Informa PLC 2025 Full-Year Results

12 March 2026

Compounding Growth

Strong Growth in 2025

·      Strong Financial Performance:¹ Revenue £4,041.4m (2024: £3,553.1m), Adjusted Operating Profit¹ £1,139.8m (2024: £995.0m) and Free Cash Flow¹ £884.8m (2024: £812.1m);

·      Double-Digit Growth:¹ Group reported revenue and operating profit growth of 13.7% and 14.6%, respectively, with Group underlying revenue and adjusted operating profit growth of 6.3% and 8.7%, including 9.5% and 12.6% respectively in B2B Live Events;

·      Improving Margins:¹ Strong underlying revenue growth and focused cost management delivers increase in Adjusted Operating Margin¹ to 28.2% (2024: 28.0%);

·      Growing Earnings per Share:¹ Adjusted diluted earnings per share +11% to 55.6p (2024: 50.1p), the fifth consecutive year of double-digit growth (+16% absent FX and non-recurring data contracts);

·      Free Cash Flow Strength:¹ Operating profit growth and focused cash management delivered 106% operating cashflow conversion and free cash flow of £884.8m, ahead of plan (2024: 812.1m)¹;

·      Statutory Performance: 2025 reported operating profit of £141.7m (2024: £542.8m) and reported diluted EPS of 0.8p (2024: 22.2p), lower year-on-year due to higher intangible amortisation and the previously reported non-cash impairment of Informa TechTarget.

Compounding Growth in 2026

·      The Informa Growth Programme: At Informa's Capital Markets Day in November 2025, the Group committed to delivering consistent 5%+ underlying revenue growth over the next three years, faster underlying profit growth and 8%+ underlying EPS growth;

·      Compounding underlying growth in 2026: We continue to target higher underlying revenue growth in 2026 at 6%±, with B2B Live Events underlying growth of 7%+, alongside double-digit growth in underlying earnings per share (excluding FX movements, biennial phasing and non-recurring data contracts);

·      Strong Q1 Performance and Forward Visibility: 2026 is trading to plan, with strong performances by major B2B brands in Healthcare (HIMSS, WHX Dubai, WHX Labs) and Food (Natural Products Expo, Gulfood), as well as robust subscription renewals at Taylor & Francis; Over £2bn of 2026 revenues (45%+ of target) are already paid, booked or committed via recurring exhibitor revenues, subscriptions and forward bookings, pacing ahead of last year on a like-for-like basis;

·      Continuing growth in IMEA: We continue to target growth in IMEA in 2026 following a strong opening performance in January/February ($250m± revenue). There is currently some travel disruption in locations directly impacted by military activities but it remains business as usual in others. Around 40% of IMEA revenue for the year has either already traded or relates to Brands within BAU locations and, following successful rescheduling, all of the remaining Brands are due to run or have secured a confirmed option to run in the last four months of the year. We therefore remain fully committed to our 2026 targets and long-term growth opportunities.

Growth & Innovation through 2025-2028 One Informa

·      2025-2028 One Informa: Our four-year programme to maximise the growth and value of our B2B platform is building momentum, including in:

o  Brand Value: We continue to extend our brands into growth regions, develop new partnerships in growth categories and use our proprietary first party data to develop new services and additional value e.g. Leap East (Hong Kong), Gitex Kenya;

o  AI Acceleration: We are systematically embedding AI into many operating facets of our business to drive productivity, enhance our products, deliver customer benefits and expand our addressable market, building on our strong foundations in proprietary first party data, trusted brands and the unique Power of Live in a digital world e.g. Elysia, Lead Insights;

o  Customer Experience: We are leveraging our first party data and digital capabilities to reduce friction and personalise our products and services, connecting our industries more effectively and increasing market impact;

o  Data-led Marketing: We are embedding our proprietary first party data deeply into our marketing platforms and go-to-market strategy, delivering more direct, personalised and impactful marketing, driving efficiency and a higher return on investment;  

·      Academic Markets: Taylor & Francis delivered 3.6% underlying revenue growth in 2025 (excluding non-recurring data access contracts) and we are targeting further momentum in 2026 as we expand our journal portfolio, double down on international sales and target underweight customer segments, including the Corporate market;

·      B2B Digital Services: Following a foundational year for Informa TechTarget, the focus for 2026 is to deliver positive growth, leveraging market scale, proprietary first party data, and breadth of product offer, with a particular focus on key customer accounts where the growth opportunities are greatest.

Balance Sheet Strength and Consistent Shareholder Returns

·      Balance Sheet Strength: Strong cash generation supported organic investment in One Informa initiatives, as well as a continuing reduction in year-end leverage to 2.4x net debt to adjusted EBITDA;

·      Consistent Shareholder Returns: Ordinary dividends of 22.0p per share for 2025, +10% year-on-year, combined with c.£350m of share buybacks, delivering £620m in-year cash returns;

·      Accelerating Share Buybacks: The Share Buyback Programme for 2026 started with an initial minimum commitment of £200m. Given the strength of our cashflows and the extent of current equity market dislocation, we are increasing this commitment to £250m, enabling us to increase the rate of share purchases to the daily maximum through to our AGM (subject to safe harbour limits);

·      Sustainability...FasterForward: Continuing delivery of FasterForward sustainability strategy, including the Sustainable Events Fundamentals Programme, recognised through inclusion in Dow Jones Sustainability Index for eighth consecutive year, AAA ESG Rating from MSCI and A- CDP Score.

2025 Financial Summary

¹       In this report, we refer to non-statutory measures, as defined in the Financial Review on page 6 and Glossary on page 39

²      In this document, we refer to Statutory (Reported) and Underlying results. Underlying figures are adjusted for acquisitions and disposals, the phasing of events including biennials, the impact of changes from new accounting standards and policy changes, and the effects of currency. It includes, on a pro-forma basis, results from acquisitions from the first day of ownership in the comparative period and excludes results from sold businesses from the date of disposal in the comparative period. Statutory figures exclude such adjustments. Alternative performance measures are detailed in the Glossary.

³      In this document, we refer to Statutory (Reported) and Adjusted results, as well as other non-statutory financial measures. Adjusted results are prepared to provide an alternative measure to explain the Group's performance. Adjusted results exclude adjusting items as set out in Note 6 to the Financial Statements. Operating Cash Flow, Free Cash Flow, Net Debt, and other non-statutory measures are discussed in the Financial Review and the Glossary.

2026 Growth Outlook

The Informa Group has built an international business of scale delivering consistent 5%+ underlying revenue growth. Our core growth markets of B2B Live Events and Specialist Knowledge have strong structural foundations, with our market leading B2B platform benefiting from several structural tailwinds:

1.      MICE (Meetings, Incentives, Conferences, Exhibitions) as an economic strategy...Fast growth economies using MICE to develop industries, accelerate growth and attract foreign investment and business tourism;

2.     B2B Specialisation...B2B industries becoming increasingly segmented and specialist, creating new market categories and driving demand for specialist B2B Events, Content and Networking;

3.     Supply Chain Refresh/Review...Increasingly complex and dynamic supply chains increase the need to source new suppliers, new distributors, new buyers and new components, a demand-side accelerant for large scale B2B trade shows;

4.     Rising value of face-to-face...Increasing value being placed on high quality B2B face-to-face interactions in an increasingly digital B2B world;

5.     Business Travel consolidates...The power and reach of market leading B2B Event Brands deliver material business travel and time efficiencies, providing access to multiple customers / suppliers / colleagues in a single location;

6.     AI Time Dividend... The AI Time Dividend increases professional time for innovation, creation and business development, rather than process, administration and simple summary.

These structural growth foundations underpin our business and growth prospects for 2026, when we are targeting underlying revenue growth of 6%±, above our medium-term guidance range. This is expected to translate to a sixth consecutive year of double-digit underlying earnings per share growth (i.e. excluding FX movements, biennial phasing and non-recurring data contracts).

B2B Live Events (Informa Markets, Informa Connect, Informa Festivals)

Over the last 10+ years, Informa has built the leading position in B2B Live Events globally, including more than 800 specialist Brands serving 30+ growth market categories in all major geographic regions.

Through our One Informa programme, we are transforming our B2B Live Events business into a multi-service customer-led business, built around major B2B brands and proprietary first party data. This is driving new revenue streams beyond volume and price, including attendee services such as ticketing, hosted buying and curated content, amplification services such as matchmaking, product promotion, accreditation and sponsorship, and supplier partnerships including with hotels and cities.

Combined with the continuing expansion of our B2B Brands into new geographies and market categories, including through partnerships such as inD and Tahaluf in IMEA and Prestige in the Luxury category, this is driving consistently higher levels of growth and performance.

In 2026, we are targeting 7%+ underlying revenue growth for the B2B Live Events Division.

Academic Markets (Taylor & Francis)

Taylor & Francis had a strong year in 2025, with underlying revenue growth of 3.6% (excluding non-recurring data contracts) and further success in licencing, archives and data access, albeit non-recurring data access revenues were lower than the exceptional levels achieved in 2024 ($75m+).

In 2026, the year has started well, with consistently strong renewals and cash collection in our subscription products. Open research volumes also continue to grow strongly, following on from more than 20% growth in submissions, and double-digit growth in published OA articles in 2025.

We are focused on a range of growth initiatives this year, including further investment in our international business, both in the range of relevant and tailored content available and in the capacity and capabilities of our go-to-market teams. 

On content, we are focused on expanding our Journal portfolio through partnership titles and new launches, and diversifying our Advanced Learning through new formats (audiobooks, short-form/serialisation etc) and new products (podcasts, e-learning etc).

We are also targeting underserved customer segments such as the Corporate market, where we have relevant and valuable content and data and are now able to provide a more tailored offering for this customer base.

In 2026, we are targeting 4%± underlying revenue growth (rebasing 2025 performance for non-recurring data access contracts).

B2B Digital Services (Informa TechTarget)

Following the foundation year for Informa TechTarget, the focus for the business in 2026 is to deliver positive revenue growth. The business is underpinned by unique content, trusted specialist brands and proprietary first party data and, as search traffic adapts to new AI platforms, it continues to see growth in membership and usage of its specialist data and content by members in 2025.

The Company also used its foundation year to realign its product portfolio to serve a broader addressable market and restructure its go-to-market approach to enhance sales support and fulfilment, and put greater emphasis on key customer accounts, where the growth opportunities are greater.

Together this puts the Company in a strong position to deliver positive growth in 2026.

Balance Sheet Strength and Consistent Shareholder Returns

Strong operating profit growth, continuing focus on cash management and cash generation, delivered a very strong cash performance in the year, with 106% operating cash conversion and free cash flow of £885m, a record level and comfortably ahead of expectations.

Long-term financing flexibility

Our balance sheet strategy is focused on maintaining long-term financing at attractive rates, providing flexibility and liquidity through the cycle. In June 2025, we issued €700m of bonds to refinance upcoming maturities and in 2026, subject to market conditions, we will refinance our £450m bond that matures in July. Beyond this, our next maturity is the €600m bond due in October 2027.

Post-2025 and 2026 refinancing, the Group's post-issue total average debt maturity is expected to extend to 4 years and the forward weighted average cost of debt to 4.7%.

Acceleration in Share Buyback Programme

Our focus on reinvesting back into the business for future growth is matched by a commitment to deliver consistent shareholder returns, including progressive dividends and share buybacks.

The proposed 2025 Dividend of 22.0p is 10% higher year-on-year, meaning dividend returns to shareholders have more than doubled over the last three years.

Our 2026 Share Buyback Programme started with an initial £200m commitment announced in January. Given the strength of our cash flow generation and the extent of current equity market dislocation and depressed equity values, we are increasing this commitment by £50m to £250m, enabling us to accelerate the rate of share purchasing to the daily maximum through to the AGM in June (within Safe Harbour limits).

In 2026, year to date we have completed £72.5m of share purchases at an average price of 834p, reducing our share capital by 8,702,552 shares.

Board Update

With effect from 9 March 2026, Andy Ransom, Non-Executive Director, was appointed as a member of the Audit Committee, joining Gill Whitehead (Committee Chair), Joanne Wilson and Maria Kyriacou. Andy is also a member of the Nomination and Remuneration Committees.

Financial Review

Income Statement

Informa delivered a strong set of results for the year ended 31 December 2025, including 6.3% underlying revenue growth and 8.7% underlying adjusted operating profit growth, which resulted in record  revenue and adjusted operating profit for the Group. This reflected particularly strong trading performances across B2B Live Events divisions, as well as a good performance in core activities within our Academic Markets business, with lower revenue from non-recurring data contracts after an exceptional performance in 2025.

Financial Results

The Group's performance includes a 13.7% increase in reported revenue to £4,041.4m, including good growth in each of Informa's three B2B Live Events divisions - Informa Markets, Informa Connect and Informa Festivals. The Group reported a statutory operating profit of £141.7m in 2025, compared with a statutory operating profit of £542.8m for the year ended 31 December 2024. The decrease from 2024 was primarily as a result of the non-cash impairment charge of £484.2m in relation to Informa TechTarget taken at June 2025. Adjusted operating profit was £1,139.8m, growing 14.6% year-on-year.

Statutory net finance costs increased by £44.1m to £146.3m, with adjusted net finance costs increasing by £64.1m to £143.7m. This was due to the issuance of €1.75bn and €700m Euro Medium Term Notes in October 2024 and June 2025, respectively, to fund acquisitions in 2024 and to refinance an existing EMTN that matured in October 2025.

The combination of all these factors led to a statutory loss before tax of £64.3m in 2025, compared with a statutory profit before tax of £407.3m in 2024. The statutory tax charge on this loss was £81.1m in 2025 compared to a tax charge of £40.9m in the prior year.

This profit outcome translated into a statutory diluted earnings per share of 0.8p compared to 22.2p for the prior year, driven by a £44.1m increase in statutory net finance costs and a £401.1m decrease in statutory operating profit. Adjusted diluted EPS grew to 55.6p from 50.1p in the prior year, an increase of 11.0%.

Measurement and Adjustments

In addition to statutory results, adjusted results are prepared for the Income Statement. These include adjusted operating profit, adjusted diluted earnings per share and other underlying measures. A full definition of these metrics can be found in the Glossary of terms on page 39. The divisional table on page 8 provides a reconciliation between statutory operating profit and adjusted operating profit by division.

Revenue and adjusted operating profit growth on an underlying basis are reconciled to reported growth in the table below:

Adjusting Items

The items below have been excluded from adjusted results. The total adjusting items included in the operating profit in the year were £998.1m (2024: £452.2m). The increase in adjusting items is primarily due to the non-cash impairment charge in relation to Informa TechTarget.

1.        Excludes non-acquired intangible product development and software amortisation of £37.6m (2024: £46.1m)

Intangible amortisation of £342.5m (2024: £309.6m) relates to the historical additions of book lists and journal titles, acquired databases, customer and attendee relationships, brands related to exhibitions, events and conferences and product development. As it relates to acquisitions, it is not treated as an ordinary cost. By contrast, intangible asset amortisation arising from software assets and non-acquired product development, is treated as an ordinary cost in the calculation of operating profit, so is not treated as an adjusting item.

Impairment of goodwill of £484.2m reflects a non-cash impairment charge in relation to Informa TechTarget. Integration costs of £84.4m principally relate to the integration of TechTarget and Ascential.

Divisional Performance

The table below shows the results and adjusting items by Division, highlighting strong growth driven by the B2B Live Events business.

1.        Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development of £37.6m (2024: £46.1m)

Adjusted Net Finance Costs

Adjusted net finance costs, which consist of interest costs on our corporate bond borrowings and loans, partially offset by interest income on bank deposits, increased by £64.1m to £143.7m. This reflects higher interest charges driven by the €1.75bn Euro Medium Term Note issued in October 2024 being incurred for the full period, as well as the refinancing of the €700m Euro Medium Term Note repaid in October 2025 with a new €700m issuance in June 2025 at a higher interest rate.

The reconciliation of adjusted net finance costs to the statutory finance costs and finance income is as follows:

Taxation

Approach to tax

The Group continues to recognise that taxes paid are part of the economic benefit created for the societies in which we operate, and that a fair and effective tax system is in the interests of taxpayers and society at large. We aim to comply with tax laws and regulations everywhere the Group does business and Informa has open and constructive working relationships with tax authorities worldwide. Our approach balances the interests of stakeholders including shareholders, governments, colleagues and the communities in which we operate. 

The Group's adjusted effective tax rate (as defined in the Glossary of terms) reflects the blend of tax rates and profits in the jurisdictions in which we operate. In 2025, the adjusted effective tax rate was 20.5% (2024: 19.5%).

The calculation of the adjusted effective tax rate is as follows:

Tax payments

During 2025, the Group paid £156.5m (2024: £122.3m) of corporation tax and similar taxes.

A breakdown of the main geographies in which the Group paid tax is as follows:

The reconciliation of the adjusted tax charge to cash taxes paid is as follows:

The recognised deferred tax assets relating to US, UK and Luxembourg tax losses were £13.3m (2024: £22.2m), £30.7m (2024: £56.1m) and £69.4m (2024: £83.5m) respectively. These are expected to be utilised against future taxable profits. 

Goodwill is not amortised as it is subject to impairment reviews, and as a result there is no charge to adjusting items for goodwill amortisation. However, there can be an allowable tax benefit for certain goodwill amortisation in the US and elsewhere. Where this benefit arises, it reduces the tax charge on adjusted profits.

The amortisation of intangible assets is considered an adjusting item. The £7.6m (2024: £10.0m) of current tax credits taken in respect of the amortisation of intangible assets is therefore also treated as an adjusting item and included in the tax credits in respect of adjusting items.

Tax contribution

The Group's total tax contribution, which comprises all material taxes paid to, and collected on behalf of, governments globally was £582.0m in 2025 (2024: £545.8m). The geographic split of taxes paid by our businesses was as follows:

In addition to the above, in 2025, we collected taxes on behalf of governments (e.g. employee taxes and sales taxes) amounting to £332.1m (2024: £332.0m).

Earnings Per Share

Adjusted diluted EPS was 11.0% higher at 55.6p (2024: 50.1p), largely reflecting higher adjusted earnings of £728.6m (2024: £673.3m) together with a 2.5% decrease in the weighted average number of shares following the share buybacks completed during the year.

An analysis of adjusted diluted EPS and statutory diluted EPS is as follows:

Dividends

The Group will look to continue progressively growing dividends to strike a balance between rewarding shareholders and retaining the financial strength and flexibility to invest in the business and pursue growth opportunities.

An interim dividend of 7.0p per share (2024: 6.4p per share) was paid on 19 September 2025. The total amount paid in 2025 relating to the final dividend for 2024 and interim dividend for 2025 was £268.1m (2024: £248.2m). The Board has recommended a final dividend of 15.0p per share for 2025 (2024: 13.6p per share). The final dividend is scheduled to be paid on 10 July 2026 to ordinary shareholders registered at the close of business on 29 May 2026. This will result in total dividends for the year of 22.0p per share (2024: 20.0p per share). The Dividend Reinvestment Plan (DRIP) will be available for the final dividend and the last date for receipt of elections for the DRIP will be 19 June 2026.

Dividend cover (see Glossary of terms for definition) was 2.5 times (2024: 2.5 times), being adjusted diluted EPS of 55.6p (2024: 50.1p) divided by total dividends per share of 22.0p (2024: 20.0p). Our dividend payout ratio was 40% (2024: 40%), being total dividends per share of 22.0p divided by adjusted diluted EPS of 55.6p.

Currency Movements

One of the Group's strengths is its international reach and balance, with colleagues and businesses located in most major economies of the world. This means the Group generates revenues and costs in a mixture of currencies, with particular exposure to the US dollar, as well as some exposure to the Euro and the Chinese renminbi.

In 2025 approximately 61% (2024: 66%) of Group revenue was received in USD or currencies pegged to USD, with 12% (2024: 9%) received in Euro and 7% (2024: 8%) in Chinese renminbi.

Similarly, we incurred approximately 53% (2024: 55%) of our costs in USD or currencies pegged to USD, with 7% (2024: 5%) in Euro and 6% (2024: 7%) in Chinese renminbi.

In 2025, each one cent ($0.01) movement in the USD to GBP exchange rate had a circa £18m (2024: circa £19m) impact on annual revenue, and a circa £7m (2024: circa £8m) impact on annual adjusted operating profit.

The following exchange rates to GBP were applied during the year:

Free Cash Flow

Cash generation and cash management remain key priorities for the Group, providing the funds and flexibility for paying down debt, organic and inorganic investment, and returns to shareholders. Our businesses typically convert adjusted operating profit into cash at a strong rate, reflecting the relatively low capital intensity of the Group. In 2025, absolute levels of free cash flow continued to grow year-on-year driven by higher adjusted operating profit and working capital inflows.

The following table reconciles the statutory operating profit to operating cash flow and free cash flow, both of which are defined in the Glossary.

1.            Adjusted EBITDA represents adjusted operating profit before interest, tax, and non-cash items including depreciation and amortisation

2.            Capital expenditure paid excludes a one-off inflow from sale of property of £2.9m (2024: £nil)

3.            Working capital movement excludes movements on restructuring, reorganisation and acquisition and integration accruals or provisions as the cash flow relating to these amounts is included in other lines in the free cash flow and reconciliation from free cash flow to net funds flow. The variance between the working capital in the free cash flow and the Consolidated Cash Flow Statement is driven by the non-cash movement on these items

Free cash flow was £72.7m higher than 2024 principally due to the £144.8m higher adjusted operating profit and a working capital inflow of £47.1m in the year (2024: £32.9m inflow), which was partly offset by an increase of £65.3m in net interest paid, an increase in cash tax of £34.2m, and an increase in capex investment of £6.9m. 

The calculation of operating cash flow conversion and free cash flow conversion is as follows:

Capital expenditure paid increased to £106.9m (2024: £100.0m) reflecting our continuing investments in technology, real estate and other capital expenditure. This investment was equivalent to 2.6% of 2025 revenue (2024: 2.8%).

Net cash interest payments of £139.5m were £65.3m higher than the prior year, largely driven by interest payments relating to the three EMTNs that were issued in October 2024 for €1.75bn.

The following table reconciles net cash inflow from operating activities, as shown in the Consolidated Cash Flow statement, to Free Cash Flow:

1           Purchase of property and equipment excludes a one-off inflow from sale of property of £2.9m (2024: £nil)

Net cash inflow from operating activities increased by £74.7m to £876.3m, principally driven by the increase in adjusted profit in the year, a working capital inflow of £47.1m, compared to an inflow of £32.9m in 2024, partly offset by higher taxes paid. The working capital inflow in 2025 was driven by strong collections as customers paid upfront for future events.

The following table reconciles cash generated by operations, as shown in the Consolidated Cash Flow Statement to operating cash flow as shown in the Free Cash Flow table above:

1           Capital expenditure paid excludes a one-off inflow from sale of property of £2.9m (2024: £nil)

The following table reconciles free cash flow from operations to net funds flow and net debt, with net debt decreasing by £135.6m to £3,066.2m during the year.

Financing and Leverage

Net debt decreased by £135.6m in the year to £3,066.2m (2024: £3,201.8m). This was largely due to the Group generating positive funds flow in the year despite £620.4m (2024: £676.4m) returned to shareholders. Favourable movements in derivatives associated with borrowings also contributed to the decrease, partially offset by adverse foreign exchange impacts on borrowings.

The Group retains significant available liquidity, with undrawn committed financing facilities available to the Group of £970.5m (2024: £1,050.0m). The Group-level liquidity at 31 December 2025 was £1,301.0m (2024: £1,534.3m), when the undrawn committed financing facilities are combined with £330.5m of cash (2024: £484.3m).

The average debt maturity on our drawn borrowings is currently 4.0 years (2024: 3.4 years). There are no significant maturities until July 2026, when a £450.0m EMTN is due to be repaid.

The Informa leverage ratio at 31 December 2025 was 2.4 times (2024: 2.6 times), and the Informa interest cover ratio was 8.0 times (2024: 12.7 times). Both are calculated using our historical basis of reporting of financial covenants which no longer applied at 31 December 2025. See the Glossary of terms for the definition of Informa leverage ratio and Informa interest cover.

The calculation of the Informa leverage ratio is as follows:

1.          Refer to Glossary of terms for details of the adjustments to EBITDA and net debt for Informa leverage ratio

The calculation of Informa interest cover is as follows:

1.          Refer to Glossary of terms for details of the adjustments to EBITDA for Informa interest cover

There are no financial covenants over any of the Group's borrowings (2024: nil).

Corporate Development

Informa has a proven track record in creating value through identifying, executing and integrating complementary businesses effectively into the Group. In 2025, cash invested in acquisitions was £183.0m (2024: £1,577.2m). Of this, £62.1m (2024: £1,450.5m) related to spend on acquisitions net of cash acquired, £4.3m (2024: £8.2m) to cash paid for business assets, £113.3m (2024: £97.2m) to acquisition and integration spend, £3.3m (2024: £14.6m) to cash paid to acquire Tarsus non-controlling interests and £nil (2024: £6.7m) to a further investment in the Group's interest in BolognaFiere.

Share Buyback

In the year ended 31 December 2025, £352.3m of shares (2024: £428.2m) were repurchased, with 42.8m of shares cancelled (2024: 51.5m). Cumulatively, since the programme started, £1,841.8m of shares had been repurchased with 260.4m shares cancelled by 31 December 2025. The shares acquired during the year ended 31 December 2025 were at an average price of 817p per share (2024: 831p per share), with prices ranging from 634p to 990p (2024: 726p to 871p).

Pensions

The Group continues to meet all commitments to its pension schemes, which include four (2024: five) defined benefit schemes, all of which are closed to future accruals.

At 31 December 2025, the Group had a net pension surplus of £44.1m (2024: £42.7m), comprising a pension surplus of £44.1m (2024: £48.5m) and pension deficits of £nil (2024: £5.8m). Gross liabilities were £401.4m at 31 December 2025 (2024: £439.9m).