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Wolters Kluwer 2026 Half - Year Results Stacey Caywood , CEO Kevin Entricken , CFO August 5 , 2026 Wolters Kluwer
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2 2026 Half - Year Results This report contains forward - looking statements. These statements may be identified by words such as “expect”, “should”, “could”, “shall” and similar expressions. Wolters Kluwer cautions that such forward - looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward - looking statements. Factors which could cause actual results to differ from these forward - looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; conditions created by global pandemics; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward - looking statements, whether as a result of new information, future events or otherwise. Growth rates are cited in constant currencies unless otherwise noted. Forward - looking statements
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3 2026 Half - Year Results Stacey Caywood CEO & Chair of Executive Board Business & Strategy Update
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4 2026 Half - Year Results Introduction Good start to the year; executing against strategic priorities • Good first half results: − +5% organic growth (+6% ex - print) − Increased adjusted operating profit margin and diluted adjusted EPS • Group - level guidance reiterated • Solid subscription renewals across the group • Executing on our plans to accelerate advanced AI innovation • Recent acquisitions performing ahead of plan • Expanded partnerships creating new opportunities for growth
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5 2026 Half - Year Results Recurring 94% Print books 2% Other non - recurring 4% Software 3% Digital information solutions * 90% Services & print 7% Media Format Geographic Market Segment Type Health Organic growth +5% (+6% ex - print); good renewals and expanded partnerships. UpToDate Expert AI rollout ahead of plan. Margin reflects ongoing mix shift Clinical Solutions • Organic growth +5%, with good renewals for UpToDate suite among US and international enterprise health systems • Adoption of Expert AI: over 90% of U.S. Enterprise customers 1 , ahead of target • Executing on partnerships, e.g. Abridge, Microsoft Learning, Research & Practice • Organic growth +4% (+8% ex - print), benefitting from new open access partner (AME) in medical research € million HY 2026 HY 2025 Δ Δ CC Δ OG Revenues 774 788 - 2% +5% +5% Adjusted operating profit 264 260 +2% +9% +9% Margin 34.1% 33.0% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth. Revenues by: North America 75% Europe 9% AsiaPac & ROW 16% Clinical Solutions 59% Learning, Research & Practice 41% 1. Customers with Enterprise Edition contracts. * Digital information solutions includes software - related services.
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6 2026 Half - Year Results Tax & Accounting Organic growth +6%, with recurring revenues up +7%. Margin reflects increased investment in product development Tax & Accounting North America • Organic growth +5%, led by +18% organic growth in cloud solutions • As of July, around 250 firms have subscribed to CCH Axcess agentic AI modules incl. Intelligence Tax & Accounting Europe • Organic growth +8%, with strong performances across all regions • Cloud software grew in double - digits, driven by e - invoicing and other solutions € million HY 2026 HY 2025 Δ Δ CC Δ OG Revenues 847 837 +1% +6% +6% Adjusted operating profit 308 308 0% +6% +6% Margin 36.3% 36.8% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth. North America 58% Europe 39% AsiaPac & ROW 3% Recurring 93% Print books 1% Other non - recurring 6% North America 58% Europe 39% AsiaPac & ROW 3% Geographic Market Segment Media Format Type Cloud software 42% On - premise software ** 43% Digital information solutions * 11% Services & print 4% * Digital information solutions includes software - related services. ** On - premise software includes ancillary revenues sold with software (e.g., returns filing fees). Revenues by: Tax & Accounting
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7 2026 Half - Year Results North America 99% Europe 1% AsiaPac & ROW 0% Financial & Corporate Compliance Organic growth +4%, with recurring revenues up +6%. Margin increase mainly reflects divestment of FRR 1 Legal Services (LS) • Organic growth +5%, with good service subscription renewals, up - selling, and growth in mid - sized corporate segment ( RASi ) • Transactional revenues (+4%) amid low M&A volumes Financial Services (FS) • Organic growth +3%, supported by recurring revenue up +6% • Subdued transactional revenues ( - 2%) amidst weak lending markets € million HY 2026 HY 2025 Δ Δ CC Δ OG Revenues 569 635 - 10% - 4% +4% Adjusted operating profit 224 211 +6% +14% +9% Margin 39.3% 33.3% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth. Recurring 69% LS transact. 20% FS transact. 10% Other non - recurring 1% Legal Services 62% Financial Services 38% Geographic Market Segment Media Format Type 1. FRR = Finance, Risk & Regulatory Reporting unit. * Digital information solutions includes software - related services. Software 47% Digital information solutions * 4% Services & print 49% Revenues by:
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8 2026 Half - Year Results North America 32% Europe 65% AsiaPac & ROW 3% Legal & Regulatory Organic growth +5% (+8% ex - print), led by digital revenues up +7%. Margin reflects increased product development spend and recent acquisitions Legal & Regulatory Information Solutions • Organic growth +5%, driven by strong growth in digital revenues • Libra 1 revenues ahead of plan following rapid integration and roll - out Legal & Regulatory Software • Organic growth +7% • ELM solutions 2 posted mid - single digit organic growth driven by transactional revenues (+10%) • Brightflag 3 : strong double - digit growth € million HY 2026 HY 2025 Δ Δ CC Δ OG Revenues 523 487 +7% +10% +5% Adjusted operating profit 104 98 +6% +9% +12% Margin 19.9% 20.1% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth. Recurring 82% Print books 3% ELM transact. 10% Other non - recurring 5% Software 33% Digital information solutions * 56% Services & print 11% Legal & Regulatory Software 25% U.S. 18% Europe 55% China 2% Geographic Market Segment Media Format Type Legal & Regulatory Information Solutions 1. Libra was acquired November 19, 2025 and is not included in organic growth. 2. ELM = E nterprise Legal Management software (TyMetrix 360 ° ; Passport). 3. Brightflag , acquired June 11 2025, was included in organic growth from June 11, 2026. * Digital information solutions includes software - related services. Revenues by:
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9 2026 Half - Year Results North America 38% Europe 44% AsiaPac & ROW 18% Corporate Performance & ESG Organic growth +7%, driven by recurring cloud software up +14%. Margin reflects operational gearing and expense management EHS & ESG 1 • Organic growth +2%, reflecting decline in services amid geopolitical uncertainty in key markets Corporate Performance 2 , Tax 3 , Audit & Assurance 4 • Organic growth +10%, with CCH Tagetik CPM up +12% driven by +19% growth in cloud software • Corporate Tax and Internal Audit recorded high - single - digit organic growth • Acquired StandardFusion and Marosa 5 € million HY 2026 HY 2025 Δ Δ CC Δ OG Revenues 320 305 +5% +8% +7% Adjusted operating profit 31 18 +70% +83% +84% Margin 9.7% 6.0% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth. Revenues by: Recurring 78% Non - recurring 22% Cloud software 55% On - premise software ** 27% Software - related services * 18% Geographic Market Segment Media Format Type EHS & ESG 30% Corporate Performance, Tax, Audit & Assurance 70% 1. EHS & ESG = Environmental, Health, & Safety and Environmental, Social, & Governance (Enablon suite). 2. Corporate Performance = CCH Tagetik Corporate Performance Management platform. 3. Tax = Corporate Tax ( SureTax ). 4. Audit & Assurance = Internal Audit ( TeamMate ). 5. Acquired August 4, 2026. * S oftware - related services includes implementation services and digital information solutions. ** On - premise software includes ancillary revenues sold with software.
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10 2026 Half - Year Results Strategic priorities AI - powered expert solutions strategy aims to increase organic growth, margins, and returns 1. Includes Capex and Opex . Product development spending was 11% of group revenues in 2025. • Intensify our go - to - market to optimize value capture by investing in revenue operations, including data - driven, scalable systems and processes; evolve pricing • Embrace AI to advance operational performance • Foster a great place to work and best - in - class sustainability Scale Expert Solutions • Drive penetration of cloud - based, integrated, modular platforms , powered by GenAI and Agentic AI • Enable connections to customer data and ecosystems , extending deeper into customer workflows to enhance productivity • Harness content and data to deliver enhanced value and actionable insights for customers • Foster and scale partnerships to extend along the workflow and into high growth adjacencies • Pursue high - growth adjacencies with a build, buy, or partner approach • Innovate to advance customer productivity and outcomes Accelerate growth Evolve capabilities Accelerate AI innovation with annual product development spend of 12 - 13% of revenues 1 Fund organic investments and restructuring while increasing group adjusted operating margin Continue cloud transition and standardization of technology platforms Allocate capital efficiently, maintain leverage between 1.5x - 2.5x ; deliver shareholder returns Pursue synergistic, value - enhancing acquisitions; make selective disposals Strategic Plan 2025 - 2027 2026 areas of focus
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11 2026 Half - Year Results Near - term roadmap Health: UpToDate Expert AI Rapid innovation and rollout of UpToDate Expert AI across Enterprise customers Expert AI accredited for CME 2 Seamless in the workflow Q4 ‘25 Q1 ‘26 Q2 ‘26 Rigorous validation – built by clinicians, for clinicians AI workflow partnerships (Abridge, others) APIs Deeper integrations & partnerships Deep evidence UpToDate Advisor New mobile app 4.8★ , downloads accelerating AI drug dosing High bar for quality & accuracy Local content Multiple enterprise POCs 3 Global translation 75% local language prompts International rollout Now live in 36 countries UpToDate Enterprise Expert AI launch As of July, over 90 % of our U . S . Enterprise customers 1 have adopted UpToDate Expert AI 1. Customers with Enterprise Edition contracts. 2. CME = continuing medical education. 3. POC = proof of concept.
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12 2026 Half - Year Results Tax & Accounting: CCH Axcess Agentic AI Agentic AI seamlessly integrated across the tax and accounting workflow CCH Axcess Expert AI Capabilities Streamline Client Experience & Document Collection AI - powered client engagement module that streamlines document collection & classification CCH Axcess Client Collaboration Automate Data Extraction to Enable Low Touch Tax Data extraction for simple & complex forms, inclusive of K1s CCH Axcess Scan Agentic Return Prep Agents prepare returns end to end, allowing the accountant to review & focus on exceptions CCH Axcess Tax Maximize Capacity & Throughput AI - powered scheduling and best - fit staffing recommendations to optimize workload, utilization, deadline tracking, and project coordination CCH Axcess Workflow Uncover High - Value Advisory Opportunities Intelligence that helps firms uncover planning opportunities hidden within client data, model scenarios, and support higher - value client conversations CCH Axcess Advisor The Primary Intelligent Experience Intelligent layer that understands the outcome, draws on data, content, applications and agents to automate work steps with the professional in control CCH Axcess Intelligence Request docs Client outreach Collect Ingest Prepare Review File Advise
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13 2026 Half - Year Results Legal & Regulatory: Libra AI Workspace Rapid integration and rollout across Europe Q4 ‘25 Q1 ‘26 Q2 ‘26 Near - term roadmap Now used by thousands of legal professionals across 10 countries Seamless access to trusted Wolters Kluwer content, fast & accurate task completion, deep integration Monetized separately and driving increased uptake of core legal content Netherlands Acquisition Libra Tech (Germany) Switzerland (partnership) Belgium, Italy and Poland Enhanced research harness Deeper productivity integrations New customer segments Czechia, Hungary, Slovakia and Romania Enhanced contract review & workflow integration Geographic expansion 1. Integration with legal software suite, including Legisway (corporate legal practice management) and Brightflag (enterprise legal spend and matter management). Integration with Kleos (law firm practice management) was launched in May 2026. Partner ecosystem build out Orchestration across Legal & Regulatory software suite 1
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14 2026 Half - Year Results Expanding partnerships We continue to deepen partnerships to extend our role across customer workflows AI, cloud and infrastructure Workflow ecosystem Content and data Services and market access Examples of Strategic Partners and Key Vendors Microsoft Foundational LLMs AWS Abridge EMRs 1 Docusign nCino Microsoft Marketplace EY Accenture ERM 1. EMR = electronic medical record systems Big 4 Dr. Otto Schmidt Stämpfli
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15 2026 Half - Year Results Kevin Entricken CFO & Member of Executive Board Financial Review & 2026 Outlook
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16 2026 Half - Year Results First - half 2026 results Good start to the year ( € million, unless otherwise stated) HY 2026 HY 2025 Δ Δ CC Δ OG Revenues 3,033 3,052 - 1% +4% +5% Adjusted operating profit 893 865 +3% +10% +9% Adjusted operating profit margin 29.4% 28.4% Diluted adjusted EPS 2.83 2 .70 +5% +14% Adjusted free cash flow 533 505 +5% +14% Net - debt - to - EBITDA ratio 1 2.0x 2.1x ROIC 1 18.2% 18.5% Δ : % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth. Note: 1. ROIC and Net - debt - to - EBITDA are b ased on twelve - months rolling figures. Organic growth +5% Adjusted operating profit margin 29.4% Diluted Adjusted EPS growth in constant currencies +14% Adjusted free cash flow in constant currencies +14% ROIC 18.2%
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17 2026 Half - Year Results Health 25% Tax & Accounting 28% Financial & Corporate Compliance 19% Legal & Regulatory 17% Corporate Performance & ESG 11% Revenues by division Organic growth +5%, with all divisions delivering good organic growth ( € million) HY 2026 HY 2025 Δ Δ CC Δ OG Health 774 788 - 2% +5% +5% Tax & Accounting 847 837 +1% +6% +6% Financial & Corporate Compliance 569 635 - 10% - 4% +4% Legal & Regulatory 523 487 +7% +10% +5% Corporate Performance & ESG 320 305 +5% +8% +7% Total revenues 3,033 3,052 - 1% +4% +5% Δ : % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth HY 2026 Revenues by Division ∆ OG: +5 % (+4%) ∆ OG: +4 % (+4%) ∆ OG: +7 % (+7%) ∆ OG: +6% (+6%) Legend: ∆ OG: % Organic growth HY 2026 (HY 2025) ∆ OG: +5 % (+6%)
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18 2026 Half - Year Results 8% 8% 8% 8% 7% 7% 7% -15% -10% -5% 0% 5% 10% 15% 1H 23 2H 23 1H 24 2H 24 1H 25 2H 25 1H 26 Digital & services subscription revenues (78%) Print subscription revenues (2%) Other recurring revenues (5%) Organic Growth (%) Recurring Revenue Types (85% of total) Organic Growth (%) Non - recurring Revenue Types (15% of total) Revenues by type Sustained +7% organic growth in digital and services subscriptions; non - recurring revenue trends were mixed with books down 19% 78% of total revenue 1. Financial & Corporate Compliance transactional includes Legal Services transactions (CT Corporation) and Financial Service s t ransactions (Compliance Solutions, including Lien). 2. ELM transactional refers to legal services transactional revenues in Legal & Regulatory enterprise legal man agement unit. -15% -10% -5% 0% 5% 10% 15% 1H 23 2H 23 1H 24 2H 24 1H 25 2H 25 1H 26 Financial & Corporate Compliance transactional (6%) Legal & Regulatory ELM transactional (2%) Print books (1%) Other non-recurring (6%) 1 2 Books - 19%
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19 2026 Half - Year Results Health 29% Tax & Accounting 33% Financial & Corporate Compliance 24% Legal & Regulatory 11% Corporate Performance & ESG 3% Adjusted operating profit by division Margin increased 100 basis points, reflecting the divestment of FRR 1 and underlying margin improvements in Health and CP&ESG Margin ( € million) HY 2026 HY 2025 Δ Δ CC Δ OG HY 2026 HY 2025 Health 264 2 60 +2% +9% +9% 34.1% 33.0% Tax & Accounting 308 308 0% +6% +6% 36.3% 36.8% Financial & Corporate Compliance 224 211 +6% +14% +9% 39.3% 33.3% Legal & Regulatory 104 98 +6% +9% +12% 19.9% 20.1% Corporate Performance & ESG 31 18 +70% +83% +84% 9.7% 6.0% Corporate (38) (30) +29% +31% +31% Adjusted operating profit 893 865 +3% +10% +9% 29.4% 28.4% Δ : % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth. HY 2026 Adjusted Operating Profit by Division 2 2 Excluding Corporate 1. FRR = Finance, Risk & Regulatory Reporting unit. Formerly part of Financial & Corporate Compliance, FRR was divested on December 1, 2025.
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20 2026 Half - Year Results ( € million, unless otherwise stated) HY 2026 HY 2025 ∆ ∆ CC Revenues 3,033 3,052 - 1% +4% Adjusted operating profit 893 865 +3% +10% Adjusted operating profit margin 29.4% 28.4% Adjusted net financing costs (56) (38) Equity - accounted investees, net of tax (1) 1 Adjusted profit before tax 836 828 +1% +9% Tax on adjusted profit (199) (197) Benchmark tax rate 23.8% 23.8% Non - controlling interests 0 0 Adjusted net profit 637 631 +1% +10% Diluted weighted average shares (million) 225.3 234.0 Diluted adjusted EPS €2.83 €2.70 +5% +14% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.13). Adjusted net profit and EPS Diluted adjusted EPS up +14% in constant currencies; supported by 4% reduction in diluted weighted average shares
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21 2026 Half - Year Results ( € million, unless otherwise stated) HY 2026 HY 2025 ∆ ∆ CC Adjusted operating profit 893 865 +3% +10% Depreciation, amortization, and impairment of other intangibles 120 1 35 Depreciation of right - of - use assets 27 28 Adjusted EBITDA 1,040 1,028 +1% +7% Capital expenditure (143) (147) Repayment of lease liabilities and lease interest paid (31) (33) Autonomous movements in working capital (54) (110) Adjusted operating cash flow 812 738 +10% +17% Cash conversion ratio 91% 85% Paid financing costs (excl. lease interest) (66) (53) Paid corporate income tax (220) (192) Net increase/ (decrease) in restructuring provision 1 (7) (2) Other 2 14 14 Adjusted free cash flow 533 505 +5% +14% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.13). Notes: 1. Adjusted free cash flow excludes additions to provisions for acquisition integration and restructuring of stranded cost following divestment. 2. Other includes share - based payments (2026: €15 million; 2025: €14 million) and other items . Adjusted free cash flow Adjusted free cash flow up +14% in constant currencies, benefitting from favorable working capital movements expected to reverse in coming quarters
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22 2026 Half - Year Results ( € million, unless otherwise stated) HY 2026 FY 2025 HY 2025 Net debt at start of period (4,024) (3,134) (3,134) Adjusted free cash flow 533 1 ,348 505 Dividends paid (303) (563) (297) Acquisition spending, net of cash acquired, including costs 1 (42) (896) (833) Divestiture cash proceeds, net of cash disposed, incl. costs 2 1 389 (1) Share repurchases (215) (1,096) (509) Net decrease/ (increase) in lease liabilities 12 25 33 Other 3 14 (97) (38) Movement in net debt 0 (890 ) (1,140 ) Net debt at end of period (4,024) (4,024) (4,274) Net - debt - to - EBITDA 4 ratio 2.0x 2.0x 2.1x Notes: 1. Includes acquisition spending, net of cash acquired (HY 2026: - €33 million) and acquisition related costs (HY 2026: - € 9 million). 2. Includes proceeds from divestments, net of cash disposed (HY 2026: €5 million) less divestment - related costs (HY 2026: - €1 million). 3. ‘Other’ in cludes FX differences in cash and cash equivalents (HY 2026: €33 million), changes in the fair value of derivatives, and other smaller items. 4. Based on 12 mo nth s’ rolling EBITDA. Movement in net debt Majority of free cash flow deployed to dividends and share buybacks. Net - debt - to - EBITDA remains within our target range 1.5x - 2.5x
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23 2026 Half - Year Results Divisional outlook 2026 Overall, we continue to expect good organic growth, with CP&ESG outlook lowered slightly Division FY 2026 Organic Growth Outlook Health Organic growth to be in line with prior year (FY 2025: 5%) Tax & Accounting Organic growth to be in line with prior year (FY 2025: 7%), with revenue momentum picking up in the second half Financial & Corporate Compliance Organic growth to be ahead of prior year (FY 2025: 3%), with some transactional variability possible given macroeconomic uncertainty Legal & Regulatory Organic growth to be ahead of prior year (FY 2025: 5%), with trend picking up in the second half Corporate Performance & ESG Organic growth now expected to be in line with prior year (FY 2025: 7%) given the impact of geopolitical and macroeconomic uncertainty on sales cycles
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24 2026 Half - Year Results Full - year 2026 outlook On track to deliver group - level specific guidance. Product development spending expected to be second half weighted Performance indicators 2026 Guidance 2025 Actual Adjusted operating profit margin* Approximately 28.0% 27.5% Adjusted free cash flow** €1,300 - €1,350 million €1,348 million ROIC* 18 - 19% 18.0% Diluted adjusted EPS growth** High single - digit growth 9% *Guidance for adjusted operating profit margin and ROIC is in reporting currency and assumes an average EUR/USD rate in 2026 of €/$1.15. **Guidance for adjusted free cash flow and diluted adjusted EPS growth is in constant currencies ( €/$ 1.13). Guidance reflect s s hare repurchases of €500 million in 2026. Additional guidance: • Restructuring costs: approximately €20 million (2025: €37 million) • Adjusted net financing costs: approximately €105 million in constant currencies • Benchmark effective tax rate to increase to 23.5% - 24.5% (2025: 23.6%) • Full - year cash conversion ratio: 95% - 100% (2025: 103%) • Capital expenditure: 5.0% - 6.0% of total revenues (2025: 5.0%)
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25 2026 Half - Year Results Financial summary Good start to the year; group - level guidance for the full year reiterated Organic growth +5% (+6% ex - print) Adjusted operating profit margin 29.4% Diluted Adjusted EPS growth in constant currencies +14% Adjusted free cash flow in constant currencies +14% ROIC 18.2% • Group - level guidance reiterated • Product development spending expected to be second half weighted HY 2026 Highlights Outlook FY 2026
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26 2026 Half - Year Results Appendix
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27 2026 Half - Year Results Notes: 1. In 2021 - 2025, employee scores were measured by Glint, based on all - employee surveys. The 2025 engagement score is comp ared to the Glint Top 25% benchmark. Prior to 2021, engagement scores were measured by CultureIQ, and comparison with Glint scores is not meaningful. 2. Employee - related measures are considered Governanc e topics according to the European Sustainability Reporting Standards. Note: 2025 ESG data has been subject to limited assurance by our external auditor. NIST - CSF: National Institute of Standards and Techn ology – Cybersecurity Framework. Awarded as of 2026. The ESG Leader Badge recognises companies based on Sustainalytics’ rules - based methodology. Recognition is based on publicly available data at the time of asse ssment and may not fully capture all aspects of a company’s sustainability strategy or actions. Companies are compared within defined frameworks; reco gni tion should not be interpreted as an absolute measure of sustainability performance or a guarantee of performance or outcomes. Further information concerning the Badge and the underlying products c an be found at this webpage: https://www.sustainalytics.com/ Sustainability performance
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28 2026 Half - Year Results Investment case Supporting professionals globally in their critical decision - making in high - stakes and regulated domains Trusted brands; proprietary expert content Deep domain expertise including thousands of the world’s experts Market leader in supporting mission - critical professional workflows Artificial intelligence creates new growth opportunities Cloud - based integrated modular solutions enable up - sell/cross - sell and extensions Shortage of professionals creates opportunities to create value through automation and other productivity tools Attractive markets offering opportunity for value creation and expansion 85% of revenues from subscriptions or other recurring revenue streams High renewal rates: 90%+ for most core solutions and services Integrated into professional workflows and ecosystems Defensive, high quality, recurring and growing revenues Track record of leveraging advanced technology and AI to drive new value for customers Investing 12 - 13% of revenues into product development 1 70% of digital revenues is AI - powered Strategic focus on driving growth through innovation including AI Maintain net - debt - to EBITDA within 1.5x - 2.5x Multi - year track record of improving adjusted operating profit margin and ROIC Continuous operational excellence integral to strategy Strong track record of shareholder returns; disciplined capital allocation 1. Product development spend expected to rise to 12 - 13% of revenues in 2026 and beyond.
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29 2026 Half - Year Results Recurring 85% Other non - recurring 6% FCC transactional 6% ELM transactional 2% Print books 1% ( € million) HY 2026 HY 2025 ∆ ∆ CC ∆ OG Digital and services subscriptions 2,387 2,346 +2% +7% +7% Print subscriptions 53 61 - 12% - 10% - 11% Other recurring 153 149 +2% +10% +7% Recurring revenues 2,593 2,556 +1% +6% +7% Transactional – Financial & Corporate Compliance 1 169 176 - 4% +3% +2% Transactional – Legal & Regulatory (ELM) 2 53 51 +3% +10% +10% Print books 38 49 - 21% - 17% - 19% Other non - recurring 180 220 - 18% - 15% - 6% Non - recurring revenues 440 496 - 11% - 6% - 3% Total revenues 3,033 3,052 - 1% +4% +5% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth. HY 2026 Revenues by Type Revenues by type Organic growth HY 2026 HY 2025 Print books - 19% - 11% FCC transactional 1 +2% +1% ELM transactional 2 +10% +7% Other non - recurring - 6% - 9% 1. Financial & Corporate Compliance (FCC) transactional revenues include Legal Services and Financial Services transactional rev enu es. 2. ELM transactional revenues refer to transactional revenues in Legal & Regulatory software: Enterprise Legal Management soluti ons .
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30 2026 Half - Year Results Revenues by media format Software 47% Other digital 39% Services 10% Print 4% HY 2026 Revenues by Media Format ∆ OG: +8% (+6%) ∆ OG: - 15 % ( - 5%) ∆ OG: +5 % (+6%) Digital & Services: ∆ OG: +6% (+5%) (96% of total revenues) ∆ OG: +5 % (+5%) ( € million) HY 2026 HY 2025 ∆ ∆ CC ∆ OG Software 1,438 1,413 +2% +6% +8% Other digital 1 1,177 1,195 - 1% +4% +5% Total Digital 2,615 2,608 0% +5% +6% Services 303 305 0% +7% +5% Print 115 139 - 18% - 14% - 15% Total revenues 3,033 3,052 - 1% +4% +5% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth. Legend: ∆ OG: % Organic growth HY 2026 (HY 2025) 1. Other digital includes digital information and services related to software. 1
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31 2026 Half - Year Results Software revenues 1. Other digital includes digital information and services related to software. 2 . Cloud software includes cloud and hybrid cloud solutions. 3. Other software revenues include ancillary revenues sold with software, such as returns filing fees, invoice volume fees, and mortgage filing fees. Organic growth HY 2026 (HY 2025): Total software : +8% (+6%) Cloud software : +14% (+ 15 %) Software 47% Other digital 39% Services 10% Print 4% 18% 32% 50% Cloud software revenues On-premise software revenues Other software revenues HY 2026 Revenues €3.0 billion Split by Media Format HY 2026 Software Revenues € 1.4 billion 3 1 2
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32 2026 Half - Year Results Reconciliation: adjusted net financing costs to financing results ( € million) HY 2026 HY 2025 Adjusted net financing costs (56) (38) Employee benefits financing component (2) (1) Unwind of discount deferred and contingent considerations (1) - Change in fair value of financial assets - - Result on divestment of financial assets - - Divestment related results on equity - accounted investees - - Financing results (59) (39)
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33 2026 Half - Year Results IFRS profit and diluted EPS ( € million, unless otherwise stated) HY 2026 HY 2025 ∆ Adjusted operating profit 893 865 +3% Amortization & impairment of acquired intangibles and impairment of goodwill (76) (81) Results on divestments of operations 7 (1) Other non - benchmark items 1 (4) (18) Operating profit 820 765 +7% Financing results (59) (39) Share of profit of equity - accounted investees, net of tax (1) 1 Profit before tax 760 727 +5% Income tax expense (180) (174) Effective tax rate 23.7% 23.9% Profit for the period 580 553 +5% Non - controlling interests 0 0 Profit for the period to the owners of the company 580 553 +5% Diluted EPS €2.57 €2.36 +9% ∆: % Change. Note: 1. Non - benchmark items include acquisition - related costs including integration provisions.
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34 2026 Half - Year Results Balance sheet ( € million, unless otherwise stated) June 30, 2026 Dec. 31, 2025 June 30, 2025 Goodwill and intangible assets 6,751 6,612 6,766 Property, plant and equipment 69 68 70 Right - of - use assets 184 196 186 Deferred tax and other non - current assets 79 75 96 Total non - current assets 7,083 6,951 7,118 Cash and cash equivalents 1,494 932 942 Trade and other receivables; other current assets 1,676 1,701 1,672 Total current assets 3,170 2,633 2,614 Total assets 10,253 9,584 9,732 Total equity 940 798 887 Bonds and other long - term debt 4,036 4,033 4,478 Long - term lease liabilities 157 160 156 Deferred tax and other non - current liabilities 514 535 540 Total non - current liabilities 4,707 4,728 5,174 Deferred income 2,057 1,911 1,922 Borrowings and bank overdrafts 283 221 547 Short - term lease liabilities 48 57 53 Short - term bonds 1,000 500 0 Trade and other payables; other current liabilities 1,218 1,369 1,149 Total current liabilities 4,606 4,058 3,671 Total equity and liabilities 10,253 9,584 9,732
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35 2026 Half - Year Results Debt maturity profile 1,494 855 585 586 630 1,016 710 506 504 2 1 0 153 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 >2036 Gross financial debt Lease liabilities Net debt breakdown: € million Gross financial debt 5,343 Lease liabilities 205 Total gross debt 5,548 Less: Other 11 Less: Collateral 19 Less: Cash & cash equivalents 1,494 Net debt 4,024 Cash & cash equivalents 1. Financial debt due in 2026 includes a maturing Eurobond of €500 million (repaid July 2), European Commercial Paper of €275 mi llion, short - term lease liabilities of €48 million, derivative financial instruments of €22 million, bank overdrafts of €8 million, and deferred and contingent cons ide ration of €2 million 1 Debt Maturity Profile – June 30, 2026 ( € million)
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36 2026 Half - Year Results 1.57 1.81 2.08 2.33 2.52 0.54 0.63 0.72 0.83 0.93 1.01 2021 2022 2023 2024 2025 2026 Interim dividend Total dividend Dividends and share buybacks Share Buybacks ( € million) As of 4 August, completed €244 million of share repurchases Dividend per Share ( €) 2026 interim dividend set at 40% of prior year total dividend 410 1,000 1,000 1,000 1,100 500 244 2021 2022 2023 2024 2025 2026 Completed Intended
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37 2026 Half - Year Results Currency impact Impact in € million on Average rates Revenues Adjusted operating profit 1 Euro HY 2026 HY 2025 HY 2026 HY 2026 U.S. dollar 1.17 1.09 (142) (53) British pound 0.87 0.84 (2) 0 Canadian dollar 1.61 1.54 (2) (1) Australian dollar 1.67 1.72 1 0 Polish Zloty & Other currencies (3) 1 Total currency impact (148) (53) U.S. dollar 67% Euro 23% British pound 2% Other 8% HY 2026 Revenues by Currency
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38 2026 Half - Year Results Growth rates ∆ ∆ CC ∆ OG % % Change % Net Effect % % Currency in Constant Acquisitions Organic HY 2026 HY 2025 Change Impact Currencies & Disposals Growth Revenues Health 774 788 - 2% - 7% +5% 0% +5% Tax & Accounting 847 837 +1% - 5% +6% 0% +6% Financial & Corporate Compliance 569 635 - 10% - 6% - 4% - 8% +4% Legal & Regulatory 523 487 +7% - 3% +10% +5% +5% Corporate Performance & ESG 320 305 +5% - 3% +8% +1% +7% Total revenues 3,033 3,052 - 1% - 5% +4% - 1% +5% Adjusted operating profit Health 2 64 2 60 +2% - 7% +9% 0% +9% Tax & Accounting 308 308 0% - 6% +6% 0% +6% Financial & Corporate Compliance 224 211 +6% - 8% +14% +5% +9% Legal & Regulatory 104 98 +6% - 3% +9% - 3% +12% Corporate Performance & ESG 31 18 +70% - 13% +83% - 1% +84% Corporate (38) (30) +29% - 2% +31% +0% +31% Total adjusted operating profit 893 865 +3% - 7% +10% +1% +9% ∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.13); ∆ OG: % Organic growth.