marks are now required

研报英文原文证据摘录

Accessible version

Pearson

Another good grade, but top marks are

now required

Reiterate Rating: NEUTRAL | PO: 1,300 GBp | Price: 1,293 GBp

Reiterate Neutral, 1,300p PO

03 August 2026

We update forecasts following 1H26 results which saw 1) Adjusted operating profit of

£276m, vs. consensus’ £262m; and 2) Full-year revenue and profit guide reiterated. For

us, this is a good set of results, but PSON is the best performer in the B2BMedia peer

group YTD and now trades on 18x CY26E P/E – above 5yr average (16x) and broadly

similar to RELX which offers superior revenue growth. Given the strong YTD

performance, we expect some consolidation on the back of H1 and ahead of the

important Q3 update. We think forecasts need to move higher for further

outperformance from here. Reiterate Neutral, 1,300p PO.

Equity

1H26: Good result overall

PSON reported revenue of £1,779m (cons: £1,763m) representing 4% underlying

revenue growth (cons: 4.2%). Adjusted operating profit implied a strong 15.5% margin

(cons: 14.8%) though within the mix, core A&Q margins were weaker than expected

given sales/contract mix and one-offs. Conversely Higher Education was ahead despite

lower amortisation costs being well-flagged. EPS of 28.9p (cons: 27.0p) was 6% ahead.

(GBp)

Previous

Current

2026E Rev (£m)

3,769.1

3,766.9

2027E Rev (£m)

3,938.1

3,935.7

2028E Rev (£m)

4,112.7

4,109.8

2026E EBITDA (£m)

922.5

918.5

2027E EBITDA (£m)

976.0

971.9

2028E EBITDA (£m)

1,025.9

1,021.7

David Amira, CFA >>

Research Analyst

MLI (UK)

Adrien de Saint Hilaire >>

Research Analyst

MLI (UK)

H2 outlook intact, Q3 the next catalyst

PSON reiterated guidance for underlying MSD growth in revenue. Adjusted operating

profit is similarly still seen in a £640-685m range (cons: £663m i.e. at the mid-point, and

BofAe: £668m). Divisional guide was unchanged apart from in ELL where the tough

market backdrop has persisted. Our FY26 forecasts are broadly unchanged (EPS -1%),

but reflect 1) Higher growth in Virtual Schools (BofAe: 13% vs. prior 12%); 2) ELL growth

cut from 3% to now flat; and 3) Full-year margin in A&Q trimmed. The Q3 update is the

next catalyst, focus will be on 1) college enrolments, where PSON expects modest

…