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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

Rightmove plc, the UK's largest property portal, today announces its unaudited results for the six months ended 30 June 2026

 

Strong partner engagement and AI-led product innovation drive
revenue growth; announcing increased capital return

 

Key headlines

 

·    Clear value recognition by our partners and consumers

o  Partners: Highest H1 Agency retention in over 10 years; +1% growth in Agency membership and +9% Agency revenue growth; strong uptake of top packages and new products in Estate Agency and New Homes

o  Consumers: Increased share of time spent on Rightmove (90% Comscore; 75% SimilarWeb/Sensor Tower)⁽¹⁾ with over 85% of traffic direct and organic⁽²⁾

 

·    Technology investment and AI deployments demonstrating ongoing strong innovation progress

o  "Ask Rightmove" conversational experience across search and property listings resulting in more informed consumers, higher engagement, and higher lead conversion

o  AI-enabled Online Agent Valuation supporting c.50% total increase in unique valuation leads to estate agents; four new or enhanced products for New Homes developers supporting 3x increase in direct appointments booked

o  40% more technology product / enhancement releases in H1 year-on-year and 46 strategic AI initiatives in flight (December 2025: 31)

 

·    Platform in place for ongoing innovation and the future agentic-powered property marketplace

o  Cloud-based tech and data platform fully AI-enabled

o  New initiatives progressing per plan (including targeted hiring with c.80% of new roles in tech)

o  New agentic-powered solutions to enhance workflow and efficiency for Estate Agency going live during H2

 

·    New Homes growth remains subdued with a 6% reduction of new-build developments from a year ago, resulting in 2026 Group revenue growth guidance of +6-8% (previously +8-10%), including Strategic Growth Areas growth of 20-30% 

 

·    Cost discipline supports unchanged underlying operating profit (+3-5%) and underlying earnings per share (≥5%) guidance

 

·    Focused on tangible shareholder value with increased capital returns

o  Over £400m capital returns expected in next 12 months (to July 2027), including approximately £330m of increased share buybacks, to be funded by a new £200m revolving credit facility alongside cash from operations

 

Johan Svanstrom, Chief Executive Officer, said:

 

"Our platform continues to deliver increased value to partners and consumers. H1 2026 has seen strong business and product results: we delivered our highest H1 retention in more than a decade, agency membership grew 1% and our investment in agentic-powered solutions is showing results and coming on the back of strong foundations laid over the last few years. With vertical specialisation and trusted quality solutions at our core, we saw Online Agent Valuation support a c.50% total increase in unique valuation leads for partners. For consumers, early indications from our 'Ask Rightmove' conversational search rollout suggest a c.40% uplift in average time on site, with close to double the propensity to send leads. We are on an exciting trajectory for the agentic-powered property marketplace, with true personalisation and new efficiency solutions.

 

"Despite the current volume headwinds in New Homes, our continued momentum gives me confidence in 2026 and beyond. We continue to execute our strategy to build the leading digital ecosystem for the entire home-moving experience, powered by exceptional data and network effects."

 

 

Financial highlights

	H1 2026	H1 2025	Change vs H1 25	% Change vs H1 25
Revenue	£225.8m	£211.7m	£14.1m	7%
Operating profit	£148.2m	£145.4m	£2.8m	2%
Underlying operating profit(3)	£155.1m	£151.3m	£3.8m	3%
Interim dividend per share	4.17p	4.05p	0.12p	3%
Basic earnings per share	14.8p	14.1p	0.7p	5%
Underlying basic earnings per share(4)	15.6p	14.7p	0.9p	6%

 

·    Revenue increased 7% on H1 2025, supported by continued demand for incremental products and premium packages across the Core Agency and New Homes businesses. Agency revenue grew 9%, New Homes 2% and Other 1%. ARPA growth was strong in both Agency and New Homes, at 8% and 7% respectively, although New Homes membership declined 4% in the half as a result of challenging market conditions and fewer new developments coming to market

 

·    Operating profit increased 2%, with underlying operating profit up 3% resulting in an underlying operating profit margin of 69%. This reflected planned growth-focused investment during the period and remains consistent with full-year underlying operating margin guidance of 67%

 

·    Basic earnings per share up 5%, with underlying basic earnings per share⁽⁴⁾ up 6%

·    Interim dividend up 3% to 4.17p per share (2025: 4.05p)

 

·    £124.7m returned to shareholders through share buybacks and dividends (H1 2025: £112.4m); with 17.4m shares (2.3% of outstanding share capital) purchased and cancelled to 30 June (H1 2025: 9.1m, 1.2%)

 ARPA and Membership

 

Average Revenue per Advertiser (£)	H1 2026	H1 2025	Change vs H1 25	% Change vs H1 25
Agency(5)	1,636	1,520	116	8%
New Homes(6)	2,247	2,093	154	7%
Total ARPA(7)	1,726	1,609	117	7%

 

·    Average Revenue per Advertiser ("ARPA")⁽⁷⁾ grew by £117/7%, with growth predominantly product-led, across both Agency and New Homes.  Average products per agency branch increased 14% since H1 2025.

 

Membership	30 June 2026	31 Dec 2025	30 June 2025	Change vs Dec 25	Change vs Dec 25
Agency branches	16,591	16,385	16,382	206	1%
New Homes developments	2,766	2,887	2,941	(121)	(4%)
Total	19,357	19,272	19,323	85	0%

 

·    Total membership increased marginally, driven by growth in Agency members as a result of the highest retention in over 10 years

·      New Homes' membership declined 4% since December (predominantly in Q2), and 6% since June 2025, reflecting developers' challenges, with new developments coming to market at their lowest ever rate on record

·      Average total membership across the first half of the year was flat compared to H1 2025, with average Estate Agency branches up 173/1% and average New Homes developments down 157/5%

 

Operational highlights

 

·    Consumer:

o  Share of time compared with portal competitors increased year-on-year, to 90% (Comscore) and 75% (SimilarWeb/Sensor Tower) (June 2025: 80% (Comscore), 74% (SimilarWeb/Data.ai)).⁽¹⁾ Over 85% of traffic was direct and organic in the period, and over 90% in June alone (H1 2025: >85%; June 2025: 89%), while less than 0.5% was referred from large language models (LLMs)⁽²⁾  8.4 billion minutes were spent on the platform in the period (H1 2025: 9.1 billion, H1 2024: 8.3 billion),⁽²⁾ reflecting a year-on-year reduction in UK property browsing and in line with prior years. 

o  Ongoing investment in engaging all generations through channels including Facebook, Instagram, LinkedIn and TikTok drove a 5x increase in engagement year-on-year⁽⁸⁾ with an increase in the number of consumers subscribed to marketing to over 10m (+11% year-on-year)

 

·    Partner:

o  Continued growth in the uptake of our top packages:

§ "Optimiser Edge" for estate agents, with 36% of independent agents subscribing (December 2025: 35%); and

§ "Ascend" for New Homes developers, with 36% of developments subscribing (December 2025: 28%)

o  Strong uptake of differentiated products, including Online Agent Valuation for Estate Agents, which delivered Rightmove's fastest-ever revenue growth from a new product, contributed to c.50% more unique valuation leads sent to estate agents in the period, and has significant potential for further penetration.  New Homes developers have four new/enhanced features - Property Showcase, Virtual Tour Request, Interactive Brochure Request, and Development Profiles - and over 50% of leads either booking an appointment or sharing availability

o  Highest retention of Estate Agency partners for over 10 years at 96% (H1 25: 96%)

o  Over 17m engagements with partners under the "Building Success Together" partnership programme (+11%), through inclusive tools such as Rightmove Hub for training and Rightmove Plus for business management, which saw 10% more sessions in the period

 

·    Strategic Growth Areas:

o  Commercial Property revenue grew 13% to £8.4m (H1 2025: £7.4m), with membership increasing to 1,275 (December 2025: 1,227; June 2025: 1,106), and achieving over 60% of online commercial user time⁽⁹⁾.  ARPA was £1,094 (H1 2025: £1,153), reflecting the impact of lower ARPA partners joining.  H2's year-on-year growth rate is expected to be higher than that seen in H1

o  Rental Services revenue grew 67% to £5.6m (H1 2025: £3.3m), following the roll-out of Enhanced Leads to all Lettings partners, with over 4m Enhanced Leads sent to partners in H1.  H2 revenues are expected to be similar to H1 revenues

o  Mortgages revenue declined by £1.1m year-on-year to £3.4m (H1 2025: £4.5m), as a result of the strong comparator in H1 2025 flagged previously, and slight weakness in the mortgage market caused by global macroeconomic factors.  Revenues were £1.2m higher than H2 2025.  H2 revenues are expected to be similar to or above H1

o  Together, these three areas contributed £17.5m in revenue, up 14% on H1 2025.  We reiterate FY26 revenue growth guidance of 20-30%, as we expect revenue growth in H2 2026 to be more than double that seen in H1

 

·    Innovation and Platform:

o  Product teams delivered more than 4,000 technology releases during the period, +40% year-on-year

o  Examples of new products for partners included refreshed Development Profiles, a new Showcase Carousel and Virtual Tour Leads Requests for New Homes developers; Rental Development Listings for Rental Operators; a new suite of products called "Leader Advantage" for Commercial partners; and upgrades to the Rightmove Hub and Rightmove Plus platforms

o  Examples for consumers included the "Ask Rightmove" conversational experience, an Equity Tracker within our Affordability category, and ongoing enhancements to our apps.  Early findings from the AI Search Assistant within "Ask Rightmove" (based on data to 30 June) suggest a c.40% uplift in average time on site, and roughly double the propensity to send leads; those engaging with both AI Search and the Evaluation Assistant record still higher time on site and lead propensity

o  100% of applications are in the cloud as of 31 July, with >5 petabytes of historical and live data now on Rightmove's unified data platform while maintaining 99.99% uptime in the period

 

Current end-market trends

 

The UK resale and lettings market remains resilient. We continue to monitor the impact from volatile global macro conditions, including interest and mortgage rate expectations, as well as overall consumer and partner confidence.

 

Rightmove's latest leading property market data shows:

·    Mortgage rates are higher compared to December, with average two- and five-year fixed rates both at 5.0% on 30 June 2026, compared to 4.3% and 4.4% respectively on 31 December 2025;

·    In the Resale market, house price growth was positive in H1.  Available listing volumes are at an eleven-year high, and at the end of June were 2% ahead of the same point last year;

·    The Rental market continues to see an imbalance between supply and demand, with rental prices ahead of last year but with reducing rent growth and demand. There were, on average, 9 enquiries per available property in the period, lower than the equivalent period in 2025 but still above the pre-COVID average of 6-7; and

·    New Homes developments in the market remain at low historical levels due to continued softer build rates, which we expect to persist near-term.  Developers are seeing conditions among the most difficult experienced since the global financial crisis and, as a result, new developments coming to market are at their lowest in over a decade. Despite this, Rightmove retention of developers was strong in H1, with numerous initiatives implemented to support our partners through the current period and ARPA increasing 7% in the period. 

 

Outlook

 

We continue with our strategy to build a broader, more diversified, digital Rightmove ecosystem.

 

For the full year, we expect revenue growth of 6% to 8%, a reduction on previous guidance of 8% to 10%, due entirely to lower development volumes in the New Homes market. The lower end of the guidance range would require a further deterioration in market conditions compared to current expectations.

 

We guide to a change in Core membership of -1% to +1% year-on-year (comprising New Homes developments declining 6-10% and Estate Agency membership growing c.1-2%).  We reiterate ARPA growth guidance of £110-£120 for the year across Estate Agency and New Homes developers, alongside 20-30% growth in the Strategic Growth Areas. 

 

We reiterate guidance of +3% to +5% growth in full-year underlying operating profit.

 

We expect exceptional costs of c.£4m to £7m in 2026 related to the ongoing proposed claim, of which £2.3m has been recorded in H1.  Further details are in note 15.  Rightmove believes that the proposed claim is without merit and will defend it vigorously.

 

We reiterate guidance of underlying earnings per share growth of at least 5% in 2026.

 

The strength of our business model, our clear strategy, and our focus on innovation underpin the Board's confidence in Rightmove's outlook for 2026 and beyond.

 

Capital allocation

 

During the period, the Board reviewed Rightmove's capital allocation policy and capital structure and concluded that the existing approach of prioritising investment in the business, maintaining a progressive dividend policy and returning all surplus cash to shareholders remains appropriate. 

 

The Board also believes that Rightmove's strong cash generation and business model can support a moderate level of leverage while maintaining financial flexibility. 

 

Accordingly, Rightmove entered a £200m revolving credit facility on 21 July 2026, with the current intention of utilising this to fund additional share buybacks.  Rightmove expects to return over £400m to shareholders by 31 July 2027, including share buybacks of c.£330m.

 

 

Forward-looking statements: This announcement includes statements regarding Rightmove's outlook and expectations for the financial year, including the reaffirmation of previously issued guidance. These statements are forward-looking in nature and reflect management's current assumptions and expectations as at the date of this announcement. Forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially, including changes in market conditions, customer demand, competitive dynamics, regulatory developments and other factors affecting Rightmove's business. Forward-looking statements speak only as at the date of this announcement. Except as required by law or regulation, Rightmove undertakes no obligation to update or revise any forward-looking statements.

 

The Company will present its results at a meeting today for analysts and investors at 9:30am, available online here:  https://edge.media-server.com/mmc/p/8nkd9awv

 

Enquiries:

Investor Relations       [email protected]

Sodali                                                [email protected]

 

The person responsible for arranging the release of this announcement on behalf of Rightmove is Carolyn Pollard, Company Secretary.

 

 

(1)      Time in minutes spent on Rightmove platforms (site and app): most recent available month of data. Source: SimilarWeb (website), Sensor Tower (app), June 2026 (75%).  Following Sensor Tower's acquisition of Data.ai, Data.ai data was deprecated in December 2025. Comscore MMX® Desktop only + Comscore Mobile Metrix® Mobile Web & App, Total Audience, Custom-defined list of Rightmove sites, zoopla.co.uk, primelocation.com, onthemarket.com, United Kingdom, June 2026 (90%). 

(2)      Source: Google Analytics

(3)      Underlying operating profit is operating profit before share-based payments charges (including the related National Insurance charge) and certain legal and professional costs

(4)      Underlying basic earnings per share is defined as underlying profit (profit for the year before share-based payments charges (including the related National Insurance) and certain legal and professional costs and the appropriate tax adjustments), divided by the weighted average number of ordinary shares outstanding during the period

(5)      Agency ARPA is calculated as revenue from Agency advertisers/customers in a given month divided by the total number of advertisers during the month, measured as a monthly average for the period

(6)      New Homes ARPA is calculated as revenue from new homes developers in a given month divided by the total number of advertisers during the month, measured as a monthly average for the period

(7)      Average Revenue per Advertiser (ARPA) is calculated as revenue from Agency and New Homes advertisers in a given month divided by the total number of advertisers during the month, measured as a monthly average over the period

(8)      SimilarWeb (website) and Data.ai (app) January-June 2026 vs January-June 2025, for Facebook, Instagram, LinkedIn, Tiktok.  'Engagement' defined as reactions, comments, shares, saves, link clicks and profile actions

(9)      Source: SimilarWeb, June 2026.  Share of all time driven by Rightmove (commercial sections only), Zoopla (commercial sections only), Loopnet, and NovaLoca 

 

About Rightmove

 

·    Rightmove has the UK's largest selection of properties for sale and to rent, and adds more listings than anyone else

 

·    Latest view from Comscore is over 80% of all time spent on property portals is on Rightmove, and latest view from SimilarWeb is over 70% of time spent on property portals in the UK is on Rightmove (two datasets used across the industry to track time spent on portals)

 

·    Rightmove's vision is to give everyone the belief that they can make their move by giving people the best place to turn and return to for access to tools and expertise to make it happen

 

·   Users can search Rightmove for residential resale, new homes, rentals, built for rent, commercial property and overseas properties. Rightmove also provides an extensive range of tools and information assisting their home moving journey, including but not limited to: local sold prices, online property valuation, agent visit requests, moving guides, mortgage in principle certification, renovation calculator, extension explorer, home services for renters like utilities, media and insurance, school information, moving guides and sustainability information

 

·  Partners (Rightmove's customers) include the following key groups: estate agents, letting agents, new homes developers, rental operators, commercial property operators, overseas property agents, financial services operators and home services providers for insurance, utilities and media

 

·    Using the UK's largest housing datasets, we issue a number of regular reports to track housing market indicators: our monthly House Price Index (established 2002), quarterly Rental Trends Tracker (established 2015), weekly Mortgage Rates Tracker (established 2023) and quarterly Commercial Insights Tracker (established 2024). Historical data is available on request

 

·    Founded in 2000, Rightmove listed on the London Stock Exchange in 2006 (ticker: RMV) and is a member of the FTSE 250 Index, with a sponsored Level 1 American Depositary Receipt trading on the over the counter (OTC) Market (ticker: RMVEY)

 

 

 

Financial review

 

Overview

 

Revenue increased by £14.1m/7% year on year to £225.8m (H1 2025: £211.7m): largely driven by Agency, as agents continue to choose to spend beyond package thresholds and purchase additional products.

 

Operating profit of £148.2m increased 2% on H1 2025 (H1 2025: £145.4m). Underlying operating profit⁽¹⁾ of £155.1m rose 3% compared to 2025 (H1 2025: £151.3m), with an underlying operating profit margin⁽²⁾ of 69% (H1 2025: 71%) reflecting continued investment in product development, technology and data.

 

The UK property market remained resilient despite ongoing macroeconomic uncertainty, geopolitical tensions in the Middle East and evolving political dynamics in the UK. Mortgage rates remain elevated relative to 2025, although the outlook is more positive with expected future interest rate cuts.

 

Record housing stock levels, at their highest in over a decade, supported activity in the resale market by increasing buyer choice and moderating asking price growth. Buyer demand is more challenging given the market backdrop, but this is creating opportunities for agents to engage with products to help activity.

 

In contrast, the new homes market remains particularly challenging, with conditions among the most difficult experienced by developers since the global financial crisis. Supply is challenged with new developments coming to market at their lowest rate in over a decade and demand subdued because of heightened competition from the resale market and no buy-side stimulus.

 

As a result of the market dynamics, New Homes membership declined by 4% in the half and 6% year on year. This was partially offset by 1% growth in Agency membership, leaving total membership broadly flat relative to the end of 2025. However, New Homes Average Revenue per Advertiser (ARPA)⁽³⁾ grew 7%, and Agency ARPA⁽⁴⁾ 8%, as both agents and developers invested in discretionary products or upgraded their packages to drive demand in the competitive market. Growth in the other business units was led by Commercial.

 

Revenue

	H1 2026 £m	H1 2025 £m	Change vs 2025 £m	Change vs 2025 %
Agency	163.9	150.8	13.1	9%
New Homes	38.2	37.5	0.7	2%
Other	23.7	23.4	0.3	1%
Total Revenue	225.8	211.7	14.1	7%

 

Agency revenue increased by £13.1m/9% year on year to £163.9m, primarily driven by ARPA growth, supported by higher discretionary product spend outside of committed packages, continued product uptake, and package upgrades to the premium Optimiser Edge package. Agency ARPA ⁽⁴⁾ increased by £116/8% to £1,636 (June 2025: £1,520) and membership grew 206/1% on 31 December 2025, ending the first half of the year at 16,591 branches (December 2025: 16,385).

 

New Homes revenue increased by £0.7m/2% to £38.2m, also led by ARPA growth and developers continuing to upgrade packages - with 43% on the Advanced package (H1 2025: 68%) and 36% developments on the Ascend package by 30 June. New Homes ARPA ⁽³⁾ increased by £154/7% to £2,247 (June 2025: £2,093) despite a 4% reduction in development membership in the half, with 2,766 developments listed at the half year (December 2025: 2,887).

 

Other business units' revenue increased by £0.3m/1% to £23.7m. Growth was led by Commercial, up £1.0m/13% through membership growth of 4% in the half. Data Services and Third Party contributed a further £0.7m combined. This was largely offset by a £1.1m reduction in Mortgages revenue, reflecting a strong H1 comparator last year where high activity was boosted by a cut in interest rates and stamp duty changes. Overseas revenue declined by £0.3m/9%, due to reduced demand from UK buyers looking to purchase abroad.

 

Administration costs

 

Operating costs increased by 17%, from £66.3m to £77.7m, reflecting £10.4m of underlying cost increases alongside £2.3m of legal and professional fees and other costs directly in relation to the proposed legal claim (note 15) (2025: £nil), partially offset by £1.3m lower share-based incentives charges.

 

Underlying operating costs⁽⁵⁾ (operating costs excluding share-based payment charges of £4.6m and legal and professional and other costs in relation to the proposed claim of £2.3m) were £70.7m (2025: £60.4m). This reflects increases due to:

·   £5m payroll costs reflecting increased average headcount of 37 to 935 (of which over 80% of new hires were in technology roles), salary inflation and higher national insurance. In addition, contractor costs increased following a new partnership to provide nearshore engineering and technology support

·    £2m depreciation and amortisation charges in relation to the higher amortisation of internally generated software and the depreciation of a new office floor

·    £1m increase in technology costs due to additional cloud hosting and migration costs, investment in new systems and the data hive

·    £2m other costs in relation to marketing media spend and general and administrative overheads.

 

The share-based payments charge of £4.6m decreased by £1.3m due to a reduction in the National Insurance accrual on unexercised awards, reflecting the lower share price, whilst the IFRS2 charge on the schemes remained flat (note 6).

 

Operating profit and Earnings per Share

	H1 2026  £m	H1 2025 £m	Change vs 2025 £m	Change vs 2025 %
Revenue	225.8	211.7	14.1	7%
Administration costs	(77.7)	(66.3)	(11.4)	(17%)
Operating profit	148.2	145.4	2.8	2%
Operating margin	66%	69%
Excluding charges that are not entirely driven by the principal operational activity of the Group:
Share-based incentive charges	4.6	5.9	(1.3)	(22%)
Certain legal & professional costs	2.3	-	2.3	100%
Underlying operating profit	155.1	151.3	3.8	3%
Underlying operating margin(2)	69%	71%
	H1 2026	H1 2025	Change vs 2025 pps	Changes vs 2025 %
Basic earnings per Share (EPS)	14.8	14.1	0.7	5%
Underlying basic earnings per Share(6)	15.6	14.7	0.9	6%

 

Operating profit increased by £2.8m/2% to £148.2m (H1 2025: £145.4m), delivering an operating profit margin of 66% (H1 2025: 69%).   

 

Underlying operating profit⁽¹⁾ increased by £3.8m/3% to £155.1m (H1 2025: £151.3m), with an underlying operating profit margin of 69%⁽²⁾ (June 2025: 71%).

 

The increase in basic and underlying earnings per share was driven by the increase in profits and the impact of share buyback programme, which reduced the weighted average number of ordinary shares in issue by 3.0% to 753.4m (June 2025: 777.1m).

 

Summary consolidated statement of financial position

	30 June 2026 £m	31 Dec 2025 £m	30 June 2025 £m	Change from Dec 2025 £m
Property, plant and equipment	7.6	9.5	7.7	(1.9)
Intangible assets	44.3	41.1	38.3	3.2
Deferred tax asset	0.3	1.0	2.4	(0.7)
Trade and other receivables	36.1	32.4	32.7	3.7
Contract assets	1.5	1.3	1.4	0.2
Money market deposits	-	5.7	5.6	(5.7)
Cash	34.3	37.2	36.8	(2.9)
Trade and other payables	(40.6)	(32.6)	(32.9)	(8.0)
Contract liabilities	(3.2)	(3.5)	(3.1)	0.3
Income tax payable	(0.3)	(0.5)	(0.5)	0.2
Lease liabilities	(5.3)	(7.2)	(5.4)	1.9
Provisions	(1.7)	(1.7)	(0.9)	-
Other current liabilities	-	(0.4)	(0.4)	0.4
Net assets	73.0	82.3	81.7	(9.3)

 

The balance sheet reflects the continuing strong trading position, with net assets down £9.3m primarily due to the £8.6m lower cash balance of £34.3m (December 2025: £42.9m including money market deposits).

 

Share buybacks totalled £75m in the period (2025: £65m). The £8.6m decrease in cash broadly reflects the additional £10m of share buybacks in the half, comprising £8.6m paid and £1.4m accrued.

 

Property, plant and equipment decreased to £7.6m due to £2.5m depreciation, partially offset by capital additions of £0.6m. The increase in intangible assets to £44.3m is due to £6.2m capitalisation of internal labour costs (2025: £4.0m), partially offset by £3.0m of amortisation.

 

Trade and other Receivables increased £3.7m to £36.1m, driven mainly by a £3.1m increase in trade receivables - reflecting higher revenues in Q2 2026 versus Q4 2025 and timing of receipts in June- along with a £0.7m increase in prepayments.

 

Trade and other Payables increased £8.1m to £40.6m due to timing of supplier invoices received late in June (£2.5m) and higher accruals (£5.6m). Trade payments continued to be made, on average, within 20 days (Dec 2025: 20 days).

 

Cashflow, capital structure and capital returns 

 

Cash generation remained strong in the first half with cash generated from operating activities of £160.7m (June 2025: £155.7m) and 108% of operating profit (H1 2025: 107%)⁽⁷⁾.

 

Dividends totalling £49.7m were paid during the period in relation to the final 2025 dividend (2025: £47.4m).  Surplus cash generated was returned to shareholders as part of the ongoing share buyback programme as the Group purchased and cancelled 17.4 million ordinary shares during the period (2025: 9.1m), at a cost of £75.0m excluding expenses (2025: £65.0m).

 

The capital allocation policy remains: organic investment continues to be prioritised, alongside the assessment of value-accretive M&A opportunities to accelerate strategy execution. Surplus cash is returned through a progressive dividend policy linked to earnings growth, with any remaining funds allocated to share buybacks.

 

Consistent with this policy, the Directors are declaring an interim dividend of 4.17 pence per ordinary share, which will be paid on 23 October 2026 to all shareholders on the register as at 25 September 2026.  Rightmove expects to return over £400m to shareholders by 31 July 2027, including share buybacks of c.£330m, which will recommence from today.

 

 

Ruaridh Hook

Chief Financial Officer

 

(1)      Underlying operating profit is defined as operating profit before share-based payments charges (including the related National Insurance) and certain legal and professional costs

(2)      Underlying operating margin is defined as the underlying operating profit as a percentage of revenue

(3)      New Homes ARPA is calculated as revenue from New Homes developers in a given month divided by the total number of developers during the month, measured as a monthly average over the year

(4)      Agency ARPA is calculated as revenue from Agency advertisers in a given month divided by the total number of advertisers during the month, measured as a monthly average over the year

(5)      Underlying operating costs are defined as administrative expenses before share-based payments charges (including the related National Insurance) and certain legal and professional costs

(6)      Underlying basic EPS is defined as underlying profit (profit for the year before share-based payments charges (including the related National Insurance) and certain legal and professional costs and the appropriate tax adjustments, divided by the weighted average number of ordinary shares outstanding during the period

(7)      Cash generated from operating activities of £160.7m (2025: £155.7m) compared to operating profit as reported in the Statement of profit or loss and other comprehensive income of £148.2m (2025: £145.4m).

 

 

Principal Risks and Uncertainties

 

The Board and Audit Committee review the principal risks and uncertainties facing the Group in accordance with the Group's risk management framework, undertaking a robust assessment of existing and emerging risks and considered changes in the internal and external environment that may impact the Group's strategy, performance and operations. The risk register, which captures all material risks and the principal risks and uncertainties facing the Group, is reviewed by the Board and Audit Committee on a semi-annual basis.

 

As part of its review during 2026, the Board reassessed the principal risks and uncertainties disclosed in the 2025 Annual Report and concluded that they remain relevant and appropriate for 2026. No new principal risks were identified and there were no significant changes to the nature or profile of the existing principal risks.

 

An overview of the principal risks and uncertainties facing the Group is set out below.

 

Risk	Overview
Macroeconomic environment	The Group earns most of its revenue in the UK and is influenced, to some extent, by UK housing market conditions and consumer confidence, which can impact property transaction volumes. While Rightmove's business model and consumer engagement mitigate the effects of all but the most extreme market swings, a significant and prolonged recession could reduce the customer base and adversely affect revenues.
Competitive environment	The Group operates in a competitive market characterised by high returns and relatively low entry barriers, which may lead to increased competition from both existing players and new entrants. Emerging technologies, particularly artificial intelligence, could disrupt the house-moving journey and reshape customer expectations and competitive dynamics.
New or disruptive technologies and changing consumer behaviours	Rightmove operates in a fast-moving online marketplace. Failure to innovate, adopt new technologies, particularly artificial intelligence, and adapt to evolving partner business models and consumer behaviour could limit the Group's ability to deliver leading products and services, reducing customer and consumer engagement and adversely affect revenue growth.
Cyber security and IT systems	The Group's reliance on technology and IT systems exposes it to cyber security risks that could disrupt platform operations. A cyber-attack, or security breach, including the loss, corruption or unauthorised disclosure of data, could disrupt day-to-day efficiency and functionality and delivery of services to customers and consumers.
Regulatory risks	Rightmove operates in an increasingly complex legal and regulatory environment, creating risks of non-compliance with applicable laws and regulations, including FCA requirements applicable to its subsidiaries and regulations governing partners such as estate and letting agents. As the Group expands its products and services, it may also become subject to new legal and regulatory requirements.
Securing and retaining the right talent	The Group's continued success is dependent on its ability to attract, recruit, retain and motivate its highly skilled workforce. Failure to do so could impact operational performance, reduce organisational capability and hinder the delivery of the Group's strategic objectives.

 

Further detail on these risks, and the ways in which they are monitored and mitigated, is available in the Rightmove plc Annual Report 2025.

 

Statement of Directors' responsibilities

 

The Directors are responsible for preparing the interim report in accordance with applicable law and regulations. The Directors confirm that the condensed consolidated interim financial information has been prepared in accordance with UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.

 

The interim management report includes a fair review of the information required by the Disclosure Guidance and Transparency Rules paragraphs 4.2.7R and 4.2.8R, namely:

 

·    An indication of important events that have occurred during the six months ended 30 June 2026 and their impact on the condensed set of financial information, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

·    Material related-party transactions during the six months ended 30 June 2026. A list of current Directors is maintained on the Rightmove plc website: https://plc.rightmove.co.uk

A list of current Directors is maintained on the Rightmove plc website: https://plc.rightmove.co.uk

 

The Directors are responsible for the maintenance and integrity of, amongst other things, the financial and corporate governance information as provided on the Rightmove website (https://plc.rightmove.co.uk). Legislation in the United Kingdom governing the preparation and dissemination of financial information may differ from legislation in other jurisdictions.

 

The interim report was approved by the Board of Directors and authorised for issue on 30 July 2026 and signed on its behalf by:

                            

 

                                                                            

Johan Svanstrom                                                                                          Ruaridh Hook   

Chief Executive Officer                                                           Chief Financial Officer

 

 

CONDENSED CONSOLIDATED INTERIM STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME
for the six months ended 30 June 2026

	Note	Six months ended 30 June 2026	Six months ended 30 June 2025	Year ended 31 December 2025
		£000	£000	£000
Revenue	4	225,848	211,730	425,129
Administrative expenses		(77,680)	(66,345)	(137,255)
Operating profit		148,168	145,385	287,874
Underlying Operating Profit Share-based incentive charge	1 6	155,124             (4,635)	151,276              (5,891)	297,689 (9,815)
Certain legal & professional costs	5	(2,321)	-	-
Financial income		1,184	1,459	2,634
Financial expenses		(245)	(306)	(557)
Net financial income		939	1,153	2,077
Profit before tax		149,107	146,538	289,951
Income tax expense	9	(37,894)	(36,630)	(72,884)
Profit for the period attributable to equity holders of the parent		111,213	109,908	217,067
Other comprehensive income Changes in cash flow hedge that may subsequently be reclassified to profit and loss, net of tax	12	36	-	-
Total comprehensive income for the period attributable to equity holders of the parent		111,249	109,908	217,067
Earnings per share (pence)
Basic	7	14.8	14.1	28.1
Diluted	7	14.7	14.1	28.0

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
Company number 06426485
at 30 June 2026

	Note	30 June 2026	30 June 2025	31 December 2025
		£000	£000	£000
Non-current assets
Property, plant and equipment		7,579	7,664	9,510
Intangible assets	10	44,340	38,358	41,130
Deferred tax assets	9	297	2,420	1,012
Total non-current assets		52,216	48,442	51,652
Current assets
Trade and other receivables	11	36,023	32,710	32,372
Contract assets	4	1,496	1,385	1,251
Derivative financial assets	12	36	-	-
Money-market deposits		-	5,588	5,683
Cash and cash equivalents		34,345	36,817	37,223
Total current assets		71,900	76,500	76,529
Total assets		124,116	124,942	128,181
Current liabilities
Trade and other payables	13	(40,647)	(32,915)	(32,568)
Lease liabilities		(2,865)	(2,597)	(3,562)
Contract liabilities	4	(3,157)	(3,059)	(3,485)
Income tax payable		(276)	(548)	(501)
Other current liabilities		-	-	(428)
Total current liabilities		(46,945)	(39,119)	(40,544)
Non-current liabilities
Lease liabilities		(2,496)	(2,814)	(3,622)
Provisions		(1,724)	(859)	(1,717)
Other non-current liabilities		-	(423)	-
Total non-current liabilities		(4,220)	(4,096)	(5,339)
Total liabilities		(51,165)	(43,215)	(45,883)
Net assets		72,951	81,727	82,298
Equity
Share capital		757	786	774
Other reserves		675	646	658
Retained earnings (net of own shares) held		71,519	80,295	80,866
Total equity attributable to the equity holders of the Parent		72,951	81,727	82,298

 

 

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

for the six months ended 30 June 2026

	Note		6 months ended 30 June 2026	6 months ended 30 June 2025	Year ended 31 December 2025
			£000	£000	£000
Cash flows from operating activities
Profit for the period			111,213	109,908	217,067
Adjustments for:
Depreciation charges			2,541	1,894	3,937
Amortisation charges	10		3,038	1,920	4,391
Financial income			(1,184)	(1,459)	(2,634)
Financial expenses			245	306	557
Share-based payments	6		4,593	4,541	8,539
Provision Charge			-	-	852
Income tax expense	9		37,894	36,630	72,884
Operating cash flow before changes in working capital			158,340	153,740	305,593
Increase in trade and other receivables	11		(3,702)	(3,720)	(3,446)
Increase in trade and other payables		12	6,648	5,886	5,532
(Increase)/decrease in contract assets	4		(245)	(115)	19
(Decrease)/increase in contract liabilities	4		(328)	(109)	317
Cash generated from operating activities			160,713	155,682	308,015
Financial expenses paid			(272)	(303)	(535)
Income taxes paid			(37,386)	(35,331)	(71,181)
Net cash from operating activities			123,055	120,048	236,299
Cash flows used in investing activities
Interest received on cash and cash equivalents			1,116	1,357	2,435
Liquidation of money market deposits			5,725	-	-
Settlement of deferred consideration			(400)	-	-
Acquisition of property, plant and equipment			(464)	(387)	(903)
Acquisition of intangible assets	10		(6,248)	(4,033)	(9,276)
Net cash used in investing activities			(271)	(3,063)	(7,744)
Cash flows used in financing activities
Net dividends paid	8		(49,649)	(47,390)	(78,565)
Purchase of own shares for cancellation	14		(73,604)	(65,000)	(141,095)
Purchase of own shares for share incentive plans	14		-	(1,708)	(4,036)
Share-related expenses			(484)	(469)	(1,021)
Payment of lease liabilities			(1,974)	(1,539)	(3,146)
Proceeds on exercise of share-based incentives			49	177	770
Net cash used in financing activities			(125,662)	(115,929)	(227,093)
Net (decrease)/increase in cash and cash equivalents			(2,878)	1,056	1,462
Cash and cash equivalents at 1 January			37,223	35,761	35,761
Cash and cash equivalents at period end			34,345	36,817	37,223

 

 

 

 

CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
for the six months ended 30 June 2026

 

	Share capital £000		Own shares held £000	Other reserves £000	Hedge reserve £000	Reverse acquisition reserve £000	Retained earnings £000	Total equity £000
At 1 January 2025		795	(19,962)	499	-	138	99,392	80,862
			-
Total comprehensive income Profit for the period		-		-	-	-	109,908	109,908
Transactions with owners recorded directly in equity
Share-based payments		-	-	-	-	-	4,541	4,541
Tax credit in respect of share-based incentives recognised directly in equity		-	-	-	-	-	814	814
Exercise of share-based incentives		-	1,662	-	-	-	(1,485)	177
Purchase of shares for plans		-	(1,708)	-	-	-	-	(1,708)
Cancellation of own shares		(9)	-	9	-	-	(65,000)	(65,000)
Net dividends paid		-	-	-	-	-	(47,398)	(47,398)
Cost of share purchases		-	-	-	-	-	(469)	(469)
At 30 June 2025		786	(20,008)	508	-	138	100,303	81,727
At 1 January 2025		795	(19,962)	499	-	138	99,392	80,862
Total comprehensive income
Profit for the year		-	-	-	-	-	217,067	217,067
Transactions with owners recorded directly in equity
Share-based payments		-	-	-	-	-	8,539	8,539
Tax charge in respect of share-based incentives recognised directly in equity		-	-	-	-	-	(223)	(223)
Net dividends		-	-	-	-	-	(78,565)	(78,565)
Exercise of share-based incentives		-	3,194	-	-	-	(2,424)	770
Purchase of shares for share incentive plan		-	(4,036)	-	-	-	-	(4,036)
Cancellation of own shares		(21)	-	21	-	-	(141,095)	(141,095)
Cost of share purchases		-	-	-	-	-	(1,021)	(1,021)
At 31 December 2025		774	(20,804)	520	-	138	101,670	82,298
At 1 January 2026		774	(20,804)	520	-	138	101,670	82,298
Profit for the period		-	-	-	-	-	111,213	111,213
Other comprehensive income		-	-	-	36	-	-	36
Total comprehensive income		-	-	-	36	-	111,213	111,249
Transactions with owners recorded directly in equity
Share-based payments		-	-	-	-	-	4,593	4,593
Tax charge in respect of share-based incentives recognised directly in equity		-	-	-	-	-	(62)	(62)
Exercise of share-based incentives		-	1,257	-	-	-	(1,208)	49
Cancellation of own shares		(17)	-	17	-	-	(75,000)	(75,000)
Net dividends paid		-	-	-	-	-	(49,649)	(49,649)
Cost of share purchases		-	-	-	-	-	(527)	(527)
At 30 June 2026		757	(19,547)	537	36	138	91,030	72,951

 

 

NOTES

1 General information, judgements and estimates

Rightmove plc (the Company) is a public limited Company registered in England (Company no. 6426485) domiciled in the United Kingdom (UK). The condensed consolidated interim financial statements ('interim financial statements') as at and for the six months ended 30 June 2026 comprise the Company and its interest in its subsidiaries (together referred to as 'the Group'). The principal business of the Group is the operation of the Rightmove platforms, which have the largest audience of any UK property portal (as measured by time on site).

The consolidated financial statements of the Group as at and for the year ended 31 December 2025 are available upon request to the Company Secretary from the Company's registered office at 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Milton Keynes, MK7 8LE or are available on the corporate website at plc.rightmove.co.uk.

 

Basis of preparation

These condensed interim financial statements, for the six months ended 30 June 2026, have been prepared in accordance with IAS 34 Interim Financial Reporting, under UK-adopted international accounting standards, and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. They should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 31 December 2025 ('last annual financial statements'). The interim financial statements do not include all the information required for a complete set of financial statements prepared in accordance with UK-adopted international accounting standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements.

 

New standards and amendments effective from 1 January 2026 have not had a material impact on the interim consolidated financial statements of the Group. The Group is finalising the assessment of the impact of IFRS 18 Presentation and Disclosure in Financial Statements, which is effective for annual reporting periods beginning on or after 1 January 2027.  The impact is expected to be limited to certain presentational and disclosure enhancements, with no impact on financial performance or financial position.

 

The interim financial statements were approved by the Board of Directors on 30 July 2026 and the results for the current and comparative period are unaudited. The auditor, Ernst &Young LLP, has carried out a review of the interim financial statements and its report is set out at the end of this document.

 

The interim financial information does not constitute statutory accounts within the meaning of sections 434 and 435 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2025 were approved by the Board of Directors on 26 February 2026 and have been delivered to the Registrar of Companies. The report of the auditors was unqualified, with no reference to matters to which the auditor drew attention by way of emphasis and did not contain any statements under section 498 of the Companies Act 2006.

 

Alternative performance measures

In the analysis of the Group's financial performance, certain information disclosed in the financial statements may be prepared on a non-GAAP basis or has been derived from amounts calculated in accordance with IFRS but are not themselves an expressly permitted GAAP measure. These measures are reported in line with the way in which financial information is analysed by management and designed to increase comparability of the Group's year-on-year financial position, based on its operational activity.

 

The Directors believe that these alternative performance measures, which exclude charges or credits that are not entirely driven by the principal operational activity of the Group, provide useful information to investors and enhance the understanding of the results.  The charges that are not entirely driven by the principal operational activity of the Group include costs relating to share-based payments, transaction related charges (such as those in relation to acquisitions, investments or bid defence), restructuring and certain legal and professional costs. The Directors therefore consider underlying operating profit to be the most appropriate indicator of the performance of the business and year-on-year trends.

 

 

The key alternative performance measures presented by the Group are:

·      Underlying profit: which is defined as profit for the year before share-based payments charges (including the related National Insurance) and certain legal and professional costs and the appropriate tax adjustments;

·      Underlying operating profit: which is defined as operating profit before share-based payments charges (including the related National Insurance) and certain legal and professional costs;

·      Underlying basic earnings per share (EPS): which is defined as underlying profit divided by the weighted average number of ordinary shares outstanding during the period;

·      Underlying costs: which is defined as administrative expenses before share-based payments charges (including the related National Insurance) and certain legal and professional costs; and

·      Underlying operating margin: which is defined as the underlying operating profit as a percentage of revenue.

 

 

A reconciliation of the underlying performance measures to the GAAP measures are shown below:

 

Underlying profit

 A reconciliation of the profit for the period to the underlying profit is presented below:

 

	6 months ended  30 June 2026 £000	6 months ended  30 June 2025 £000
Profit for the period	111,213	109,908
Share-based incentives charge (note 6)	4,593	4,541
NI on share-based incentives	42	1,350
Certain legal and professional charges (note 5)	2,321	-
Impact on tax charge	(935)	(1,385)
Underlying profit	117,234	114,414

 

Underlying profit is used instead of profit to calculate the underlying basic earnings per share, which is underlying profit divided by the weighted average number of ordinary shares in issue for the period, whereas earnings per share is profit divided by weighted average number of ordinary shares in issue for the period (note 7).

 

Underlying operating profit

A reconciliation of the operating profit to the underlying operating profit is presented below:

 

	6 months ended  30 June 2026 £000	6 months ended  30 June 2025 £000
Operating profit	148,168	145,385
Share-based incentives charge (note 6)	4,593	4,541
NI on share-based incentives	42	1,350
Certain legal and professional charges (note 5)	2,321	-
Underlying operating profit	155,124	151,276

 

Underlying operating profit is used to calculate the underlying operating margin, which is underlying operating profit as a proportion of revenue, whereas the operating margin calculated as operating profit as a proportion of revenue.

 

 

Underlying costs

A reconciliation of the administrative expenses to the underlying costs is presented below:

	6 months ended  30 June 2026 £000	6 months ended  30 June 2025 £000
Administrative expenses	77,680	66,345
Share-based incentives charge (note 6)	(4,593)	(4,541)
NI on share-based incentives	(42)	(1,350)
Certain legal and professional charges (note 5)	(2,321)	-
Underlying costs	70,724	60,454

 

 

Going concern

 

The Directors have performed a detailed going concern review and tested the Group's liquidity in a range of scenarios, as set out below.

 

Throughout the period, the Group was debt-free, remained highly cash generative and had a cash balance of £34.3m at 30 June 2026 (31 December 2025: cash balance £37.2m and money-market deposits of £5.7m).

 

The Group bought back shares to the value of £75.0m during the period (30 June 2025: £65.0m) and paid the 2025 final dividend of £49.7m in May 2026 (period ended 30 June 2025: £47.4m).

 

In reaching its assessment on going concern, the Directors have used the most recent Board approved forecasts for the Group for the period to 31 December 2027 ("the going concern period"), which have been modelled to reflect the expected impact of current economic conditions on trading, as set out in these interim financial statements, in addition to the Group's current cash position, any committed payments in relation to the share buyback programme, covenant compliance on the new revolving credit facility obtained in July 2026, and the resilience of its cash flow forecasts.

 

In stress-testing future cash flows, the Directors modelled a range of scenarios assessing the impact of reductions in housing transactions of varying severity for the period to 31 December 2027 and modelled the likely timing of cash inflows from customers inflows during the going concern period.

 

These included severe but plausible downside scenarios that are considered to pose the greatest threat to the business model and future performance of the Group, such as: an economic shock, increased competition and new disruptive technologies, or a cyber threat.

 

The model assessed changes in key revenue drivers, including customer numbers and average revenue per advertiser (ARPA) - one scenario being a 29% revenue reduction. Cost assumptions were also tested in each of the severe but plausible scenarios, factoring in higher marketing and IT costs, recruitment and retention costs, and increased investment in innovation and platform security. Scenarios were stress tested individually and in combination. In all cases, the Group remained cash-positive, with covenant compliance, in the going concern period.

 

The Directors also considered the results of a reverse stress test, that illustrated the scenario required to exhaust cash reserves or breach covenants. The possibility of this scenario arising was assessed to be highly remote, arising only under extreme conditions, much more severe than those modelled above. The Directors have identified further mitigating actions in relation to cost savings that could be actioned, as necessary.

 

The Directors are confident that the Group will remain cash positive, with covenant compliance, and will have sufficient funds to continue to meet its liabilities as they fall due for at least the period to 31 December 2027 and have therefore prepared the financial statements on a going concern basis.

 

Judgements and estimates

 

In preparing these interim financial statements in accordance with UK Adopted International accounting standards, management is required to make judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. 

 

Management has determined that there are no areas of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year or critical judgements in applying accounting policies that have a significant effect on the amounts recognised in the consolidated financial statements, as described in the last annual financial statements.

 

Related Party Transactions

No related party transactions have taken place in the six months ended 30 June 2026 (June 2025: none) that have materially affected the financial position or performance of the group during the period.

 

 

2   Material accounting policies

 

The accounting policies applied in these interim financial statements are the same as those applied by the Group's consolidated financial statements as at and for the year ended 31 December 2025.

 

 

3   Segmental reporting

Rightmove has one reportable segment, being the consolidated result. Whilst the Chief Operating Decision Maker separately monitors revenue for different business units, they do not separately monitor business unit profit, operating costs, financial income, financial expenses and income taxes for these areas of the business, instead monitoring this on a consolidated level.

 

The Group presents internal financial information that measures business performance to the Chief Executive Officer, who is the Group's Chief Operating Decision Maker. This information is used for the purpose of making decisions about resources to be allocated and of assessing performance. This financial information includes information on revenue performance and specific monitoring of trade receivable levels for each of the following business units:

 

·      Agency, which provides resale and lettings property advertising services, rental operators advertising and rental services on Rightmove's platforms;

·      New Homes, which provides property advertising services to new home developers and housing associations on Rightmove's platforms; and

·      Other, which comprises Commercial and Overseas property advertising services; and non-property advertising services which include Third Party advertising and Data Services; and the Financial Services (Mortgages) business.

 

All revenues in all periods are derived from third parties. The disaggregated revenue is included within Note 4.

 

4   Revenue

 

The Group's operations and main revenue streams are those described in the last annual financial statements. The Group's revenue is derived from contracts with customers.

 

Disaggregation of revenue

 

In the following table, revenue is disaggregated by property and non-property advertising revenue. The table also includes a reconciliation of the disaggregated revenue with the Group's business units (see Note 3).

 

 

Six months ended 30 June 2026	Estate Agency	New Homes	Other	Total
	£000	£000	£000	£000
Revenue stream
Property products	163,925	38,175	11,343	213,443
Non-property products	-	-	12,405	12,405
	163,925	38,175	23,748	225,848
Six months ended 30 June 2025	Estate Agency £000	New Homes £000	Other £000	Total £000
Revenue stream
Property products	150,838	37,519	10,619	198,976
Non-property products	-	-	12,754	12,754
	150,838	37,519	23,373	211,730
Year ended 31 December 2025	Estate Agency £000	New Homes £000	Other £000	Total £000
Revenue stream
Property products	304,744	75,330	21,563	401,637
Non-property products	-	-	23,492	23,492
	304,744	75,330	45,055	425,129

 

Contract balances

The following table provides information about contract assets and contract liabilities from contracts with customers.

			Contract Assets £000	Contract Liabilities £000
Contract balance as at 31 December 2025		1,251		(3,485)
Performance obligations satisfied in previous periods		(1,251)		-
Performance obligations satisfied in current periods		-		3,344
Accrued/(deferred) during the period		1,496		(3,016)
Contract balances as at 30 June 2026		1,496		(3,157)

 

The contract assets primarily relate to the Group's rights to consideration for services provided but not invoiced at the reporting date. The contract assets are transferred to trade receivables when invoiced and the rights have become unconditional.

 

The contract liabilities primarily relate to the advance consideration received from Estate Agency, Overseas and Commercial customers, for which revenue is recognised as or when the services are provided.

 

5 Operating Profit

	6 months ended  30 June 2026 £000	6 months ended  30 June 2025 £000
Operating profit is stated after charging:
Employee benefits	41,397	35,984
Depreciation of property, plant and equipment	2,541	1,894
Amortisation of intangibles	3,038	1,920
Legal and professional costs in relation to the proposed legal claim	2,321	-
Trade receivables impairment charge	355	256

 

The legal and professional costs comprise third party legal and other professional advisor fees, in addition to incremental costs directly incurred in responding to the requirements of the proposed legal claim (note 15).

 

6   Share-based payments

The Group operates share-based incentive schemes for executive Directors and employees; a Savings Related Share Option Scheme (Sharesave Plan) and Share Incentive Plan (SIP) for all employees; a performance share plan (PSP) for Directors; and a Deferred Share Bonus Plan (DSP) for the Directors and selected senior management. There is also a restricted share plan (RSP) in operation which is awarded on an ad-hoc basis, based on service conditions only, for selected senior individuals.

 

Two new share-based incentive awards were made during the period to 30 June 2026:

·      466,804 PSP awards were granted on 12 March 2026 subject to earnings per share (EPS), revenue and total shareholders return (TSR) performance. Performance will be measured over three financial years (1 January 2026 - 31 December 2028). The vesting on 12 March 2029 of 50% of the 2026 PSP awards will be dependent on the relative TSR performance condition measured over the three-year performance period, with the remaining 50% dependent on the both the satisfaction of the EPS growth and revenue targets in equal measure. The PSP awards were valued using the Monte Carlo model for the TSR element and the Black Scholes model for the EPS and Revenue elements.

·      1,046,038 DSP nil cost shares were awarded to executives and senior management on 12 March 2026 following the achievement of the 2025 internal performance targets, with the right to exercise the shares deferred until March 2028 (assuming service conditions are met). The DSP awards were valued using the Black Scholes model.

The total charge in relation to all share-based incentive plans, including SAYE and SIP plans, for the six months ended 30 June 2026 was £4,635,000 (2025: £5,891,000). This comprised both the IFRS2 share based incentive charge of £4,593,000 (2025: £4,541,000) and the related National Insurance charge £42,000 (2025: £1,350,000). 

 

 

7   Earnings per share (EPS)

				Pence per share
			£000		Basic	Diluted
Six months ended 30 June 2026 Profit after tax			111,213		14.8	14.7
Underlying profit after tax			117,234		15.6	15.5
Six months ended 30 June 2025
Profit after tax			109,908		14.1	14.1
Underlying profit after tax			114,414		14.7	14.7
Year ended 31 December 2025
Profit after tax			217,067		28.1	28.0
Underlying profit after tax			224,888		29.1	29.0

 

 

Weighted average number of ordinary shares (basic)        

                                                                                                                                   

	6 months ended 30 June 2026 Number of shares	6 months ended 30 June 2025 Number of shares	Year ended 31 December 2025 Number of shares
Issued ordinary shares at 1 January less ordinary shares held by the EBT and SIP Trust	770,105,147	791,523,287	791,523,287
Less own shares held in treasury at the beginning of the year	(10,753,494)	(11,168,495)	(11,168,495)
Weighted effect of own shares purchased for cancellation	(6,136,311)	(3,451,949)	(8,388,834)
Weighted effect of share-based incentives exercised	229,888	368,977	625,563
Weighted effect of shares purchased by the EBT	-	(122,445)	(209,398)
	753,445,230	777,149,375	772,382,123

 

 

Weighted average number of ordinary shares (diluted)

For diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive shares. The Group's potential dilutive instruments are in respect of share-based incentives granted to employees, which will be settled by ordinary shares held by the Employees' Share Trust (EBT), SIP Trust and shares held in Treasury.

                                                                                                                                               

	6 months ended 30 June 2026 Number of shares	6 months ended 30 June 2025 Number of shares	Year ended 31 December 2025 Number of shares
Weighted average number of ordinary shares (basic)	753,445,230	777,149,375	772,382,123
Dilutive impact of share-based incentives outstanding	2,586,710	2,715,727	2,974,437
	756,031,940	779,865,102	775,356,560

 

8   Dividends

Dividends declared and paid by the Company were as follows:
                                                                                                                              

	6 months ended 30 June 2026		6 months ended 30 June 2025		Year ended 31 December 2025
	Pence per share	£000	Pence per share	£000	Pence per share	£000
2024 final dividend paid			6.10	47,398	6.10	47,398
2025 interim dividend paid			-	-	4.05	31,188
2025 final dividend paid	6.59	49,659
	6.59	49,659	6.10	47,398	10.15	78,586
Unclaimed dividends returned		(10)		(8)		(21)
Net dividends included in the statement of cash flows		49,649		47,390		78,565

 

After the period end the Board approved an interim dividend of 4.17p (2025: 4.05p) per qualifying ordinary share being £30,200,000 (2025: £31,200,000).

The 2025 final dividend of £49,659,000 (6.59p per qualifying share) was paid on 22 May 2026.

 

9   Taxation

The income tax expense of £37,894,000 (2025: £36,630,000) is recognised based on management's best estimate of the consolidated effective tax rate expected for the full financial year, applied to the profit before tax for the six-month period. The Group's consolidated effective tax rate applied at 30 June 2026 was 25.4% (2025: 25.0%), slightly above the UK Corporation tax rate of 25.0% mostly due to the impact of the lower share price on the share-based payment charge which reduced the deferred tax asset generating a related deferred charge, in addition to disallowable expenses.

The net deferred tax asset of £297,000 (31 December 2025: £1,012,000; 30 June 2025: £2,420,000) comprises a deferred tax asset of £4,192,000 (31 December 2025: £4,221,000 and 30 June 2025: £5,753,000) and a deferred tax liability of £3,895,000 (31 December 2025: £3,209,000 and 30 June 2025: £3,333,000).

 

10 Intangible assets

	Goodwill  £000	Computer  Software  £000	Software development £000	Customer relationships £000	Total £000
Cost
At 1 January 2026	22,680	22,331	5,616	6,366	56,993
Additions	-	-	6,248	-	6,248
Transfer	-	5,780	(5,780)	-	-
At 30 June 2026	22,680	28,111	6,084	6,366	63,241
Amortisation
At 1 January 2026	-	(12,687)	-	(3,176)	(15,863)
Charge for year	-	(2,720)	-	(318)	(3,038)
At 30 June 2026	-	(15,407)	-	(3,494)	(18,901)
Net book value
At 30 June 2026	22,680	12,704	6,084	2,872	44,340
At 31 December 2025	22,680	9,644	5,616	3,190	41,130

 

The Group's management performed a review for indications of impairment since the end of the most recent financial year and concluded that no impairment indicators exist as at half-year.

 

11   Trade and other receivables

	30 June 2026	30 June 2025	31 December 2025
	£000	£000	£000
Trade receivables	29,230	25,372	26,343
Less provision for impairment of trade receivables	(1,199)	(1,622)	(1,378)
Net trade receivables	28,031	23,750	24,965
Prepayments	7,167	8,218	6,473
Interest receivable	229	350	286
Other debtors	596	392	648
	36,023	32,710	32,372

 

 

12   Derivative financial assets

 

Other financial assets of £36,000 relates to the fair value of a derivative contract at 30 June 2026. During the period, the Group entered a 12 month forward foreign exchange contract to hedge foreign exchange risk arising from highly probable forecast purchases denominated in USD.

 

 

13   Trade and other payables

	30 June 2026	30 June 2025	31 December 2025
	£000	£000	£000
Trade payables	4,327	1,963	1,826
Accruals	18,219	13,306	12,474
Other creditors	1,846	2,203	2,032
Other taxation and social security	16,255	15,443	16,236
	40,647	32,915	32,568

 

14 Reconciliation of movement in capital and reserves

 

Own shares purchased for cancellation
The total number of shares bought back in the six months to 30 June 2026 was 17,381,358 (June 2025: 9,053,071) representing 2.3% (2025: 1.2%) of the ordinary shares in issue (excluding shares held in treasury).  All the shares bought back and paid for in the period were cancelled. The shares were acquired on the open market at a total consideration (excluding costs) of £75,000,000 (2025: £65,000,000), of which £1.4m was not yet settled as at the end reporting period. The maximum and minimum prices paid were £4.67 (2025: £7.86) and £3.92 (2025: £6.27) per share respectively.

 

Own shares held - £000	EBT shares reserve £000	SIP shares reserve £000	Treasury shares £000	Total own shares held £000
Own shares held as at 1 January 2025	(7,110)	(7,553)	(5,299)	(19,962)
Shares purchased for RSP	(1,708)	-	-	(1,708)
Share-based incentives exercised	1,068	395	171	1,634
SIP releases in the period	-	28	-	28
Own shares held as at 30 June 2025	(7,750)	(7,130)	(5,128)	(20,008)
Own shares held as at 1 January 2025	(7,110)	(7,553)	(5,299)	(19,962)
Shares purchased for SIP	(2,656)	(1,380)	-	(4,036)
Shares transferred to SIP	636	(636)	-	-
Share-based incentives exercised	2,213	753	200	3,166
SIP releases in the year	-	28	-	28
Own shares held as at 31 December 2025	(6,917)	(8,788)	(5,099)	(20,804)
Own shares held as at 1 January 2026	(6,917)	(8,788)	(5,099)	(20,804)
Share-based incentives exercised	838	260	127	1,225
SIP releases in the period	-	32	-	32
Own shares held as at 30 June 2026	(6,079)	(8,496)	(4,972)	(19,547)

 

 

Own shares held - number of shares	EBT shares reserve	SIP shares reserve	Treasury shares	Total own shares held
Own shares held as at 1 January 2025	1,833,148	1,320,429	11,168,495	14,322,072
Shares purchased for RSP	247,770	-	-	247,770
Share-based incentives exercised	(211,945)	(74,390)	(354,463)	(640,798)
SIP releases in the period	-	(4,135)	-	(4,135)
Own shares held as at 30 June 2025	1,868,973	1,241,904	10,814,032	13,924,909
Own shares held as at 1 January 2025	1,833,148	1,320,429	11,168,495	14,322,072
Shares purchased for SIP	424,448	264,355	-	688,803
Shares transferred to SIP	(119,303)	119,303	-	-
Share-based incentives exercised	(520,570)	(132,825)	(415,001)	(1,068,396)
SIP releases in the year	-	(12,305)	-	(12,305)
Shares held as at 31 December 2025	1,617,723	1,558,957	10,753,494	13,930,174
Own shares held as at 1 January 2026	1,617,723	1,558,957	10,753,494	13,930,174
Share-based incentives exercised	(152,762)	(51,391)	(262,942)	(467,095)
SIP releases in the period	-	(6,845)	-	(6,845)
Shares held as at 30 June 2026	1,464,961	1,500,721	10,490,552	13,456,234

 

(a) EBT shares reserve

This reserve represents the cost of own shares acquired by the EBT less any exercises of share-based incentives. At 30 June 2026, the EBT held 1,464,961 (June 2025: 1,868,973) ordinary shares in the Company, representing 0.2% (June 2025: 0.2%) of the ordinary shares in issue (excluding shares held in treasury and SIP). The market value of the shares held by the EBT at 30 June 2026 was £6,419,459 (June 2025: £14,738,721). During the period 152,762 shares were exercised (H1 2025: 211,945).

 

(b) SIP shares reserve

In November 2014, the Group established the Rightmove Share Incentive Plan Trust (SIP). This reserve represents the cost of acquiring shares less any exercises or releases of SIP awards. At 30 June 2026 the SIP Trust held 1,500,721 (June 2025: 1,241,904) ordinary shares in the Company of 0.1 pence each, representing 0.2% (June 2025: 0.2%) of the ordinary shares in issue (excluding shares held in treasury and EBT). The market value of the shares held in the SIP Trust at 30 June 2026 was £6,576,159 (June 2025: £9,793,655). During the period 51,391 shares were exercised (H1 2025: 74,390) and 6,845 shares (H1 2025: 4,135) were released by the SIP in relation to good leavers and retirees.

 

(c) Treasury shares

This represents the cost of acquiring shares held in treasury less any exercises of share-based incentives. These shares were bought back in 2008 at an average price of 47.60 pence and may be used to satisfy certain share-based incentive awards.

 

Other reserves

This represents the Capital Redemption Reserve in respect of own shares bought back and cancelled. The movement in other reserves of £17,381 (June 2025: £9,053) comprises the nominal value of ordinary shares cancelled during the period.

 

Retained earnings

The loss on exercise of share-based incentives of £1,208,000 (June 2025: £1,485,000) is the difference between the value that the shares held by the EBT, SIP and treasury shares were originally acquired for and the exercise price at which share-based incentives were exercised during the period. 

 

15 Contingent liabilities

 

Further to the Group receiving notice of a potential claim in November 2025, an application for a Collective Proceedings Order was filed with the Competition Appeal Tribunal ("CAT") in April 2026 seeking to bring a class action claim. As with all competition class actions, the proposed claim must be certified by the CAT before it can proceed any further. The certification hearing is scheduled to take place in November 2026. The outcome of this hearing will determine whether, and on what basis, the proposed claim may proceed to trial.

 

The proposed claim seeks damages of up to £1.56 billion. The Group considers the proposed claim to be without merit and will continue to defend it vigorously.

 

16 Subsequent events

 

Subsequent to the reporting date, on 21 July 2026, the Group entered a £200 million revolving credit facility with a syndicate of relationships banks for general corporate purposes. The new facility has an initial maturity date in July 2029, with two one- year extension options available. Borrowings under the facility bear interest at a margin over SONIA.  The facility was undrawn at the date of approval of these condensed interim financial statements.

 

 

 

ADVISERS AND SHAREHOLDER INFORMATION

Contacts		Registered office	Corporate advisers
Chief Executive Officer:	Johan Svanstrom	Rightmove plc	Financial adviser
Chief Financial Officer: Group Company Secretary: Website:	Ruaridh Hook Carolyn Pollard www.rightmove.co.uk	2 Caldecotte Lake Business Park Caldecotte Lake Drive	UBS Investment Bank   Joint brokers
		Caldecotte Milton Keynes	UBS AG London Branch Peel Hunt LLP
		MK7 8LE	Auditor
		Registered in England no. 06426485	Ernst & Young LLP
			Bankers Barclays Bank Plc
Financial calendar 2026			Santander UK plc
Interim dividend record date Interim dividend payment Full year results	25 September 2026 23 October 2026 26 February 2027		HSBC UK Bank plc Lloyds Banking Group plc   Solicitors   Linklaters LLP Herbert Smith Freehills Kramer LLP
			Registrar
			MUFG Corporate Markets*

 

*Shareholder enquiries

The Company's registrar is MUFG Corporate Markets. They will be pleased to deal with any questions regarding your shareholding or dividends. Please notify them of your change of address or other personal information. Their contact details are below:

 

Shareholder helpline: 0371 664 0300

Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales.

 

Email: [email protected]

 

Investor Centre can be accessed at https://uk.investorcentre.mpms.mufg.com/Login  

 

Address:

MUFG Corporate Markets

Central Square

29 Wellington Street

Leeds

LS1 4DL

 

 

 

 

 

 

 

 

 

 

 

 

 

INDEPENDENT REVIEW REPORT TO RIGHTMOVE PLC

 

Conclusion

 

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the condensed consolidated interim statement of profit and loss and other comprehensive income, condensed consolidated interim statement of financial position, condensed consolidated interim statement of cash flows, condensed consolidated interim statement of changes in shareholders' equity and the related explanatory notes. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 

Basis for Conclusion

 

We conducted our review in accordance with International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" (ISRE) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".

 

Conclusions Relating to Going Concern

 

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.

 

This conclusion is based on the review procedures performed in accordance with this ISRE, however future events or conditions may cause the entity to cease to continue as a going concern.

 

Responsibilities of the directors

 

The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 

In preparing the half-yearly financial report, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Auditor's Responsibilities for the review of the financial information

In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.

 

Use of our report

 

This report is made solely to the company in accordance with guidance contained in International Standard on Review Engagements 2410 (UK) "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our work, for this report, or for the conclusions we have formed.

 

Ernst & Young LLP

Luton

30 July 2026