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Annual Report and Accounts 2025
Growth
Compounding
GS F
A
Growth
Compounding
Strategic Report
About Informa
Informa at a glance 2
Investment case 9
Business model 10
Chair’s introduction 12
Review of the year
Group Chief Executive’s review 14
Key performance indicators 20
Strategy 22
Year in review 23
Business and financial review
B2B Live Events 34
B2B Digital Services 40
Academic Markets 44
Group Finance Director’s review 48
Financial review 50
Risk report
Introduction to risk 60
How we manage risk 62
Principal risks and uncertainties 64
Other Strategic Report information
Viability statement 71
Task Force on Climate-related
Financial Disclosures report 73
Non-financial and sustainability
information statement 77
Governance
Informa’s Board
Board of Directors 79
Board review and activity
Chair’s introduction to governance 82
The Board’s year 84
Section 172 statement 88
Compliance with the Code 92
Committee Reports
Nomination Committee Report 95
Audit Committee Report 99
Directors’ Remuneration Report 109
Other governance information
Directors’ Report 124
Statement of Directors’ responsibilities 126
Financial Statements
Independent auditors’ report 128
Consolidated Financial Statements
Consolidated Income Statement 136
Consolidated Statement
of Comprehensive Income 137
Consolidated Statement
of Changes in Equity 138
Consolidated Balance Sheet 139
Consolidated Cash Flow Statement 140
Notes to the Consolidated
Financial Statements 141
Parent Company Financial Statements
Parent Company Balance Sheet 211
Parent Company Statement
of Changes in Equity 212
Notes to the Parent Company
Financial Statements 213
Other financial information
Glossary of terms: alternative
performance measures 220
Five-year summary 222
Additional Information
Shareholder information 223
Advisers 224
Get to know
Informa
Informa at a glance,
pages 2 to 9
See our key
developments
from 2025
Year in review, pages
23 to 34
Follow the Board’s
activities from
the year
The Board’s year,
pages 84 to 87
We include International Financial
Reporting Standards (IFRS) and
alternative performance measures
in this report.
Alternative performance measures
are defined in the glossary onpages
220 and 221 and marked with an
asterisk thefirst time they are used.
This Strategic Report was approved
by the Board on 11 March 2026 and
signed on its behalf by:
Rupert Hopley
Company Secretary,
by order of the Board
This Annual Report and Accounts isatthe centre of our reporting to
shareholders and other stakeholders.
We make supplementary information available for anyone who would like
toexplore further. Head to our Review of 2025 microsite for extra detail
andvideo content by following the links and QRcodes in this report.
TheInforma website is also home to other reports in our wider suite,
including the 2025 Sustainability Report and our Climate Impacts Report.
Stay up to date with
more information at
informa.com
01
Informa Annual Report and Accounts 2025
Strategic Report G F A
B
2
B
L
i
v
e
E
v
e
n
t
s
A
c
a
d
e
m
i
c
M
a
r
k
e
t
s
B
2
B
D
i
g
i
t
a
l
S
e
r
v
i
c
e
s
7
4
%
1
7
%
9
%
B2B Live Events:
Informa Markets
Transaction-led B2Bevents
Informa Connect
Content-led B2Bevents
Informa Festivals
Experience-led B2Bevents
B2B Digital Services:
Informa TechTarget
B2B data and marketaccess
Academic Markets:
Academic research, advanced
learning andopen research
Informa at a glance
Informa is a leading international business-to-business
events, digital services and academic publishing group.
We champion specialists: connecting businesses and
professionals with knowledge to help them learn more,
know more and do more.
We have five operating divisions
Offices in
30+ countries
Customers in
150+ countries
Colleagues
14,000
We operate through
800+ brands
Revenue
Strategic Report
02
Informa Annual Report and Accounts 2025
Continued
growth
Group revenues
£4,041m
2024: £3,553m
Underlying
revenue growth*
6.3%
2024: 11.6%
Adjusted
operating profit*
£1,140m
2024: £995m
Adjusted diluted
earnings per share*
55.6p
2024: 50.1p
Financial
strength
Free cash flow*
£885m
2024: £812m
Operating cash
flow conversion*
106%
2024: 104%
Informa leverage*
2.4x
2024: 2.6x
Dividend per
share
22.0p
2024: 20.0p
2025 highlights
Delivering
for customers
Net promoter
score for top 50
Informa Markets
brands
51
Delivering
for colleagues
Roles filled
internally
44%
Delivering
for shareholders
Share buyback
in 2025
£352m
Sustainable
eventsprogress
Brands accredited
in the Sustainable
Event Fundamentals
468
03
Informa Annual Report and Accounts 2025
Strategic Report G F A
international
An
Informa is a highly international business. We work in all
theworld’s major regions – including the US,IMEA (India, the
Middle East and Africa), Europe, ChinaandSouth East Asia –
and in many of the world’s fastest-growing hubs for business
–including Mumbai, Miami, Bangkok, Riyadh,Dubaiand Cairo.
We have local experts on the ground,
with colleagues in around 30 countries,
and strong partnerships with local
governments, institutions, suppliers
and other businesses.
This means we can serve customers
well wherever they are or want to be.
Itdiversifies our business. And we
useour international reach and
relationships to grow by bringing
brands and products to new locations.
c45%
revenue from North America
c£560m
IMEA revenue in 2025
business
Strategic Report
Informa Annual Report and Accounts 2025
04
We serve dozens of different specialist markets, from Fintech
to Foodservice, Pharmaceutical Ingredients tophysicalsciences,
and education to enterprise IT. Asthosemarkets develop and
grow, wedevelop and expandwhat wedeliver tothem too.
Our customers – businesses,
professionals and researchers –
havechosen to specialise ina market
and wantto succeed in what they do.
Ourbrands and teams focus on
stayingclose to customers and being
immersed in theirmarkets, to make
sure that what weoffer is relevant,
adds value and isultimately must-have.
It’s what we mean by championing
thespecialist: our customers and
themarkets they work in are
centraltoeverything we do.
specialist markets
Focused on
05
Strategic Report G F A
major brands
Home to
Informa is home to major market-leading brands.
InB2BLiveEvents, our top 21 brands generateover
£1bnofrevenueeach year.
Our marquee franchises, which
runmultiple events in different
locations each year, include WHX
inHealthcare, LIONS in Marketing
andBlack Hat in Cyber Security.
SuperReturn in Private Capital
heldover 25 events in 11 countries
in2025.
In academic publishing, our Routledge,
DoveMedical Press and F1000
imprintsare significant brands
intheirmarket categories.
Our major brands have continued
growth potential from expanding into
new countries, serving new types of
customers, adding new products and
services, and delivering more value
tocurrent customers.
c50%
our top 50 brands account
fornearly 50% of our
B2BMarkets revenues.
Strategic Report
06
Informa Annual Report and Accounts 2025
power of live
Harnessing the
Live events are at the heart of our business, and
intoday’s world, the demand for live experiences
hasnever been higher.
As we spend more of our lives
online and digitally, the value
ofcoming together, in person,
asacommunity with a shared
interest, for a live experience has
increased, whether it is in sports,
entertainment or business.
We deliver transaction, content
and experience-focused events
ofdifferent types and scale.
Weuse technology, including AI,
tocreate a smart and seamless
experience, and we capture and
apply audience data in ways that
increase value for customers.
07
Informa Annual Report and Accounts 2025
Strategic Report G F A
Harnessing the
value of knowledge
We have a significant depth of trusted content
throughout Informa.
This includes original research
andknowledge published by
Taylor & Francis – with archives
dating back to the 1800s – expert
intelligence from analysts at
brands such as Omdia, and
specialist content and insights
written by editors at media
brandssuch as Aviation Week.
Our content comes from experts,
and when it is academic research,
it is typically verified and peer-
reviewed too. This makes it
highlyvaluable, both to AI large
language models as trustworthy
source material and to audiences
and specialists looking for
human-led insights.
Strategic Report
08
Informa Annual Report and Accounts 2025
Investment case
1.
Growth
focusand
opportunities
We’re a growth-focused business.
Wehave a track record of delivering
consistent revenue growth and we
have a range of opportunities to
continue to grow and expand, based
onserving our customers’ evolving
needs across multiple markets
andlocations.
4.
A resilient
portfolio
Our business is well diversified by
customer, end market, product and
geography. We deliver a range of
products and services, which our
customers often regard as must-have.
2.
Leading
positions
ingrowing
markets
We have leading positions in our
threemain markets: B2B Live Events,
B2B Digital Services and Academic
Markets. We work in geographies
thatare fast-growing and in a
rangeofspecialist markets that
aregrowingat pace too.
5.
Opportunities
from data
andAI
We have extensive first-party
customerdata, which we are using to
develop new products and personalise
our customer experience. We’re using
AI throughout our business to harness
insights from our data, support new
services and work more effectively.
3.
Attractive
financial
characteristics
Over 60% of our revenue is visible
– forexample, from being pre-booked
in advance – and recurs from year to
year. Our cash generation is high, our
balance sheet is robust, our capital
requirements are low and we have
improving margins.
6.
Disciplined
capital
allocation
We are carefully considered in how
wedeploy capital. Our framework
balances investing in the business to
support sustainable organic growth,
providing returns to shareholders
through dividends and share
buybacks,and investing in adding
businesses and brands where it
createslong-term value.
09
Informa Annual Report and Accounts 2025
Strategic Report G F A
Business model
Our markets
We work in specialist
markets, serving
customers including:
Professionals
who want to succeed in
what they do and stay
informed and up to date
Businesses
that want to find the right
customers, partners and
suppliers, and find relevant,
trusted information to use
in their business and
decision making
Researchers
who want their discoveries
and ideas to reach the
rightaudience and make
areal-world impact
What we do
We advance
understanding
We create and publish
expert research,
intelligence and insights
that help specialists
stay informed,
knowledgeable
anduptodate
We connect people
In dozens of different markets, we
bring the right people together in ways
that make a real impact: professionals,
peers, buyers, sellers, start-ups
andinvestors
Major live B2B events
On-demand and online events
Research journals, articles, books and
ebooks, and open research platforms
Specialist media, content and research
Accredited training
Partnering services
Buyer discovery services and
intent-to-purchase data
Brand awareness and audience
development products
Digital demand and
lead-generation services
We help markets succeed
Our brands help entire markets and
communities to meet, connect, trade,
share ideas and innovation, and solve
common challenges, driving their
development and success
Through
Strategic Report
10
Informa Annual Report and Accounts 2025
How we add value
Our revenue streams
Results and impacts
• Annual and multi-
year subscriptions
tojournals
• Purchases of
specialist books
andebooks
• Access to specialist
databases
• Access to archive
content
• Research article
reprints and other
content services
• Licensing and
dataaccess
• Article processing
charges
• Open book
publishing services
• Research editing
services
• Sponsorship and
promotion on
research hubs
• Event space including
standspace
• Paid event attendance
• Event sponsorship
• Award programmes
• Brand promotion via
eventapps, pre-event
marketing and onsite
• Content-focused brand
awareness and marketing
campaigns, including
sponsored webinars
andthought leadership
B2B Markets
Academic Markets
For
shareholders
Long-term capital
andincomegrowth
£620m
cash returns to
shareholders in 2025
For
customers
Knowledge and
connections that
drive professional
and business success
51
net promoter score,
Informa Markets top
50 events
For
colleagues
Professional growth
and opportunity, with
personal support
andbenefits
73
colleague
engagement score
For
partners
Committed long-term
relationships that
support commercial
success
$8.4bn
economic value
generated for cities
that host our events
For
communities
Making a positive
contribution through
economic and
community activity
£582m
total global tax
contribution
• We continuously invest in our
brands and product development
– often in collaboration with
customers – to keep improving
what we offer and increasing
itsvalue
• In each of our markets, we form
strong relationships with key
partners that help us deliver more
and better to customers
• Our culture encourages colleagues
to stay close to our customers and
markets, and to be creative and
agile in how we serve them
• Our customer interactions give us
unique, permissioned first-party
data and insight. We use this to
enhance our products and
marketing, and as the basis for
data-driven digital services
• Sustainability is embedded
throughout the business.
Itaddsvalue to our brands and
customers, and helps us make
awider positive impact
• We use our international presence
and scale to launch new products
and serve customers all over the
world effectively
• We are efficient and disciplined
inhow we use capital, striking a
balance between reinvestment
and shareholder returns
• We manage risk dynamically,
empowering teams to act
onmarket changes and
opportunitiesin real time
• Product listing and
promotionon digital
marketplaces and directories
• Access to lead generation,
buyer intent and data
captureplatforms
• Individual and corporate
training courses
• Subscriptions to
specialistresearch
• Consultancy services
• Purchases of individual
research and reports
11
Informa Annual Report and Accounts 2025
Strategic Report G F A
Growth
Chair’s introduction
Continuing
Informa had an excellent year
in 2025, and we continue to
focus on, and invest in, the
continuing growth and success
of this business.
Since the point at which I joined the
Group around a decade ago, Informa
has significantly transformed.
The company has built a true
leadership position in B2B Live Events,
working at an international scale that is
markedly different from 10 years ago,
and with a much-expanded portfolio
ofmajor brands that deliver real value
to customers.
In Academic Markets, our business has
also transformed. We have built strength
in the growing area of open access,
invested deeply in technology and AI,
and grown revenues 50% since 2015.
We have grown our position in B2B
Digital Services; invested significantly
in colleagues and culture; and have
made ongoing product development,
customer experience and customer
value priorities.
Thank you to all colleagues for the effort,
day in and day out, that delivers these
results, and to all shareholders for the
ongoing engagement and support.
Growth and One Informa
As I have said to shareholders before,
Informa’s products and services have a
tangible value and make a real difference
to businesses, professionals, researchers
and institutions.
There is nothing like engaging
customers in the middle of a major
liveevent to highlight how important
these products are for connection and
trade. Or meeting local businesses
andgovernment authorities, as we do
onan ongoing basis in many countries,
to underline the inward investment live
B2B events generate. Or talking
toinstitutions to understand the
powerful real-world impacts that
original published research can have.
There are many opportunities for
Informa to continue to grow and succeed
from here. The management team is as
energised, ambitious and motivated as
ever, and we are spending significant
time and resources on making the most
of the platform Informa has built over
the last 10 or so years.
Those growth drivers include taking
strong, established brands to new
locations, particularly some of the
higher-growth economies the Group
has built a presence in. They include
further developing our services to
event customers to provide them
witheven greater value, particularly
products that are driven or enhanced
by our first-party data. In the research
market, they include making the most
of our technology investments so we
can scale the research we publish in
anefficient way.
Strategic Report
12
Informa Annual Report and Accounts 2025
Informa is embracing AI, in all its
forms, as a way to develop products
more quickly, improve customer
experience and increase customer
value, and unlock colleagues’ time.
Our proprietary AI capability, Elysia, is
key to this, and work is progressing at
pace, with much more to come.
Several of these initiatives are being run
as part of the 2025-2028 One Informa
programme, which will be an important
contributor to Informa’s continued
development, growth and effectiveness
for the benefit of customers and
colleagues, as well as shareholders.
Ourgoal is to deliver at least 5%
underlying revenue growth, each
year,in the period to 2028.
Inside and outside Informa
My fellow Non-Executive Directors
and I always spend a considerable
amount of time around the company,
and stay closely connected to all our
stakeholders and to what is happening
in Informa’s markets.
It is one of the real pleasures of the
roletoo. It is always humbling to see
theexpertise that so many Informa
colleagues have,and the professionalism
and enthusiasm with which they work.
It would be an understatement to say
that there is a lot happening in the
world around us. This is where Board
members aim to contribute our
accumulated experience, relationships
and insights to what direct or indirect
impacts there could be from fast-
changing geopolitical developments or
evolving global trading relationships.
As the world evolves, so too do
opportunities and risks. It is for all of
us at Informa to stay aware of these,
but also to stay focused on developing
and delivering products that provide
real value, keeping our culture of
staying close to customers and trends
and acting fast, and having the right
combination of growth plans and risk
management processes in place.
Capital allocation and
shareholder engagement
Informa’s shareholders will be familiar
with the company’s approach to
allocating capital. In 2025, this was
again balanced between paying a
progressive dividend – which we
increased 10% – undertaking share
buybacks and investing for growth.
We believe that this balance, along with
the target range we have set for leverage,
is appropriate for the company and in
the best interests of shareholders and all
stakeholders. As we do each year, the
management team and I continue to
speak to shareholders regularly and take
views and feedback into account in all
key decisions.
In those conversations however, the
key focus is usually on what further
opportunities Informa has to grow.
Iam personally excited about what
Ican see ahead for the Group and
continue to believe that Informa has
the capabilities, ambition and plan to
deliver success long into the future.
Board succession
This will be the last year that I stand
for re-election as Chair of the company.
As described in more detail in the
Nomination Committee report,
aplanned succession process is
underway, with a view to confirming
a new Chair for the Group during 2026.
When that person formally takes up the
role in early 2027, they will be leading
aGroup that has built leading positions
in growing and attractive markets, a
business with true international reach
and, most important of all, a team of
world-class talent.
As ever, thank you to our shareholders,
to colleagues everywhere, and to
ourcustomers and partners for the
ongoing engagement and support.
John Rishton
Chair
11 March 2026
Long-term success
andSection172
Informa’s Board is committed to
performing all the duties set out
in Section 172 of the Companies
Act 2006.
For full information about how
we performed these duties, see
the Board’s year (pages 84 to 87)
and our Section 172 statement
(pages 88 to 91).
13
Informa Annual Report and Accounts 2025
Strategic Report G F A
Group Chief Executive’s review
Growth
Compounding
Over a decade ago, the
leadership team and Board
ofInforma set out tocreate
aconsistent international
growthbusiness.
Since 2014, we have set out to become
a market leader in B2B Live Events and
connected products; to expand and
diversify our Academic Markets
business; and to repair our then-
Intelligence business and consider
theshape of the Group’s portfolio.
We took decisions about the markets
and categories we wanted to work in:
industries, customer segments and
geographies that had attractive
characteristics and good long-term
growth potential.
We consistently developed our products
to make sure they were distinctive and
relevant to our customers’ goals. We
became an invested business: a company
that put consistent resources into those
products and into the technology and
capabilities needed for long-term success.
We set out to give talented colleagues
ahigh degree of ownership and
provide teams with the support and
focus to keep finding new and more
ways to serve our customers.
grew double digit on a reported basis
and almost 10% on an underlying basis
to £3bn (2024: £2,638m).
Business highlights
In our B2B Live Events businesses,
wesaw highly successful brand
launches, including the first edition of
Money20/20 Middle East, a brand we
welcomed into the Group in late 2024.
There was double-digit revenue growth
from our businesses in IMEA, South East
Asia and South America, and strong
results from our major brands and
franchises, including SuperReturn in
Private Capital and WHX in Healthcare.
Several of our larger biennial events
were held in 2025 and performed very
well too, including the Dubai Airshow,
which has become the world’s largest
commercial aviation event. Regionally,
our B2B Live Events business in China
had a somewhat more subdued year,
reflecting lower levels of economic
growth in thatmarket.
Our Academic Markets business,
Taylor& Francis, delivered a good
levelof growth from its core, recurring
business. Thisincluded continuing
double-digit revenue growth in our
open access business and a consistent
performance in subscription renewals
and other pay-to-read services.
Informa became that consistent
growth business, and the platform we
built has opened up new opportunities
for the company to grow further and
deliver in new ways for our customers,
colleagues, partners and shareholders.
During 2025 and as we move into 2026
and beyond, shareholders will find a
Group that is consistently maximising
those opportunities and focused on
compounding this growth going forward.
Strong Group growth in 2025
Informa had a further very strong
yearin 2025, meeting and beating the
ambitions we set out at a Group level.
Our revenues grew just under 14%
onareported basis to reach £4bn
(2024: £3.6bn), the first time the
Grouphas passed this threshold.
Similarly, adjusted operating profit
grew by almost 15% to £1,140m
(2024: £995m) and adjusted diluted
earnings per share increased by 11%
toa record 55.6p (2024: 50.1p).
These results are driven by a very
positive performance from our B2B
Live Events businesses, which account
for around three quarters of the
Groupby revenue. Revenues in our
international portfolio of transaction,
content and experience-led events
Strategic Report
14
Informa Annual Report and Accounts 2025
In 2024, we moved quickly on the
opportunity to partner with several
leading AI technology companies,
providing access to certain archive
Taylor & Francis data and content
fortraining large language models.
Thisdelivered additional royalties
forauthors and generated over $75m
inrevenue in that year, which we
expected would not repeat to the same
degree in 2025. This dynamic meant
that while recurring underlying
revenue growth was just over 3.5%
when excluding this revenue from
AIpartnerships in 2024, underlying
revenues overall fell by around 2%
when these non-recurring revenues
were included.
In B2B Digital Services, 2025 was the
first full year of Informa TechTarget,
which we created through combining
Informa’s technology-focused digital
services business and Nasdaq-listed
TechTarget.
This market has remained subdued, as
customers have continued to prioritise
spending on AI tools over data that
supports marketing and sales activity.
During the year, the Informa TechTarget
leadership team took a number of
actions to focus the business on areas
where we see the best opportunities
for our products.
Underlying revenue growth during
theyear went from (4)% in the first
halfto 1% in the second half, ending
2025 at (1.7)%. This progressive
improvement is encouraging, and the
team is fully focused on building on
thisprogress and growing through
2026. Informa TechTarget accounted
for just under 10% of Informa Group
revenues in2025.
In all, on an underlying basis, Group
revenues grew by over 6% in 2025,
andat more than 8% when adjusting
for the effect of the non-recurring data
agreements in Taylor & Francis and the
effect of Informa TechTarget being
consolidated into the Group.
Returns and recognition
Our strong trading performance was
accompanied by continuing growth in
free cash flow, which reached £885m
(2024: £812m). This fundamental
strength in cash generation and cash
conversion gives us the ability to keep
investing in our business, including into
our One Informa programme, as well
as into dividends and ongoing share
buybacks. We completed £352m of our
planned share buyback programme
during 2025 and will pay a total
dividend of 22.0p per share for 2025
(2024: 20.0p).
It was fantastic to see our recent
performance recognised by peers and
independent assessors during the year
too. Informa was named as one of
Britan’s Most Admired Companies
inJanuary 2026 in what is the UK’s
longest-running corporate reputation
study, conducted in partnership with
the London Stock Exchange.
In 2025, Informa once again ranked in
the top1%of the benchmark Dow Jones
Best-in-Class Index for sustainability.
This is the sixth consecutive year we
have featured in the top 1% to 2% of
ourcategory, which is a considerable
achievement, particularly as scoring
thresholds become progressively more
challenging each year.
Both are sources of real pride for us,
and they reflect our focus on increasing
the quality and impact with which we
work, in everything we do.
Growth in the knowledge
andinformation economy
As shareholders would expect, we set
ourselves in-year goals to perform
strongly and, at the same time, take
actions that are designed to generate
consistent compounding growth over
the long term too.
Those who work closely with us know
that Informa does not stand still. We
have built a strong business; we have
put ourselves in positions that mean
we can create new opportunities to
expand; and we are delivering on
thoseyear after year.
It starts with the markets we work in.
At its broadest level, Informa works
inthe knowledge and information
economy: in other words, the market
for getting smarter, being more
knowledgeable and up to date, being
better connected, sharing insights, and
applying new thinking and the latest
discoveries to your work or business.
We see nothing but growing and global
demand for these outcomes, from
businesses and professionals who want
to stay relevant and succeed in what
they do.
Latest Informa awards
15
Informa Annual Report and Accounts 2025
Strategic Report G F A
Group Chief Executive’s review continued
Compounding growth:
B2B Live Events
The categories we have chosen to work
in are in demand too, and this drives
our ability to grow consistently into
thefuture.
Live events form the largest part of
ourGroup because we fundamentally
believe in the power of live. As our
customers will attest, there is nothing
quite the same, or quite as powerful,
ascoming together in person to start
or deepen commercial relationships
and partnerships.
The best live events provide the ability
to meet, connect, learn from, be
inspired by, celebrate and do business
with thousands of others from the
same community, with a level of
efficiency and convenience – as well as
enjoyment – that other formats cannot
match. Done well, they become simply
unmissable industry moments.
Live events have only become more
valuable as the world has become more
digital, and our customer offering is
constantly evolving and improving too.
We created Informa Festivals to build
our position in the growing segment of
experience-led events, and to help us
build our capabilities in more immersive
and experiential event features. These
are becoming increasingly important to
all types of live events and they are one
of the ways we can deliver greater value
and an even better product to our
customers in the years ahead.
2025 was Informa Festivals’ first year
operating as a business, after we added
the LIONS and Money20/20 brands and
businesses to the Group in late 2024.
Ithas been a strong start and we are
excited about the potential this
business has for further development,
creativity and growth in 2026.
Compounding growth:
Specialist Knowledge
Demand for trusted and verified
knowledge is also on the rise,
particularly in a world where generative
AI is making it easier to create content
of all types and quality. All over the
world, people continue to make new
discoveries in different fields and
connect thoughts into new ideas and
concepts, which are then expressed in
the form of peer-reviewed research.
Making the most of this dynamic –
theincreasing demand for and the
increasing supply of advanced
knowledge and specialist research
–iswhere the further growth
opportunities for Taylor & Francis lie.
In Academic Markets, one of the
fastest-growing areas is open access
orpay-to-publish. We have invested
inexpanding this business and our
platforms, titles and capabilities over
the last decade. Itnow accounts for
over 20% of Taylor & Francis’s recurring
revenues, and this puts us in an
excellent position to grow further
andfaster, and support customers
asdemand for this model increases.
As the supply of research grows, we have
been investing in tools that allow us to
screen, verify and produce research at
higher volumes while maintaining its
quality and reducing the time it takes to
publish. The latest advances in AI are
creating many more possibilities for
enhancing products, bringing products
to market more quickly and redesigning
our processes for increased effectiveness.
Under the leadership of Penny Ladkin-
Brand – who joined us midway through
2024 – and her leadership team, our
ambition is for Taylor & Francis to
become a 5% growth business by the
end of 2028 by making the most of
everything we have built and acting on
the many opportunities we see in the
market for specialist knowledge.
Compounding growth:
B2B Digital Services
In B2B markets, businesses continue to
want to be better informed. For the
companies that are developing and
selling technology solutions, software
and products, winning business remains
highly competitive. Understanding what
is new in the market, getting insight into
what competitors are doing and where
there is open space, knowing who is in
the market for your category of product
and being able to reach them: these are
all as vital as ever.
Informa TechTarget sits squarely in
thisspace. We believe it has the right
ingredients to return to consistent
growth by targeting those customer
needs with more precision: from the
deep first-party data we hold to the
technology that makes customer
insights and leads actionable, our
subject matter expert analysts who
provide market intelligence, and the
specialist media brands that deliver
targeted digital marketing and brand
awareness campaigns.
Strategic Report
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Informa Annual Report and Accounts 2025
B2B brand franchises
Pharmaceutical
$195m+
$125m+
Cyber security
Healthcare
Fintech
$105m+
$220m+
Growth and development
inour customer markets
Many of the customer markets we work
in are evolving too. This, combined with
our intentional focus on championing
customers, and our culture of taking
aflexible approach to serving their
needs, creates new opportunities
forus in turn.
We work in dozens of customer
marketsacross the Group. While there
are always some areas of difference
andindividual ups and downs, we focus
on specialist markets where staying
informed and connected matters.
Theseare industries and communities
that operate internationally, such
aspharmaceuticals, education, life
sciences and cyber security. They are
not immune tobroader economic or
geopolitical trends but they never stop
operating, and are always looking for
ways to develop and grow.
As our customer markets evolve, so do
we. Take space for example: a highly
specialist sub-sector of the broader
Aviation and Aerospace market that is
gaining interest from governments and
businesses worldwide interested in
technology innovation, satellite
expansion, new forms of transportation,
scientific exploration and security. Our
Aviation brands are, in turn, growing
what they offer, expanding our content,
programming, events and insights to
serve existing and new customers.
The same is true in Longevity, where we
are evolving and growing our medical
and anti-ageing brands to cater to the
fast-growing global interest in how we
can live healthier lives for longer.
Growth in our
internationallocations
One of Informa’s key features is our
extensive and growing international
presence. We operate at scale in dozens
of locations and major hubs for business
and education. These are cities that have
or are building large-scale event venues;
states and countries that are investing in
infrastructure, universities, education
and employment; and places where
businesses are starting up and growing.
In India, a country that is growing its
economy at over 6%, we have a team of
over 500 colleagues and run 25 B2B
brands. In Thailand, a key hub for the
ASEAN region, we operate over 15
brands in areas such as Packaging,
Professional Beauty and Fintech.
In the Kingdom of Saudi Arabia, which
is rapidly diversifying and opening up
its economy, we formed the partnership
business Tahaluf nearly five years ago
with key government ministries and
the Events Investment Fund.
Tahaluf continues to go from strength
to strength, in both its impact and its
performance. We now have several
hundred colleagues based in Riyadh,
with a mix of local and international
talent and a fantastic Saudi
graduateprogramme.
We are delivering around 20 large-scale
B2B brands every year that attract
local, regional and international
customers, in markets that are closely
aligned to the Kingdom’s investment
and growth priorities under Vision 2030.
Working in countries and regions that
are dynamic supports our consistent,
compounding growth. It also creates
opportunities to launch established
brands and intellectual property into
new regions.
We do this year after year. Just a
fewrecent examples are bringing
Money20/20 in Fintech and CPHI in
Pharmaceutical Ingredients to the
Middle East; World of Concrete in
Construction to China and India;
Vitafoods in Nutraceutical Ingredients
to Thailand and India; and WHX in
Healthcare to Nigeria and Kenya. Many
of our brands, including our already
largest franchises, have opportunities
to expand further geographically, and
we are actively developing and planning
similar new launches for 2026 and 2027.
To support this, as a leadership team,
we spend most of our time on the road
and in the places where our business is
growing and operating, from Cairo to
Istanbul, Shanghai to Singapore, Florida
to New York and beyond. The Board of
Informa similarly spends considerable
time meeting customers, partners and
colleagues, and seeing our operations
first hand in each of our key markets.
$90m+
Commercial real estate
CPHI
MONEY
20/20
CITYSCAPE
WHX
$145m+
Marketing
LIONS
BLACK
HAT
17
Informa Annual Report and Accounts 2025
Strategic Report G F A
Group Chief Executive’s review continued
Growth through partnerships
Another distinctive feature of Informa
is our partnerships. There are
customer markets and geographic
locations where we have taken the view
that we can grow further, operate more
effectively, or offer more and better
through partnership.
We have built considerable experience
and success in doing this over the last
decade: working with established trade
associations on live events that serve
their industries; with government and
local ministries on landmark events in
their locations; with founders who want
to expand their brands and businesses
further; and with professional societies
to bring their research to the widest
possible audience.
We put time and effort into nurturing
those relationships and creating
benefits for all of the parties, partners
and customers involved. This continued
in 2025 with the creation of inD: our
new partnership business with the
Dubai World Trade Centre (DWTC),
whichformally began operating in
January 2026.
We had already built a strong
relationship with the DWTC team –
whooperate the UAE’s major event
venues – from our 30 plus years
operating in that market. And we have
both been ambitious to grow our B2B
brands inalocation where the world
isincreasingly meeting.
inD combines Informa’s wholly-owned
events and training businesses in IMEA
with DWTC’s B2B events portfolios.
Itisa way each of us can scale our
businesses and deliver more to the
markets we serve by joining up our
expertise, customer relationships and
shared infrastructure, and bringing
ourbrands to new locations.
Growth through
One Informa
There are also opportunities for us to
grow further, and deliver more value
toour customers, by getting more out
of the platform we have built and the
investments we have made over the
last decade.
This is essentially what the 2025-2028
One Informa programme represents.
One Informa is our self-funded
programme for growth through
deploying more of the strengths we
have built across more of the company;
working as one in areas where we can
be more effective by doing so; and
using new tools and technology to
increase the efficiency and impact
withwhich we work.
One Informa involves some change and
different ways of working within the
company. Agility, thinking and acting
fast, having an open mindset and
improving year-on-year have always
been central to our culture, and it has
been great to see the support colleagues
have given to One Informa’s goals.
Specifically, One Informa includes
making the most of the depth of
first-party B2B customer data we
havegathered through IIRIS,
ourB2Bcustomer data platform.
Wearebringing Lead Insights –
ourproprietary lead reporting and
analytics platform, first developed
within the Finance portfolio – right
across our B2B business, giving more
customers more granular insights into
their customers and increasing the
value they receive from our brands.
Similarly, we have, in areas, developed
expertise and a powerful product
around curating meetings between
buyers and sellers, investors and those
looking for capital, suppliers and
distributors. This type of amplification
service – so-called because it amplifies
the value customers can get from our
brands – will be expanded to many
more portfolios and markets, and we
are continuing to advance and enhance
those matchmaking and partnership
products too.
Sustainability is another area in which
we have developed a real capability.
We believe that our products are
better, more highly rated by customers
and more effective when sustainability
is built into them. That might be
because our content delivered new
insight into a major sustainability
opportunity, or because we have
helped exhibitors to build stands that
can be reused or recycled, or because
we have been as efficient as possible
inhow we use energy, or because
wehave worked with a not-for-profit
partner that supports the success
ofthat market.
As our wider business continues to
scale and develop, we are expanding
and embedding our FasterForward
sustainability programmes further
andraising the bar on standards every
year: something that is very much in
keeping with the goals of One Informa.
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Informa Annual Report and Accounts 2025
Growth through the
powerofAI
AI has the potential to fundamentally
change how businesses operate.
AtInforma, we are seizing the
transformation opportunity it
presents,and at pace.
AI is an additional and significant way
we can unlock more growth and more
value for our customers, extending
theleading positions we have built
inourmarkets. For that reason,
wehaveput it at the heart of the
OneInforma programme.
In the last couple of years, we have
purposefully invested in building a
proprietary AI capability, Elysia. Elysia
takes the benefits of leading global
AImodels but combines this with the
proprietary data we hold, including our
depth of B2B customer data. It plugs
into every Informa colleague and brand,
and its roadmap and development are
governed by us according to our
priorities, customer needs and the
opportunities we see for our business.
Based on this capability, we are already
developing products more efficiently
and bringing them to market and to
customers more quickly than was
possible in the past. We are creating
entirely commercial products and
bringing new, and much more
advanced, functionality to our
existingbrands.
We are re-imagining workflows in all
our key functions to bring the benefits
of AI into all our daily processes. At the
same time, our technology, product
and AI experts are staying close to the
new possibilities that AI is creating
every week and month.
This is widespread, fast-moving and
exciting, and there is much more to come
both in the near term and long term.
Growth in 2026 and beyond
For our shareholders, we want to keep
delivering consistent, compounding
growth and returns, while maintaining
our investment in the Group so that we
remain a strong, highly-relevant and
successful business long into the future.
Specifically, our ambition is to deliver at
least 5% underlying revenue growth as a
Group going forward, and a higher level
still in our B2B Live Events business.
For our customers, our goal is to keep
advancing, improving and expanding
what we offer, providing ever greater
value and choice, and remaining fully
immersed in the markets and
communities we serve.
For all colleagues everywhere, we want
to keep being a highly professionally
satisfying and enjoyable place to work,
and a business that shares the benefits
of growth by investing in more career
opportunities and possibilities for
growth, a standout working experience,
attractive rewards, and a culture that
stimulates and supports us all.
Thanks to all Informa colleagues, and to
colleagues on the Board, for everything
that went into 2025 and everything that
goes into all that we do in the Group.
Thank you to shareholders for the
continued engagement and support,
and to the many partners we have
around the world that play such an
important part in our business.
Informa’s leaders are as committed
and ambitious as ever, and I for one am
excited about the range and depth of
opportunities the Informa Group has
ahead of it.
Stephen A. Carter CBE
Group Chief Executive
11 March 2026
19
Informa Annual Report and Accounts 2025
Strategic Report G F A
Key performance indicators
Our key performance indicators (KPIs)
measure how well we are delivering
our growth goals, creating value for
shareholders and colleagues – which is
important to our business model – and
performing on sustainability.
Calculations and reconciliations to statutory measures
page 51
Directors’ Remuneration report
pages 109 to 123
Glossary of terms: alternative performance measures
pages 220 and 221
Growth and financial performance
We delivered record revenues and adjusted operating profit growth in 2025. Underlying revenue growth was ahead of our
medium term target of 5%+. Reported revenue growth was higher still, reflecting the full-year contribution of businesses
added during 2024.
Revenue (£m) Underlying
revenue growth (%)
Adjusted operating
profit (£m)
2
025
2
024
2
023
3,553.1
4,041.4
3,189.6
2
025
2
024
2
023
11.6
6.3
30.4
2
025
2
024
2
023
995.0
1,139.8
853.8
Financial strength and stability
Our free cash flow grew strongly and to a record level in 2025, driven by higher profits and efficient working
capital management. Informa leverage is within our stated target range.
Free cash flow
(£m)
Informa leverage
(times)
2
025
2
024
2
023
812.1
884.8
631.7
2
025
2
024
2
023
2.6
2.4
1.4
Shareholder returns
Adjusted diluted earnings per share grew 11% during 2025: the fifth consecutive year of double-digit growth in
this measure. We continue to deliver consistent shareholder returns, increasing dividends by 10% as part of our
progressive dividend policy, alongside the benefits of our ongoing share buyback programme.
Adjusted diluted
earnings per share (p)
Dividend per share
(p)
2
025
2
024
2
023
50.1
55.6
45.3
2
025
2
024
2
023
20.0
22.0
18.0
Strategic Report
20
Informa Annual Report and Accounts 2025
Colleague engagement
One way we measure colleague experience is through the engagement index
generated by our annual Inside Informa Pulse survey. We aim to maintain a high
participation level, and this remained very strong in 2025 at 89%. Engagement
was also strong overall. We saw high and consistent levels in our established
businesses with some variation in newer businesses during the period when
theywere forming.
Engagement index
2
025
2
024
2
023
79
73
80
Sustainability progress
We track two sustainability-related KPIs at a Group level.
Our performance in the Dow Jones Best-in-Class Index
(formerly known as the Sustainability Index) continues
tobeat the top end of our peer group. Dow Jones scores
listed companies against over 20 economic, social and
environmental criteria, and we aim to achieve a strong
absolute score and relative position.
Greenhouse gas emissions (GHG)
2025 2024
UK ROW UK ROW
Energy consumption (mkWh) 3,349 16,918 2,879 13,143
Scope 1 emissions (tCO
2
e) 413 2,222 382 1,784
Scope 2 location-based emissions (tCO
2
e) 246 3,825 239 2,965
Scope 2 market-based emissions (tCO
2
e) 0 187 0 159
Scope 3 emissions from office waste, electricity transmission and distribution losses (tCO
2
e) 93 1,135 245 3,115
Scope 3 emissions from home working (tCO
2
e) 1,649 4,238 2,603 5,099
Scope 3 emissions from business travel (tCO
2
e) 24,286 29,522
Total scope 1 and 2 location-based emissions (tCO
2
e) 659 6,047 622 4,748
Intensity ratio of total location-based scope 1 and 2 emissions (tCO
2
e/colleague) 0.15 0.62 0.17 0.52
Total scope 1 and 2 market-based emissions (tCO
2
e) 413 2,409 382 1,943
Carbon offsets used to compensate for remaining emissions in scope for CarbonNeutral
®
company certification (tCO
2
e) 34,223 42,908
Residual carbon emissions post renewable energy and offsets (tCO
2
e) 0 0 0 0
As Informa grows, we aim to do so in a sustainable and
responsible manner. We have a well-established approach
tosustainability under our FasterForward programme. This
includes having set Science Based Targets and FasterForward
goals to reduce our carbon impact, which is measured
through the emissions listed here. This table also reflects
required disclosures under Streamlined Energy and Carbon
Reporting (SECR) regulations.
Calculations are based on the GHG Protocol and Defra
guidelines. Scope 1 emissions come from natural gas
heating, refrigerant gases, and vehicle and generator fuel
use. Scope 2 emissions come from electricity consumption.
Location-based emissions represent the average emissions
intensity of electricity grids in areas where we have offices.
Market-based emissions consider renewable electricity
purchases. Scope 3 emissions arise indirectly from our
supply chain. We report here on the emissions – including
scope 3 emissions – that fall into the CarbonNeutral
Protocolboundaries.
Informa is a CarbonNeutral
®
certified company, in accordance
with the CarbonNeutral Protocol. We buy carbon offsets
tocompensate for emissions that cannot yet be eliminated.
This certification covers our scope 1 and 2 emissions and the
scope 3 emissions reported above, as defined by the Protocol.
Bureau Veritas provides limited assurance over ourenergy
and water consumption data, scope 1 and 2 data,and limited
scope 3 data. Our Sustainability Reporthas full details.
Emissions can vary year-to-year according to business
activities and the expansion of office space; for example,
inodd years such as 2025, scope 1 emissions include the
additional generator fuel used at the Dubai Airshow. We
continue to mitigate scope 2 emissions through our ongoing
purchase of renewable electricity, which now covers 96% of
our offices. A reduction inthe DEFRA emissions factors, due
to improved aircraft efficiency, has contributed to lower
emissions from business travel.
Dow Jones Best-in-Class Index performance
(percentile and absolute score)
100th
63
2025
100th
65
2024
100th
65
2023
21
Informa Annual Report and Accounts 2025
Strategic Report G F A
Market-leading in:
Strategy
4. Brand
Better connecting our
brands to each other, and
toInforma, to strengthen
our presence and make it
easier to enter new markets
and grow internationally
3. Colleague
experience
Continuing to make Informa
a great place to build a
rewarding career, and
usingtechnology to free
upcolleagues to do their
best work
2. Customer
experience
Delivering a market-leading
experience to our customers
by further improving what
we offer and the end-to-end
experience of interacting
with and purchasing from us
1. Marketing
Fully using our data and
technology to engage
audiences more powerfully,
target new customers more
effectively and work at scale
moreefficiently
One Informa is the way we are delivering this strategy
between 2025 and 2028.
In addition to individual growth-focused initiatives
throughout our business, One Informa is centred on
fourcompany-wide programmes: marketing, customer
experience, colleague experience and brand.
Informa has had a consistent strategy
overthe past decade: to deliver strong
growth by focusing on specialisation –
specialist markets, specialist customers
and specialist products and services.
Strategic Report
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Informa Annual Report and Accounts 2025
Year in review
With One Informa, we are focused on growth by making
themost of the platform we have built through years of
investment, expansion and development.
In 2025, this included initiatives to capitalise on and
maximisethe strength ofour brands, our international
reachand partnerships, our first-party data, our technology
platforms and investments, ourtalent and all our capabilities.
Informa’s capability: Elysia
Our key investment has been to build
aproprietary generative AI capability,
Elysia. Elysia draws on a selection of
leading AI models. Its power is in its
combination with our unique data sets
– including the first-party B2B customer
data held in our IIRIS platform – and our
specialist content.
As a proprietary capability, our teams
are developing it with a focus on use
cases that unlock the most value for us.
And as a private platform, it helps
guard against company-confidential
information from entering third-party
tools too.
Innovation at scale
Elysia launched to all our colleagues in
April 2025. It is available in several ways:
as an AI assistant via a dedicated app or
normal web browser, built into email
and other daily work tools, and as an
open technology platform that any
colleague can use to create individual
apps from. This puts advanced
technology into every colleague’s hands
to innovate, add value and solve
problems right across the company.
1,800 Elysia apps have been built so far.
One app that is in active use is Content
Compass, developed by a team of writers
and editors at Informa TechTarget. It was
created to research technology-related
topics that our target audiences are
interested in with more precision and
speed, and to identify other Informa
specialists to collaborate with who cover
similar topics.
Seizing the power of AI
Throughout Informa, we are
embracing the power and potential
of the newest forms of AI.
We are re-engineering how we work
inall areas of the business, building
AIinto our workflows and platforms,
using AI capabilities to develop new
products and release features and
services to customers more quickly,
and experimenting with other
applications as they emerge.
This is helping us create content that is
even more timely, relevant and valuable
for our audiences, strengthening our
position and engagement with them.
New AI and data-driven
products
The combination of leading AI and our
proprietary data is allowing us develop
new products for customers.
One of those is an Elysia-powered tool,
called Audience Insights, that will give
exhibitors a new data-driven way to
analyse an event’s audience. It will
provide simple, aggregated answers
about who will be attending an event,
using the first-party data we hold in
IIRIS, and visualises data in charts so it
can be widely used.
This will bring new value to exhibitors
by helping them better plan their
attendance according to which buyers
will be onsite, including identifying
which products to showcase and which
team members to bring, making the
most of their time and investment.
Early feedback has been positive and
theproduct will be further developed
and formally launched at key brands
during 2026.
Elysia is embedded into our online
Annual Report, making it simpler than
ever to surface new insights and get
easy-to-use summaries.
Tryitout at
annualreview2025.informa.com
23
Informa Annual Report and Accounts 2025
Strategic Report G F A
Year in review continued
Unlocking new customer
benefits with AI
We are deploying AI across our specialist
intelligence businesses, creating
newfeatures and services that help
customers unlock greater value from
ourproducts and their investments.
In Marketing, we launched several such
services in 2025. This included LIONS
Intelligence: an agentic workflow tool
that draws on content from across our
WARC, Contagious and The Work
brands. It helps customers conduct
deep research and find inspiration to
apply to their strategy, planning and
implementation more effectively than
ever, with sources ranging from the
latest intelligence and benchmarks to
our archive of over 250,000 award-
winning case studies.
In Foodservice, Technomic introduced
new AI tools to its Ignite platform.
These search across allformats of
theindustry reports wepublish, and
unstructured as wellasstructured data
and content. Subscribers – who useour
research toinform their business
planning and product strategy– can
now surface relevant insights more
quickly, get concise summaries and
visualise results in charts and tables,
making complex data sets much easier
to interpret and share, and delivering
greater value.
Faster product development
AI is also quickening the pace of our
regular product development, allowing
us to bring new features and product
improvements to market faster than
before. In 2025, for example, Taylor &
Francis launched an improved research
dashboard for customers to manage
their publishing agreements, using an AI
coding assistant to significantly speed
up development. The new dashboard
provides a better experience and allows
us to add more advanced features more
easily in the future.
Powering workflows with AI
As well as embedding AI into our
commercial products and processes,
we are building AI into the daily
workflows of all our key functions.
In Taylor & Francis, this includes
introducing AI-driven tools that help
editors and peer reviewers with
screening research submissions for
quality, integrity and ethical checks.
We are developing a manuscript
readiness checking tool that reduces
undue hold-ups in the time it takes to
publish research. It helps editors check
for any ethical matters relevant to the
research topic more quickly, flags if
anycitations could require additional
scrutiny, and makes sure relevant
information, data and conflict of
interest disclosures are present as
expected. We have also created an
automated citation checker that helps
our teams detect more instances of
incorrect references.
As the global supply of research
continues to grow, these tools will
helpus support this growth and keep
increasing the submissions we accept,
while maintaining thehigh standards
that academic content requires.
Strategic Report
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Informa Annual Report and Accounts 2025
Extending brands
to newgeographies
Taking our brands and intellectual
property to new locations is a
significant and continuing growth
opportunity for us.
We have a strong track record in
geo-cloning our established B2B
brands, bringing them to new locations,
and adapting formats and features
tosuit different geographies and
customer needs.
The markets we serve are international,
and our customers and communities
want to learn, connect and trade on a
global basis. Having expanded the
number of major brands in our portfolio,
and grown our teams and partnerships
in key locations around the world, we
have further opportunities ahead too.
Expanding major
brandsglobally
In 2025, we launched the first edition
of Money20/20 in the Middle East, in
Riyadh, which became one of our
largest-ever launches.
This brought together the strength
andstanding of the Money20/20
brand,the team’s deep expertise
andrelationships inFintech, and the
local market knowledge, relationships
andoperational experience of our
Tahalufbusiness. It also capitalised
onthe strong interest in technology,
payment innovation and bank
alternatives in the region.
Money20/20 Middle East drew 38,000
attendees and 1,000 investors, with
abalance of national, regional and
international participants.
Tracey Davies, President of Money20/20,
said: ‘Bringing Money20/20 to the Middle
East has long been a goal, given the
region’s importance to the global
payments andbanking sector. We
successfully launched the event within
ayear of becoming part of Informa,
drawing onTahaluf’s expertise, and
exceeded customer expectations.’
Annabelle Mander, Executive Vice
President at Tahaluf, said: ‘We proudly
built Money20/20 Middle East in Saudi
Arabia, but it’s designed to serve the
world. We were able to localise a global
brand, at scale and with success,
because of a highly-experienced team
of colleagues whoare embedded on
the ground inthe Kingdom, and have
built deep and trusted relationships
across government, regulators,
investors and the industry.’
Matching global research
andeducation growth
In Taylor & Francis, we have set out to
increase our presence in the Middle
East, where government investment in
higher-level education, universities and
research institutions is growing. This is
increasing the demand for access to
advanced learning content and will,
over time, increase the supply of
research from the region too.
In 2025, we launched a dedicated
Middle East and North Africa digital hub
for regional customers. We expanded
our relationships and profile through
targeted events, including anevent
inDubai on research integrity for
educational institutions; a researcher
boot-camp in Riyadh; and influencer
partnerships. We are also recruiting
more editors from the region, to reflect
the growth inlocal scholarship and
ensure a balance of representation on
editorial boards. All of this activity will
step up further in 2026.
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Informa Annual Report and Accounts 2025
Strategic Report G F A
Year in review continued
In the markets we work in, ongoing
product development isa must.
Customers want their services and
experiences to keep getting better.
Technology developments create
new ways to deliver products
andservices, and increase the
expectations customers have
ofasmooth experience.
We are continuously working on and
investing in product development, so
that what we offer remains relevant and
keeps improving and delivering more
value to customers from year to year.
We use feedback from day-to-day
customer conversations, inputs from
surveys and panels, and data from
product use to make sure that our
product development is targeted
andeffective.
As part of our cross-business
OneInforma customer experience
programme, we are developing a
newsingle point of access for our B2B
customers when they buy services from
us. This will improve and streamline the
experience, particularly when customers
buy multiple products, as today this can
vary by brand and feel fragmented. The
platform will also allow customers to
make payment and find information in
amore self-service way, and help them
view all of the brands and products they
have access to or could be interested in.
B2B product development
inaction
Immersive experiences: At SuperReturn
International, we expanded opportunities
for customers to connect and build
partnerships by increasing meeting
spaces and introducing a new structured
meeting and matchmaking programme,
Allocate. Along with more immersive,
branded experiences across Berlin and
new specialist summits in secondaries,
sports and private wealth, customer
satisfaction increased.
Celebrating industries: To immerse
customers in its new host city of
Barcelona in 2025 and provide a
different and celebratory experience,
Labelexpo Europe took over the city’s
Time Out Market to host a welcome
and awards party for 800 people.
Fashion matchmaking: We expanded
our Fashion matchmaking programme,
called Brand Curation, by creating
more meeting lounges and engaging
morecustomers on the opportunity.
Across brandsincluding MAGIC,
PROJECT and SOURCING, we facilitated
nearly 800 meetings between
VIPbuyers and selected up-and-
coming brands in2025, a 75% increase
on2024, supporting thecreation
ofnew commercial relationships.
High-impact meetings: Money20/20
launched anenhanced meetings
product, SmartMeet. Through it, we
curate one-to-one meetings between
fintech buyers andproviders at our
events, supporting relationship-
building and deal-making. Meetings are
qualified and prescheduled in advance
through our tool and managed by us
todeliver ahighly-focused and
efficientexperience.
Enhancing rebooking: We further
improved the rebooking process for
sponsors and exhibitors at Black Hat
USA. A key feature is our purpose-built
onsite tech hub, which now visualises
all the commercial opportunities
available across different formats for
the year ahead and what is sold and
available, making it easier to see all
options and secure slots well in
advance for planning purposes.
Enhancing customer experience and value
Strategic Report
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Informa Annual Report and Accounts 2025
Targeting buyers
at Fi Europe
The market for Food Ingredients
isinternational and dynamic, with
lotsof investment into research and
development to find the next big
flavour or ingredient. But it has
structurally lower margins than some
markets, which makes effectiveness
and return on investment even more
important in sales and marketing.
Fi Europe started out in 1986 and is
now a major annual event, with over
1,500 exhibitors. For its 30th edition
in2025, we introduced a new version
of Lead Insights on a trial, opt-in basis.
After a positive reception, it will
become an integrated part of our
exhibitor packages in 2026.
What is most valuable to exhibitors are
qualified leads and deep insights into
potential buyers that they can act on.
We trialled a new buyer intent score
feature on Lead Insights, which scores
attendees according to their likelihood
tobuy specific categories of
ingredients in the near term, based on
signals given by the data we collect.
It is not unusual for exhibitors to have
more onsite meeting requests than
theycan fulfil. Lead Insights’ tools allow
them to focus their time on buyers
whomatch their ideal profiles, while
providing insights into those buyers
sothey can present their product as
powerfully as possible.
High-quality first-party data is key to
this. At Fi Europe, we capture the data
generated when attendees use our
event app to request meetings, view
products and companies, and swap
contact cards, and when badges are
scanned at booths and throughout the
venue. We use beacon technology
tosupplement our understanding of
what attendees are interested in based
onwhere they spend time onsite. Plus,
we capture data through our Food
Ingredients media platforms when
individuals attend webinars, download
reports and read news content, all of
which information flows through IIRIS
tothe Lead Insights dashboard.
We have also found that training
exhibitors on how to get the most
outof LeadInsights is important to
itssuccess. Fi Europe had a dedicated
lounge todemonstrate the product to
everyone on our exhibitors’ teams in
situ and answer individual questions.
In 2020, we created IIRIS, our
proprietary customer data platform,
which holds the first-party customer
data generated by our B2B brands.
Around IIRIS are processes and
technology to cleanse, augment and
connect the data we collect from our
events and digital products, and tools
that allow us to apply that data to
our services, marketing and sales.
From IIRIS, we have developed new
products such as Lead Insights, our
custom-built lead capture, analysis
andreporting platform. It provides
exhibitors, sponsors and other
commercial partners with detailed,
real-time, year-round insight on the
customers and prospects who have
interacted with them, whether they
engaged at one of our live events or
with a digital campaign or content
through our media brands.
Under One Informa, we are expanding
Lead Insights to more of our brands
and further developing its features, to
maximise the value of our first-party
data and give customers greater value.
Maximising the power of data
27
Informa Annual Report and Accounts 2025
Strategic Report G F A
Year in review continued
Partnerships are a significant and
successful part of our business
model, and they continue to be a
driver of growth and opportunity
forInforma and for our partners.
Our partnerships take many forms.
InB2B Live Events, they include
partnerships with trade associations,
venues, local governments and city
officials, and founder-owners of events
who join our Group. In Academic
Markets, they include the professional
societies and research foundations and
institutes whose research we bring to
the widest possible audience.
Our management teams spend
considerable time with our partners,
developing close relationships with
afocus on delivering growth and
benefits for all parties, including our
customers and communities.
Latest partnership highlights
Creating inD:
inD, which was announced in 2025 and
formally came into effect in January
2026, is our new partnership business
with the Dubai World Trade Centre.
Itsupports our further growth in
IMEA,allowing us to bring more of
ourinternational brands to Dubai –
where venue capacity is also increasing
in 2026 – and for DWTC’s brands totake
advantage of our international reach
tolaunch into more countries.
Expanding Informa Prestige:
In 2025, we extended our long-term
partnership with and presence in the
Principality of Monaco by adding Art
Monte-Carlo to Informa Prestige, our
portfolio of Luxury & Lifestyle brands.
Strengthening researcher collaboration:
In Taylor & Francis, we further expanded
our partnership with the professional
network for researchers, ResearchGate,
in early 2026. This gives us new ways to
engage researchers internationally and
allows ResearchGate’s users to discover
and access more of our content
moreeasily.
Increasing B2B technology partnerships:
In Informa TechTarget, we regularly
partner with specialist tech providers
to deliver more value and a better
experience to our mutual customers.
During 2025, this included developing
new integrations between our Portal
and tools from partners at Outreach,
Demandbase and Salesloft.
Growing Tahaluf:
In the Kingdom of Saudi Arabia, our
Tahaluf business is a partnership with
the Saudi Federation for Cyber Security
and Programming and the Events
Investment Fund. It has gone from
almost a standing start in 2021 to a
portfolio of around 20 brands in 2025
and continues to grow, with planned
2026 launches including LEAP East and
the Kingdom of Gaming.
Growth through partnerships
Strategic Report
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Informa Annual Report and Accounts 2025
Making the most
of great talent
We put considerable focus on
investing in our talent and culture
from year to year, because what our
colleagues bring to work drives our
ability to grow, succeed and serve
customers with excellence.
With the launch of One Informa in
2025, we have made it a priority to
create a market-leading colleague
experience across the company;
something that has several elements to
this, all of which are designed to make
Informa a professionally stimulating
and rewarding place to work.
Expanding career
opportunities
In 2025, our major focus was on
expanding career and professional
growth opportunities. This responds
totheconsistent feedback given by
colleagues: that building skills
throughlearning, mentoring and
coaching, getting opportunities
fornewexperiences and moving
aroundthecompany are what makes
Informaan engaging, rewarding and
professionally satisfying place towork.
We took an internal-first approach
tohiring during the year to give more
opportunities to current colleagues
and help keep talent in the company.
We increased job advertising in our key
offices and created by-function talent
communities where colleagues are
proactively contacted about roles
theymight be interested in.
We also added one-to-one career advice
clinics with senior leaders to our annual
careers week programme, which were
oversubscribed. Taken together, these
actions helped us further increase the
proportion of open roles that are filled
by internal candidates, from 30% in
2024 to 44% in 2025.
We expanded our popular, home-
grown programme Showmakers,
whichresulted in a 280% increase
inparticipants. Showmakers gives
colleagues in any role the chance to
work a job at one of our live events
intheir region. It represents a way
colleagues can get a new experience
without moving roles, and network
andget to know our business
andcustomers better, increasing
engagement with what we do.
During the year, we redeveloped and
relaunched our learning offering as
The Campus. This online platform
offers everyone function-specific
courses, accredited learning and
access to internal mentors and
coaches. We built a specialised Elysia
Career Coach agent to sit at the heart
of The Campus too. This AI coach
provides personalised career guidance
and signposts relevant content and
opportunities, including open roles,
according to colleagues’ profiles.
Diving into AI
We accompanied the launch of Elysia
in2025 with a wide-ranging programme
of learning and engagement for
colleagues, designed to support and
inspire everyone to make the most
ofAI in their roles and teams.
This has included creating a trailblazer
network of colleagues who have
volunteered to become go-to-experts
and bring the latest developments,
insights and use cases to their teams.
We have held function-based
hackathons, where colleagues compete
to build and launch apps that address
real-world opportunities, and taken
Elysia on a global roadshow to share
inspiration and practical use cases with
all our teams. Short, on-demand feature
demonstrations are also available to
everyone at any time through our
learning hub, The Campus.
29
Informa Annual Report and Accounts 2025
Strategic Report G F A
Year in review continued
Inclusion across
ourcommunities
Data matters to our work to build a
market-leading colleague experience.
In2025, we ran a confidential survey,
called All In, to gather more information
and insights about our colleagues’
backgrounds and demographics globally.
This also helps us prepare for potential
future reporting requirements in the UK
that may include colleagueethnicity
anddisability.
35% of eligible colleagues took part,
which we see as a positive start to
buildon in the future.
Our Inclusion & Diversity programmes
continue, as part of our work to make
career opportunities open to everyone
and support all our colleagues to
workat their best. We have a range
ofcolleague-run networks focused
ondifferent communities within our
company, which organise events and
networking year-round that are
accessible to all.
Following the measure used by the
FTSE Women Leaders Review, the
proportion of women in our leadership
community increased during 2025 from
37% to 40%. We continue to track this
data closely to see the impact of our
work to make career growth widely
andbroadly available.
Female Male
All colleagues 8,565 | 61% 5,487 | 39%
Senior management anddirect reports 206 | 42% 280 | 58%
Directors 5 | 45% 6 | 55%
Investing in our culture
We consistently invest in our culture,
prioritising the areas that matter most to
colleagues and the company’s success.
Our ShareMatch share programme is
one such area. It is rewarding, offering
free company shares and the chance to
benefit from any increases in Informa’s
share price, and it helps colleagues feel
a greater sense of ownership over what
we do and engage more deeply. We
launched ShareMatch in a further two
countries – Mexico and Bahrain – in
2025 and are introducing it to four
more locations in early 2026. Between
ShareMatch and our US version, the
ESPP, nearly 95% of colleagues are
ableto invest in the company in
advantageous ways.
Our offices are another area of
investment. Spending a good amount
of time together, in person, is an
important part of our culture. We have
purposefully invested in our offices
over the last four years to make them
higher-quality, more collaborative and
more stimulating environments, and to
bring in technology that makes it easy
to work there effectively. In 2025, we
opened a new hub office in Dubai, with
new spaces to come in Mumbai and
Riyadh in 2026.
How engaged colleagues are – in
termsof participation and motivation
– remains important to what we do.
Wemeasure this in many ways, as
wellas formally through our annual
Pulse survey.
Participation in 2025 was very high – at
just under 90%, which is consistent with
2024. Our engagement index score was
again strong and encouraging – at 73%
– with high and consistent scores in
ourmore established businesses, and
slightly lower from teams going through
higher levels of change, predominantly
inour newly-formed businesses. We
areacting on feedback, including by
doubling down on career opportunity
programmes in these areas.
Comprehensive year
round support
Creating a market-leading
colleague experience is also
about getting the fundamentals
right. We continue to provide a
range of flexible benefits and
other forms of support across the
countries we work in, including:
• A Colleague EAP: free anytime
assistance from an expert
third-party provider
• Mental Health first aiders:
trained colleagues who can
signpost others to support
• Subsidies for health, wellness
and exercise in the UK, and a
tax-efficient ride-to-work
scheme
• Informa Anywhere: a work
from anywhere programme
• Up to four days of paid time off
for volunteering
• An annual birthday day off
• Further health and financial
benefits on a by-country basis
Strategic Report
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Informa Annual Report and Accounts 2025
Advancing on sustainability
We have just completed the final
year of our 2020-2025 FasterForward
programme to embed sustainability
in relevant and impactful ways
throughout Informa.
As we grow, doing so sustainably
andresponsibly is paramount.
FasterForward helps us do this: making
our products, customer experience and
operations higher quality and more
relevant; meeting – if not exceeding –
theexpectations of stakeholders such as
customers, colleagues and shareholders;
and contributing positively to the
specialist markets and communities
wework in.
In 2025, we continued to deliver
ourkeyprogrammes to good success
while planning for the next phase
ofFasterForward, which will begin in
2026. As with many other areas in the
company, we are continuously investing
in sustainability and adjusting and
enhancing what we do, whether that is
to capitalise on new opportunities, raise
the bar as standards increase or adapt
to the development and expansion
ofour business.
Expanding the Fundamentals
The Sustainable Event Fundamentals
isour framework for embedding
sustainability into every aspect of
anevent brand. It is based on six
areasrelated to the FasterForward
programme that contribute most
significantly to an event’s sustainability:
carbon and waste, sustainability-related
content, procurement, stakeholder
engagement, community and wellbeing,
and governance.
Each brand is scored against 16
criteriaacross these areas and
receivesfeedback on how to improve,
with high-scoring events celebrated.
Our goal is to progressively increase
the number of accredited events,
defined as those scoring at least 10
points from the maximum of 16, and
progressively increase average scores.
We have also introduced additional and
more demanding criteria over time to
increase the overall impact we have.
Taking action on waste
Our single largest source of waste is when
exhibitors choose to assemble single-use,
rather than multi-use, stands at our
events. To address this, we created the
Better Stands programme in 2019 and
have been embedding it across all our
events as part of FasterForward.
Better Stands rates each stand for
itsreusability across factors such
asflooring, lighting and walls, and
categorises them as disposable, bronze,
silver or gold. We publicly recognise
exhibitors and contractors that choose
more sustainable approaches.
In 2025, our efforts focused on
locations outside of Europe and the
US,where reusability is newer to
themarket. We saw good results in
Mexico and Brazil, where the number
of single-use stands reduced by 65%
between 2024 and 2025 thanks to
consistent engagement with exhibitors
and their contractors. At CBME in
China, one of our power brands, we
offered Better Stands design packages
to make it easier for customers to be
part of the programme.
Our goal is that reusable stands
become the industry norm, and this
took a significant step forward in 2025.
Better Stands has now been adopted
by a cross-industry group that
includesdozens of events organisers,
associations, stand builders and
venues. It is being run as anindustry-
wide programme, helping allof us
make progress on what is a
sharedopportunity.
See how print-on-demand
works inthis video
The number of accredited events
increased to 468 in 2025 as we rolled
out to more brands, and we have
assessed 2,000 events overall during
FasterForward. Average scores have
increased by 14% since 2019. In 2026,
we will be updating the criteria used
toassess events, to align with the
goalswe set out in the next phase
ofFasterForward.
Publishing advances
In Taylor & Francis, the main source of
waste and carbon emissions comes from
printing, packaging and shipping physical
copies of books and journals when
customers choose to buy these formats.
We have continued to reduce this
impact through our print-on-demand
and self-printing programme. This
better matches supply and production
with demand, reducing the waste and
emissions generated from products
that are not used or sold. We have
increased our network, partnering with
printers in each of our main markets,
so that emissions from transporting
products are lower than if they were
printed and shipped from a central
location, and products reach
customers more quickly too.
Further steps we are working on
include engaging with printers to
increase their use of renewable
energy,making more of our packaging
recyclable, and taking advantage of the
lower-emission transport and lower-
carbon paper options that are coming
to market.
c40%
reduction in carbon emissions from
printed books and journals since 2019
16%
reduction in waste fromevents
pergross m
2
since 2019
50,000
stands assessed in 2025
31
Informa Annual Report and Accounts 2025
Strategic Report G F A
i
Year in review continued
FasterForward achievements
When FasterForward was launched in
2020, it was built around of the areas
that were most relevant and important
toour business, stakeholders and the
markets we worked in. We setseveral
stretching 2025 goals as stepping stones
towards our longer-term ambitions.
Wehave seen both substantial progress
towards our goals, and the benefits
ofFasterForward on our business,
products, customers andcommunities.
In carbon, our scope 1 and 2 emissions
have reduced by 55% since just before
FasterForward started in 2019, and by
80% since 2017, which is the baseline for
our Science Based Target. We have
become certified as a CarbonNeutral
®
Company and for CarbonNeutral
®
Publications in Taylor & Francis. Several
events have been similarly accredited,
but here, we adjusted our focus over this
time and instead of pursuing further
accreditation, we prioritised achieving
abroader set of sustainability goals
through participation in the Sustainable
Event Fundamentals.
In waste, we have made good progress
and achieved a reduction of 16% of
waste from our events, measured by
their gross space per m
2
. This is less
than our original FasterForward goal
of50% and reflects the interruption
caused by the pandemic, which meant
several event production cycles were
missed. With Better Stands now well
advanced, and being adopted by the
wider industry, we are confident we
can achieve further reductions in the
years ahead.
In sustainability-related content and
programming, 88% of brands
participating in the Fundamentals
embed a level of sustainability into
their content, and 73% of our top 100
brands, including Taylor & Francis, have
achieved a more stretching criteria for
the relevance and quantity of their
sustainability content. During this first
phase of FasterForward, we identified
a small number of brands where this is
likely to be difficult to achieve due to
the nature of the content, such as in
our mathematics journals, and will
adjust for this in the future.
We have successfully met our
FasterForward goals around supporting
and contributing to our markets and
communities. This includes the aim to
generate over $5bn in value for the cities
that host our events, and to provide one
millionpeople from disconnected or
disadvantaged audiences with
access toour products.
FasterForward evolution
Our experience over the last five years
is informing how we will refresh and
update our focus and goals for the next
phase of FasterForward, which will run
from 2026 to 2030. We are evolving the
programme to reflect Informa as it is
today, the areas where we can make
the greatest impact, and our growth
and One Informa focus.
We regularly assess our events to
measure the extent of the time and
carbon customers save by consolidating
travel and business activity into one
efficient trip. This will remain a key
FasterForward goal as we continue to
maximise value and experience for our
event customers.
We will also continue to take into
account what stakeholders tell us is
important and factor in changes in
theworld around us, including how
theScience Based Targets initiative
defines matters such as net zero, and
forthcoming changes to European
corporate reporting.
$8.4bn
economic value created in 2025
forthecities that host our events
SustainabilityChampioning
Sustainabi lity Report 2025
Read the full
Sustainability Report
on our website at
informa.com
Strategic Report
32
Informa Annual Report and Accounts 2025
i
Recognition and awards
High-performing member of the Dow Jones
Best-in-Class Index
Ranked A- for environmental impacts
onenvironmental disclosures
andperformance
Rated AAA for management ofESGrisk
Market-leading performance
As well as tracking ourselves against
internal goals, we measure our progress
through a selection of major industry
rankings that benchmark us to peers
and often become more challenging
over time as their criteria develop.
In 2025, we maintained a leading
position in the Dow Jones Best-in-
Class Index – a key performance
indicator – and ranked in the top
1%ofthe global media sector. Since
just before FasterForward started,
wehave moved from the 92nd to
the99thpercentile. We were again
rankedhighly, at A-, by CDP for our
disclosures and performance on
environmental measures, having
ranked as a C before the start of
FasterForward. We were given
anAAArating by MSCI for our
management of ESG-related risk
in2025.
Embedding sustainability in our operations
We continue to manage our carbon footprint closely and take actions that reduce and limit the carbon emissions that
are under our direct control.
SBT: we have set a Science Based Target aligned with limiting global temperature rises to a maximum of 1.5°C
Carbon Neutral: we are a certified CarbonNeutral
®
Company, and all Taylor & Francis printed books and journals
are certified CarbonNeutral
®
Publications
Renewables: renewable energy powers 96% of our offices by consumption and 85% of events by attendees
Offices: energy efficiency is considered in all of our new office investments
Travel: we purchase high-quality carbon offsets that reduce or remove carbon to offset all colleague business
travel and emissions from our offices
Technology partners: our key data centre partner uses renewable energy and is taking action to use water
moreefficiently
33
Informa Annual Report and Accounts 2025
Strategic Report G F A
Informa
Markets
Transaction-led
events
Informa
Connect
Content-led
events
Informa
Festivals
Experience-led
events
Business review
£3,003m
Revenue
2024: £2,638m
£858m | £496m
Operating profit
adjusted | statutory
2024: £718m | £380m
Revenue
£1,964m
2024: £1,738m
Revenue
£641m
2024: £701m
Revenue
£398m
2024: £199m
Revenue growth
underlying | reported
10.8% | 13.0%
Revenue growth
underlying | reported
6.8% | (8.6)%
Revenue growth
underlying | reported
7.7% | 100.4%
Revenue by type
88%
Sponsorship
& exhibitors
5%
Attendees
7%
Other
Revenue by type
49%
Sponsorship
& exhibitors
32%
Attendees
19%
Other
Revenue by type
50%
Sponsorship
& exhibitors
27%
Attendees
23%
Other
Revenue by region
34%
Americas
28%
Asia
22%
IMEA
Revenue by region
68%
Americas
23%
Europe
5%
IMEA
Revenue by region
44%
Europe
41%
Americas
11%
IMEA
B2B
Live Events
Strategic Report
34
Informa Annual Report and Accounts 2025
$30bn+
estimated size of the global
B2B events market
c30%
growth in global venue space
over the last eight years
1. The power of live
As our lives have become more digital,
automated and screen-based, demand
for high-quality live events and live
experiences has grown.
We connect, learn and work online
more than we ever have before.
Andwhether it’s in sports, music
orbusiness, opportunities to come
together as a community in real life
and connect in person are now more
scarce, and so are more valuable.
Leading live events have become key
moments and focal points in the year
for the communities they serve, and
can command a premium. Attending
ismore purposeful and planned out
however, to make maximum use of
time, travel and investment. Smart
technology and apps are also must-
haves to create a smooth experience.
2. B2B markets continue
tospecialise
Major industries don’t stand still.
Markets evolve and different specialist
segments emerge and become more
important over time: for example,
thegrowing importance of food
supplements to Natural Products,
anti-ageing to Medicine and data
centres to Enterprise IT and AI.
Changes within the markets we work in
can create opportunities: to expand or
tailor what we offer or to serve a new
sub-community, for example. But they
also demand adaptability, agility and
continuous product development,
andthis makes it critical to stay close
tomarket trends and customer needs
asthey evolve.
3. Data drives new value
The world is generating more data,
andin every sector, businesses want
more and better information on their
customers so they can engage them
assuccessfully as possible.
The first-party data our products
capture is particularly valuable.
Through our B2B events, media and
intelligence brands, we – and our
customers – interact directly with
known and identifiable companies and
professionals in dozens of different
ways. New technology allows us to
capture a greater range of data, and
advances in AI mean that data can be
analysed in deeper ways too.
Insights from this data can help
exhibitors, sponsors and other
commercial partners engage the
righttargets more effectively. They
also allow us to better personalise
ourproducts and make our marketing
and sales activities more powerful.
4. Experience matters
When businesses and professionals
attend live events, the quality and
distinctiveness of the experience
matter more than ever.
With expectations rising, and new ways
to engage customers emerging, adding
experiential features to events of
alltypes can add value, increase
satisfaction and strengthen brands.
These include immersive hands-on
experiences, greater personalisation
inagendas, highly-exclusive content,
formats that enable more targeted
networking, and industry celebrations.
Experience-led events, such as
festivals, are also becoming a distinct
category of event as the industry
matures and segments.
5. MICE grows in importance
Major live events bring large numbers of
people to one location, which stimulates
trade and investment through business
connections and through the time and
money they spend directly and indirectly
with local businesses.
Governments around the world
recognise that in this way, the Meetings,
Incentives, Conferences and Events
sector (MICE) can contribute to
economic growth.
A range of countries are proactively
supporting – and sometimes
incentivising – live events as a result.
This is directing investment towards
the infrastructure needed to host
major events and deliver a great
experience to visitors, such as well-
located large-scale venues, well-
connected airports with a range of
airline routes and carriers, and good
hotel availability and transport options.
B2B market trends
35
Informa Annual Report and Accounts 2025
Strategic Report G F A
Informa
Markets
Informa Markets focuses on
transaction-led B2B events, where
companies of all sizes come to
dobusiness. These are typically
large-scale exhibitions, held in large
venues in major cities and business
hubs all around the world.
Informa Markets has major brands in
over a dozen specialist end markets.
Food, Pharmaceuticals and Healthcare
are its top three markets by revenue.
Five of our 10 largest franchises sit in
thisdivision. They each generate over
$75m in revenue a year: CPHI in Pharma
Ingredients, WHX in Healthcare, Dubai
Airshow and MRO in Aviation, Cityscape
in Real Estate and Jewellery & Gem in
Jewellery. Informa Markets is also home
to specialist media and intelligence
brands that serve the same markets with
expert content, including Aviation Week,
Farm Progress and Boat International.
2025 performance
Informa Markets grew very strongly
again in 2025. Underlying revenue grew
10.8%. Reported revenues grew even
faster, at 13.0%, boosted by the larger
biennial events that ran during 2025.
Our international breadth continues to
drive growth, with particularly strong
performances in IMEA – including
fromour partnership business in the
Kingdom of Saudi Arabia, Tahaluf –
andin South East Asia. These regions
have higher levels of economic growth,
which in turn supports demand for
trade andtransaction-led events and
for established international B2B
brands inparticular.
Our brands and businesses in
NorthAmerica delivered solid growth.
In China, our financial performance
wasmore subdued, reflecting slower
economic growth and reduced
business activity in the country overall.
A key factor in Informa Markets’
performance is the strength and scale
of our B2B brands. Our marquee and
power brands – events with revenues
of over $10m – grew particularly
strongly in 2025, with exhibitor
rebooking rates remaining strong too.
During 2025, we added a small number
of complementary brands to portfolios
in Informa Markets, strengthening our
position and customer relationships in
markets we know well and have chosen
to focus on. This included bringing Art
Monte-Carlo into the Informa Prestige
portfolio, which includes Luxury &
Lifestyle brands such as the Monaco
Yacht Show, Top Marques and
BoatInternational.
Market trends and
growthopportunities
Event space is growing in many major
cities, with new large-scale venues
opening and existing venues expanding
their capacity. This gives us scope to
increase exhibitor numbers, provide
more floor space to current customers,
bring in new customers and create new
zones at our events, all of which can
make the experience more valuable
and productive for attendees too.
In2026, for example, WHX Dubai will
benefit from the opening of Dubai’s
major new venue, the Dubai Exhibition
Centre, which will increase the city’s
overall event space by over 50% when
it is fully onstream.
We are also creating growth by
increasing the value we deliver to
customers; for example, by providing
additional products and developing our
range of amplification services. We are
progressively introducing Lead Insights
across Informa Markets’ portfolio, to
provide exhibitors with real-time
access by which to track and analyse
customer leads and campaign data.
Transaction-led events have historically
been less focused on attendee ticketing
than other types of event. We are now
introducing paid entrance for event
attendees at more Informa Markets
events. This is currently a modest
source of revenue, and although it is
unlikely to apply to all markets, it has
the potential to grow significantly. The
change has been positively received by
exhibitors at brands such as CPHI and
WHX, as a way to increase the relevance
and therefore quality of their audience.
As our markets evolve, new categories
and opportunities to serve our
customers are also emerging. For
example, as a result of the growth of
the space industry, we expanded our
focus and partnerships at the Dubai
Airshow with dedicated programming
and our largest-yet space pavilion.
Business review continued
Strategic Report
36
Informa Annual Report and Accounts 2025
Informa
Connect
Informa Connect focuses on content-
led B2B events where professionals
come to learn, connect with peers and
develop their business and careers.
Through our brands, professionals
connect in highly-targeted ways and
build relationships that can lead to
long-term partnerships. They also
provide opportunities for customers to
showcase their expertise and relevance
through content and brand promotion,
and stay up to date through learning
andaccreditation.
Informa Connect has major brands in six
end markets. Finance, Foodservice and
Technology are its top three markets by
revenue. In Finance, SuperReturn in
Private Capital is one of Informa’s 10
largest brand franchises, generating over
$70m in revenue. Informa Connect is
also home to FAN EXPO, our Lifestyle
brand franchise, which includes 17
annual events and has total revenues of
over $75m, and the National Restaurant
Association Show in Foodservice.
2025 performance
Informa Connect grew strongly in 2025,
with underlying revenue growth of
6.8%. Reported revenues were lower
because of the divestment of ourstake
in the Curinos business at the end
of2024.
Each of our live event portfolios
performed well. There were particularly
strong performances in Finance, where
our SuperReturn brand franchise
continues to build on its position as
aleading convener for Private
Capitalprofessionals.
New launches contributed to Informa
Connect’s growth too. We successfully
brought our AMWC brand to Dubai to
serve the region’s growing interest in
anti-ageing and aesthetic medicine and
longevity. AMWC’s content programme
isparticularly important to our audience,
and we tailored this to ensure it was
regionally relevant as well as globally
applicable. It performed well, attracting
over 5,000 regional and international
attendees and 200 exhibitors
andsponsors.
We also launched a data centre
energyconference in Texas to serve the
increasing focus on how to power the
world’s growing digital infrastructure.
This will run again in 2026 as an
extension of our Data Center World
brand franchise.
A key reason customers come
toourevents is to network and
buildrelationships that, in some
markets, lead to capital investment.
Wecontinued to provide high-quality
and impactful meeting opportunities
atscale in 2025.This included over
90,000 meetings across our Biotech
events, which we facilitate using the
proprietary platform, PartneringOne.
Focus for 2026
Delivering market-leading customer
experience, increasing the value
wedeliver to customers and
capitalising on space and venue
growth are all focuses for Informa
Markets in 2026.
We are also targeting growth by
continuing to use our international
reach and the strength of our
franchises to launch brands in new
geographies. Planned launches for
2026 include Bio Middle East in
Saudi Arabia and LEAP East in
HongKong.
Through this, we aim to deliver
strong mid to high single-digit
underlying revenue growth in 2026.
Our IMEA portfolio will become part
of the combined inD business from
early 2026. This will create new
opportunities for brands within the
enlarged portfolio to expand across
the region and reach new customers.
37
Informa Annual Report and Accounts 2025
Strategic Report G F A
Market trends and
growthopportunities
Experience is increasingly important
forInforma Connect’s customers. These
are often senior professionals who look
for premium experiences that deliver
astrong return for the time they
haveinvested.
We continuously invest in making
everything from the booking process to
our digital apps and the range of what
customers can do onsite smooth and
impactful. We closely monitor data and
feedback, including net promoter scores,
to track customer satisfaction.
Bringing our digital and data services to
more customers is an important growth
opportunity. Lead Insights is a key
example: first created in Informa
Connect and now expanding across our
B2B events businesses. In 2026, we are
launching a tailored version of Lead
Insights, called Investor Insights, for
customers of our SuperReturn events.
Investor Insights combines our first-
party data with firmographic, interest
and market data from the specialist
provider Preqin to help our customers
identify and connect more efficiently
with the investors they are targeting.
We are also enhancing our structured
meeting initiatives, such as hosted buyer
programmes, and bringing them to more
of our brands, sharing the expertise and
experience we have built up across
ourbusiness. These can increase the
opportunities our customers generate
by attracting more buyers to attend
andhelping them spend time with the
right partners.
Generative AI is making our processes
and products more effective, and we are
implementing AI in a systematic way.
Forexample, AI is being used to create
and hone our content agendas so they
are astimely and distinctive as possible.
AI isalso helping our teams analyse new
business opportunities more quickly
andtarget customers in more
personalised ways.
Focus for 2026
We will continue to focus on the
opportunities to grow our major
brands further. That includes
expanding our Private Capital
franchise. With SuperReturn, we
seeopportunities to broaden our
customer base and launch new
events in locations including North
America, where we are relatively
underweight compared with the
sizeof the market and scale of
ourfranchise.
Several of the end markets Informa
Connect serves are particularly
dynamic, such as data centres,
anti-ageing and longevity, and
healthcare technology. In these
markets, we are focused on
developing what our brands offer
and capitalising on new ways to
provide timely, high-quality content
and connections to customers.
Through this, our ambition is to
deliver mid single-digit underlying
revenue growth in 2026.
Informa Connect’s Middle East-
focused events and training
business will become part of inD
during 2026. Here, our teams will
beable to draw on an even broader
range of relationships with regional
companies and governments,
whichform a large part of our
customer base.
Informa
Festivals
Informa Festivals focuses on
experience-led events that inspire
businesses, professionals and
communities to meet, discover,
playand grow.
Our brands have a strong emphasis
ondelivering distinctive experiences
and high-impact content, recognising
and celebrating their industry and
community, and supporting personal
as well as professional development
and enrichment.
Informa Festivals is home to a
concentrated portfolio of major brands
serving the Marketing, Fintech, Cyber
Security, Gaming and broader Tech
communities. Three of its brands are
among our 10 largest franchises and
each generates over $100m in revenues:
LIONS in Marketing, Money20/20 in
Fintech and Black Hat in Cyber Security.
Business review continued
Strategic Report
38
Informa Annual Report and Accounts 2025
2025 performance
2025 was Informa Festivals’ first year
as a standalone business, after we
added the LIONS and Money20/20
brands to Informa in late 2024.
We focused on operating effectively as
a combined business and identifying
early opportunities for new growth.
The division performed well overall,
with revenues growing 7.7% on an
underlying basis.
Our Fintech portfolio saw particularly
strong growth, supported by the
successful launch of Money20/20 in
Riyadh. This expansion of the franchise,
using our existing presence and
relationships in the Kingdom of Saudi
Arabia, was positively received by
customers and drew a large audience of
local, regional and international start-ups,
investors, banks and fintech companies.
Money20/20 USA also ran its first awards
programme in 2025, drawing on our
expertise in running rigorous awards
programmes at scale for other brands
and launched an enhanced meetings
product, SmartMeet, to help customers
make higher-value connections onsite
and maximise the return on their time.
Our Marketing portfolio delivered good
growth too. This is home to Cannes
Lions, which performed well in 2025,
and the broader LIONS brand, which
includes specialist intelligence,
advisory and learning products.
Here, we launched several new
AI-driven products and tools around
our subscription businesses during
theyear and enhanced our existing
in-platform AI assistants. These unlock
new value from the depth of content,
data and intelligence we hold, and
provide customers with smarter ways
to discover insights they can apply
directly to their business and workflows.
Market trends and
growthopportunities
There are opportunities for each of our
brands to expand geographically into new
locations and reach new segments of
their markets, growing their customers
and audiences.
Cannes Lions, for example, launched
itsfirst dedicated B2B Summit in
2025,building on steadily growing
participation from B2B-focused
companies. Its programme will
furtherexpand in 2026 with the
launchof a two-day forum dedicated
toprofessionals working in Sports
marketing and creativity. In Fintech,
Money20/20 is focused on developing
its partnerships and expanding
participation from US banks, as well
asbringing the brand to more regions
so we can serve what is a highly
international market.
As experience becomes ever more
important, we are focused on product
innovation by introducing a greater
range of distinctive, premium features
to all our brands, deepening the
connection customers have with us
and creating new ways to engage at
ourevents. This will include brands
such as our leading Black Hat franchise
and Tech festivals in London, Singapore
and Cape Town.
We also have the potential to unlock
more space outside of our core event
venues: something that is distinctive
tofestivals as a product. This will
expand what we offer and give
morecustomers more opportunities
toshowcase their brands. This is
particularly the case with events that
take over multiple city spaces, such as
GDC in San Francisco, our city-based
Tech Festivals and Cannes Lions,
wherewe already offer customers
multiple beachfront, hotel and other
city locations.
Focus for 2026
Informa Festivals is focused on
accelerating the growth of all its
portfolios by making the most of the
strength of our brands, more fully
serving the international nature of
ourmarkets and customers, and
deploying our expertise in product
development and Informa’s wider
platform and partnerships.
2026 will see the relaunch of GDC as
areimagined Festival of Gaming, to
deliver more value to this large and
changing market. We are bringing new
experiential features to the event,
along with a greater focus on enabling
businesses and investors to meet and
partner in dedicated networking
spaces, alongside an expanded
contentprogramme.
We will also be introducing amplification
services, including Lead Insights, to
more Informa Festivals brands, and
focusing on opportunities to make the
most of LIONS’ suite of year-round
products and services.
39
Informa Annual Report and Accounts 2025
Strategic Report G F A
Business review continued
B2B
Digital Services
Connecting
technology buyers
and sellers digitally
Informa
TechTarget
Revenue
£368m
2024: £217m
Revenue growth
underlying | reported
(1.7)% | 69.3%
Revenue by type
75%
Lead generation
and marketing
services
16%
Subscriptions
7%
Transactional
sales
70+
customers spending
over $1m
c58m
permissioned
audience
1,850+
market experts
800+
customers spending
over$100,000
220+
tech-focused
digital properties
48
industry awards
forjournalism
Revenue by region
73%
North
America
15%
Europe
10%
Asia
Operating profit
adjusted | statutory
£37m | £(563)m
2024: £21m | £(40)m
Strategic Report
40
Informa Annual Report and Accounts 2025
$6tn
worldwide spending on information
technology in 2026
c80%
technology buyers spend around 80%
of their time on online research
1. Large and increasing
investment in technology
Technology is present in all aspects
ofdaily life, work and business. Our
analysts at Omdia expect worldwide
spending on information technology
toreach $6tn in 2026 and grow at a
compound annual rate of over 8%
through to 2030.
Within the broader technology market,
enterprise technology – incorporating
software and hardware systems used
by organisations for activities ranging
from customer relationship
management, networking, data
centres, storage solutions, artificial
intelligence and cybersecurity –
iscentral to operatingeffectively
andefficiently.
The pace of innovation and change in
this market is rapid, creating a constant
cycle of investment in enhancing,
upgrading and replacing technology.
2. Buying decisions are
getting more complex
Over time, the scale of technology
purchasing decisions is growing, resulting
in B2B buying behaviour becoming more
involved and more complex.
Typically, large-scale technology
purchasing decisions will include
several people across an organisation:
not just technology professionals
andchief information officers but
alsochieffinancial officers and,
often,chief executive officers.
This is leading to longer and more
considered sales cycles. Third-party
research and specialist content and
analysis that assess the market
andcompare different solutions
areplaying a larger part in helping
customers hone their product shortlists
and make purchasing decisions.
3. Buyers are conducting
deeperresearch
Technology buyers are undertaking
significant online research before
making purchasing decisions. This
includes reading specialist digital
content, reviews, information, product
profiles and other bespoke research,
alongside taking part in webinars,
events and online discussion forums.
Research suggests B2B buyers spend
just 17% of their total buying time in
direct contact with potential sellers
– and this time is distributed among
allpotential suppliers.
Most of the buying journey – approaching
80% – takes place without direct
involvement from salespeople, much of
itbeing technology buyers researching
product information on their own before
speaking to sales representatives. With
the use of large language models for
research, this is only increasing.
4. Increasing emphasis on
privacy and first-party data
Privacy regulations, such as GDPR
andCCPA, are becoming stricter,
andthird-party cookies, which have
historically been the primary way to
track activity online, are being phased
out. As a result, businesses are shifting
their focus to first-party data to
support their marketing activity.
First-party data, collected directly from
permissioned audiences through owned
channels, offers a privacy-compliant way
to understand online activity and buyer
behaviour. This data can also be more
reliable and provide richer insights that
allow for more accurate and personalised
targeting of technology buyers.
5. AI is changing the
landscape
The prevalence of AI is changing the
landscape for technology companies.
At present, a significant amount of
investment is going into AI-related
infrastructure and research and
development, with comparatively less
going towards significant product
launches and the sales and marketing
activity they entail.
In time, we believe sales and marketing
budgets will recover as technology
companies launch new or enhanced
products and seek a return on their
research and development investment.
AI is also changing how audiences
discover and consume content.
Morepeople are using AI-driven
search, but according to our research,
over four out of five technology buyers
do not fully trust AI content today and,
when making significant technology
purchasing decisions, they seek to
divedeeper into original, authoritative
and trusted sources.
6. Companies are consolidating
their supplier base
The market for B2B Digital Services
isfragmented. There are many small
players that often operate in a niche or
focus on one element of the supply
chain. There are few, if any, B2B digital
services providers that cover the whole
market or have the scale of first-party
data and technology capability to
become the clear reference player.
As in other markets, over time we
expect customers to seek to work
withfewer suppliers that can offer a
broader service without compromising
on quality, as a way of simplifying their
operations and reducing costs. Informa
TechTarget is focused on becoming
oneof these preferred suppliers by
delivering comprehensive end-to-end
solutions across the product lifecycle,
removing the need for customers
torely on multiple, fragmented
transactional service providers.
B2B market trends
41
Informa Annual Report and Accounts 2025
Strategic Report G F A
Informa
TechTarget
Informa TechTarget connects
buyersand sellers digitally, through
first-party data and intelligence.
Itwas established by combining
Informa Tech’s digital businesses
with TechTarget at the end of 2024.
We do this through our analyst and
editorial capabilities. These include
over 1,850 subject matter experts who
create specialist content for more than
220 specialist B2B brands, including
Industry Dive, Information Week, AI
Business and our leading technology
research business, Omdia.
Through that activity, we build
audiences and generate significant
first-party data, from which we deliver
a range of products to technology
vendors in areas such as audience
development, lead and demand
generation, buyer intent, content
marketing and specialist technology
research. These services help them
identify and engage with potential
customers and ultimately grow
theirbusinesses.
Our products and services are delivered
through a number of platforms, including
the Informa TechTarget Portal, NetLine
and BrightTALK.
2025 performance
2025 was Informa TechTarget’s
foundation year, as we focused on
bringing together the complementary
strengths of Informa Tech and
TechTarget across brands, product,
go-to-market and talent, positioning
the business for long-term growth.
Despite the market remaining
subdued, and a number of technical
accounting complexities delaying
integration, Informa TechTarget’s
performance stabilised and improved
during the year, setting the business
upwell for 2026.
Informa TechTarget’s revenues were
£368m. Following a 4.3% decline in
underlying revenues in the first half of
the year, there was modest growth in
the second half. While full-year revenue
was slightly lower year-on-year, cost
synergies exceeded our initial targets
and contributed to an expanding
operating margin.
Performance varied by business. Our
Industry Dive and NetLine businesses
delivered good growth while our
intelligence business, Omdia, delivered
robust results during 2025. Performance
was more challenging in our brand and
intent businesses, as enterprise
technology companies continued to
focus on investing in AI more than in
marketing and sales support.
As part of our combination
programme, we prioritised
rationalising our products, simplifying
our offer and focusing the portfolio on
growth opportunities. The launch of
the Informa TechTarget Portal in
September marked a significant
milestone, providing customers with
unified access to our comprehensive
suite of intent data, audience insights
and marketing tools in a single,
streamlined interface.
We made changes to our brands,
including consolidating our specialist
intelligence and advisory activity under
the Omdia brand, and repositioning
NetLine to serve the volume-end of
thedemand generation market.
We have also significantly shifted our
emphasis to better targeting major
customer accounts, establishing
dedicated sales and service teams
toserve an initial set of priority
accounts and strengthen our
customerrelationships.
Alongside these changes in structure
and focus, we continued to invest
inthe quality of our editorial and
research brands. This was reflected
innearly 50 awards for the quality of
our specialist media and journalism
during the year, and Omdia being
named Analyst Firm of the Year
bytheInstitute of Influencer and
AnalystRelations.
We remained flexible in adapting to the
changes brought about by the increased
use of AI for finding information. While
more traffic is flowing through AI-driven
rather than traditional search engines, we
continued to increase our permissioned
audience through maintaining a flexible
approach to reaching audiences. This
includes outbound email and newsletters
as well as traditional search, and
deploying AI overviews.
Business review continued
Strategic Report
42
Informa Annual Report and Accounts 2025
Market trends and
growthopportunities
Informa TechTarget operates at the
intersection of technology and B2B
marketing, which are both large
andgrowing markets. We are well
positioned to capitalise on the growth
trends in these markets through the
scale, breadth and diversity of
oursolutions.
We see opportunities to increase our
position in the enterprise IT market
byaddressing more of our customers’
needs across the product lifecycle.
Wealso see scope for international
expansion in areas including the
MiddleEast and Asia, and for growth
inother B2B industries, most notably
in adjacent tech-driven markets such
as AutoTech, HealthTech, Fintech
andothers.
The rise of AI is also creating new
opportunities. AI is both a new
technology product market and a
toolwe increasingly use to enhance
ourproducts, including in buyer
engagement and intent analysis,
content personalisation and
campaignoptimisation.
Focus for 2026
With Informa TechTarget’s combination
programme largely complete, the
priority for 2026 is to return to growth,
building on the foundations laid
in2025.
The business has scale and breadth
inthe market and this gives us a real
opportunity to establish ourselves
asan indispensable partner to the
technology industry, which should
enable us to capture an increasing
share of spend from customers.
We will continue to invest in our specialist
brands to ensure they remain central to
technology purchasing decisions. This
includes further enhancing the Informa
TechTarget Portal to expand our audience
reach and further enrich the intent data
we provide.
43
Informa Annual Report and Accounts 2025
Strategic Report G F A
Research
publishing
Business review continued
Academic
Markets
Revenue
£671m
2024: £698m
Revenue growth
underlying | reported
(2.1)% | (3.9)%
Revenue by type
57%
Subscriptions
43%
Transactional
sales
Revenue by region
48%
North
America
22%
Europe
18%
Asia
Operating profit
adjusted | statutory
£246m | £208m
2024: £256m | £203m
5.1m
articles on
T&F Online
476m
articles downloaded
in2025
206,000
book titles
2,500
journals published
c145,000
new articles published
in2025
8,600
books published
in 2025
44
Informa Annual Report and Accounts 2025
Strategic Report
300%
global growth in article numbers
between 2005 and 2025
$2.75tn+
global investment in research
anddevelopment
1. Research is on the rise
The world is creating more research.
This is partly driven by global growth in
education: more students are entering
higher education and studying at
moreadvanced levels, and, in turn,
becoming researchers.
A range of governments believe research
is a way to support innovation and growth
in their countries, and so are funding the
production of research more consistently.
Both of these trends are particularly true
in less mature economies.
Everywhere in the world, generative AI is
making it easier to research topics and
create new content too, which further
increases the supply of research.
2. Expert knowledge
isindemand
There is a consistent growth in demand
for specialist knowledge that has been
created by experts and undergone a
level of verification and, as such, can
betrusted and relied upon.
This comes in part from the global
increase in spending on research and
development. Companies, institutions
and universities want to stay competitive
and make breakthroughs, and look for
original, expert research that they can
build on and apply to help them do so.
The growth of large language models is
also a factor. AI providers want their
models to provide accurate outputs, and
seek – and often prefer – verified content
sources as a way of achieving that.
3. Verification is harder
thanever
Generative AI has made producing
content easier than ever. This has
increased the volume of every type
ofcontent, including low as well as
high-quality output.
Verifying content has become harder
because of this increase in scale and
because technology has made it easier to
create false or unsubstantiated research.
Research publishers need to undertake a
wide range of detailed checks to ensure
submissions are original, accurate and
not misrepresented.
This places more demands on every
step of the publishing process, from
initial automated screening through
toethics and conflicts checks, and
peerreview. It also makes verification
an even more valuable part of
thepublishing ecosystem.
Academic market trends
4. AI is changing how
welearn
Large language models have rapidly
become one of the main ways we all
find information, and that includes
students and researchers.
AI agents have become one of the most
widely used entry points to advanced
learning and expert content.
For those working in education, it has
fast become a priority to help students
use AI models well and appropriately.
For research publishers that are focused
on maximising the impact their content
makes, it is vital to make that content
easy for these models to consume and
accurately deliver to their users, along
with the right sourcing and attribution.
5. Research content is funded
in manyways
It continues to be the case that
academic and expert research content
is funded in a variety of ways.
Broadly, funders – universities,
corporates and institutions, or
governments – either pay to make their
research widely available to read
through open access agreements or
accessible through subscriptions to
journal content.
Open access or pay to publish remains
a smaller part of the market but is
seeing the highest growth. Preferred
publishing models can vary by subject
matter, country and funder.
6. A technology-driven
market
Research isn’t just text on a page. It
comesin an increasing range of formats,
including code and video. And in a world
where information is largely consumed
digitally, including through AI agents,
alltypes of research must be tagged,
indexed and converted into structured,
enriched data if they are to be discovered
and used by both humans and machines.
For publishers that want to maximise the
reach and application of their research,
this means investing in technology on a
continuous basis, andacting fast to make
the most of theopportunities that new
technology and tools can offer.
45
Informa Annual Report and Accounts 2025
Strategic Report G F A
Business review continued
Taylor & Francis is a market-leading
publisher of specialist research and
knowledge, across a range of formats,
subject categories and topics.
We publish journals in over 200
subjects. In 2025, 26% of the articles
we published were in Medicine and
Health, 24% in Social Science and
20%in Physical Science. In long-form
content, such as books, we have a
leading position in Humanities and
Social Sciences knowledge, including
throughthe Routledge brand.
There are many types of customers
inAcademic Markets and we focus
onproviding value to all those we
workwith: authors, researchers and
funders whose knowledge we publish,
universities and corporates we provide
research to, societies we publish for,
and the editors and reviewers
involvedthroughout.
2025 performance
In Taylor & Francis, recurring revenues
grew solidly in 2025 and at 3.6% on an
underlying basis.
Our overall performance in 2024 was
significantly boosted by non-recurring
revenues from data access agreements
with several AI companies. Data access
agreements continued to contribute
toour performance in 2025, but at a
lower level, which is reflected in an
overall underlying revenue decline
of2.1% year-on-year.
We saw further strong growth in our
open access pay-to-publish revenues,
and strong growth in the smaller and
more nascent area of open access
books. Open access articles were
over20% of the total articles we
published in 2025.
Revenues from pay-to-read
subscriptions remained solid. Here, our
performance was supported by Taylor
& Francis participating in India’s One
Nation, One Subscription initiative:
anew nationwide agreement that
provides all higher-level educational
institutions with access to expert
research content.
Ebooks as a proportion of book sales
continues to grow and reached 46% in
2025 (2024: 45%). Print sales continue
to steadily decline as demand gradually
shifts towards digital content.
Market trends and
growthopportunities
We have consistently focused on
growing the content we publish, and
this continues to be a priority and
opportunity for Taylor & Francis.
To achieve this, we are investing in
higher-growth areas, including open
access, and increasing our work with
researchers and institutions in global
growth markets. In 2025, for example,
we signed our first open access
agreement in Mexico – the leading
publisher of open access research in
the world – with what is Latin America’s
largest university.
We are also investing to increase our
capacity, so we can accept, process and
publish more of the growing volumes
of research being produced globally
and at a quicker pace. This includes
developing new tools that screen
research submissions for integrity
atscale and in an automated way,
sowe maintain quality as we grow.
Researchers care about time-to-
publish rates and this will also bring
benefits by helping them share their
work as quickly as possible.
We have already seen good results
from our AI-driven journal suggester
tool too, which routes and transfers
research articles to appropriate
journals and helps us publish more
ofthe researchsubmitted to us.
Strategic Report
46
Informa Annual Report and Accounts 2025
There is also scope for us to grow
byproviding more of our content to
current customers and reaching new
customers. Here, we benefit from
ourlong-standing flexibility in how
wework with customers, and the size
and breadth of our content portfolio.
We are increasingly offering bundles of
pay-to-read and pay-to-publish content
to research institutions. During 2025, we
also trialled offering blended packages
of articles, journals and long-form
research content to customers that were
tailored to their needs and budgets, with
encouraging early results.
More new research is interdisciplinary in
nature: for example, drawing on bodies
of medical, technology and engineering
knowledge. We are well positioned to
meet the growing demand for access to
research across formats and disciplines.
This will continue our shift from being a
format-based publisher to a broader
global knowledge platform.
As a technology-driven market, we are
continuously enhancing our content
platforms and working on our meta
data so that customers can more easily
find all of the research relevant to them
– delivering greater value – and using
AIto develop these products and
platforms as efficiently as possible.
Focus for 2026
Taylor & Francis is focused on serving
existing customers in new and deeper
ways, as well as attracting new segments
of customers. In doing so, we expect to
deliver higher levels of growth over time,
and the ambition is for Taylor & Francis to
deliver 5% underlying revenue growth by
the end of the One Informa programme.
We are working at pace to make the most
of growth trends in our market – including
the increased supply of and demand for
expert research and knowledge.
To better address newer customer
segments, we restructured our teams
around end customers in late 2025
tobring more focus to markets where
we have particular room to expand,
including the corporate market.
We will continue to focus on the role AI
plays in how content is discovered and
consumed, and in how research integrity
can be maintained, maximising the
opportunities it offers our customers
and business. Technology will also
continue to play a significant role in
making our processes more efficient
and scalable, and our products and
platforms more powerful and valuable.
47
Informa Annual Report and Accounts 2025
Strategic Report G F A
Group Finance Director’s review
Growth
&
Delivery
2025 was another year
ofsignificant strength
andprogress for Informa.
Ourfinancial performance
reflected the quality of our
businesses and brands,
thedisciplined execution
ofourgrowth strategy,
andourcommitment to
creating long-term value
forallstakeholders.
Strong and resilient growth
Informa once more delivered an
excellent financial performance, with
strong growth in revenues, adjusted
operating profit and adjusted earnings
per share.
This was all the more encouraging
given the macro-economic and
geopolitical backdrop was uncertain,
with ongoing conflict in different parts
of the world, changing dynamics
around international trade and tariffs,
and very mixed economic growth
across different geographies.
Our performance is a real testament
tothe platform we have built, which is
underpinned by the structural strength
of our core markets, the power of our
specialist brands, and the depth of
ourinternational reach.
Our performance allowed us to continue
to grow our ordinary dividend by 10%, as
well as return a further £350m of capital
to shareholders through share buybacks.
At the same time, the strength of free
cash flow generation allowed us to
reduce leverage.
Record financial results
Our businesses delivered record
revenues, adjusted operating profit
and adjusted diluted EPS.
Group revenues of £4,041m
represented reported growth of 13.7%.
This was supported by the full year
benefit of prior year additions and the
benefit of biennial events, partially
offset by FX headwinds and the step
down in non-recurring data licensing
revenues in Academic Markets.
Underlying revenue growth was 6.3%.
B2B Live Events delivered another year
of strong growth, with underlying
revenues increasing 9.5%, reflecting
the strength and quality of our
portfolio of brands, the diversity of
growth categories we have built our
business around and the depth of our
international reach.
Following the addition of the Ascential
portfolio, in 2025, we updated the
structure of our B2B Live Events
business, creating a new division,
Informa Festivals, alongside Informa
Markets and Informa Connect, putting
greater focus onto events where
experience is at the core of their value.
Geographically, our IMEA business
delivered the strongest growth in 2026,
at over 30%. In Europe, where we
operate some of our largest brands
such as Cannes Lions and CPHI, we also
delivered strong, double-digit growth.
In our largest geographic market, the
Americas, our performance remained
solid, with strong performances in
many categories somewhat balanced
by more moderate performance in
others. The same was true in Asia,
withdouble-digit growth across
ASEANbalanced by a more subdued
performance in China.
Such is the breadth and reach of our
portfolio now, that we are able to
manage individual category/country
softness and still deliver strong
growthoverall.
It was the foundation year for
InformaTechTarget, following the
combination of our digital businesses
within Informa Tech with Nasdaq-
listed TechTarget. Whilst the technical
completion of the combination
process took longer than expected
and led to some short-term disruption
and reporting delays, by year end, we
had made substantial progress in
combining our businesses and going
to market with an expanded portfolio.
This was reflected in an improving
growth trend across the year, with the
H1 revenue decline of 4.3% narrowing
to 1.7% across the full year following
growth of 0.7% in H2.
Strategic Report
48
Informa Annual Report and Accounts 2025
The market backdrop did not provide
much support, with investment in
marketing and sales support remaining
subdued throughout, as customers
continued to prioritise AI projects
ahead of sales and marketing.
We are not assuming any change in the
market in 2026, but with the business
now on the front foot with a revitalised
go-to-market proposition, we are
confident of a return to full-year growth.
Taylor & Francis delivered another
reliable and robust underlying
performance. Excluding non-recurring
data licensing contracts, underlying
revenue growth was 3.6%, with strong
subscription renewals supported by
further strong volume growth in Open
Research and a robust performance
inAdvanced Learning.
We also successfully secured a further
data access contract, licensing our
archive reference data to another AI
technology provider. Overall revenues
from non-recurring data contracts
were still lower year-on-year, which is
why overall underlying revenues were
down 2.1%.
Adjusted group operating profit grew
by 14.6% to £1,140m, with the adjusted
operating margin expanding by 90
basis points to 28.2% from the 27.3%
pro forma level in 2024.
The strong cash flow characteristics
ofour businesses were again evident
with an operating cash flow conversion
of 106% and free cash flow growing to
a record £885m.
Shareholder returns
anddeleveraging
The strength of our cash flows
continues to provide flexibility for
reinvestment and capital returns.
We maintained a disciplined approach
to capital allocation with £107m of
capital expenditure invested in the
business and a 10% increase in
ordinary dividends to 22p per share.
In addition, we returned £350m of
capital through share buybacks, taking
total buybacks to over £1.8bn since
westarted the programme in 2022.
In 2026, we have committed to a
minimum share buyback programme
of £250m, with scope to increase this
through the year.
We also reduced our leverage from
2.6times at the end of 2024 to 2.4
times at the end of 2025 – back within
our target range of 1.5 to 2.5 times.
Compounding future growth
We look forward to the future with
confidence and optimism.
Our 2025-2028 One Informa
programme (see more details on
page22), which is focused on making
the most of the platform that we
havebuilt, targets compound group
underlying revenue growth of 5%+,
including 6%+ for B2B Live Events,
faster adjusted operating profit
growth, including operating margin
expansion to 30% by the end of the
plan, and underlying earnings growth
of 8%+ over the period.
For 2026 specifically, following the
launch of our partnership with DWTC,
inD, we are targeting underlying
revenue growth of around 6%,
including 7%+ for B2B Live Events and
asixth consecutive year of double-digit
underlying adjusted earnings per share
growth excluding FX movements,
biennial phasing and non-recurring
LLM contracts.
The achievements of 2025 would
nothave been possible without the
expertise and dedication of our
talented colleagues across the globe,
and I look forward to working closely
with them to successfully execute our
strategy and continue to deliver strong
financial performance and shareholder
value in the years to come.
Gareth Wright
Group Finance Director
12.8%
underlying revenue growth
of marquee brands
106%
operating cash conversion
£885m
free cash flow
49
Informa Annual Report and Accounts 2025
Strategic Report G F A
Financial Review
Income Statement
Informa delivered a strong set of results for the year ended 31 December 2025, including 6.3% underlying revenue growth
and 8.7% underlying adjusted operating profit growth, which resulted in a new record high level of revenue and adjusted
operating profit for the Group. This reflected strong trading performances across B2B Live Events divisions, as well as good
performance in the core activities excluding non-recurring licensing contracts in our Academic Markets business.
Adjusted results
2025
£m
Adjusting items
2025
£m
Statutory results
2025
£m
Adjusted results
2024
£m
Adjusting items
2024
£m
Statutory results
2024
£m
Revenue 4,041.4 – 4,041.4 3,553.1 – 3,553.1
Operating profit/(loss) 1,139.8 (998.1) 141.7 995.0 (452.2) 542.8
Fair value loss on investments – (57.6) (57.6) – (9.2) (9.2)
Loss on disposal of subsidiaries
and operations – (2.1) (2.1) – (24.1) (24.1)
Net finance costs (143.7) (2.6) (146.3) (79.6) (22.6) (102.2)
Profit/(loss) before tax 996.1 (1,060.4) (64.3) 915.4 (508.1) 407.3
Tax (charge)/credit (204.2) 123.1 (81.1) (178.2) 137.3 (40.9)
Profit/(loss) for the year 791.9 (937.3) (145.4) 737.2 (370.8) 366.4
Adjusted operating margin 28.2% 28.0%
Adjusted diluted and statutory
diluted EPS 55.6p 0.8p 50.1p 22.2p
Financial Results
The Group’s performance includes a 13.7% increase in reported revenue to £4,041.4m, including good growth in each of
Informa’s three B2B Live Events divisions – Informa Markets, Informa Connect and Informa Festivals. The Group reported
astatutory operating profit of £141.7m in 2025, compared with a statutory operating profit of £542.8m for the year ended
31 December 2024. The decrease from 2024 was primarily as a result of the non-cash impairment charge of £484.2m in
relation to Informa TechTarget taken at June 2025. Adjusted operating profit was £1,139.8m, growing 14.6% year-on-year.
Statutory net finance costs increased by £44.1m to £146.3m, with adjusted net finance costs increasing by £64.1m to
£143.7m. This was due to the issuance of €1.75bn and €700m Euro Medium Term Notes in October 2024 and June 2025,
respectively, to fund acquisitions in 2024 and to refinance an existing EMTN that matured in October 2025.
The combination of all these factors led to a statutory loss before tax of £64.3m in 2025, compared with a statutory profit
before tax of £407.3m in 2024. The statutory tax charge on this loss was £81.1m in 2025 compared to a tax charge of £40.9m
in the prior year.
This profit outcome translated into a statutory diluted earnings per share of 0.8p compared to 22.2p for the prior year,
driven by a £44.1m increase in statutory net finance costs and a £401.1m decrease in statutory operating profit. Adjusted
diluted EPS grew to 55.6p from 50.1p in the prior year, an increase of 11.0%.
Strategic Report
50
Informa Annual Report and Accounts 2025
Measurement and Adjustments
In addition to statutory results, adjusted results are prepared for the Income Statement. These include adjusted operating
profit, adjusted diluted earnings per share and other underlying measures. A full definition of these metrics can be found in
the Glossary of terms on page 220. The divisional table on page 52 provides a reconciliation between statutory operating
profit and adjusted operating profit by division.
Revenue and adjusted operating profit growth on an underlying basis are reconciled to reported growth in the table below:
Underlying growth
Phasing and
other items
Acquisitions and
disposals Currency change Reported growth
2025
Revenue 6.3% 1.3% 8.0% (1.9)% 13.7%
Adjusted operating profit 8.7% 2.4% 4.3% (0.8)% 14.6%
2024
Revenue 11.6% (3.4)% 7.0% (3.8)% 11.4%
Adjusted operating profit 22.9% (7.7)% 6.5% (5.2)% 16.5%
Adjusting Items
The items below have been excluded from adjusted results. The total adjusting items included in the operating profit in the
year were £998.1m (2024: £452.2m). The increase in adjusting items is primarily due to the non-cash impairment charge in
relation to Informa TechTarget.
2025
£m
2024
£m
Intangible asset amortisation
1
342.5 309.6
Impairment – goodwill 484.2 –
Impairment – acquisition-related and other intangible assets 32.0 28.5
Impairment – investment in joint ventures 13.1 –
Impairment – right-of-use assets 5.3 5.0
Acquisition costs 10.1 66.0
Integration costs 84.4 42.2
Restructuring and reorganisation costs 21.2 14.1
Foreign exchange gain (3.1) –
Fair value gain on contingent consideration (1.4) (29.5)
Fair value loss on contingent consideration 9.8 16.3
Adjusting items in operating profit 998.1 452.2
Fair value loss on investments 57.6 9.2
Loss on disposal of subsidiaries and operations 2.1 24.1
Finance costs 2.6 22.6
Adjusting items in profit before tax 1,060.4 508.1
Tax related to adjusting items (123.1) (137.3)
Adjusting items in profit for the year 937.3 370.8
1 Excludes non-acquired intangible product development and software amortisation of £37.6m (2024: £46.1m)
Intangible amortisation of £342.5m (2024: £309.6m) relates to the historical additions of book lists and journal titles,
acquired databases, customer and attendee relationships, brands related to exhibitions, events and conferences and
product development. As it relates to acquisitions, it is not treated as an ordinary cost. By contrast, intangible asset
amortisation arising from software assets and non-acquired product development, is treated as an ordinary cost in the
calculation of operating profit, so is not treated as an adjusting item.
Impairment of goodwill of £484.2m reflects a non-cash impairment charge in relation to Informa TechTarget. Integration
costs of £84.4m principally relate to the integration of TechTarget and Ascential.
51
Informa Annual Report and Accounts 2025
Strategic Report G F A
Financial Review continued
Divisional Performance
The table below shows the results and adjusting items by Division, highlighting strong growth driven by the B2B Live
Eventsbusiness.
B2B Live Events
£m
Taylor & Francis
£m
Informa Tech
Target
£m
Informa Group
£m
Revenue 3,002.6 670.8 368.0 4,041.4
Underlying revenue growth 9.5% (2.1)% (1.7)% 6.3%
Statutory operating profit/(loss) 496.3 207.9 (562.5) 141.7
Add back:
Intangible asset amortisation
1
264.0 20.5 58.0 342.5
Impairment – goodwill – – 484.2 484.2
Impairment – acquisition-related and other intangible assets 24.1 7.9 – 32.0
Impairment – investment in joint ventures 13.1 – – 13.1
Impairment – right-of-use assets 1.4 0.1 3.8 5.3
Acquisition costs 7.1 0.2 2.8 10.1
Integration costs 30.1 0.9 53.4 84.4
Restructuring and reorganisation costs/(credit) 16.0 8.7 (3.5) 21.2
Foreign exchange gain (2.3) (0.5) (0.3) (3.1)
Fair value gain on contingent consideration (1.4) – – (1.4)
Fair value loss on contingent consideration 9.1 – 0.7 9.8
Adjusted operating profit 857.5 245.7 36.6 1,139.8
Underlying adjusted operating profit growth 12.6% (2.7)% 6.5% 8.7%
1 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development
of £37.6m (2024: £46.1m)
Adjusted Net Finance Costs
Adjusted net finance costs, which consist of interest costs on our corporate bond borrowings and loans, partially offset
byinterest income on bank deposits, increased by £64.1m to £143.7m. This reflects higher interest charges driven by the
€1.75bn Euro Medium Term Note issued in October 2024 being incurred for the full period, as well as the refinancing of the
€700m Euro Medium Term Note repaid in October 2025 with a new €700m issuance in June 2025 at a higher interest rate.
The reconciliation of adjusted net finance costs to the statutory finance costs and finance income is as follows:
2025
£m
2024
£m
Finance income (15.1) (12.9)
Finance costs 161.4 115.1
Statutory net finance costs 146.3 102.2
Add back: adjusting items relating to finance costs (2.6) (22.6)
Adjusted net finance costs 143.7 79.6
Taxation
Approach to tax
The Group continues to recognise that taxes paid are part of the economic benefit created for the societies in which we
operate, and that a fair and effective tax system is in the interests of taxpayers and society at large. We aim to comply with
tax laws and regulations everywhere the Group does business and Informa has open and constructive working relationships
with tax authorities worldwide. Our approach balances the interests of stakeholders including shareholders, governments,
colleagues and the communities in which we operate.
The Group’s adjusted effective tax rate (as defined in the Glossary of terms) reflects the blend of tax rates and profits in the
jurisdictions in which we operate. In 2025, the adjusted effective tax rate was 20.5% (2024: 19.5%).
Strategic Report
52
Informa Annual Report and Accounts 2025
The calculation of the adjusted effective tax rate is as follows:
2025
£m
2024
£m
Adjusted tax charge 204.2 178.2
Adjusted profit before tax 996.1 915.4
Adjusted effective tax rate 20.5% 19.5%
Tax payments
During 2025, the Group paid £156.5m (2024: £122.3m) of corporation tax and similar taxes.
A breakdown of the main geographies in which the Group paid tax is as follows:
2025
£m
2024
£m
UK 32.3 15.8
Continental Europe 39.2 26.2
US 18.2 24.2
China 38.0 33.8
Rest of world 28.8 22.3
Total 156.5 122.3
The reconciliation of the adjusted tax charge to cash taxes paid is as follows:
2025
£m
2024
£m
Adjusted tax charge 204.2 178.2
Movement in deferred tax including tax losses (26.5) 19.6
Net current tax (credit)/charge in respect of adjusting items (53.7) 24.9
Movement in provisions for uncertain tax positions (7.7) 2.6
Taxes paid in different year to charged 40.2 (103.0)
Taxes paid per statutory cash flow 156.5 122.3
The recognised deferred tax assets relating to US, UK and Luxembourg tax losses were £13.3m (2024: £22.2m), £30.7m
(2024: £56.1m) and £69.4m (2024: £83.5m) respectively. These are expected to be utilised against future taxable profits.
Goodwill is not amortised as it is subject to impairment reviews, and as a result there is no charge to adjusting items for
goodwill amortisation. However, there can be an allowable tax benefit for certain goodwill amortisation in the US and
elsewhere. Where this benefit arises, it reduces the tax charge on adjusted profits.
The amortisation of intangible assets is considered an adjusting item. The £7.6m (2024: £10.0m) of current tax credits taken
in respect of the amortisation of intangible assets is therefore also treated as an adjusting item and included in the tax
credits in respect of adjusting items.
Tax contribution
The Group’s total tax contribution, which comprises all material taxes paid to, and collected on behalf of, governments
globally was £582.0m in 2025 (2024: £545.8m). The geographic split of taxes paid by our businesses was as follows:
2025 2024
UK
£m
US
£m
Other
£m
Total
£m
Total
£m
Profit taxes borne 32.3 18.2 106.0 156.5 122.3
Employment taxes borne 43.2 25.6 17.7 86.5 84.7
Other taxes 5.4 1.2 0.3 6.9 6.8
Total 80.9 45.0 124.0 249.9 213.8
In addition to the above, in 2025, we collected taxes on behalf of governments (e.g. employee taxes and sales taxes)
amounting to £332.1m (2024: £332.0m).
53
Informa Annual Report and Accounts 2025
Strategic Report G F A
Financial Review continued
Earnings Per Share
Adjusted diluted EPS was 11.0% higher at 55.6p (2024: 50.1p), largely reflecting higher adjusted earnings of £728.6m
(2024: £673.3m) together with a 2.5% decrease in the weighted average number of shares following the share buybacks
completed during the year.
An analysis of adjusted diluted EPS and statutory diluted EPS is as follows:
2025
£m
2024
£m
Statutory earnings 11.0 297.7
Add back: Adjusting items in (loss)/profit for the year 937.3 370.8
Adjusted profit for the year 948.3 668.5
Non-controlling interests relating to adjusted profit (219.7) 4.8
Adjusted earnings 728.6 673.3
Weighted average number of shares used in adjusted diluted EPS (m) 1,310.0 1,344.0
Adjusted diluted EPS (p) 55.6p 50.1p
2025
£m
2024
£m
Statutory (loss)/profit for the year (145.4) 366.4
Non-controlling interests 156.4 (68.7)
Statutory earnings 11.0 297.7
Weighted average number of shares used in diluted EPS (m) 1,310.0 1,344.0
Statutory diluted EPS (p) 0.8p 22.2p
Dividends
The Group will look to continue progressively growing dividends to strike a balance between rewarding shareholders and
retaining the financial strength and flexibility to invest in the business and pursue growth opportunities.
An interim dividend of 7.0p per share (2024: 6.4p per share) was paid on 19 September 2025. The total amount paid in 2025
relating to the final dividend for 2024 and interim dividend for 2025 was £268.1m (2024: £248.2m). The Board has
recommended a final dividend of 15.0p per share for 2025 (2024: 13.6p per share). The final dividend is scheduled to be paid
on 10 July 2026 to ordinary shareholders registered at the close of business on 29 May 2026. This will result in total dividends
for the year of 22.0p per share (2024: 20.0p per share). The Dividend Reinvestment Plan (DRIP) will be available for the final
dividend and the last date for receipt of elections for the DRIP will be 19 June 2026.
Dividend cover (see Glossary of terms for definition) was 2.5 times (2024: 2.5 times), being adjusted diluted EPS of 55.6p
(2024: 50.1p) divided by total dividends per share of 22.0p (2024: 20.0p). Our dividend payout ratio was 40% (2024: 40%),
being total dividends per share of 22.0p divided by adjusted diluted EPS of 55.6p.
Currency Movements
One of the Group’s strengths is its international reach and balance, with colleagues and businesses located in most major
economies of the world. This means the Group generates revenues and costs in a mixture of currencies, with particular
exposure to the US dollar, as well as some exposure to the Euro and the Chinese renminbi.
In 2025 approximately 61% (2024: 66%) of Group revenue was received in USD or currencies pegged to USD, with 12%
(2024: 9%) received in Euro and 7% (2024: 8%) in Chinese renminbi.
Similarly, we incurred approximately 53% (2024: 55%) of our costs in USD or currencies pegged to USD, with 7% (2024: 5%) in
Euro and 6% (2024: 7%) in Chinese renminbi.
In 2025, each one cent ($0.01) movement in the USD to GBP exchange rate had a circa £18m (2024: circa £19m) impact on
annual revenue, and a circa £7m (2024: circa £8m) impact on annual adjusted operating profit.
Strategic Report
54
Informa Annual Report and Accounts 2025
The following exchange rates to GBP were applied during the year:
2025 2024
Closing
rate
Average
rate
Closing
rate
Average
rate
US Dollar 1.34 1.32 1.26 1.28
Chinese Renminbi 9.39 9.46 9.17 9.20
Euro 1.15 1.17 1.21 1.18
Free Cash Flow
Cash generation and cash management remain key priorities for the Group, providing the funds and flexibility for paying
down debt, organic and inorganic investment, and returns to shareholders. Our businesses typically convert adjusted
operating profit into cash at a strong rate, reflecting the relatively low capital intensity of the Group. In 2025, absolute levels
of free cash flow continued to grow year-on-year driven by higher adjusted operating profit and working capital inflows.
The following table reconciles the statutory operating profit to operating cash flow and free cash flow, both of which are
defined in the Glossary.
2025
£m
2024
£m
Statutory operating profit 141.7 542.8
Add back: Adjusting items 998.1 452.2
Adjusted operating profit 1,139.8 995.0
Software and product development amortisation 37.6 46.1
Depreciation of property and equipment 21.2 17.5
Depreciation of right-of-use assets 43.2 27.1
Share-based payments 39.0 22.2
Loss on disposal of other assets – 0.1
Adjusted share of joint venture and associate results (4.5) (2.8)
(Gain)/loss on lease modifications (3.7) 1.3
Net exchange differences – 0.9
Adjusted EBITDA
1
1,272.6 1,107.4
Capital expenditure paid
2
(106.9) (100.0)
Working capital movement
3
47.1 32.9
Pension deficit contributions (6.5) (1.1)
Operating Cash Flow 1,206.3 1,039.2
Restructuring and reorganisation (25.5) (30.6)
Taxation (156.5) (122.3)
Net interest (139.5) (74.2)
Free Cash Flow 884.8 812.1
1 Adjusted EBITDA represents adjusted operating profit before interest, tax, and non-cash items including depreciation and amortisation
2 Capital expenditure paid excludes a one-off inflow from sale of property of £2.9m (2024: £nil)
3 Working capital movement excludes movements on restructuring, reorganisation and acquisition and integration accruals or provisions as the
cash flow relating to these amounts is included in other lines in the free cash flow and reconciliation from free cash flow to net funds flow. The
variance between the working capital in the free cash flow and the Consolidated Cash Flow Statement is driven by the non-cash movement on
these items
Free cash flow was £72.7m higher than 2024 principally due to the £144.8m higher adjusted operating profit and a working
capital inflow of £47.1m in the year (2024: £32.9m inflow), which was partly offset by an increase of £65.3m in net interest
paid, an increase in cash tax of £34.2m, and an increase in capex investment of £6.9m.
55
Informa Annual Report and Accounts 2025
Strategic Report G F A
The calculation of operating cash flow conversion and free cash flow conversion is as follows:
Operating cash flow
conversion
Free cash flow
conversion
2025
£m
2024
£m
2025
£m
2024
£m
Operating/Free Cash Flow 1,206.3 1,039.2 884.8 812.1
Adjusted operating profit 1,139.8 995.0 1,139.8 995.0
Operating/Free Cash Flow conversion 105.8% 104.4% 77.6% 81.6%
Capital expenditure paid increased to £106.9m (2024: £100.0m) reflecting our continuing investments in technology, real
estate and other capital expenditure. This investment was equivalent to 2.6% of 2025 revenue (2024: 2.8%).
Net cash interest payments of £139.5m were £65.3m higher than the prior year, largely driven by interest payments relating
to the three EMTNs that were issued in October 2024 for €1.75bn.
The following table reconciles net cash inflow from operating activities, as shown in the Consolidated Cash Flow statement,
to Free Cash Flow:
2025
£m
2024
£m
Net cash inflow from operating activities per statutory cash flow 876.3 801.6
Interest received 15.2 13.3
Purchase of property and equipment
1
(30.3) (30.6)
Purchase of intangible software assets (61.5) (51.2)
Product development cost additions (15.1) (18.2)
Pension receipt from escrow (13.1) –
Add back: Acquisition and integration costs paid 113.3 97.2
Free Cash Flow 884.8 812.1
1 Purchase of property and equipment excludes a one-off inflow from sale of property of £2.9m (2024: £nil)
Net cash inflow from operating activities increased by £74.7m to £876.3m, principally driven by the increase in adjusted
profit in the year, a working capital inflow of £47.1m, compared to an inflow of £32.9m in 2024, partly offset by higher taxes
paid. The working capital inflow in 2025 was driven by strong collections as customers paid upfront for future events.
The following table reconciles cash generated by operations, as shown in the Consolidated Cash Flow Statement to operating
cash flow as shown in the Free Cash Flow table above:
2025
£m
2024
£m
Cash generated by operations per statutory cash flow 1,187.5 1,011.4
Capital expenditure paid
1
(106.9) (100.0)
Pension receipt from escrow (13.1) –
Add back: Acquisition and integration costs paid 113.3 97.2
Add back: Restructuring and reorganisation costs paid 25.5 30.6
Operating Cash Flow 1,206.3 1,039.2
1 Capital expenditure paid excludes a one-off inflow from sale of property of £2.9m (2024: £nil)
Financial Review continued
Strategic Report
56
Informa Annual Report and Accounts 2025
The following table reconciles free cash flow from operations to net funds flow and net debt, with net debt decreasing by
£135.6m to £3,066.2m during the year.
2025
£m
2024
£m
Free Cash Flow 884.8 812.1
Acquisitions (183.0) (1,577.2)
Disposals (29.4) 199.2
Add back: Pension receipt from escrow 13.1 –
Dividends paid to shareholders (268.1) (248.2)
Dividends paid to non-controlling interests (29.9) (31.0)
Dividends received from investments 3.4 1.4
Proceeds from sale of investments 62.2 –
Purchase of own shares through share buyback (352.3) (428.2)
Purchase of shares for Employee Share Trust (6.3) (5.4)
Sale of property and equipment 2.9 –
Net funds flow 97.4 (1,277.3)
Non-cash movements, excluding net lease additions and acquired debt 273.8 (99.6)
Foreign exchange movements on net debt (148.2) 50.4
Net lease additions in the year (87.4) (34.0)
Net debt at 1 January (3,201.8) (1,456.4)
Acquired debt – (384.9)
Net debt (3,066.2) (3,201.8)
Financing and Leverage
Net debt decreased by £135.6m in the year to £3,066.2m (2024: £3,201.8m). This was largely due to the Group generating
positive funds flow in the year despite £620.4m (2024: £676.4m) returned to shareholders. Favourable movements in
derivatives associated with borrowings also contributed to the decrease, partially offset by adverse foreign exchange
impacts on borrowings.
The Group retains significant available liquidity, with undrawn committed financing facilities available to the Group of £970.5m
(2024: £1,050.0m). The Group-level liquidity at 31 December 2025 was £1,301.0m (2024: £1,534.3m), when the undrawn committed
financing facilities are combined with £330.5m of cash (2024: £484.3m).
The average debt maturity on our drawn borrowings is currently 4.0 years (2024: 3.4 years). There are no significant
maturities until July 2026, when a £450.0m EMTN is due to be repaid.
Net debt and committed facilities
2025
£m
2024
£m
Cash and cash equivalents (330.5) (484.3)
Bond borrowings 3,022.5 2,898.3
Bond borrowing fees (17.1) (16.4)
Bank borrowings 175.0 –
Bank borrowing fees (3.0) (3.8)
Acquired debt – 329.5
Derivative assets associated with borrowings (79.9) –
Derivative liabilities associated with borrowings 6.7 204.2
Loans received from joint ventures – 7.9
Net debt before leases 2,773.7 2,935.4
Lease liabilities 301.7 278.1
Finance lease receivables (9.2) (11.7)
Net debt 3,066.2 3,201.8
Borrowings (excluding derivatives, leases, fees & overdrafts) 3,197.5 3,227.8
Undrawn committed facilities (revolving credit facility) 970.5 1,050.0
Total committed facilities 4,168.0 4,277.8
The Informa leverage ratio at 31 December 2025 was 2.4 times (2024: 2.6 times), and the Informa interest cover ratio was 8.0
times (2024: 12.7 times). Both are calculated using our historical basis of reporting of financial covenants which no longer
applied at 31 December 2025. See the Glossary of terms for the definition of Informa leverage ratio and Informa interest cover.
57
Informa Annual Report and Accounts 2025
Strategic Report G F A
The calculation of the Informa leverage ratio is as follows:
2025
£m
2024
£m
Net debt 3,066.2 3,201.8
Adjusted EBITDA 1,272.6 1,107.4
Adjusted leverage 2.4x 2.9x
Adjustment to EBITDA
1
(0.2)x 0.1x
Adjustment to net debt
1
0.2x (0.4)x
Informa leverage ratio 2.4x 2.6x
1 Refer to Glossary of terms for details of the adjustments to EBITDA and net debt for Informa leverage ratio
The calculation of Informa interest cover is as follows:
2025
£m
2024
£m
Adjusted EBITDA 1,272.6 1,107.4
Adjusted net finance costs 143.7 79.6
Adjusted interest cover 8.9x 13.9x
Adjustment to EBITDA
1
(0.9)x (1.2)x
Informa interest cover 8.0x 12.7x
1 Refer to Glossary of terms for details of the adjustments to EBITDA for Informa interest cover
There are no financial covenants over any of the Group’s borrowings (2024: nil).
Financial Review continued
Strategic Report
58
Informa Annual Report and Accounts 2025
Corporate Development
Informa has a proven track record in creating value through identifying, executing and integrating complementary
businesses effectively into the Group. In 2025, cash invested in acquisitions was £183.0m (2024: £1,577.2m). Of this, £62.1m
(2024: £1,450.5m) related to spend on acquisitions net of cash acquired, £4.3m (2024: £8.2m) to cash paid for business
assets, £113.3m (2024: £97.2m) to acquisition and integration spend, £3.3m (2024: £14.6m) to cash paid to acquire Tarsus
non-controlling interests and £nil (2024: £6.7m) to a further investment in the Group’s interest in BolognaFiere.
Share buyback
In the year ended 31 December 2025, £352.3m of shares (2024: £428.2m) were repurchased, with 42.8m of shares cancelled
(2024: 51.5m). Cumulatively, since the programme started, £1,841.8m of shares had been repurchased with 260.4m shares
cancelled by 31 December 2025. The shares acquired during the year ended 31 December 2025 were at an average price of
817p per share (2024: 831p per share), with prices ranging from 634p to 990p (2024: 726p to 871p).
Pensions
The Group continues to meet all commitments to its pension schemes, which include four (2024: five) defined benefit
schemes, all of which are closed to future accruals.
At 31 December 2025, the Group had a net pension surplus of £44.1m (2024: £42.7m), comprising a pension surplus of
£44.1m (2024: £48.5m) and pension deficits of £nil (2024: £5.8m). Gross liabilities were £401.4m at 31 December 2025
(2024: £439.9m).
59
Informa Annual Report and Accounts 2025
Strategic Report G F A
to risk
Our approach
Introduction to risk
Delivering our ambition to
grow and create value means
we are always evolving as a
business. As we do so, we take
considered risk: seeing risk
clearly in all its dimensions
and seeking to manage it well.
At Informa, we see risk as the partner
ofopportunity. Taking considered risks
is integral to sustainable, compounding
growth, and our risk tolerance and
appetite reflect that. The better we
understand, anticipate and mitigate
risk, the more effectively we act
onopportunity.
Maximising opportunity
bymanaging risk
This is reflected in our readiness
tocreate opportunity and value by
developing and evolving our business.
For example, 2025 was the first year
ofanew structure for Informa, with the
launch of the Informa Festivals division
in January and the creation of Informa
TechTarget at the end of 2024.
Our ability to manage risks around talent,
change and integration is a keypart of
how we maximise the opportunities
these new businesses represent.
We also look ahead to our new
partnership with the Dubai World Trade
Centre, which formally took effect in
January 2026. Partnership isaroute to
growth we favour because it can offer
market access and local expertise.
Ourrecord in building partnerships
reflects our care in managing risk
factors such as cultural fit and shared
purpose with our partners.
In this section
How we manage risk 62
Principal risks and uncertainties
64
Strategic Report
60
Informa Annual Report and Accounts 2025
Responding to economic
andmarket risk
Geopolitical volatility brings inevitable
market risks. We have built an
international portfolio that has brought
us growth and reach, and diversified the
business. This allows us to mitigate the
impact of changes or challenges in
individual markets, which inevitably
arise from time to time.
In 2025, this flexibility helped us
navigate the economic and investment
market turbulence resulting from
evolving US trade policy. It also equips
us to respond to any changes to
domestic, regional or international
supply chains that could come from
such developments in the future.
Making the most
ofourstrengths
We develop and evolve internally, too.
Our One Informa programme reflects
the dynamism and readiness for change
that characterises our culture. How we
run the programme is informed by how
we handle the principal risk of failing
tomanage change effectively. This will
guide us as we prioritise, pace and
sequence different parts of the
programme in 2026 and beyond.
Evolving our approach
toAIrisk
Our risks and opportunities reflect
other changes in the world around us.
A good example is AI. This technology
is evolving rapidly, making it a major
consideration for nearly all businesses.
We are no different. AI is a significant
opportunity for our business, and in
2025, we focused on establishing the
right balance between innovation and
experimentation, and appropriate
governance and controls.
A major example from the year was the
launch of our AI capability, Elysia.
Among other things, this has given
colleagues new ways to get things done
more efficiently, freeing up time for
more value-added work and customer
engagement. It is also helping us
improve our customers’ experience
and our products. We chose to develop
a proprietary capability to limit the
data loss and privacy risks associated
with using external AI tools.
The growth of AI in our business led
usto consider how our principal risks
should best reflect AI risks, to make
sure we manage them as effectively
aspossible. We decided that AI has
most impact in the areas of privacy and
data use. As a result, we adapted our
privacy regulation risk to reflect the
risk of failing to use data and AI
responsibly, and set our tolerance level
to be risk cautious, inlight of the net
opportunity for innovation and growth
that AI presents. We also continue to
monitor AI asa component of several
other principal risks and subrisks.
Turning risk into opportunity
AI is also a dynamic in other risks and
opportunities. Take market risk, for
example. The increasing role of digital
and AI technologies in everyone’s
working lives is heightening the value
ofhuman interaction, which is at the
heart of what we do in our live events
businesses. The chance to come together
with customers, suppliers and peers,
and network with an industry or
community at a live event is enduringly
powerful. The more change
organisations face, the more help they
need to make sense of the unexpected
and forge – or deepen – the relationships
that allow them to respond. This is a
good example of a risk also presenting
an opportunity.
Looking ahead
In the coming year, we will maintain
ourclose watch on these areas.
Managing cyber risk will continue to
bea key priority too. The constantly
evolving threat in this area means it is
arisk that needs continuous attention
and mitigation. We constantly test
oursystems’ security and resilience,
monitoring the results and any action
that is needed in response. Equally,
inthe physical world, minimising
healthand safety risk will remain an
important and ongoing area of focus.
We continue to monitor the emerging
risk of climate change. Under our
FasterForward sustainability
programme, we are consistently
improving the impact we make, both
interms of reducing our direct impact
on carbon emissions and waste, and
maximising the areas where we can
make a positive difference to our
markets and customers.
As ever, I am confident that our
readiness to seize opportunities and
evolve, and our ability to weigh risk
andopportunity, will serve us well.
Gareth Wright
Group Finance Director
Chair, Risk Committee
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Achieving our growth plans and
realising our strategy is about
managing risk effectively, at every level
of the business.
Because we operate in a fast-changing
environment, we constantly evolve our
approach to managing risk, so that it
helps all parts of Informa to make
well-informed decisions and stay
flexible and competitive.
We manage risk using the same time
horizons as our strategy and business
planning processes:
• Near term: one year
• Medium term: three years
• Long term: five years
We embed risk management into our
business and commercial activities.
These are relatively decentralised, so
that as each of our divisions develops
plans and makes decisions, each one
also has to identify risks, manage them
and mitigate them appropriately.
Our culture means the people closest to
our customers, markets and operations
can make informed, risk-based business
and product decisions. By embedding
risk management across the business,
we make sure our colleagues
understand good risk practices
alongwith our broader policies
andgovernance frameworks.
A strong tone from the top underpins
this, together with communication
andtraining on our policies and
guidingprinciples that underline the
importance of maintaining trust and
strong relationships with customers
and partners.
Three categories of risk
Our three risk categories are:
Principal risks: the risks that we
believe could have the biggest impact
on our ability to operate successfully
and achieve our strategic objectives.
We describe our 12 principal risks on
pages 65 to 70.
To understand and manage risk as
effectively as possible, we break each
principal risk down into subrisks. For
example, we break market risk down
into the subrisks of market disruption
and new product development
anddelivery.
Our company-wide structures and
riskmanagement frameworks help
usmanage principal risks and their
subrisks. A Group leadership team
member is responsible for overseeing
and managing each principal risk.
Subrisks also have named owners,
often experts in the relevant area, who
are responsible for monitoring and
managing them.
Emerging risks: risks that are not yet
large enough to challenge our ability
todeliver our strategy. We monitor
andassess them in the same way as
principal risks, giving each emerging
risk a subject matter expert to make
sure they are sufficiently investigated,
understood and mitigated.
Business-level risks: risks that are
specific to markets or products. When
business-level risks become significant
enough to record on a divisional risk
register, we create a response plan
forthem, which divisional senior
management teams monitor and review.
The Group Risk team, Risk Committee
and divisional senior management
teams discuss existing risks through
horizon-scanning reviews. These
reviews also help identify any
newrisks.
Our risk management
framework
Our enterprise risk management
framework consists of the following
five parts. While each principal risk has
the same overarching risk management
structure, it also has its own detailed
framework, based on the nature of the
risk. We believe this makes for a more
effective way of managing risk and
capturing opportunity because it
makes our understanding more
detailed and specific.
1. Risk profile and appetite
As part of setting the company’s
strategy, the Board articulates its
overall appetite and tolerance for risk.
Each principal risk has its own
statement of appetite and tolerance.
This is specific to its nature and profile,
and to how it connects with business
strategy, opportunity and the Group’s
overall risk profile.
2. Governance
Our governance structure includes
defined roles and accountabilities, so
that we have the right expertise to
oversee the various types of risk at
each stage. The Risk Committee meets
quarterly and gives the Board and
Audit Committee the information they
need to meet their responsibilities.
For details of the Board and Audit
Committee’s responsibilities, see
ourwebsite.
3. Culture
Our culture is important in managing
risk, particularly the way we expect
business teams to identify and manage
risk at a local level, in the same way
and at the same time as they identify
and pursue opportunity.
How we manage risk
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Informa Annual Report and Accounts 2025
4. Policies, processes
andmethodologies
We identify, assess, manage and
monitor risks using policies, processes
and methodologies. The Risk and
Compliance teams regularly assess
thissystem, with rotational testing
byInternal Audit and review by the
Riskand Audit Committees. Together,
these reviews and assessments
makesure our policies and processes
work effectively.
5. Tools and systems
We use industry-standard risk
management tools and systems,
alongside bespoke tools created for
us,to help us monitor, manage and
report on risk.
Risk management process
We identify risk over one- and three-year time horizons by
combining two types of analysis. In bottom-up analysis, each
division and Group function identifies its own risks and
opportunities in its markets, products or areas. And in top-down
analysis, the Group Risk team monitors for any risks that could
affect the company more broadly, such as the cumulative risk
from multiple large change programmes.
Identify
Each business monitors its own business-level risks and reports
back on them to the Group Risk team and Risk Committee, who give
feedback and request actions when they need to. They also assess
these risks to see if they’re significant enough to become emerging
or principal risks.
We use dashboards to monitor and report on the risk indicators
for principal risks and their subrisks, evaluating them against the
metrics and tolerances set by the Board.
Monitor and report
We assess all the risks we identify against financial and non-
financial criteria. We consider how likely a risk is to materialise,
and what financial impact it would have if it did, both before and
after implementing any mitigations to manage the risk. We also
consider risk preparedness, a measure of how ready we are to
respond to a risk if it happens.
For each principal risk and its subrisks, we also assess whether it
could have a material strategic, commercial or operational
impact on its own or as part of a multiple-risk scenario. Principal
risks with material commercial impacts form part of our viability
modelling and testing.
Assess
We have response plans for all risks. We evaluate how effective
they are at mitigating and managing risks to agreed tolerance
levels, and what resources they need to be able to do so.
Business and divisional senior management teams mitigate
business-level risks. The Group leadership team member
responsible oversees the management of principal risks. This
includes making sure we have adequate and effective controls,
and that we have an effective response strategy if the risk
crystallises or breaches appetite or tolerance thresholds.
Respond and mitigate
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Impact
9
7
4
8
3
5
6
10
11
12
2
1
Likelihood
Principal risk
Growth and strategy
1. Economic instability
2. Market risk
3. Acquisition and
integration risk
4. Ineffective change
management
5. Reliance on key
partnerships
6. Technology failure
7. Data loss and cyber
breach
8. Using data and AI
responsibly
People
9. Attracting andretaining
key talent
10. Health and safety
incidents
11. Inadequate response
tomajor incidents
Culture
12. Inadequate regulatory
compliance
Principal risks and uncertainties
Our 12 principal risks fall into
three categories: growth and
strategy, people, and culture.
Our tolerance for these risks is
categorised in one of three ways:
• Risk averse: We have a very low
tolerance for taking the risk and it
should generally be avoided
• Risk cautious: The risk is carefully
considered against the potential
opportunity and reward, using
financial and non-financial
measures. The end reward must be
amultiplier of the risk for it to be
considered and taken up
• Risk flexible: We consider taking
therisk on a case-by-case basis,
according to our broader growth
strategy, business plans and
marketcircumstances
A net risk rating is produced for each
principal risk. This assesses how likely
the risk is to occur and the impact
onInforma, taking into account our
current controls and mitigations.
Theseratings are mapped below to
give more insight into their relative
impacts and likelihoods.
The Board confirms that,
through the processes and
governance described above,
wehave performed a robust
assessment ofInforma’s
emerging and principal risks,
andbelieve that ourrisk
management framework
andprocess remain robust.
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1
Economic instability
Owner:
Group Finance Director
Risk appetite:
Risk flexible
In-year movement:
No change
Economic instability, which can come from heightened
geopolitical developments, enduring major incidents, changes
in global trading patterns, or a downturn in a particular
market or region, could change customers’ demand for
products and services. If we were unable to navigate these
changes, we could risk being unable to deliver our strategy.
Market changes and currency fluctuations can also offer
opportunities – for example, to enter or expand in different
markets or benefit from expanded margins.
How we manage it
• We stay close to what is happening in our geographic and
customer markets through trading data, customer and
colleague feedback, and economic insights. Because this
principal risk is considered to have a comparatively higher
likelihood and impact than our others, it receives close
ongoing attention, and we have regular conversations
about the macro-economic environment at Board, Risk
Committee and leadership team meetings
• Agility is a large part of our everyday culture. Many of our
leaders have experience in responding promptly and
managing during periods of broader instability, including
experience with rescheduling events and managing
relationships with key partners, customers and suppliers.
We have leaders based across our major hubs, which helps
us respond effectively to location-specific issues
• Informa is a well-diversified business, operating in multiple
geographies and customer markets, which gives us resilience
and makes it easier to manage through any localised
market- or country-specific downturns or recoveries
• We have a good level of visibility on revenues, because
exhibitors book and pay for event space in advance and our
subscription products are typically annual or multi-year
agreements. This gives us advance booking data, which,
along with sales pipelines and other indicators, allows us
tocontinually assess the outlook for revenues and act on
any insights
• We have a strong balance sheet, as well as the ability to
access liquidity and cash reserves. This gives us confidence
that the Group could withstand any unexpected shocks.
Wealso monitor our liquidity ratios and conduct stress
testing to stay ahead of any emerging issues
• To protect against currency movements, we align our
borrowing with the currency of our largest sources of cash
generation and review our hedging arrangements. We also
apply hedging and capital management strategies around
cash-flow forecasting and procurement
• In periods of economic instability or uncertainty, we are
able to mitigate revenue risk by reviewing pricing strategies
if inflation is higher than usual, and to manage costs
through internal measures to protect our balance sheet
2
Market risk
Owner:
Divisional CEOs
Risk appetite:
Risk flexible
In-year movement:
No change
We work in a range of specialist markets. Many of these
markets are fast moving and can grow, shrink and change
fordifferent reasons, including technological, economic,
social, political and environmental ones. This can support as
well as disrupt customer demand, change preferences or
change the competitive environment for our products and
services. We are willing to take market risk because it can
create opportunities for growth, such as by developing and
launching new products, working with new partners
orexpanding in existing or new markets.
How we manage it
• We continually discuss developments in our geographic
and customer markets, including in quarterly leadership
and divisional planning meetings, Board strategy meetings
and as part of the three-year planning cycle. This helps us
to stay informed about market risk and opportunity, and to
act quickly to adapt our plans and go-to-market strategies
where needed
• We regularly assess the subrisks that make up this principal
risk, to make sure we are monitoring risks and opportunities
at a granular level and so are better able to act on them. In
2025, this included paying close attention to subrisks such as
product development and delivery, and market disruptors
such as generative AI
• Informa is a well-diversified business and works in more
than a dozen customer markets. This makes us resilient to
disruption in individual markets, as does the quality of our
brands and customer relationships
• We have deliberately focused our business on specialist
customer markets that have good long-term growth
characteristics, and markets where our brands and
products are particularly valuable to businesses,
professionals and researchers
• Our culture of staying close to customers gives us good
insight into trends and preferences. We use this
information to make sure our products remain valuable
and relevant, and to spot new opportunities for growth
• We continually invest in our products to make sure they
keep pace with customer demand and market trends.
Thishelps us both manage risk and capture opportunity
• We consider risks and mitigations when we undertake
significant investment programmes and portfolio changes,
sowe pursue the right opportunities in the right way
• Sometimes we grow in markets by forming partnerships
with businesses that operate in those areas already.
Thishelps us manage risk because we can leverage our
partner’s existing knowledge and footprint. We have
developed strong skills in creating and operating joint
ventures, strategic partnerships and business models
where Informa is a majority owner. We choose partners
with complementary strengths and cultures, and make
sure they are aligned with our focus
Growth and strategy
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Principal risks and uncertainties continued
3
Acquisition and
integrationrisk
Owner:
Director of Strategy
& Business Planning
Risk appetite:
Risk flexible
In-year movement:
No change
One of the ways we grow and build leadership positions in our
markets is through acquisitions and partnerships. When we
add businesses to the Group, their financial performance can
exceed or fall short of expectations if market conditions change
or if the integration process is more or less complex or effective
than we expected. We are prepared to take reasonable risks to
add talent, capabilities, products and brands through
acquisitions, joint ventures and partnerships, and we invest to
make sure our integration processes capture the full benefits of
doing so.
How we manage it
• We are considered in how we allocate capital: focusing
investment on the markets and areas of our business that
have the strongest growth opportunities and where we can
create or extend a leadership position
• We carefully analyse acquisition targets and partnership
opportunities, assessing them for their strategic and cultural
fit. Functional experts, supported by external partners
where needed, work alongside our Corporate Development
team throughout the due diligence, acquisition and
integration phases to provide rounded insights
• All acquisition, joint venture and divestment activity
undergoes a risk management review. We document risks
and how we will manage them to build a risk profile that
informs decision making
• All such transactions follow set due diligence, governance,
leadership and project management processes. We apply
additional checkpoints and senior oversight for more
complex or sizeable acquisitions or partnerships
• Each transaction has a value-creation register, which
assigns individual ownership to all aspects of
implementation. We closely monitor post-transaction
performance so that we can take prompt action if delivery
and expected returns vary from plan. This includes
quarterly reviews with divisional leadership and annual
reporting to the Board. Our Corporate Development team
reviews financial and non-financial performance measures
at least monthly. We monitor integration plans for at least
two years and conduct additional spot checks and
assurance reviews beyond that point
• We have built significant experience in business integration
and use it to manage risk and make sure outcomes are
successful. This includes having colleagues dedicated to
integration, who oversee and co-ordinate any dependencies
between programmes that are running at the same time,
with a senior sponsor for each acquisition. We also analyse
and report on lessons learnt in previous transactions
4
Ineffective change
management
Owner:
Group Chief Operating Officer
Risk appetite:
Risk flexible
In-year movement:
No change
Change is part of, and is also an outcome of, our growth
strategy. If change is not managed effectively however, it can
create operational challenges, and those can affect our ability
to deliver strategic, commercial and operational benefits.
How we manage it
• We have a good track record of successfully implementing
change programmes – for example, as part of large-scale
acquisitions and divestments that have changed our
operating model
• Members of the Group leadership team oversee and
sponsor key change initiatives. We set up specific
governance structures for significant projects and all
large-scale strategic changes
• Our funding and investment programmes, and our
acquisitions, include change management disciplines and
have defined governance and reporting structures
• Considering our stakeholders, particularly our colleagues,
is an embedded part of the way we work at Informa.
Ourpurpose, strategy and guiding principles inform our
decisions. We carefully weigh the impacts and benefits of
any change on stakeholders, identifying issues and aiming
to mitigate these as far as is practical
• We consider the risk of business fatigue from both
individual and simultaneous change and transformation
programmes, to make sure the controls and mitigations we
have put in place are effective, consciously sequencing our
change plans accordingly
• As part of our broader goal to continually enhance how we
manage risk, and to support the delivery of the One
Informa programme from 2025, we created a centre of
excellence for change management that has helped us
improve in this area
• We also developed a new change framework, based on five
areas we believe are particularly important to One Informa’s
success – leadership alignment, change impact analysis,
colleague engagement, training and adoption tracking – to
help us embed its programmes and changes effectively
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5
Reliance on key
partnerships
Owner:
Group Finance Director
Risk appetite:
Risk flexible
In-year movement:
No change
We work with a range of business partners, including strategic
partners, trading partners, service providers and financing
providers. If a significant partnership or service provision
were disrupted or failed, this could affect the delivery of
certain products and services, and normal business activity.
How we manage it
• We mitigate this risk by making sure we understand our key
business partners well, identify areas of risk, put in place
controls for those risks and monitor relationships on an
ongoing basis
• This includes assessing risks associated with existing and
new strategic partners where Informa is typically the major
owner in an agreement, where we focus on ensuring all
partners are aligned and working openly and collaboratively
• As part of their formal reviews and reporting to the Risk
Committee, each division and Group function identifies
keypartnerships and what risk we are exposed to, and
describes the preparedness and resilience plans in place
• We ensure there is accountability for each key relationship
among our management teams
• We apply additional due diligence to certain key partners by
assessing the robustness of their business plans, financial
stability, cyber and information security practices, and
business continuity plans
• We monitor performance levels and have contracts and
service level agreements that enable us to act on any
recurrent issues
• Our Treasury Policy ensures we are not overly reliant on
any single financing partner
6
Technology failure
Owner:
Chief Commercial Officer
Risk appetite:
Risk averse
In-year movement:
No change
Technology underpins our products, services and business
operations. A prolonged loss of critical systems, networks or
similar services could disrupt business operations and the
delivery of our products and services, affecting revenues,
customer experience and our reputation.
How we manage it
• We work to minimise the likelihood and impact of any
business-critical technology failure and increase our
preparedness to handle any disruption. We manage risk
and continually improve our operational resilience through
a framework that includes governance standards, maturity
targets and controls
• We carry out assessments of future needs so we can take
steps to prepare and strengthen our IT readiness
• One Informa – and the ongoing growth of our data and
importance of our digital services – is increasing the
importance of having a resilient and high-performing
technology landscape. In response, we are enhancing our
visibility and oversight of technology throughout the
company, simplifying our technology estate. We are also
improving robustness and service levels where we identify
opportunities to do so, focusing on our highest-priority
products and critical systems
• We take a cloud-first approach, because it increases the
resilience of our products and services, improves recovery
times in case of any issues and gives us more capacity to
scale. We manage operational risks by using managed
services in some instances
• We assess our technology service providers on their service
levels to minimise the risk of downtime, their service
continuity, including failover capabilities, and their security
and resilience
• We have proven capabilities in remote access and remote
working. Colleagues can work securely and productively
from anywhere if one of our hubs were affected by a
technology outage
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7
Data loss and cyber breach
Owner:
Chief Commercial Officer
Risk appetite:
Risk averse
In-year movement:
No change
We use interconnected systems and data in our business
operations and products. Cyber threats are evolving and
cyber attacks are increasing. A cyber breach or the loss of
sensitive or valuable data, content or intellectual property
could create losses for our stakeholders, affect our reputation
and disrupt the business or our customers’ experience.
How we manage it
• We aim to protect our data robustly and align with privacy
regulations and good security practices
• We have a central Information Security team that
determines our strategy, oversees company-wide security
initiatives and sets security standards
• The Risk Committee monitors the performance, progress
and maturity of our cyber security controls every year. We
run internal and external assurance programmes that
assess compliance with security policies, standards and
controls, with reports provided to the Risk Committee,
Audit Committee and leadership team
• We regularly test our data and cyber security controls and
practices to create a more robust and secure environment,
and take a security-by-design approach to developing
products and implementing new platforms
• We use a layered defence-in-depth approach to protect the
confidentiality, availability and integrity of key systems.
This comprises multiple administrative, technical and
physical controls, which are continually monitored and
adapted in response to developing threats
• We run a third-party risk management programme to
assess the security of suppliers that have access to our data
or systems
• We have a well-defined incident management response to
help us act effectively on any issues that arise
• To support a security-aware culture, we run simulated
events to test security controls and response tactics. We
also deliver annual awareness programmes and training to
colleagues, which include communications and simulated
phishing exercises that reflect emerging cyber issues as
well as the most common forms of attack
8
Using data and AI
responsibly
Owner:
Group General Counsel and
CompanySecretary
Risk appetite:
Risk cautious
In-year movement
No change
We use data and AI technologies in an increasing number of
ways to capture commercial opportunity and better serve
customers. Privacy, data protection and AI-related regulations
are evolving and increasing in many of the jurisdictions we
operate in. More onerous legislation could limit how we access
and use this data, and different legislative approaches could
increase the operational complexity of compliance. Non-
compliance can lead to fines, damage reputation and customer
relationships, and affect our ability to trade in some countries.
How we manage it
• We respect and value personal information and privacy,
andcomply with regulatory requirements
• As we capture and use data in our business and products in
more ways, we have invested more in our capabilities so that
our controls environment remains robust
• The Group Chief Privacy Officer oversees data privacy
andAIgovernance, supported by a dedicated Head of AI
Governance. Each division has dedicated privacy managers
who guide our product and commercial teams on privacy
compliance and good practice as they develop new platforms
and products
• Each year, the Privacy team benchmarks the maturity of
Informa’s divisions and functional units to help identify risks,
strengths and opportunities for improvement
• We run a comprehensive data privacy programme. This
includes using privacy management technology, putting in
place subject matter experts at multiple levels of the
business, and conducting robust privacy risk and data
protection impact assessments. All colleagues have
mandatory training on their data privacy responsibilities,
which is supplemented by topic-specific training for those in
specifically relevant roles. We apply privacy-by-design
principles when starting new projects
• We re-evaluate all our programmes each year to make sure
we address any changes to business strategy, priorities or
emerging privacy regulations or risks. We regularly monitor
external factors and changes in privacy and data protection
laws, and consider and communicate any operational impacts
• During 2025, in response to such business and market
developments, we established an AI governance programme
to oversee the development, procurement and deployment of
AI systems across Informa, and to make sure these systems
comply with relevant regulatory requirements and reflect
strong ethical standards. The programme incorporates our AI
Council, made up of senior leaders from relevant areas, which
steers key decisions. The programme also includes a policy
framework, operational support including AI impact
assessments, and mandatory training on AI governance
Principal risks and uncertainties continued
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Informa Annual Report and Accounts 2025
9
Attracting and
retainingkey talent
Owner:
Group HR Director
Risk appetite:
Risk cautious
In-year movement
No change
Our colleagues, their capabilities and their engagement are
important to delivering our strategy and serving customers.
The loss of key talent in critical functions and inadequate
succession planning for senior managers could affect our
growth and business success.
How we manage it
• We put considerable time and investment into creating an
engaging, inclusive and rewarding working environment to
help retain key talent and make the most of all colleagues’
skills and abilities
• Colleagues, culture and talent are ongoing points of
discussion for the leadership team and Board. Our leaders
and Directors engage with colleagues directly and regularly
to stay close to sentiment. We also run a formal annual
company-wide survey, alongside business-level spot
checks, and monitor leaver data and surveys to understand
trends and act on any opportunities or issues
• Under One Informa, we have increased our focus on the
experience our colleagues have when working here and,
inparticular, to improving their career opportunities. This
includes by providing greater access to formal learning
andcertifications, extending programmes that offer new
experiences at work and prioritising our recruitment
efforts towards internal candidates. We continue to
expandcolleague benefits internationally, including
ourshare programmes
• We incentivise key talent, alongside establishing short- and
long-term succession plans. For roles that are particularly
commercially sensitive, we use post-termination
restrictions to reduce the impact of losing talent
• Colleague engagement, retention and internal mobility
rates are among the data points reported to the Risk
Committee. Where we feel attrition rates are high,
management teams must report on the measures they are
taking to reduce those rates
10
Health and
safety incidents
Owner:
Group Chief Operating Officer
Risk appetite:
Risk averse
In-year movement
No change
We want our workplaces, including our live events, to be
safeand secure environments for everyone. Incidents or
mismanagement of this risk can injure our colleagues,
customers or the general public, affect our reputation,
andlead to fines and claims for damages.
How we manage it
• We focus on preventing incidents by establishing good
health and safety operating standards, and building
awareness and personal accountability into our culture.
TheRisk Committee monitors and regularly reviews
healthand safety progress
• We have a dedicated central Health, Safety and Security
team, which includes regional experts who work with all
ourteams to help embed consistent approaches in local
markets, validate standards and provide targeted support
• Our standards and frameworks are documented and made
available to everyone involved in health and safety,
includingcontractors
• We have an approved contractor scheme, which enables us
to work more closely with a set of key partners on health and
safety performance, feedback and improvements
• Every year, we assess and audit a sample of our events and
facilities based on risk to make sure they comply with
company standards, and monitor any required actions until
they are completed
• We use a digital health and safety incident reporting and
management tool, which makes it easy for colleagues and
contractors to report incidents and near-misses, particularly
when they are onsite at live events. This gives us insight into
trends so that we can identify and target future
improvements more effectively
• We have a company-wide travel management system, where
colleague accommodation and travel are tracked in case of
any issues and booked to acceptable safety standards.
Colleagues also have access to anytime support, delivered
by a third-party security operations provider, for any
incidents that happen while travelling for work anywhere in
the world
• We deliver mandatory online health and safety training to all
colleagues and update this regularly – including in 2025 – to
reflect developments in the company and the risk landscape.
For colleagues who are most closely involved in
implementing health and safety policies, including senior
operations leaders, we ran more detailed and updated
safety operating model training during the year
People
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11
Inadequate response
tomajorincidents
Owner:
Group Chief Operating Officer
Risk appetite:
Risk averse
In-year movement:
No change
Major incidents – such as those caused by extreme weather,
natural disasters, military action, terrorism or major disease
outbreaks such as pandemics – can affect our colleagues
andcustomers, and disrupt our operations and events.
Responding inadequately to a major incident can exacerbate
or worsen the issue, affecting colleague and customer health
and safety, and our reputation, and potentially lead to
criminal and civil investigations.
How we manage it
• Most of the time, businesses cannot control the causes of
major incidents. We focus on staying informed about
evolving situations that could become major incidents and
making sure our response to them is effective, so that any
impacts are minimised
• We partner with a virtual security operations provider, which
advises us on security trends and risks in key locations in
real time. It also provides health and security advice and
assistance to colleagues when they travel for business
• We have regional crisis response hubs that mobilise in the
event of a major incident in a particular location and
co-ordinate our response. They receive annual training and
testing and follow documented processes created to help us
respond more quickly and effectively. We also have a crisis
council that would convene to manage any severe
circumstances or global matters, and that similarly follows
documented processes
• Our central Health, Safety and Security team provides
expertise on incident management, and supports colleagues
and directly affected stakeholders in an emergency. A
cross-company business resilience council contributes to
assessing and providing oversight of this risk too
• Each division considers known extreme weather patterns
when planning event schedules, as well as terrorism threats
and potential unrest or protests. We conduct enhanced
security risk assessments to protect our people and
operations in higher-risk locations
• Each of our events has an incident response plan specific to
its location, format and the operational colleagues who
attend our events
• We continually monitor for new or increasing risks and
prioritise our work accordingly, so that relevant colleagues
and teams are briefed and receive up-to-date guidance to
help us prepare to respond
12
Inadequate regulatory
compliance
Owner:
Group General Counsel and
CompanySecretary
Risk appetite:
Risk averse
In-year movement:
No change
Colleagues and business partners who work with us, or on
ourbehalf, are expected to comply with applicable laws
andregulations. If we fail to comply, we could face fines
orimprisonment, damage our reputation or be unable
totradein some countries.
How we manage it
• Our commitment to ethical and lawful behaviour and our
expectations of others are clearly articulated in our Code of
Conduct, Business Partner Code of Conduct and policies, and
in our guiding principles
• We run a comprehensive compliance programme to help us
meet our obligations under material legislation. It includes
horizon scanning for new or changing regulations, detailed
risk assessments, training and communications. It
incorporates anti-bribery, anti-harassment and bullying, and
sanctions programmes that include internal controls and
risk-based screening and monitoring of suppliers, sales
agents and customers
• We regularly assess and update our programmes to align with
business changes and external factors. In 2025, we enhanced
our fraud prevention programme by introducing a new policy,
consolidating our guidance to colleagues into a single
comprehensive resource, rolling out new training for all senior
managers and relevant team members, and strengthening
our controls in line with the UK Government’s guidance under
the Economic Crime and Corporate Transparency Act
• We continue to pay close attention to our sanctions
programme, so that it remains robust and effective in the face
of changes to the geopolitical landscape. We proactively
monitor and manage potential risks to safeguard our business
operations, including by collaborating closely with joint
venture partners and continually strengthening our controls
• We train all new colleagues on the Code of Conduct and key
policies, and they are required to accept role-relevant policies
• We provide colleagues with multiple ways to report any
concerns around potential misconduct or non-compliance in
our business. These include speaking to line managers, HR,
Compliance or senior leaders, or using our Speak Up
whistleblowing facility. This is open to anyone, internal or
external, to raise concerns about actions that may violate
our policies or applicable laws. We also provide an
ask-a-question feature where colleagues can seek advice
before making a formal report or taking action. Retaliation
against individuals who raise genuine concerns or
participate in investigations is not tolerated
• All reports of potential breaches of our Code of Conduct and
policies are promptly assessed and, where appropriate,
investigated, with actions taken to remedy substantiated
breaches or implement key learnings
Culture
Principal risks and uncertainties continued
Strategic Report
70
Informa Annual Report and Accounts 2025
Informa’s directors conduct a
structured assessment of the
company’s long-term prospects
and viability over a three-year
period, and continue to have
confidence in its business
model and future outlook.
Assessing long-term
prospects
We evaluate the outlook for our
business, and Informa’s broader
prospects, through the annual
business planning and strategy
process. Each division develops a
three-year business plan outlining its
growth ambitions, objectives and
resource requirements, taking into
account both external factors such as
competition, market trends and risks,
and internal factors such as talent,
product development and technology.
Plans include financial forecasts, key
assumptions and risk analyses.
Consolidated divisional plans are
reviewed by the leadership team and
presented to the Board for input and
challenge during the annual strategy
meeting. Plans are updated throughout
the year. Financial forecasts are used to
assess Informa’s funding needs and
the liquidity available for reinvestment
and shareholder returns, as well as
annual impairment reviews.
Viability statement
In this section
Viability statement 71
Task Force on Climate-related
Financial Disclosures report
73
Non-financial and sustainability
information statement
77
Assessing viability
The Directors consider Informa’s
trading prospects, liquidity and the
potential impacts of risk over a
three-year period: a time period that
aligns with our visibility over market
trends and the nature of Informa’s
business. Assessments beyond three
years are subject to uncertainty that
increases further out in time. The
Group is considered viable if, after this
assessment, financing facilities provide
sufficient cash liquidity to fund
operations and repay or refinance
debts as they fall due.
2025 viability assessment
To assess the impact of risk, we consider
severe but plausible scenarios where each
principal risk might occur or crystallise.
Ifthe potential financial impact is over
5% of average EBITDA over the three-
year period, the principal risk is modelled
against the Group’s financial plan to test
whether it would adversely impact the
Group’s viability on a standalone basis.
In this way, three principal risks
weremodelled for the 2025 viability
assessment: economic instability,
market risk and inadequate response
to a major incident.
The potential financial impacts of
theserisks were also modelled as a
single scenario to understand their
combined financial impact. To assess
the Group’s liquidity, we considered the
following factors:
• Current liquidity position: the
Grouphas a strong liquidity position
and nofinancial covenants on
Groupborrowings
• Ability to increase liquidity: Informa
is a well-established borrower with
an investment grade credit rating
from Fitch, Moody’s and S&P. The
Directors are confident that the
Group could further increase
liquidity by raising additional
borrowings if needed
• Current EMTN programme: We have
EMTN borrowings of £450m that
mature in July 2026 and intend to
refinance these ahead of time. In
both the base case and severe but
plausible scenario, we have sufficient
liquidity to repay the maturing
borrowings from existing committed
facilities and are not relying on
refinancing. We have assumed that
the Group’s EMTN borrowings
maturing in October 2027 (€600m)
and April 2028 (€500m) will be
refinanced at maturity
The Group remains viable, including
when modelling the three largest
principal risks together, without any
cost mitigations being modelled.
71
Informa Annual Report and Accounts 2025
Strategic Report G F A
Viability statement continued
Directors’ Viability statement
The Directors have concluded that a
single risk is unlikely to threaten the
Group’s viability, and have a reasonable
expectation that the Group can continue
to operate and meet its liabilities as they
fall due over the three years to
31 December 2028.
2025 going concern assessment
To complete the going concern
assessment, the Directors have
modelled a base case with sensitivities
and a reverse stress test for the period
to June 2027. The base case assumes our
financial performance aligns with the
guidance given for 2026 and is followed
by similar growth in early 2027.
Through the financial plan period, the
Group maintains a liquidity headroom
of more than £0.6bn. To consider a
downside scenario, the Directors
separately and in aggregate applied
the three scenarios used in the viability
modelling to the financial plan. In each
case, the Group maintains a liquidity
headroom of more than £0.3bn.
The reverse stress test shows that
theGroup can afford to lose 42% of
itsrevenue from 1 April 2026 to the
end of June 2027 and maintain a
positive liquidity headroom. This is
anextremely remote scenario and
assumes we make no indirect cost
savings, refund customer receipts
andcollect no further receipts in
theperiod.
Based on these assessments, the
Directors confirm the Group has
adequate resources to operate for at
least 12 months from the signing date
ofthe Annual Report and Accounts,
supporting the going concern basis
ofaccounting when preparing the
FinancialStatements.
Market trends,
peers, customers
Multi-year divisional
strategicplans created
Multi-risk Group strategy plan
Three-year business plans
From which three-year
business plans areformed
bydivisions
The Group is viable if
sufficientliquidity
headroommaintained
Plan tested against the three
principal risks where, in
asevere but plausible scenario,
the impactofthe risk was
valued at over 5%
averageEBITDA
Capabilities,
people, products,
platforms
Risk and
sustainability
Current
portfolio
Ambition
Outcomes assessed against liquidity headroom
Tested against
economic instability
Tested against economic instability, market risk and inadequate
response to major incidents simultaneously
Tested against
market risk
Tested against
inadequate response
to major incidents
Strategic Report
72
Informa Annual Report and Accounts 2025
Task Force on Climate-related Financial Disclosures report
Introduction to our reporting
The following disclosures are designed to
meet the recommendations of the Task
Force on Climate-related Financial
Disclosures (TCFD) All-Sector Guidance,
which is required by the UK Listing Rules.
They are consistent with the TCFD’s four
pillars – Governance, Strategy, Risk
Management, and Metrics and Targets
– and 11 recommended disclosures.
The combination of this report, with
theother sections of the Annual Report
we have indicated, contains all the
information we consider material to
understanding Informa’s position and
prospects when it comes to the risks and
opportunities related to climate change.
Because considering climate-related
risk and opportunity is embedded into
several broader business processes,
we cross-link to other parts of the
Annual Report, which also ensures
clarity and avoids repetition. We also
publish separate documents on our
website to cater to stakeholders
whohave a deeper level of interest:
specifically our Climate Impacts
Report, last updated in 2024, and
ourannual Sustainability Report.
Governance
The Board, Audit Committee, Risk
Committee and leadership team
oversee our approach to risk
management and to sustainability.
Thisincludes overseeing how climate
change-related risk and opportunity
are identified, assessed and managed.
Board oversight
The Informa Board reviews and
approves the company’s overall
sustainability strategy, which includes
the FasterForward programme. The
fullBoard receives regular reports
from the Sustainability Director that
include updates relating to climate
change and any financial impacts of
ascale relevant to Board matters.
These updates include progress against
goals and targets, allowing the Board
to monitor delivery and performance
against strategy. As part of its duties,
the Board also considers matters
related to the environment in its
decision making.
We have a dedicated Climate Impacts
Steering Committee, chaired by the
Group Finance Director – who is also a
Board Director – to provide additional
leadership and focus in this area, and
toco-ordinate the functions involved
inassessing and managing impacts.
Itreports on its activities to the Audit
Committee twice a year. In this way,
theAudit Committee is updated on
developments in climate change
reporting and our broader
sustainabilityactivities.
Climate-related risks are also considered
by the Risk Committee, which is attended
by the Sustainability Director and
reports to the Audit Committee after
every meeting. The Risk Committee is
chaired by the Group Finance Director.
Management role
At an executive level, sustainability
isoverseen by the Director of
InvestorRelations, Communications &
Brand, who is a member of Informa’s
leadership team and the Climate Impacts
Steering Committee, and to whom the
Group Sustainability team reports.
TheSustainability team devises and
implements Informa’s overarching
response to climate change impacts. Each
division is responsible for identifying and
responding to climate risk and opportunity
at a product and market level, as part of its
established business planning and risk
management processes.
We include sustainability criteria in our
Directors’ remuneration plans. The
current measure is the number of
events accredited in our Sustainable
Event Fundamentals programme,
which includes climate-related
elements such as energy efficiency in
our value chain. These criteria are, in
turn, included in the objectives of a
wider group of managers in relevant
parts of our business.
Strategy
Our FasterForward sustainability
programme is the way we seize
opportunities and manage our
responsibilities and risk around
sustainability, and it is a key part
ofourresponse to climate change.
Risks and opportunities
We have assessed the impacts
ofclimatechange on Informa. From this
assessment, there are 11 areas of risk
and opportunity that are relevant to
ourbusiness model and strategy. These
relate to the physical impacts from
climate-related events and the transition
impacts from the way theworld moves
to a lower-carbon economy. See overleaf
for a description of each impact and how
we address them.
We consider these impacts over
thesame time horizons we use in
business planning, risk management
and viability modelling: a near-time
horizon of 12 months (short term), a
medium term of three years and a
longer-term horizon of five years.
Over the periods we focus on,
noneofthe potential impacts we
havemodelled meet the threshold for
climate change to be a principal risk
toInforma, or to have a material
financial impact.
73
Informa Annual Report and Accounts 2025
Strategic Report G F A
Our climate impacts
Impact and type Description Time horizon Actions
Physical risk: workplace and
community disruption
Extreme weather events could affect the
locations where our colleagues work
Short, medium,
longterm
Extensive and proven remote
working capabilities
Physical risk: event and
supplychain disruption
Extreme weather events could disrupt
ourbusiness operations, events or the
infrastructure they use
Short, medium,
longterm
Business resilience planning,
andhealth and safety incident
responseplans
Transition risk and
opportunity: evolving
customer markets
Some markets we serve may grow and
others may be disrupted by the shift to
alower-carbon economy
Short, medium,
longterm
Portfolio diversification, with
opportunity and risk identification
and management embedded into
ourdivisions
Transition risk and
opportunity: change to
business travel patterns
Changes to customer willingness to
travelcould make some live events more
orless valuable and some on-demand
events moreorless popular
Medium,
longterm
Business diversification by product,
customer market and geography.
Afocus on high-value services,
including must-attend events that act
as efficient travel consolidators, saving
attendees time, money andcarbon
Transition risk: changes
tocarbon costs in direct
operations
Changes in the price of renewable
electricity and carbon offsets could
affectoverall costs
Medium,
longterm
Reducing scope 1 and 2 emissions
toreduce carbon offset purchases
Transition risk: changes
tocarbon costs in the
valuechain
Any new costs, such as carbon taxes
onflights or budgets for individuals
orcompanies, could affect supply
chaincosts
Long term Reducing scope 3 emissions,
including supplier engagement,
toreduce potential carbon costs
inthe supply chain
Transition risk and
opportunity: attracting
andretaining talent
Our reputation on sustainability could
influence recruitment and retention
Short, medium,
longterm
Implementing FasterForward and
proactive talent attraction and
retention programmes
Transition risk and
opportunity: market
association
Working in markets or with partners who
are positively or negatively associated with
sustainability could impact our reputation
Short, medium,
longterm
Portfolio diversification, with limited
exposure to markets most at risk
ofdisruption
Transition risk and
opportunity: climate-related
legislation
Complying with new legislation could
entailcosts and bring opportunities to
demonstrate performance
Short, medium
term
Management of regulatory
compliance risk and work to prepare
for new regulations
Transition risk and
opportunity: investor focus
onclimate change
Growing investor interest in ESG could
attract new funds or otherwise impact
investment decisions
Short, medium,
longterm
Implementing FasterForward and
acontinued focus on performance
inrelevantindexes
Transition risk and
opportunity: other
stakeholderexpectations
Changing stakeholder expectations may
influence our reputation and require more
resources for engagement and reporting
Short, medium,
longterm
Implementing FasterForward
andstakeholder engagement
programmes
Task Force on Climate-related Financial Disclosures report continued
Business impact
We are a well-diversified business, and
this, plus our business model, gives us a
good level of resilience to the risks most
closely related to climate change.
Forexample:
• We work in a broad number
oflocations
• Our operations are well distributed and
we have a proven ability to relocate or
adjust our operations at short notice if
an extreme weather event makes this
necessary, with limited business impact
• We serve dozens of different customer
and specialist markets, andhave limited
exposure to the markets that are most
at risk of being disrupted by the
transition to a lower-carbon economy
• We have a culture of acting quickly
torespond to business and customer
opportunities as well as challenges
We also believe that our product and
services – particularly our specialist
content and our events – can help
customers better understand and act on
their own climate and sustainability-
related goals.
This has the potential to create new
opportunities for Informa as the world
transitions to a lower-carbon economy,
and serving customers relevant
sustainability content and connections is
part of our sustainability programme.
Business resilience
The four risks that would be most
material from a financial and non-
financial perspective are: our customer
markets evolving, business travel
patterns changing, extreme weather
events affecting our largest events,
anddisruption to workplaces
andcommunities.
We have built a dynamic financial model
to test and quantify the impact of these
four risks in four scenarios. We update
this model regularly for the latest climate
science and aim to keep increasing the
specificity of our modelling, with inputs
from external specialists.
The four scenarios chosen align with the
UN’s Climate Action Pathways, which set
out pathways that future climate
scenarios may follow. We have further
customised them to make them relevant
to our business. The financial model is
based on a series of estimates and
assumptions, drawing on publicly
available data and internal data sets
tocreate an estimate of annual
discounted value at risk.
Strategic Report
74
Informa Annual Report and Accounts 2025
Climate scenarios
Business as usual Blue World Green World A Green World B
Global temperature
rise by 2100
>3°C 2°C 1.5°C 1.5°C
Assumed policy
developments
No change Significant promotion of
investment in low-carbon
technology
Radical push to decarbonise by governments, business and
society
Assumed
technological
developments
Follows historical
pattern
Rapid development and
scaling of new technology.
Low-carbon air transport
remains unviable for the
next10 years
Technology advances alone are not sufficient to decarbonise to
1.5°C, but the rapid development and scaling of new technologies
are assumed, along with low-carbon air transport remaining
unviable
Assumed macro-
economic
conditions
High market
uncertainty. Potential
for individual market
collapse
Some market uncertainty.
Gaps between winning and
losing companies
High market certainty. Sector financial performance is highly
aligned with carbon performance
Customer
sentiment changes
Follows historical
pattern
Major demand for knowledge
and trade in certain sectors
Significant behaviour change,
including a blanket reduction in
travel, resulting in decreasing
attendance at live events
Significant behaviour change,
combined with a focus on travel
effectiveness, protecting and
supporting the role of live
events as a travel consolidator,
making them the destination of
choice for business travellers
Estimated financial impacts of climate scenarios
The table below outlines the annual discounted value at risk in five years’ time
1
for each of the four key risks identified.
Thisdoes not include any reduction to the value at risk through mitigation, which we believe would be material.
Business as usual Blue World Green World A Green World B
Office and homeworker disruption After modelling, this does not represent a significant impact in any scenario, due to proven colleague
and business flexibility
Event and supply chain disruption £31.0m in all scenarios
Evolving customer markets £nil £3.7m £1.5m in both Green World scenarios
Customer willingness to travel £(0.9)m £7.7m £36.6m £(14.7)m
1 Unmitigated single-year net income at risk for the year ended 31 December 2030 on a discounted basis.
We model and present our climate
impacts against a five-year time horizon,
as this corresponds most closely to
thehorizons we use elsewhere in our
business, including in business planning
and risk management.
Our balance sheet holds a relatively low
value of tangible fixed assets, and as
there is little value in calculating physical
risks on leased offices and other
buildings, we consider the risk of
disruption from losing access to our
offices and wider disruption in a given
location instead.
We have not quantified, and we do
notcurrently model, the opportunity
tocreate new products beyond a
business-as-usual level that we would
expect to arise in Blue World and Green
World scenarios, because the diverse
nature of our products and the range
ofmarkets we work in makes it hard to
dosoconsistently.
The analysis below shows the impact
ifrisk is not mitigated. This provides
abaseline against which our many
actions to manage impacts can be
measured. It guides which impacts
should be monitored and managed most
closely. Impacts have been discounted
using the Group’s weighted average cost
of capital to show a present value. We
apply the same materiality threshold as
we do in our viability modelling, which is
described on page 71.
Over these periods, none of the potential
impacts we have modelled meet the
threshold for climate change to be a
principal risk to Informa. The leadership
team has reviewed this analysis and,
when combined with the results of our
2023 double materiality assessment,
confirmed that our business planning,
risk management and sustainability
activities continue to focus on those
areas that are most significant to
Informa’s future position and success.
The Climate Impacts Steering Committee
will continue to review whether to
expand the financial model to include
more of the 11 identified impacts, based
on any changes to the materiality of
those risks and our overall risk appetite
and tolerance.
75
Informa Annual Report and Accounts 2025
Strategic Report G F A
Task Force on Climate-related Financial Disclosures report continued
Risk management
Risk management processes
The process for identifying, assessing
and managing climate-related impacts
is integrated into our wider risk
management process. Under our risk
management framework, climate
change is categorised as an emerging
risk. It is assessed, reviewed and
managed as part of our standard risk
management process, which includes it
being considered by the Risk
Committee at each meeting.
Climate change is also recognised
asasubrisk of the principal risks of
inadequate response to major incidents,
inability to attract and retain key talent,
reliance on key partnerships, market risk
and economic instability, and so receives
additional focus as part of managing
these risks.
We identify climate risks and
opportunities through external
analysisand input from experts,
internal workshops, peer-group
discussions and ongoing horizon
scanning of external trends and
internal data. We review our impacts
every one to three years, depending
ontheir severity and time horizons.
We model impacts in different
regionswhere appropriate and
practical: for example, where physical
risks or customer sentiment vary
according to location. As the model
isbased on a series of estimates
andassumptions, the value at risk
identified is sensitive to changes
inthese assumptions.
Metrics and targets
The most significant and relevant
metrics we use to assess the
management of climate-related risksare:
• Meeting our Science Based Targets.
These are currently to reduce scope
1 and 2 emissions by 55% by 2030
and reduce scope 3 emissions by
20% from a 2017 baseline. These will
be updated in 2026 to reflect
business changes, including the
impact of new business
combinations and additions
• Delivering on the climate-related
goals within FasterForward, which
include reducing and compensating
for our carbon emissions,
maintaining CarbonNeutral
®
Company certification and working
towards net zero. Our progress is
described on page 32.
We also monitor how we perform
against peers and best practice through
the Climate Disclosure Project’s analysis
(CDP) and the S&P Global Corporate
Sustainability Assessment, which
include elements of performance on
climate change-related matters.
As part of our involvement with the Net
Zero Carbon Events initiative, we are
collaborating on the creation of event
industry-relevant metrics and reduction
programmes, which we expect to
incorporate into our monitoring
whenestablished.
Where to find key information  
More detail
Governance: Board oversight of climate-related risks and opportunities Page 7, Climate Impacts Report
(CI Report)
Governance: Management’s role in assessing and managing climate-related risks and opportunities Page 7, CI Report
Strategy: Short, medium and long-term climate-related risks and opportunities Pages 9 to 16, CI Report;
Page 74 in this report
Strategy: Impact on business, strategy and financial planning Pages 9 to 16, CI Report;
Page 74 in this report
Strategy: Impact of different scenarios on business, strategy and financial planning Page 75 in this report
Risk management: Processes for identifying and assessing climate-related risks Page 16, CI Report;
Pages 76 in this report
Risk management: Processes for managing climate-related risks Pages 17 and 18, CI Report
Risk management: How these processes are integrated into overall risk management Pages 17 and 18, CI Report
Metrics and targets: Metrics used to assess climate-related strategy, risks and opportunities Pages 19 and 20, CI Report
Metrics and targets: Scope 1, scope 2 and scope 3 greenhouse gas emissions and related risks Page 21 in this report;
Pages 12 and 13 in the 2025
SustainabilityReport
Metrics and targets: Targets used to manage climate-related risks and opportunities
andperformance
Pages 19 and 20, CI Report;
Pages 11 and 12 in the 2025
SustainabilityReport
Strategic Report
76
Informa Annual Report and Accounts 2025
Non-financial and sustainability information statement
Below are cross-references to information about how we manage the non-financial and climate-
related matters set out in Section 414CA(1) of the Companies Act 2006, along with further details.
Key policies are available on the Informa website.
Our business model:
See pages
10 and 11
Our principal risks and how
we manage risk:
Risk report
pages 62 to 70
Non-financial key
performance indicators:
KPIs
page 21
References and explanations
to amounts included in our
annual accounts:
Group Finance
Director’s review
pages 48 and 49
Colleagues:
Making the most of great
talent, pages 29 and 30
We have several policies that support
our culture and help us make the most
of our talent. Key is our Code of
Conduct, which sets out the standards
we expect from colleagues. It is
periodically reviewed by subject matter
experts, including HR and Compliance,
and approved by the leadership team.
Everyone acknowledges the Code and
completes training on it when they first
join, and there is refresher training at
regular intervals. Reports to HR,
Compliance and through our Speak Up
service, as well as our engagement
scores, are ways we monitor its
effectiveness. See page 21 for
moredetails.
Environmental matters:
Delivering on
sustainability
pages 31 to 33
We have several policies that help us
meet our sustainability goals. The
key one is the Sustainability Policy,
which covers the most impactful
areas for our goals, including energy
and waste efficiency in our offices.
Our Sustainability team works
closely with our property specialists
when they upgrade or take on new
offices to ensure adherence, and it
monitors performance by collecting
energy-related data annually – see
page 21 for more information.
Anti-bribery and anti-
corruption matters:
Audit Committee report
page 106
Our Anti-Bribery and Corruption
Policy sets out our standards. All
newstarters complete training on
the policy, with periodic refresher
training and further specialist
training for colleagues in
higher-exposure roles. We conduct
due diligence on higher-risk business
partners, including sales agents, and
investigate any reports of breaches,
terminating relationships where
breaches are found.
Social matters:
We aim to have a positive impact
andcontribute to the success of the
communities we work in and with.
Akey policy is our central Event Code
ofConduct, designed to enable all
attendees to enjoy and benefit from
our events through a focus on personal
and venue safety and security. We
monitor and manage compliance
through reports to our Speak Up
service, onsite operational teams,
andour health and safety incident
reporting tool. See page 69 for a
description of how we monitor and
report on health and safety.
Respect for human rights:
We support the UN’s Universal
Declaration of Human Rights. Our
Human Rights Policy sets out eight
key areas of human rights relevant
to how we work, including
responsible content and labour
practices, and how our colleagues
and business partners can uphold
them. Relevant subject matter
experts oversee the implementation
of standards in each area. Reports
through Compliance and the Speak
Up service are one way we monitor
their effectiveness.
Governance:
TCFD report
page 73
Identification,
assessment and
management:
TCFD report
page 74
Link to risk
management
processoverall:
TCFD report
page 76
Principal risks,
opportunities and
their time period:
TCFD report
page 74
Impact on and
resilience of business
model and strategy:
TCFD report
page 74
Targets:
TCFD report
page 76
KPIs:
TCFD report
page 76
Climate-related
financial disclosures,
risks and opportunities:
77
Informa Annual Report and Accounts 2025
Strategic Report G F A
Governance report
Governance
Contents
Informa’s Board
Board of Directors
79
Board review and activity
Chair’s introduction to governance
82
The Board’s year
84
Section 172 statement
88
Compliance with the UK Corporate
Governance Code 92
Committee Reports
Nomination Committee Report
95
Audit Committee Report
99
Directors’ Remuneration Report
109
Other governance information
Directors’ Report
124
Statement of Directors’ responsibilities
126
Governance
78
Informa Annual Report and Accounts 2025
Board of Directors
John Rishton
Chair
Appointed Non-Executive
Director in September
2016, Chair in June 2021
John brings significant
financial and international
commercial experience to
Informa. He was Chair of
theAudit Committee from
September 2016 until his
appointment as Board
Chairin June 2021.
John was Chief Executive of
Rolls-Royce Group PLC from
2011 to 2015, having been a
Non-Executive Director since
2007. His previous positions
include Chief Financial
Officer and then Chief
Executive and President of
Royal Ahold NV and Chief
Financial Officer of British
Airways PLC.
John is a Non-Executive
Director of Diageo PLC
andwill be appointed as a
Non-Executive Director and
Chair Designate of Imperial
Brands plc in July 2026,
taking up the role of Chair in
December 2026. He was
Chair of Serco Group PLC
until 31 December 2025 and
has also held non-executive
directorships at Unilever,
Associated British Ports,
Allied Domecq and Majid
AlFuttaim.
Stephen A. Carter CBE
Group Chief Executive
Appointed Non-Executive
Director in May 2010,
Group Chief Executive
inlate 2013
Before becoming Informa’s
Group Chief Executive,
Stephen was President and
Managing Director EMEA at
Alcatel Lucent Inc., Managing
Director and Chief Operating
Officer of ntl (now Virgin
Media) and Managing
Director then Chief Executive
of JWT UK & Ireland.
He was the founding
ChiefExecutive Officer
ofOfcom and both Chief
ofStrategy and Minister for
Telecommunications and
Media in the Government
of the former Prime Minister,
The Right Hon. Gordon Brown.
Stephen is a Non-Executive
Director of Vodafone PLC.
Healso represents Informa
on the Boards of Informa
TechTarget, BolognaFiere and
PA Media Group Limited.
Stephen was made a Life
Peer in 2008.
Louise Smalley
Senior Independent Director
Appointed October
2021,as Remuneration
Committee Chair in
January 2022 and as
Senior Independent
Director from
1December2024
Louise has extensive
experience of branded
consumer propositions and
a deep understanding of
talent management and
remuneration within large
UK and international
corporations. She attended
the Cambridge Institute for
Sustainability Leadership
and has experience
integrating sustainability
strategies.
Louise servedas Whitbread
plc’s Group HR Director,
where she was also an
Executive Director for nine
years, having held HR
directorships within
Whitbread’s Hotels &
Restaurants and David Lloyd
Leisure divisions. Before
joining Whitbread, she
worked in human resources
at Esso and BP Oil.
Louise is a Non-Executive
Director at AG Barr plc and
was a Non-Executive
Director at DS Smith plc until
September 2024.
Gareth Wright
Group Finance Director
Appointed July 2014
Gareth has considerable
experience in senior
financial roles across
multiple UK public
companies.
He joined Informa in 2009
and has held a variety of
positions within the Group,
including Deputy Finance
Director and Acting Group
Finance Director, before
being appointed as Group
Finance Director in July 2014.
Gareth also chairs our
RiskCommittee.
Before joining Informa,
Gareth held a variety of
roles at National Express plc,
including Head of Group
Finance and Acting Group
Finance Director. He
qualified as a chartered
accountant with Coopers &
Lybrand (now PwC).
Nomination Committee
Audit Committee
Remuneration Committee
Committee Chair
Member
79
Informa Annual Report and Accounts 2025
GovernanceS F A
Board of Directors continued
Gill Whitehead OBE
Non-Executive Director
Appointed August 2019
and as Audit Committee
Chair in June 2021
Gill brings significant
experience in the technology
and media sectors to
Informa. She is a member of
the UK Government Digital
Service’s Responsible AI
Advisory Panel and Visiting
Policy Fellow at the
University of Oxford’s
Internet Institute, focusing
on global developments in
online and AI safety.
From April 2023 to late 2024,
Gill was Group Director of
Online Safety at Ofcom and
Chair of the Global Online
Safety Regulator Network
for 2024. Before that, from
2021 to early 2023, she was
Chief Executive of the Digital
Regulators Forum, a
collaboration between the
UK’s largest regulators.
Gill spent four years as a
Senior Director atGoogle,
leading its Market Insights
and Client Solutions &
Analytics teams, and also
worked at Channel Four
and BBC Worldwide.
She began her career at
Deloitte Consulting.
Gill is a Non-Executive
Director of NatWest Group
plc and the British Olympic
Association, and Chair of the
Women’s Rugby World Cup
(England) 2025.
Maria Kyriacou
Non-Executive Director
Appointed July 2024
andas Non-Executive
Director responsible for
colleague engagement
inDecember 2024
Maria has extensive
leadership experience in
theglobal entertainment
market and listed
corporates, and is a qualified
chartered accountant.
Between 2020 and 2024,
Maria was President of
Broadcast & Studios for
International Markets at
Paramount Global and led
itsoperations in Australia,
UKand Israel, including
allfree-to-air, pay and
streaming brands. She spent
nearly ten years at ITV plc,
latterly as ITV Studios’
President, International.
Earlier in her career, Maria
worked for The Walt Disney
Company in finance, sales,
portfolio development and
commercial roles, including
as Senior Vice President
forDigital Media
Distribution EMEA.
Maria was appointed as
Chair of the Supervisory
Board at ProSiebenSat.1
Media SE in May 2025 and
has previously held Non-
Executive Director positions
at Wizz Air Holdings plc and
Fat Face Limited.
Joanne Wilson
Non-Executive Director
Appointed October 2021
Joanne brings strong
andcurrent financial and
operational experience to
theGroup.
Joanne is Chief Financial
Officer of WPP PLC with
responsibilities spanning
finance, enterprise
technology and real estate.
She was previously Chief
Financial Officer of Britvic
PLC, where she was
responsible for strategic
planning, investor relations
and IT, and also chaired
Britvic’s ESG Committee.
Joanne was formerly the
ChiefFinancial Officer at
dunnhumby, a customer data
science specialist and part of
the Tesco Group, having held
a range of international and
domestic financial and
commercial roles at Tesco.
She qualified as a chartered
accountant with KPMG before
transferring to Hong Kong
towork in its Corporate
Finance practice.
Zheng Yin
Non-Executive Director
Appointed December 2021
Zheng brings significant
senior executive experience
to the Board, providing
valuable local insights into
macro-economic and
commercial trends in China
and Asia, a significant
trading region for Informa.
Zheng is Executive Vice
President for China and East
Asia at Schneider Electric SE,
having previously held senior
business development and
strategy roles within the
Group. Before joining
Schneider Electric, Zheng
was Head of Business
Development for China for
Phillips and held senior
positions within Dow Jones
and Reuters in the US, Hong
Kong and Mainland China.
Governance
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Informa Annual Report and Accounts 2025
A Men – 54.55%
B Women – 45.45%
A British – 8
B British/Cypriot – 1
C American – 1
D Chinese – 1
A 0-3 years – 3
B 3-6 years – 3
C 6-9 years – 1
D 9 years + – 1
Board composition
A
B
Ethnicity
C
D
A
B
Gender
A
B
Tenu re
C
D
Non-Executive
Director tenure
Andrew Ransom
Non-Executive Director
Appointed June 2023
Andy brings extensive
current international chief
executive experience to the
Board, including a track
record of leading successful
product innovation and
digital transformation
andofdeveloping a
high-performance culture.
He hasmore than 30 years’
experience of creating value
through global mergers and
acquisitions and engaging
with stakeholders.
Andy has been Chief
Executive of Rentokil Initial
plc (Rentokil) since October
2013, having joined the
company in 2008 as
Executive Director of its
global Pest Control business.
Andy will step down as CEO
and Executive Director of
Rentokil on 16 March 2026.
Before joining Rentokil,
Andywas a member of the
executive management
team at ICI.
Andy is a patron of Malaria
No More UK.
Patrick Martell
Group Chief Operating Officer
Appointed March 2021
Patrick has significant
experience of B2B markets
anda track record of leading
businesses through both
digital transformation and
mergers and acquisitions.
Patrick has been Group
ChiefOperating Officer since
2018 and Chief Executive of
Informa Markets since 2023.
Between 2014 and 2022, he
was ChiefExecutive of
Informa Intelligence, leading
that division’s return to
growth through technology
and product investments
and improving operational
efficiency, before its
successful divestment.
Patrick was previously Group
CEO of St Ives, where he led
itssuccessful restructuring
andrepositioning.
With effect from 1 March
2026, Patrick stepped down
as an Executive Director of
the company in order to take
up the role of Board Chair
of Informa TechTarget. He
will continue to act as Group
Chief Operating Officer
and as Chief Executive of
Informa Markets.
Catherine Levene
Non-Executive Director
Appointed November 2024
Catherine is an
entrepreneur, executive and
Director with more than 25
years’ experience in the
digital and traditional media,
e-commerce and publishing
industries. She brings
additional experience in
technology, digital media
and publishing to the Board.
Catherine was President
ofMeredith Corporation’s
National Media Group
business, before it was
acquired by IAC’s Dotdash
in2021, having previously
held roles as Chief Strategy
Officer and Chief Digital
Officer. She co-founded
Artspace Marketplace, a
leading online marketplace
for contemporary fine art,
and spent almost a decade
at The New York Times in
abroad range of product,
business development
andstrategy roles for its
digital division.
Catherine is a Non-Executive
Director of Pitney Bowes,
Inc., AD.net, U.S. News &
World Report, and National
Public Radio, Inc.
Nomination Committee
Audit Committee
Remuneration Committee
Committee Chair
Member
81
Informa Annual Report and Accounts 2025
GovernanceS F A
Supporting
growth
Chair’s introduction to governance
As Informa focuses on making the most of the
positionit has built over the last decade, the Board
hassupported the leadership and the business as
itcontinues its pursuit of growth.
Thanks to a huge amount of hard work,
focus and dedication from colleagues
everywhere, Informa had another
successful year in 2025. The company
continues to have clear and compelling
growth opportunities looking forward
too, as set out by the leadership team
at our 2025 Capital Markets Day. As a
Board, we’ve seen these opportunities
with our own eyes all over the world
and met many of its stakeholders.
I’ve particularly enjoyed meeting
customers at various events and
hearing their overwhelmingly positive
feedback. The quality of our products
and services contributed to Informa
being named one of Britain’s Most
Admired Companies in early 2026: an
excellent and well-deserved recognition
for everyone involved in the business.
As global markets continue to be
unpredictable and ask new questions
of companies in every sector, Informa
and its businesses stand ready to
offernew and existing customers the
expert and trusted research, industry
connections, specialist insights and
experiences that they need to move
forward. Having worked hard in the
past decade to build our position
through organic growth, adding brands
and combining with other businesses,
this year’s effort has largely gone into
making the most of this strength,
continuing to increase the quality of
the business to benefit customers,
shareholders and colleagues. The
Board’s focus this year reflects that.
This is the remit of the One Informa
programme, which began in earnest
this year, and which the Board has
followed closely.
Equipping our people
tosucceed
Internally, one aspect of the programme
addresses the experience that our
colleagues have within Informa, making
sure they have the right tools to get
things done as efficiently as possible,
aswell as giving them opportunities to
excel in their careers.
A good working experience has a
positive impact on culture. The Board
takes a close interest in this aspect,
because motivated, committed
peopleare the beating heart of any
business. I’ve seen for myself a quite
extraordinary level of professionalism
and dedication from our colleagues,
whether they’re developing our brands
or setting out the vision for the future
of their part of the business at a
strategy meeting. Everywhere I go, I
see people’s enthusiasm manifesting
in different ways, from focusing on
deepening the engagement with
customers, to working with key
suppliers, to safety, and a passion
for sustainability initiatives such as
Better Stands.
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Informa Annual Report and Accounts 2025
This all-round commitment comes
through again this year as shown in
participation levels for Pulse surveys
and colleagues’ overall engagement in
the business, both of which would be
the envy of any leading business. It is
also pleasing to see growth in internal
mobility. This is a strong indicator that
people are more able than ever to have
fulfilling careers at Informa.
In 2025, we invested in AI development
and deployment acrossthe Group, and
oversaw the management of risks
associated with this area. A key
milestone overseen was the launch of
Informa’s AI capability through Elysia.
Elysia is designed to empower
colleagues and teams to do more, do it
faster and do itbetter. The steady
stream of new capabilities and
applications as Elysia has been further
developed has been exciting to see. As
a Board, we will monitor progress and
developments closely in the coming
year, as the business continues to
explore the possibilities and roll out
enhancements to this fast-evolving tool.
Making the most of
Informa’sstrengths
Looking externally, One Informa
alsofocuses on the experience of our
customers. The better that experience is,
the more likely customers are to wantto
deepen their relationship with Informa.
The Board has taken a close interest in
the new Informa Festivals business, which
focuses on events with experiences at
their heart. It was exciting and fascinating
to see first hand this business’s flagship
festival, Cannes Lions, for example, and to
feel the buzz it generated. It takes
multifaceted expertise to deliver this level
of impact, and as a Board we support the
ambition to build this type ofexperience
into other Informa brands, be they
transaction-led or more content-led
events.
One Informa is also about making the
most of our brands. One very tangible
way to do this is to introduce brands with
a strong presence in one territory to new
regions. As such an international
business, we now have a great ability
todo this. For the Board, the continued
success of our pharmaceutical industry
brand, CPHI, since its launch in the
Middle East in 2024 is a good example
ofthis ability in action and demonstrates
the potential to make even more of
Informa’s strengths.
Supporting our leadership
team and business
On behalf of the Board, I want to thank
Stephen and the leadership team for
their work in 2025. They continue to
guide the business with as much energy
as ever. This includes being present and
visible where our business is most
active, from Turkey and Thailand to New
York and Cairo. As a Board, we’ve once
again had a constructive, positive
relationship with Informa’s leaders.
This also applies to our engagement
with the business as a whole. Whether
it’s supporting the new Informa
TechTarget business in its foundation
year, discussing plans of our Taylor &
Francis academic publishing business,
or leading sessions at town halls in
New York, we’ve listened to and shared
our experience with colleagues at
alllevels.
Following the addition of businesses to
the portfolio in 2023 and 2024, in 2025,
the company focused more on how to
get the most out of those businesses
and our wider portfolio, having built
real market strength over the last
decade. The Board has strongly
supported this focus and been involved
in discussions about different growth
initiatives and partnerships, including
the strategic partnership with the Dubai
World Trade Centre that formally came
into effect in January 2026. Our ongoing
growth ambitions have figured in our
discussions on capital allocation as we
look to manage Informa’s leverage
appropriately, while continuing
toreward our investors
andpursueopportunities.
As we do each year, the Board also
spent time making sure the business
has robust succession plans in place,
including plans for my own succession
as Chair, discussed in more detail
onpage 97.
Looking ahead to 2026
Supporting Informa’s growth and
operations will be one of our key
interests as a Board in 2026, as it
always is. We’ll also continue to
monitor other issues, from managing
cyber risk to safeguarding our
colleagues, customers and contractors
by minimising health and safety risk
through ongoing improvements to
awareness and reporting. As well as
this, we’ll continue to prepare for the
introduction of provision 29 of the UK
Corporate Governance Code around
the Board’s monitoring of risk
management and internal controls.
In the coming year, we’ll also discuss
the renewal of Informa’s sustainability
strategy, FasterForward. It’s already
led to real success in important areas
such as reducing waste and making
relevant sustainability content part
of all our brands. In 2026, we’ll update
our targets for the next phase of
FasterForward, as the business
continues to make good progress in
reducing its carbon impact and waste.
In this, as in everything it does,
IexpectInforma to continue to draw
onthe enterprise, innovation and
professionalism that have brought the
business this far, and that promise
even greater rewards.
John Rishton
Chair
11 March 2026
83
Informa Annual Report and Accounts 2025
GovernanceS F A
The Board’s year
We continued to engage with our
stakeholders, including shareholders,
colleagues, customers and partners,
and to track operational improvement
programmes. We also stayed closely
connected with Informa’s individual
businesses as well as key topics of
interest such as AI and cyber security.
Given Informa’s international reach,
we’ve seen operations in all regions
atfirst hand, whether as a full Board
orindividually. This gives us valuable
insights into Informa’s products
andmarkets, the views of customers,
suppliers and colleagues, and its culture.
In 2025, Informa continued to
evolveand expand, integrating new
businesses and supporting existing
ones as they advanced their growth
strategies. The Board played an active
role throughout the year, providing
insight, guidance and oversight to
ensure these developments aligned
with the Group’s long-term objectives.
Supporting new businesses
Two of the most significant developments
from late 2024 and early 2025 were the
launch of the Informa Festivals business,
which includes colleagues and brands
brought on board from the acquisition
ofAscential, and the combination of
some of our businesses with TechTarget
to form Informa TechTarget. During the
year, we therefore spent time with these
new parts of Informa, monitoring
integration activities and understanding
their operations.
The Board has been closely following
the development of Informa Festivals,
recognising the importance of
experiential and experience-led events
as an important source of growth for
Informa. In June, we hosted our 2025
AGM in France in order for the Board to
participate in the Cannes Lions Festival
of Creativity. Given the importance
ofthis international showcase for the
creative, technology and marketing
industries, and its importance to the
Informa Festivals division, we felt it was
valuable for the Board to spend time
with the LIONS and wider Festivals
team. At the same time, we met
colleagues from our Prestige business
to stay up to date on developments in
the specialist Luxury and Lifestyle
market it serves.
Various Board members met with the
management team of Informa
TechTarget in Boston in 2025, sharing
their experience of the digital and data
services market and lending their
support as the new business worked to
establish itself as a combined company
and return to growth.
Engaging with high-growth
regions
We also spent time in Informa’s highest-
growth regions, such as the Middle East.
This gave us insights into the company’s
opportunities, informing the advice and
challenge that we provide. As a Board,
we approved the proposed partnership
with the Dubai World Trade Centre and
continued tofollow developments
closely in thelead-up to the launch in
early 2026of inD: a partnership that
brings together two of the region’s
leading B2B events businesses to
create aplatform for further growth.
Deepening insights across
keymarkets
In New York, we also held rapid
deep-dive sessionswith the teams
behind our most important North
American businesses. The detailed,
real-world insights they provided
helped us have better-informed and
more productive conversations at
ourannual strategy meeting.
In 2025, the Taylor & Francis Academic
Markets business advanced its plans
toevolve its operating model, including
restructuring teams to focus on
customer segments where we have the
most potential to expand, such as the
corporate market. We supported these
developments, meeting with CEO Penny
Ladkin-Brand and her leadership team
to understand the business’s evolving
direction and to offer our input.
Through these engagements, the
Board remained close to Informa’s
evolving businesses, ensuring that
our decisions and guidance remain
grounded in a deep understanding of
the Group’s operations, opportunities
and challenges.
Staying close to our evolving business
For the Board, 2025 was another busy year of overseeing
Informa’s performance, commercial success and operations,
and working closely with the leadership team.
Governance
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Informa Annual Report and Accounts 2025
Engaging with stakeholders
As a Board, one of our most important
roles is engaging with the company’s
stakeholders, including colleagues,
customers, partners and investors.
This engagement helps us make
better-informed decisions that
consider different points of view
andthe implications for each group.
Regular communication also gives
our key partners another way to
share their views and sustains their
confidence inthe business.
For more details about Board decisions
in relation to different stakeholder
groups, see our Section 172 statement
on page 88 and the Directors’
Remuneration Report frompage 109.
Board members spent consistent time
with colleagues during the year, through
strategy meetings, events and town
halls. Maria Kyriacou and Louise Smalley
held a small group roundtable with
colleagues from Informa Festivals as a
check-in on our newest business, and
together with our Chair, attended the
Informa Awards, to present an award.
John Rishton attended a town
hallinHong Kong, which coincided
withattending our Hong Kong Jewellery
& Gem event and meeting government
officials to discuss the impact of live
events on the local economy. Several
Board members also attended the AI
Summit in London and Money20/20
event in Las Vegas, taking the
opportunity to meet customers and
colleagues, including those participating
in the Showmakers programme.
Following a town hall in New York
inOctober, Board members led
discussion groups focused on topics that
are particularly important to Informa
and colleagues, such as the rollout of
theOne Informa programme, the role
ofAI in product innovation and career
development. Colleagues were able to
hear our viewson Informa’s growth
prospects and our experience from
outside of thecompany, and wealso
received insights into our colleagues’
perspectives on these areas.
Informa has grown and transformed
in the past decade, and its priority
now is to make the most of this
growth and the investments of
recent years. Thisis the purpose
ofthe One Informa programme.
By helping the business to improve our
customer proposition and operate as
efficiently as possible, the programme
is a key part of positioning Informa for
further growth and development.
As a Board, we continued to support
theleadership team as it laid the
groundwork for One Informa in 2024,
and we followed progressclosely as it
moved from planning to delivery in
early 2025.
Drawing on our collective experience of
managing growth in other businesses,
we’ve had regular updates on progress
across all four focus areas: marketing,
brand, customer experience and
colleague experience. In particular, we
explored how the programme could
create new ways for divisions to work
together, creating new opportunities for
shared success and driving efficiencies.
We also discussed other developments
including simplifying technology,
enhancing customer engagement
andsupporting colleagues’
careerdevelopment.
These efforts are designed to ensure
that One Informa not only delivers
operational improvements but also
strengthens the Group’s culture and
capabilities, enabling it to continue
delivering value for all stakeholders.
Overseeing
One Informa
85
Informa Annual Report and Accounts 2025
GovernanceS F A
The Board’s year continued
Focusing on people
and culture
A positive working culture is a
cornerstone of a growing, high-
performing business. The Board
therefore keeps a close eye on
colleague sentiment, because this
isan indicator of the overall health
of thebusiness. We receive regular
updates on people and talent,
including recruitment, retention
andtraining, as well as updates
oninclusion and diversity.
We monitor culture through a range
ofdata points including insights
fromthe annual Pulse engagement
survey and reports, to the Speak Up
whistleblowing service. In 2025, over
12,000 colleagues took part in our
Pulse survey, contributing more than
50,000 comments. Engagement scores
were strong overall, with consistent
and high scores from our established
businesses, while newer areas and
those in transition were more mixed.
We have supported the leadership
team in looking into these differences
further and responding to the
questions raised.
We also receive regular updates on
compliance and governance matters,
including the company’s annual
Modern Slavery Act Statement,
whichwereviewed and approved.
The Board is encouraged by the
company’s continued focus on
fostering a strong workplace culture.
Efforts to encourage internal mobility
led to internal candidates filling 44%
ofopen roles in 2025 and we also
supported the launch of The Campus
learning platform featuring an AI-led
career coach to help colleagues explore
development opportunities and
advance their careers.
As Board members, we welcome the
chance to get first-hand insight into
Informa’s culture by seeing individual
parts of the business for ourselves and
meeting colleagues. These interactions
consistently highlight the dedication,
professionalism and customer focus
ofcolleagues across all locations. This
clear commitment to their roles and to
delivering for customers is a testament
to the strength of Informa’s culture and
its people.
AI represents significant
opportunities forInforma, offering
the potential to enhance efficiency,
innovation and growth across the
business. It’s being embraced across
the business, and we are also mindful
of, and managing, relevant risks
appropriately, whether by keeping
our data and intellectual property
secure or by complying with the
constantly evolving regulations.
As a Board, we helped the business
tostrike a balance between the two,
with a perspective rooted in individual
Board members’ experience and
expertise, both in technology and
other businesses. This is important
inmaking sure that the company
continues to be ambitious in using
AIto pursue its strategy.
In 2025, we monitored the launch
andexpansion of Informa’s proprietary
AI capability, Elysia, which empowers
colleagues and teams get more done,
faster, while limiting the risk of data
loss through public AI tools. This
included exploring the expected
benefits for our colleagues
andcustomers.
Through the Audit Committee, we also
oversaw developments such as the
company’s AI governance programme,
including the establishment of the AI
Council. This Council provides a
structured framework for managing AI
across the business, ensuring that its
use is ethical, secure and aligned with
Informa’s values and strategic priorities.
Advancing
the possibilities
of AI
Monitoring
cyber security
Cyber security continued to be a
focusin 2025, reflecting the increased
complexity and frequency of cyber
threats. As a Board, we received
regular updates on Informa’s
effortsto mitigate cyber threats
andmake its systems more resilient.
These efforts included measures
suchas penetration testing, attack
simulations and ongoing
improvements to security protocols.
After a UK Government request to large
organisations, the Board also reviewed
the company’s position to make sure
wefollow the principles of the Cyber
Governance Code of Practice and signed
up to the National Cyber Security
Centre’s Early Warning service. As part
of this, the Board also confirmed we
require vendors to follow cyber security
standards such as Cyber Essentials.
For more about how our Audit
Committee monitored the business’s
work on cyber, see page 104.
Governance
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Informa Annual Report and Accounts 2025
As set out in the 2024 Annual Report,
in light of the Board appointments
during the second half of 2024,
theexpected completion of the
Ascential acquisition and the
combination with TechTarget, the
externally facilitated Board review
was postponed until 2025.
Russell Reynolds was appointed to
undertake this review, which was
focused on making sure the Board was
operating at its most effective, and that
it possessed the right skills and
capabilities, was aligned with Informa’s
strategy, supported management’s
ambitions and represented the interests
of shareholders and other stakeholders.
As part of the review, all Directors and
the Company Secretary completed a
confidential online survey. In-depth
one-on-one interviews followed to
explore in more detail their views of
strategy, challenges and opportunities,
governance arrangements and
processes, Board composition and
contributions, as well as the way in
which the Board functioned overall.
Thefinal report was reviewed and
discussed in December 2025.
The overall findings from the review
confirm that Informa has a highly
effective and high-performing Board.
The results reflect the alignment
among the Directors, who recognise
the Board’s distinctive strengths and
its collective impact.
The review identified a number
ofstrengths, including:
• The Board worked well together
andhas a highly engaged, collegiate
culture, which is closely aligned with
that of the business.
• The leadership team view the Board
as approachable, and Directors
consistently participate in key
eventsand receive broad
enterprise-wide exposure.
• The Chair fosters an open and
inclusive culture, ensuring that both
Executives and Non-Executive
Directors are engaged and
empowered to contribute and
challenge when required. Each
Director is deeply committed to
investing the time and energy
necessary to support strong
governance and contribute to the
ongoing success of the business.
• There is a robust and mutually
respectful relationship between the
Chair and Group Chief Executive.
• There is an appropriately diverse
representation on the Board in terms
of experiences, capabilities and
background, with members
contributing well.
• The Committee Chairs are held in
high regard by fellow Board and
Committee members, and each
Committee operates well.
• Board operations are effective, with
a supportive secretariat. Meetings
focus on discussion rather than
presentations. Onboarding and
exposure to the business were
considered to be best practice.
The review identified certain areas for
development that include a continued
focus on future opportunities for
growth, ensuring the culture of
constructive challenge continues and,
when appropriate, using external
presenters to look at emerging trends
and technologies.
Separate to the external effectiveness
review, the Senior Independent
Director led the review of the Chair’s
performance during the year. The
outcomes strongly reinforced the
findings of the external effectiveness
review, especially with regard to
fostering an open and inclusive culture.
Board members appreciate the Chair’s
guidance, feedback and receptiveness
to different perspectives. He continues
to invest considerable time outside
Board meetings to gather insights and
foster relationships with colleagues
across the Group, with external
partners and with stakeholders.
As a result, the unanimous view
isthatthe Chair continues to be
highlyeffective and provided strong
leadership to the Board, the leadership
team and the Group throughout 2025.
Board performance review
Board attendance
Director Board
1
Audit Nomination Remuneration
John Rishton
4
8/8 – 1/3 –
Stephen Carter 8/8 – – –
Gareth Wright 8/8 – – –
Patrick Martell 8/8 – – –
Louise Smalley 8/8 – 3/3 4/4
Maria Kyriacou 8/8 4/4 3/3 –
Catherine Levene
2
7/8 – 3/3 3/3
Andy Ransom 8/8 – 3/3 4/4
Gill Whitehead 8/8 4/4 3/3 –
Joanne Wilson 8/8 4/4 3/3 –
Zheng Yin
3
7/8 – 3/3 4/4
1 Excluding meetings held at short notice or Board Sub-Committee meetings
2 Catherine Levene was unable to attend a meeting in January 2025 due to a diary clash in place
before her appointment
3 Zheng Yin was unable to attend a meeting in April 2025 due to the date being changed at short notice
4 John Rishton did not attend the Nomination Committee meetings which related to the
Chair‘ssuccession
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Informa Annual Report and Accounts 2025
GovernanceS F A
Section 172 Statement
Informa’s success is based on creating benefits for all
stakeholders. The Board fully considersstakeholder interests
in order to make sure the company is wellpositioned for the
long term as well as the near term.
Our approach
At Informa, we are committed to
fulfilling the responsibilities outlined in
Section 172 of the Companies Act 2006,
which requires the Directors to act in a
way that promotes the success of the
company for the benefit of its members
as a whole, while also considering the
interests of other stakeholders such as
colleagues, partners, customers and
suppliers. The general principles in the
legislation are intrinsic to how Informa
thinks and operates, and these are
firmly embedded in our culture.
The way we work as a Board reflects
this commitment. Guided by the Chair
and supported by the Group Chief
Executive, we ensure that each Board
meeting is structured to encourage
diverse perspectives and robust
discussions. This ensures that each
Director can share their different
perspectives and contribute to the
Board’s overall decision making.
Informa’s Directors are appointed for
the strength and diversity of their skills
and experience, including their recent
and relevant executive and non-
executive experience. This helps bring
a breadth of views and insight to our
decision making and ensures that we
remain attuned to the evolving needs
of our stakeholders.
The Non-Executive Directors spend a
considerable amount of time in and
around the business and, as described
on pages 84 to 86, they regularly engage
directly with colleagues. We also engage
with customers and business partners
when the opportunity arises – whether
at Informa’s events or during the
formation of new partnerships.
Presentations and management
reports also give us insight into
current stakeholder interests, and
we take these into account when
making decisions that align with our
long-term strategy.
The Board holds annual strategy
meetings, where the divisions present
their three-year plans for review,
debate and approval. These reviews
consider capital investment, the Group
budget, investor returns and future
resourcing requirements. Informa’s
leadership team continues to follow a
consistent strategy to accelerate
growth and deliver long-term benefits
for investors and other stakeholders.
Our principal decisions in 2025
The whole Board takes business decisions collaboratively with
input from members of the leadership team. Certain topics, such
as approving significant transactions, key financial decisions, and
the Group’s long-term objectives and commercial strategy, are
reserved for the Board’s approval. These reserved matters,
detailed on our website, reflect the importance we place on
collaborative and informed decision making.
Opposite are two examples of decisions we took as a Board during
the year and they help illustrate our approach to Section 172.
Background
In March 2025, Informa
announced a strategic
partnership with DWTC,
combining our B2B Events
business in the United Arab
Emirates and broader IMEA
region with DWTC’s B2B events
business. This partnership was
designed to create greater scale
and unlock new opportunities
in one of the world’s fastest-
growing markets for B2B
events, reinforcing Informa’s
commitment to driving growth
and innovation in the region.
Approving inD – a strategic
partnership with the Dubai
World Trade Centre (DWTC)
Balancing capital
allocation decisions
Background
We recognise the importance of
balancing the interests of our
key stakeholders – investors,
colleagues and customers –
when making decisions on
capital allocation. Our capital
allocation framework is
designed to deliver sustainable
growth and consistent returns,
combining organic investment
into the business, progressive
dividends for shareholders,
inorganic investment
opportunities and an annual
commitment to share
buybacks. This approach
ensures we remain agile,
resilient and focused on
creating long-term value.
Governance
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Informa Annual Report and Accounts 2025
Decision
The decision to approve this partnership
was the result of a thorough and
collaborative process by the Board. We
carefully reviewed the businesses that
were contributed by both parties,
alongside the governance principles for
the combination. This included
evaluating the key reserved matters, and
the short- and long-term effects on our
customers, suppliers and colleagues.
To ensure the partnership was
structured for success, the Board
established a sub-committee to
approve the final terms, which it did
before the announcement on 6 March
2025, with completion taking place on
19 January 2026.
Following initial approval, the Board
received regular updates on progress
towards completion, including:
• Day One readiness: This included
approving an internal reorganisation
of the brands and other assets that
would form part of inD
• Leadership appointments:
Reviewing the brief for the role of
inDChief Executive Officer and
leadership team appointments
• Brand identity: Agreeing the
partnership’s brand identity to
ensure that it reflects its regional
ambition and regional focus.
We were satisfied that the partnership
would provide colleagues and
customers with greater opportunities.
It was also confirmed that there would
be no change to the employment terms
for any inD colleague as a result of the
combination of the businesses,
ensuring stability and continuity
fortheteam.
Outcome
This strategic partnership strengthens
the relationship with the DWTC and
positions us to capitalise on the growing
demand for B2B events in the IMEA
region. Colleagues will also benefit
fromenhanced career progression
opportunities, while our customers will
benefit from expanded venue capacity
and long-term growth opportunities.
As a Board, we are confident that the
partnership will drive regional growth
and strengthen Informa’s position as
aglobal leader in B2B live events.
Colleagues
Partners
Customers
Investors
Investors
Colleagues Customers
Decisions
In 2025, the Board undertook a series
of discussions to address key capital
allocation priorities, including the
€700m of EMTN borrowings that were
due to mature in October 2025. This
included considering:
• the state of the debt capital market
and its potential volatility.
• the uncertain geopolitical
environment and its impact on
financial planning.
• the business’s ongoing capital
expenditure requirements.
• the financial headroom available if
the maturity was financed without
raising new debt.
We also reflected on the timing and
appropriate size of any new EMTN
issuance, should we decide that this
would be the most appropriate way of
financing the maturity.
After careful consideration, in May,
weagreed that the company should
undertake a new EMTN issuance,
raising €700m in the EMTN markets
inearly June. These borrowings fully
financed the October maturity.
In addition to addressing debt
maturity, the Board made several
decisions to deliver returns for
investors. In March 2025, we
recommended a 2024 final dividend of
13.6p per share (paid in July) and an
initial 2025 share buyback programme
of £200m. Later in the year, we
declared an interim dividend for 2025
of 7.0p per share in July (paid in
September) and increased the share
buyback programme by a further
£150m, taking the total commitment
for 2025 to £350m.
Outcome
We continue to be satisfied that our
capital allocation framework strikes the
right balance between balancing the
need for investment in the business and
to provide returns for our investors.
Issuing more EMTN borrowings to fully
repay the maturity provided continuity
in the Group’s debt capital strategy and
maintained financial flexibility. We also
continued with our stated progressive
ordinary dividend policy, and our share
buyback programme underscored our
commitment to delivering consistent
returns to shareholders.
We’re satisfied that our capital
allocation framework continues to be
appropriate and that the decisions
taken during the year positioned the
Group for continued growth while
balancing stakeholder interests and
maintaining financial resilience.
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Informa Annual Report and Accounts 2025
GovernanceS F A
Stakeholder engagement
Board engagement during 2025
Large institutional investors hold most of Informa’s
issued share capital, mainly through ordinary
shares and a small American Depository
Receiptsprogramme.
Informa also has debt investors through its
EMTNissuances.
Board engagement
We meet investors first hand as part of the Chair’s
annual investor roadshow. In 2025, the Chair was again
joined at most of these meetings by Louise Smalley, our
Remuneration Committee Chair.
The Group Chief Executive and Group Finance Director
present our full-year and half-year financial results to
investors and meet institutional investors throughout
the year to discuss the business and respond to
anyconcerns.
The Chair joined the Capital Markets Day held in Dubai,
meeting investors and analysts.
The Director of Investor Relations provides an update
toeach Board meeting summarising industry news and
details of investor engagement and key trends. We also
regularly receive analyst and broker reports.
Impact of engagement
We consider the views and feedback from investors
andanalysts when we discuss the company’s capital
allocation plans, particularly regarding our share
buyback programme and dividend recommendations.
To allow shareholders to attend our AGM wherever they
are, we provided a livestream and electronic meeting
platform in 2025. This allowed our shareholders to follow
the meeting, ask questions and vote in real time.
Informa takes pride in maintaining close
relationships with key business partners, such
asjoint venture partners, major event contractors
and suppliers, and representatives from host cities.
Board engagement
Whenever we get the opportunity, we meet key partners
in person. In 2025, this included meeting business
partners, venue partners and city representatives in
North America, the Middle East, Europe and Asia.
The Group Chief Executive and Group Chief Operating
Officer also give us regular updates on key developments
with our business partners and major suppliers.
Impact of engagement
Through our engagement with business partners,
suppliers and representatives from the cities where
weoperate, we broaden our understanding of what’s
important for them and how Informa can offer support.
This deeper understanding informs our discussions of
future company strategy.
How we promote Informa’s success
How we consider the long term
For more than a decade, Informa’s leadership team has followed a consistent strategy to accelerate growth and deliver
long-term benefits for investors and other stakeholders. The general principles laid out in Section 172 are intrinsic to how
Informa thinks and operates, and are firmly embedded in our culture.
The One Informa programme will maximise the platform built in the past 10 years by investing in the customer experience,
the colleague experience and technology. More details about the programme’s progress are given from page 22.
The Board holds annual strategy meetings where divisions present their three-year plans for review, debate and approval.
These reviews consider capital investment, the Group budget, investor returns and future resourcing requirements.
Business partnersShareholders
Governance
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Informa Annual Report and Accounts 2025
We have more than 14,000 colleagues working in over
30 countries around the world. Their specialist
knowledge and day-to-day contributions drive our
business, products and customer service. Engaging
with our colleagues and ensuring that Informa
provides opportunities to develop and retain talent
are our priorities.
Board engagement
For details of how the Board engaged with colleagues
during 2025, see pages 84 to 86.
The Group HR Director provides twice-yearly updates on
talent, culture, engagement and inclusion matters,
including the results of the annual Pulse survey.
Impact of engagement
Through our regular engagement with colleagues, and
byreceiving feedback from our annual Pulse surveys,
wecan better understand what matters most to our
colleagues. For example, at breakout sessions following
the New York town hall in October, we spoke informally
to colleagues about subjects such as AI deployment
within the business and career development.
Hearing this direct feedback, together with analysing the
results of the annual Pulse survey, allows us to monitor the
company’s culture and support senior leadership as they
continue to strengthen talent and development initiatives.
We have a large and diverse customer base.
What they all have in common is that they work in
specialist markets and need relevant, high-quality
knowledge and connections to help them do more
asprofessionals and businesses.
Board engagement
We meet customers first hand when we attend Informa
events. In 2025, this included speaking to our customers at
events in Europe, North America, the Middle East andAsia.
The Group Chief Executive provides regular performance
updates, with more information coming from divisional
CEOs during the year.
See page 85 for more details on the discussions at our
annual strategy meetings.
Impact of engagement
By meeting our customers face to face, and through
regular reports, we can monitor how the business is
responding to their needs.
Engagement with divisional colleagues also allows
ustomore fully understand customer trends in our
Academic Markets and B2B Live Events businesses.
This helps us to take better informed decisions in all
our businesses, especially around strategy and capital
allocation, to make sure that Informa invests in the
products and services that bring the most benefit to
our customers.
How we consider our operations and the environment
Sustainability is embedded into everything Informa does. The initial FasterForward programme, approved in 2020, has now
concluded and we will take time in 2026 to review and discuss the next stage of our sustainability programme. FasterForward
has directed our focus to the areas where Informa makes most impact. See pages 31 to 33 for more details of how we embed
sustainability in our operations.
How we consider business conduct
The Board sets the tone for Informa’s culture and lead from the top in the way that we engage with colleagues, customers
and investors, and consider stakeholders’ interests in our decisions. We review and approve policies that set out our agreed
guiding principles and accepted behaviours for all colleagues, including our Code of Conduct, which is supported by
mandatory training for everyone.
We also approve the company’s annual Modern Slavery Statement and the most recent of these is on our website.
Colleagues Customers
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Informa Annual Report and Accounts 2025
GovernanceS F A
Compliance with the Code
Our Statement of compliance summarises how Informa has applied the principles of the 2024 UK Corporate
Governance Code (the Code), available at frc.org.uk, and how we have complied with its provisions. It should be
readalongside the Strategic Report on pages 4 to 77, and the Governance Report, including the Directors’
Remuneration Report, on pages 79 to 126.
The Board confirms compliance with the Code’s provisions for the year ended 31 December 2025, except for provision 19
(Chair’s tenure), which is detailed on page 93.
Board leadership and
company purpose
A. The Board’s role
The Board sets objectives, monitors
progress and ensures alignment with
business culture. Reserved matters are
approved by the Board, while others
are delegated to Committees or
Executive Directors. Board and
Committee papers are shared securely
before meetings, with updates
provided by Committee Chairs. The
business model and principal risks are
detailed on pages 10 and 11 and 65 to
70, respectively.
B. Purpose, values, culture
andstrategy
Informa’s purpose is to champion
specialists, connecting businesses and
professionals with knowledge that
helps them to learn more, know more
and do more. Each year, the Board
holds a multi-day offsite event to
review the Group’s strategy, when
members of the leadership team
present and discuss their forward-
looking plans. Informal meetings with
senior colleagues also help to foster
trust and build productive
relationships.
The Board also sets the tone for the
company’s culture, leading by
example and guided by the principles
in our Code of Conduct. Details of
how the Board monitors culture are
on page 86.
C. Governance reporting
The Board ensures that resources align
with objectives and that performance
is measured effectively. The Board met
eight times during 2025, and all
Directors continue to act in the best
interests of the company, consistent
with their statutory duties.
Details of the Board’s year are on pages
84 to 87, Board biographies are on
pages 79 to 81 and attendance
information is on page 87.
Potential conflicts of interest are
reviewed annually. No unresolved
concerns about the operation of the
Board or the management of the
company were raised during 2025.
D. Shareholders and stakeholders
The Board engages with all our
stakeholders, including shareholders,
colleagues, customers, business
partners and suppliers. The Board also
receives reports from the leadership
team about their own engagement,
feedback and actions.
The Chair, usually joined by the
Remuneration Committee Chair, again
held his annual shareholder roadshow
with major institutional investors.
Stakeholder engagement details can be
found in The Board’s year on pages 84
to 87, in our section 172 statement and
disclosures on pages 88 to 91 and in
the Directors’ Remuneration Report
from page 109.
E. Colleague policies and practices
Maria Kyriacou is our designated
Non-Executive Director for workforce
engagement, and during 2025, she
spent time with our HR and Inclusion
leaders to understand colleagues’
perspectives on life at Informa.
All our Board members engage and
spend time with different colleague
groups throughout the year. This year,
this included participating in town halls
and small group discussions, and
attending events such as the Informa
Awards and Walk the World.
Our Code of Conduct provides detailed
information on our commitments and
expectations regarding workplace
behaviour and practices. It applies to all
Informa colleagues, including Board
members, contractors, consultants and
business partners. Procedures are in
place to allow any colleague to report
concerns in confidence – either through
their line managers and senior
management, orthrough our
independent and confidential
whistleblowing service, Speak Up. This
service is also open tothird parties,
including suppliers andcontractors.
Governance
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Informa Annual Report and Accounts 2025
Division of responsibilities
F. Board Chair
John Rishton has been Chair of the
Board since June 2021, and was
considered to be independent when
hewas appointed. As Chair, John is
responsible for leading the Board and
ensuring its effectiveness. During
Board meetings, he encourages each
Director to participate, fostering a
culture of openness and constructive
debate where diversity of thought is
valued and encouraged.
G. Board composition
The names and biographies of our
Board Directors are set out on pages
79 to 81 and are also available on
our website.
Our independent Non-Executive
Directors make up 70% of our Board,
excluding the Chair, and each remains
independent. No one person or small
group dominates the Board’s decision
making. The roles of the Chair and
Group Chief Executive are separate,
and each has clearly defined
responsibilities. The division of
responsibilities between members of
the Board is available on our website.
H. Non-Executive Directors
Our Non-Executive Directors provide
independent oversight and
constructive challenge to the
leadership team, helping to develop
proposals around strategy and
scrutinising the company’s
performance in meeting its agreed
goals and objectives. They provide a
balance of views in Board discussions
and offer strategic guidance and
specialist advice. The Non-Executive
Directors also meet regularly without
Executive management being present.
Our Senior Independent Director is
Louise Smalley who, in this role, acts as
a sounding board for the Chair and
serves as an intermediary for the
otherDirectors if necessary. The Senior
Independent Director also provides
anadditional point of contact for
shareholders and other stakeholders,
and leads the evaluation of the
Chair’sperformance.
As well as preparing for and attending
Board and Committee meetings, the
Non-Executive Directors spend time in
meetings or on telephone calls with the
Chair, the leadership team, colleagues,
stakeholders and advisers.
The Non-Executive Directors consult
the Chair if they are considering taking
on other significant appointments,
having thought about how another
appointment might affect their time
commitment to Informa. Details of the
approvals given during the year are on
page 96. With the Board’s approval, the
Executive Directors may accept one
other external non-executive
appointment and may keep any fees
paid to them. Members of the Board
may also be asked to sit on the boards
of joint ventures or other companies in
which the Group has an investment.
I. Policies and processes
All Directors have access to the advice
and services of our Company Secretary,
and can also take independent advice
relating to the performance of their
duties at the company’s expense. The
Company Secretary is responsible for
advising the Board on all governance
matters and supporting the Board to
make sure that the right policies,
processes, information and resources
are available to allow them to work
effectively and efficiently.
Composition, succession
andperformance
J. Board appointments
The Nomination Committee’s report on
its work during 2025 can be found on
pages 95 to 98.
The Nomination Committee is
responsible for overseeing Board
appointments, Committee
membership, Board and Executive
Committee succession planning, and
diversity and inclusion matters. All
Directors offer themselves for
re-election by shareholders annually.
Our Board Inclusion and Diversity
Policy can be found on our website,
while details of the gender identities
and ethnicity of our Board members
and senior management are set out on
page 98.
K. Skills, experience and knowledge
The Nomination Committee uses a
matrix to ensure that the skills,
experience and knowledge of the
current Directors reflect those that the
Committee believes are appropriate
forthe Group’s business and
strategicrequirements.
The Committee is also mindful of the
need to regularly refresh the Board
and to monitor the length of service of
the Directors.
The Chair reached the ninth
anniversary of his first appointment to
the Board in late 2025. The Nomination
Committee, led by the Senior
Independent Director, has begun the
process of recruiting a successor. More
details are given on page 97.
L. Board performance review
During 2025, Russell Reynolds was
appointed to undertake an external
performance review of the Board and
its Committees. The outcomes of the
review are given on page 87.
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Informa Annual Report and Accounts 2025
GovernanceS F A
Compliance with the Code continued
Audit, risk and internal control
M. Independence and effectiveness
of internal and external audit
The Audit Committee’s report on its
work in 2025 can be found on pages 99
to 108.
The Committee is responsible for
overseeing financial and narrative
reporting and for assessing the
effectiveness and objectivity of
ourexternal and internal auditors.
TheCommittee also oversees the
independence and effectiveness of
ourinternal audit function and
reviewsthe relationship and
independence of our external auditor,
PricewaterhouseCoopers LLP (PwC).
The Committee has adopted a policy
for approving all audit and non-audit
services by the external auditor to
make sure that its independence is
notimpaired.
N. Fair, balanced and
understandable assessment
The Board considers this Annual
Report, taken as a whole, to be fair,
balanced and understandable, and to
provide the information shareholders
need to assess the company and the
Group’s position and performance,
business model and strategy.
Before making this recommendation
tothe Board, the Audit Committee
reviewed the process for preparing the
Annual Report and the way in which
the Group’s overall prospects and
financial position are disclosed.
The content of the Annual Report is
reviewed by a working group of key
contributors, making sure that all
required disclosures are transparent
and understandable before it is
reviewed by the Audit Committee.
TheCommittee makes sure that the
narrative reporting is consistent with
the Financial Statements, the wider
economic environment and any
information previously communicated
to investors, analysts and other
stakeholders, and that the content
ofthe Strategic Report and the
Financial Statements are aligned.
Moreinformation on the fair,
balancedand understandable
statement can be found on page 101.
The Group’s viability analysis, Viability
Statement and Going Concern
Statement can be found on pages
71 to 72.
O. Risk management and internal
control framework
The Board is responsible for setting
theGroup’s risk appetite and making
sure that there is an effective risk
management framework. It has
delegated responsibility to the Audit
Committee for overseeing the
effectiveness of the Group’s risk
management and internal control
systems. For details of how the
Committee reviewed these controls,
see pages 103 and 104.
Details of the Group’s principal and
emerging risks, and how they are
assessed, managed and mitigated, are
set out on pages 60 to 70. The Audit
Committee and the Risk Committee
work with the Board to review, oversee
and mitigate risks, and each year the
Board or relevant Committee reviews
each of the principal risks in detail.
More information about our Risk
Committee can be found on page 103,
while details of how Informa is
preparing for Provision 29 of the
Codecan be found on page 104.
Remuneration
P. Remuneration policies
andpractices
The Remuneration Committee’s report
on its work in 2025 is set out on pages
109 to 123.
The Committee is responsible for
determining, approving and reviewing
the company’s global remuneration
principles and frameworks, making
sure that they support the Group’s
strategy and are designed to promote
our long-term sustainable success.
Q. Procedure for developing the
remuneration policy
The current Directors’ Remuneration
Policy was approved by shareholders
inJune 2024 and can be found on
ourwebsite.
The Committee also sets the policy for
executive remuneration arrangements
that prioritise the Group’s long-term
strategy and allow us to recruit and
retain suitable talent, as well as to
review the remuneration arrangements
for the wider workforce. The Committee
Chair regularly consults the company’s
major investors and advisers about
remuneration proposals.
R. Remuneration outcomes and
independent judgement
No Director is involved in determining
their own remuneration arrangements.
The Committee considers business
plans, individual performance
outcomes and input from the Audit
Committee, when determining
remuneration outcomes.
Governance
94
Informa Annual Report and Accounts 2025
Nomination Committee Report
John Rishton
Chair of the Nomination
Committee
Informa’s Nomination Committee
ensures that members of our Board
have the right skills and attributes
to support the leadership team in
fostering an inclusive culture and to
meet the Group’s strategic priorities.
As we continue to explore new
strategic partnership opportunities,
and implement the One Informa
programme, it is important that we
retain an experienced and diverse
Board to be a source of support and
challenge to the leadership team.
Having welcomed two new members
to the Board during 2024, in 2025,
Board membership remained constant,
with no additional appointments. We
did however review the membership
of Board committees, leading to
Catherine Levene’s appointment to
the Remuneration Committee from
March 2025.
We continued to consider the balance
of skills and experience needed to help
the Board to be effective. Assessing
balance was part of this year’s external
review of Board performance, which
concluded that the Board has a good
breadth of expertise of the type that is
important to Informa’s strategy. Details
of the review are on page 87.
As usual, we conducted our annual
review of the succession plan for the
leadership team. The Group Chief
Executive and Group HR Director
joined us for the initial part of
thesediscussions.
The Committee also considered the
succession plan for my role as Board
Chair. Our Senior Independent Director
chaired those meetings and more
details are on page 97.
Monitoring talent initiatives
One of our roles as a Committee is to
oversee Informa’s efforts in fostering
an inclusive culture and to monitor the
effect of its talent initiatives.
We were particularly pleased to see an
ongoing increase in the proportion of
vacancies being filled internally, rising
from 30% in 2024 to 44% in 2025. We
see this as a great endorsement of
Informa’s internal mobility programme.
As in past years, we welcomed the
chance to meet colleagues in different
settings and regions to sample the
company’s culture for ourselves. For
more on this, see The Board’s year,
onpages 84 to 86.
I confirm that the Board meets the UK
Listing Rules’ requirements, with more
than 40% of Board members being
female, including the role of Senior
Independent Director, and our
Boardincludes representation
fromminorityethnic backgrounds.
John Rishton
Committee Chair
11 March 2026
Committee
responsibilities
• Review the membership of the
Board and its Committees so
that there is a broad mix of
skills and experience that is
suited to the Group’s
strategicpriorities.
• Recommend suitable
candidates for the role of
Senior Independent Director
and as members of
BoardCommittees.
• Make sure that succession
plans are in place for the Board
and senior management, and
oversee the development of a
diverse pipeline for succession
in the Group.
• Monitor the effect of talent
and inclusion initiatives across
the Group.
The Committee’s full terms of
reference are available on
ourwebsite.
95
Informa Annual Report and Accounts 2025
GovernanceS F A
Details of our Directors’ experience
and qualifications are given in their
biographies on pages 79 to 81.
In addition to the skills that the Directors
bring to the Board, ongoing and tailored
training is provided to enhance their
knowledge of the Group and the matters
affecting it. The Directors voluntarily
complete the same key training modules
as all colleagues in order to understand
what the business is focusing on and
what’s expected of everyone. In 2025,
this included modules on fraud
prevention and respect at work.
Managing time commitments
The Committee confirmed that all
Non-Executive Directors continue to
commit substantial and sufficient
timeto Informa to discharge their
responsibilities effectively, by attending
Board and Committee meetings and
company events, and by engaging with
colleagues, shareholders and investors.
All Non-Executive Directors remain
independent and provide a valuable
contribution through their diverse
knowledge, skillsand experience.
Wehave recommended that each one
is reappointed at the 2026 AGM.
TheBoard considers that Non-Executive
Directors holding additional board
appointments and, where relevant,
executive roles in other organisations
bring significant benefits to the
company. These external roles mean
that Non-Executive Directors remain
closely connected to current market
practice, regulatory developments, and
emerging commercial, technological and
governance trends across sectors.
Committee membership
All our independent Non-Executive
Directors are members of the
Committee, and their biographies are
given on pages 79 to 81. While not a
member, the Group Chief Executive is
typically invited to attend Committee
meetings, except when matters
concerning him are discussed. Other
senior managers are also invited to
attend meetings when relevant.
The Group Company Secretary is
secretary to the Committee and
attends all meetings.
The Committee met three times during
the year but, as in previous years,
discussions and debates on topics that
are part of the Committee’s remit were
often conducted during Board meetings.
Board performance review
and training
The Committee asked Russell Reynolds
to undertake an external review of
theperformance of the Board, its
Committees and our Directors in
late2025. The Board discussed its
conclusions (see page 87) in December.
Russell Reynolds has also been
appointed to support the Committee
inthe search for a new Board Chair
andprovides external search support
for other senior roles within Informa.
The review assessed the skills, experience
and diversity of our Directors in relation
to Informa’s needs. The matrix below
shows that the Board has a good breadth
of expertise across the 10 disciplines that
are particularly important to Informa’s
business strategy:
Such relevant experience enhances the
quality of the strategic challenge and
insight they bring to Board discussions,
promotes the sharing of good practice,
and strengthens the Board’s ability to
anticipate opportunities and risks in a
rapidly evolving business environment.
Non-Executive Directors may accept
additional appointments with the
Chair’s or the Board’s approval,
provided that they continue to allow
sufficient time for their responsibilities
to Informa.
John Rishton’s external roles changed
during 2025. He retired as Chair of
Serco Group plc at the end of the year
and was appointed as a Non-Executive
Director of Diageo PLC from
1 November 2025, for which Board
approval was granted. In early 2026,
the Board also approved John’s
appointment as aNon-Executive
Director and Chair Designate of
Imperial Brands PLC. Hewill take up
the Non-Executive Director role in July
2026 and becomeChair in December.
Maria Kyriacou was also given Board
approval for her appointment as
Chairof the Supervisory Board of
ProSiebenSat.1 Media SE from
28May2025.
The Code allows Executive Directors
tohold one non-executive directorship
in a FTSE 100 company or other
significant appointment. Stephen A.
Carter serves as Non-Executive Director
at Vodafone Group PLC. Neither Gareth
Wright nor Patrick Martell hold
disclosable appointments.
Experience and skills
Technology and digital transformation
9
11
8
11
10
7
8
5
7
7
B2B operations
Media, publishing or digital sector
Strategic planning
Business transformation and integration
People, talent and remuneration
Corporate transactions
Sustainability and ESG
Finance and capital markets
Risk management
Nomination Committee Report continued
Governance
96
Informa Annual Report and Accounts 2025
Planning for Chair succession
In September 2025, John Rishton reached the ninth anniversary of his
appointment to the Board, having joined as a Non-Executive Director and
Chair of the Audit Committee in September 2016. He was appointed as
Board Chair in June 2021.
The Code recommends that the chair of a board should not serve beyond
nine years from the date of their first appointment, although some
flexibility is allowed, particularly in cases where the chair was an existing
non-executive director. Considering this recommendation, and
acknowledging the benefits ofrefreshing Board membership periodically,
the Committee concluded:
• Board performance review outcomes: The recent external review
highlighted strong satisfaction with John’s leadership and independence,
and his deep understanding of Informa’s operations and strategy. His
continuing and substantial time commitment to Informa was also noted
• Global experience: John’s expertise in international business, cross-
border finance and global markets, particularly in the Middle East,
remains invaluable as we continue to develop our partnership with DWTC
and strengthen our Tahaluf partnership in Saudi Arabia
• Board stability: Following the appointment of new Directors in 2024 and
the relocation of key executives in 2025, leadership continuity is critical
As a result, the Committee unanimously agreed that extending John’s
tenure as Chair was in the best interests of the company and its
stakeholders. Although we have begun a process to find his successor, John
has agreed to seek re-election at the AGM in 2026 – but not in 2027 – in
order to ensure that there is a smooth handover with his successor. This will
allow sufficient time to identify and transition to a new Chair. Therefore,
wewill propose John’s re-election as a Director at the AGM in June 2026.
We have appointed Russell Reynolds to support the search for a new Chair.
Russell Reynolds is a signatory to the Voluntary Code of Conduct for
Executive Search Firms, and its expertise of the UK and international
markets will help us to identify a candidate with the skills, experience
andcultural intelligence to lead the Board and support it in directing
thecompanyeffectively.
Russell Reynolds also conducted the 2025 Board performance review and
provides external search support for senior roles within Informa.
We will announce the new Chair’s appointment during 2026, with that
person taking up their role in early 2027.
Louise Smalley
Senior Independent Director
Succession planning
After a number of changes were made
to the Board in 2024, 2025 has been
stable – the only change was the
Committee’s recommendation that
Catherine Levene become a member
ofthe Remuneration Committee from
early March 2025. As the business
continues to grow in scale and
complexity, we willcontinue to review
the Board’s composition to make sure
that it retains a balanced mix of skills,
experience andperspectives to
support the Group’sstrategy.
Senior leadership development also
continues to be a priority. In 2025, as
inprevious years, we held a private
session with the Group Chief Executive
and Group HR Director to review
succession plans for Executive
Committee members and other key
senior leaders. This process helps to
identify future leaders based on merit
and objective criteria, and considers
the benefits of gender, social, ethnic
and cognitive diversity.
Supporting a culture
ofinclusion
Our Committee continues to support
Informa’s inclusive culture, where
diverse perspectives and backgrounds
are valued equally. The Group HR
Director provides us with regular
updates on the company’s talent
programme and on how all colleagues
have access to opportunities for growth,
development and career advancement.
In 2025, we considered management’s
work to enhance the internal mobility
programme and to support career
development. Committee members
also joined colleagues in London and
New York to discuss career paths and
to share their own experiences (see
page 85). The Committee was pleased
to see that internal hiring rates have
increased once again, from 30% in 2024
to 44% in2025.
Decisions about Board appointments
will continue to be merit-based and will
consider the benefits of a diversity
ofperspectives, experiences and
backgrounds. This approach
supportsour truly diverse
andinternational business.
97
Informa Annual Report and Accounts 2025
GovernanceS F A
As a company listed on the London Stock Exchange, Informa is required to disclose certain numerical data on the ethnic
background and gender identity of members of the Board and our Executive Committee at 31 December 2025, our chosen
reference date.
1
The data was collected by the Company Secretary from each individual and is shown in the table below.
Number of
Board
members
% of the
Board
Number of senior
positions on the
Board (Chair, CEO,
CFO, SID)
Number in executive
management
% of executive
management
Women 5 45.5 1 3 21.4
Men 6 54.5 3 11 78.6
Not specified/prefer not to say – – – – –
Number of
Board
members
% of the
Board
Number of senior
positions on the
Board (Chair, CEO,
CFO, SID)
Number in executive
management
% of executive
management
White British or other White
(including minority-white groups) 10 90.9 4 14 100
Mixed/multiple ethnic groups – – – – –
Asian/Asian British 1 9.1 – – –
Black/African/Caribbean/Black British – – – – –
Other ethnic group, including Arab – – – – –
Not specified/prefer not to say – – – – –
1 See UK Listing Rule 6.6.6R and Annex 1
Nomination Committee Report continued
Governance
98
Informa Annual Report and Accounts 2025
Gill Whitehead
Chair, Audit Committee
Informa’s Audit Committee plays a
critical role in ensuring the integrity
of the Group’s financial reporting,
internal controls, and risk management,
in a business delivering strong year-on-
year growth and expansion.
As Informa continues to grow, in
2025, the Audit Committee focused
on the company’s expansion
activities, as well as governance
matters around data and the use
ofAI. We also continued to review
technology governance and the
workbeing done to maintain cyber
security and prepare for new
regulations on material controls.
Overseeing expansion plans
Informa delivered another year of
significant growth in 2025 based on
strong performance in its specialist
markets. The Committee has paid
close attention to these expansion
plans, including our new inD
partnership in the Middle East, giving
consideration to the supporting
capabilities that will be needed both
centrally and regionally as the Group
continues to grow and develop.
We spent time on the recent Informa
TechTarget combination. The
combination happened at the end of
2024, with Informa TechTarget now
forming one of our majority-owned
operating divisions. We closely
reviewed the methodology and
judgements supporting the mid-year
impairment of goodwill, and were
encouraged by its growth in Q4.
In 2025, it became clear that the
volume of work needed to support
Informa TechTarget in meeting its S4
filing and ongoing quarterly SEC
reporting requirements, together with
the work to remediate control
deficiencies that are material at the
subsidiary level (but not at the
InformaGroup level), was greater
thananticipated.
We’re pleased to see that these early
issues have been resolved after
intensive efforts from all teams
involved, including an agreed workplan
for remediating the control
deficiencies. Both Informa TechTarget
and the Group have also strengthened
the Finance team’s capacity and
capability in light of the Group’s
continued growth.
Improving data and
AIgovernance
Amid the dynamic landscape of AI
technologies, our focus in 2025 was to
make sure that Informa established
strong foundations to underpin the
business’s responsible use of AI. To this
end, we reviewed and approved the
widening of focus of our principal risk
dealing with privacy regulation so that
it also explicitly includes the
management of those risks related to a
failure to use data and AI technologies
responsibly. As a Committee, we
dedicated time to discuss this evolving
principal risk inthree of our four
meetings thisyear.
As in previous years, we continued to
focus on the maturity of data privacy
inthe business, noting its third year
ofimprovement since our annual
monitoring began. The business
established an AI Council during the
year, made up of cross-disciplinary
colleagues reporting to the Chief
Commercial Officer. The Council is
responsible for seeing that Informa
develops and deploys AI tools in a
co-ordinated and responsible way.
Itsearly activities included drafting
anAI Governance Charter, which we
reviewed and approved.
Internal Audit commissioned an
external specialist review to evaluate
the company’s overall AI governance
practices against key elements from
recognised best practice frameworks.
The Committee reviewed the findings,
noting their commendations in several
areas as well as their recommendations
for change. The Committee confirmed
the intention to conduct another
third-party review in 2026 to make sure
that the new governance frameworks
are being implemented as intended.
Reviewing new material
controls and fraud prevention
requirements
In preparing for the Board’s first
declaration under Provision 29 of the
Code regarding the effectiveness of
Informa’s material controls at the end
of 2026, the Committee focused on the
methodology for defining, testing and
assuring these controls.
The Committee scrutinised the
definition of materiality thresholds
andthe scope of testing and assurance,
and received confirmation that the
workplan supporting the declaration
was on track. In early 2026, the
Committee will review the results of
management’s walkthroughs of
material controls at the 2025 year end,
along with the proposed approach to
assurance for 2026.
In September 2025, the new reporting
requirements around a failure to prevent
fraud (FTPF) came into effect. During
theyear, we reviewed the adoption of
processes and controls to ensure the
delivery of our response to this risk and
challenged management’s view
regarding the adequacy of protection.
Committee members took part in the
fraud awareness training that Informa
has introduced for colleagues.
Audit Committee Report
99
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GovernanceS F A
Audit Committee Report continued
Monitoring technology
resilience and cyber security
The Committee maintained a strong
focus on cyber security and technology
governance. Under the One Informa
programme, our technology landscape
is being simplified and the Fortify
programme continued its work to
enhance technology data quality,
service resilience, application lifecycle
management and cloud foundations.
We maintained oversight of Fortify’s
KPIs and progress, noting that it
remains on track and is performing
asthe business intended.
In response to the UK Government’s
advice to businesses regarding cyber
security, received in October 2025,
we can confirm that the company is
already aligned with the principles
and vendor standards that the
Government recommends.
Looking ahead
In light of the increased demands
on the Audit Committee and the
continued growth of the business,
I began an exercise towards the end of
the year torefresh our audit agenda.
This will make sure that we spend our
time where it’s most needed in the
coming year.
In 2026, we intend to focus more time
on the Group’s continued expansion,
One Informa, cyber and AI, as well as
overseeing the continued building of
capability and capacity in the Finance
function, and making sure that the inD
partnership is fullyenabled.
We note the UK Government’s decision
to withdraw the UK Audit Reform Bill
and carry out a consultation on
simplifying and modernising corporate
reporting requirements. These
developments are consistent with
ourown appetite to grow and operate
atpace, underpinned by good
governance, and we look forward
toparticipating in the consultation.
Thank you
I’d like to thank my Committee
colleagues, Maria Kyriacou and Joanne
Wilson, for their input, support and
diligence during the year, and PwC,
ourexternal auditor, for their ongoing
support. I’m also grateful for the
support of all my fellow Non-Executive
Directors and the members of the
leadership team who attended
ourmeetings and contributed
toourdiscussions.
Finally, on behalf of the Committee,
I’dlike to thank our Group Finance
Director, Gareth Wright, and all
members of the Finance team for
theirhard work and dedication in 2025.
Gill Whitehead
Chair, Audit Committee
11 March 2026
Governance
100
Informa Annual Report and Accounts 2025
Committee membership
Gill Whitehead has been Chair of the
Audit Committee since June 2022,
working alongside our other Committee
members Joanne Wilson (appointed
October 2021) and Maria Kyriacou
(appointed July 2024), whose biographies
are given on pages 79 to 81. All Non-
Executive Directors are invited to attend
Committee meetings and are particularly
encouraged to attend those that consider
the full-year and half-year results.
Gill and Joanne are Fellows of the
Institute of Chartered Accountants and
have significant financial experience in
several sectors. Maria is also a qualified
chartered accountant. Gill and Joanne
are considered to have recent and
relevant financial experience, as
requiredby the Code. The Board is
satisfied that the Committee as a whole
has knowledge and competence relevant
to the markets in which Informa
operates. The mix of its members’
financial and business experience allows
for effective discussion, challenge where
appropriate and oversight of critical
financial matters.
Other regular attendees at Audit
Committee meetings include the
BoardChair, the Group Chief Executive,
the Group Finance Director, the Group
Chief Operating Officer and Head of
Internal Audit, as well as our external
auditor. None of these attendees is a
member of the Committee. Other
members ofthe leadership team are
invited to attend when relevant.
The Group Company Secretary is
secretary to the Committee and
attends all meetings.
Reviewing financial
reporting
One of our key responsibilities as a
Committee is to review, evaluate and
recommend the Annual Report to the
Board, having made sure that the
Annual Report provides a fair, balanced
and understandable assessment of the
company’s position, business model,
performance, strategy and prospects.
During our considerations, we:
• Assess the process for preparing
andverifying the Annual Report,
seeking input from appropriately
qualified colleagues
• Ensure that our accounting policies
andpractices are appropriately
applied, particularly for significant
transactions, and confirm compliance
with accounting standards and other
regulatory financial reporting
requirements, including the Code
• Evaluate material accounting
assumptions, estimates and
significant judgements or key
matters identified during the
audit,and review the application
andeffectiveness of internal
financialcontrols
• Confirm that the company’s
remuneration consultants have
reviewed and commented on the
Directors’ Remuneration Report
Before recommending the Annual
Report to the Board, we make sure that it
is reviewed by internal stakeholders, the
external auditor, Committee members
and all members of the Board.
More details about our fair, balanced
and understandable reporting are
given on page 94.
Committee
responsibilities
• Monitor the integrity of the
company’s and Group’s
Financial Statements and
anyformal announcements
relating to financial
performance – and, where
requested by the Board,
review the content of the
Annual Report and confirm
whether, taken as a whole,
itisfair, balanced and
understandable.
• Review significant financial
reporting judgements, issues
and estimates relating to the
Financial Statements.
• Review and monitor the
effectiveness of the Group’s
internal financial controls and
its risk management systems
andprocedures on the
Board’sbehalf.
• Oversee compliance,
whistleblowing and fraud
programmes, approve
Grouppolicies in relation to
accounting, tax and treasury
matters, and monitor legal
andregulatory requirements
around financial reporting.
• Monitor the effectiveness of
the Internal Audit function and
approve the annual internal
audit plan.
• Assess the effectiveness of the
external audit process, review
and monitor the external
auditor’s independence and
objectivity, approve the policy
for the external auditor to
supply non-audit services, and
make recommendations to the
Board about the appointment,
reappointment and removal
ofthe external auditor, its
remuneration and terms
ofengagement.
The Committee’s full terms
ofreference are available on
ourwebsite.
101
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GovernanceS F A
Audit Committee Report continued
Considering significant accounting and reporting matters
The Committee considered the following significant accounting and reporting matters during the year.
Area of focus and action taken Outcome
Viability and going concern
At the full year, we conducted a review of the company’s viability
and going concern status to support the respective statements in
the Annual Report. The modelling required to support these
statements used the same financial projections as the annual
impairment review.
The Committee reviewed and challenged management’s
assumptions underpinning the preparation of the Financial
Statements on the going concern basis, as well as the
appropriateness of the Viability and Going Concern
Statementsinthe Strategic Report.
We reviewed the severe but plausible scenarios that management
considered, which are modelled on three of the Group’s principal
risks – economic instability, market risk and inadequate response
to a major incident, as well as the Group three-year business plan
and the mitigating actions that are available to the Group.
Having considered and challenged the assumptions supporting
management’s assessment, the Committee was comfortable
recommending to the Board that it adopts the going concern basis
ofpreparation for these Financial Statements.
We also concluded that the Viability and Going Concern Statements
(shown on page 72) are appropriate.
Goodwill impairment testing
At the half year, a review of divisional performance and the market
capitalisation of Informa TechTarget (ITT) identified the need for a
full impairment review of the ITT division. No other group of cash
generating units (CGUs) were triggered at this time.
The Committee reviewed the appropriateness of the key
assumptions and valuation methodology applied in the
impairment assessment. Additionally, we reviewed the sensitivity
analysis conducted as part of the impairment review.
At the full year, an annual impairment review was conducted to
evaluate the recoverability of goodwill and net assets in all groups
of CGUs as at 31 December 2025. We noted the method adopted
followed a similar approach to prior years. We also reviewed the
assumptions made by management and the sensitivities applied
tothe impairment model for each group of CGUs.
The Committee was satisfied that the assumptions and resulting
impairment charge of £484.2m in relation to ITT at the half year were
reasonable and that the associated disclosures were appropriate.
The Committee reviewed, discussed and, where necessary, challenged
management assessments for each group of CGUs at the full year.
Thisincluded consideration of whether the key assumptions and
sensitivities used were appropriate.
Having reviewed the methodology used, the Committee concluded
that the carrying value of goodwill in the balance sheet could be
supported and that no impairment was required at 31 December
2025. We also agreed that the related disclosures are appropriate.
The full impairment assessment disclosures are given in Note
15 to the Consolidated Financial Statements
Informa TechTarget
Following the combination of the Informa Tech digital businesses
with TechTarget Inc. in December 2024 to create ITT, the Committee
reviewed management’s plans for the ITT integration and how
those plans were carried out during 2025.
We considered the respective responsibilities of ITT’s and Informa’s
Audit Committees, internal controls (including Sarbanes-Oxley
(SOX) implementation), risk management and external financial
reporting. We also reviewed how the corporate functions of both
ITT and the Group could collaborate to support this new division
and the integration programme.
We noted management’s proposed approach and reviewed the
implementation of each area during the year.
The Committee remains cognisant that it is ITT’s own Audit Committee
that is responsible for overseeing the division’s financial reporting and
SOX compliance. Nevertheless, we monitor the progress of the
integration programme and receive updates on the ITT SOX
programme as ITT’s SOX compliance will support the Group’s future
reporting against Provision 29 of the Code.
We are pleased to see that early reporting issues have been resolved
and that both the Q2 and the Q3 10-Q filings were compliant with SEC
reporting deadlines. We also note that ITT expects to submit its FY
2025 10-K filing on or around 11 March 2026.
Euro Medium Term Notes (EMTN) maturity and new borrowings
The Committee reviewed and considered the risk management
used to mitigate the currency exposure between the euro-
denominated EMTN issued in June 2025 and US dollar repayments
due on the EMTN maturing in October 2025.
We noted that a third-party adviser had supported management
toproduce appropriate hedge documentation and
accountingconsiderations.
The Committee concluded that the currency risk management, as well
as the hedge documentation and accounting, were appropriate.
Governance
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Informa Annual Report and Accounts 2025
Financial Reporting Council
(FRC) corporate reporting
review
The Committee reviewed a comment
letter from the FRC addressed to the
company, which was received in
October 2025, relating to its review of
the Group’s Annual Report and
Accounts for the year ended
31 December 2024. We were pleased to
note that the letter confirmed that the
FRC had no questions or queries to
raise. The FRC highlighted two technical
areas within the notes to the Financial
Statements where disclosures could
be enhanced to give greater clarity.
The Committee and management
have taken these suggestions into
account when preparing this 2025
Annual Report.
We note that the FRC’s review does
not provide assurance that the 2024
Annual Report was correct in all
material respects, because the FRC’s
role is not to verify information but
to consider compliance with
reporting requirements.
Sustainability reporting
The Group has prepared its 2025
sustainability disclosures in line
withTCFD guidance, which is consistent
with last year. The Committee
discussed when to update the
assumptions and approaches within
the TCFD model toreflect the latest
climate science, andagreed with
management’s recommendation that
this takes place in the second half of
2026, ahead of the 2026 Annual Report.
Following the EU Commission’s
publication of its Omnibus Simplification
recommendations (February 2025) and
Stop-the-Clock Directive (April 2025),
Informa’s CSRDreporting requirements
have been deferred to the year ending
31 December 2027. The directive
proposed raising several key thresholds,
including employee numbers and net
turnover, but Informais still expected to
fall within the scope of the regulations,
including some of its European
subsidiaries. We will therefore continue
to monitor preparations for CSRD
– including the approach of double
materiality assessments and expanding
third-party assurance to include scope 3
GHG emissions – and are confident that
management is ready to meet these
reporting requirements on the due date.
The Committee also considered the
Group’s preparations for implementing
mandatory reporting under UK
Sustainability Reporting Standards
(UKSRS). Subject to the outcomes of the
FRC consultation process, which will end
shortly, UK SRS are expected to replace
the current requirement to report
under the TCFD framework for
accounting periods beginning on
orafter 1 January 2027.
In light of the Group’s global footprint,
we are also monitoring international
reporting requirements, particularly in
Australia, California, Mexico, Spain and
the UAE.
Other financial compliance
As part of our annual agenda, the
Committee reviewed and approved
theGroup’s Treasury Policy and its Tax
Policy and Tax Governance Framework.
The Tax Policy is available on the
Informa website.
Overseeing risk management
and internal controls
The Board has delegated responsibility
to the Committee for overseeing the
effectiveness of Informa’s risk
management and internal control
systems. Recognising that achieving
business objectives will involve taking
appropriate risks, Informa has
implemented a system of internal
controls designed to manage material
risks by addressing their causes and
mitigating their potential impact. This
system provides reasonable, though not
absolute, assurance against material
mis-statement or loss, ensuring that the
cost-of-control procedures do not
exceed their expected benefits.
The leadership team, led by the
GroupChief Executive, regularly reviews
operational and financial performance,
material risks and mitigation strategies,
with each division operating
autonomously within a robust internal
control framework. The Committee and
the Board regularly review the overall
risk management and internal control
processes, which comply with the FRC’s
Guidance on Risk Management, Internal
Control and Related Financial and
Business Reporting.
The executive Risk Committee
supports this process by ensuring
effective risk management and by
monitoring the effect of business risks.
Chaired by the Group Finance Director,
the Risk Committee includes senior
leaders such as the Group Chief
Operating Officer, Group General
Counsel, Group HR Director, Group
Head of Risk and other key executives.
It meets at least four times a year,
withparticipation from operating
divisions and Global Support functions
as needed.
The Risk Committee’s key
responsibilities are to:
• Conduct regular, robust assessments
of principal and emerging risks,
including those that could threaten
the Group’s business model,
performance, solvency or liquidity
• Review the Group’s risk assessment
processes, metrics and mitigation
actions
• Provide guidance to the Audit
Committee on risk appetite
andtolerance
• Evaluate the effectiveness of internal
controls and risk management
systems, including all material
financial, operational and
compliance controls
• Oversee the Group’s global approach
to health and safety risks and data
privacy regulations
• Review the adequacy and security
ofwhistleblowing arrangements for
colleagues and contractors
A summary of the Risk Committee’s
activities is provided at each Audit
Committee meeting and to the
Boardas necessary.
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GovernanceS F A
Audit Committee Report continued
The Group’s principal and emerging
risks are discussed and assessed at
thehalf year and full year, including
changes to risk exposures and the
consideration of associated and
emerging risks. As a Committee, we
also undertake deep dives at least
annually into those risks under our
responsibility, which in 2025 included:
• Reliance on key partnerships – March
• Ineffective change management
–June
• Data loss and cyber breach – June
• Technology failure – July
• Inadequate regulatory compliance
– July
• Using data and AI responsibly – June,
July and December
We considered the Risk Committee’s
process in assessing emerging risks,
including how the scope of each
riskisreviewed and updated, where
necessary. This process led to
enhancing principal risk 8 to reflect its
potential to drive changes and
improvements to our products and
markets, to monitor sensitivity around
the use of AI across the business, and
to expose intellectual property and
sensitive or valuable proprietary data.
More details on Informa’s approach to
emerging risks are given on page 61.
By considering updates from the Risk
Committee and reports from both
internal and external auditors on the
effectiveness of the Group’s risk
management and internal control
systems, and after our own independent
investigations, the Committee confirmed
to the Board that we did not identify any
significant control deficiencies during the
year. After presenting these conclusions
to the Board, we confirmed that we
weresatisfied that the Group’s risk
management and internal control
systems had been effective throughout
the year and that the Board had fulfilled
its obligations under the Code.
More details on the Group’s risk
management framework, approach to
risk and principal risks can be found
on pages 60 to 70.
Provision 29 of the Code –
Material Controls declaration
The first declaration of material
controls effectiveness will be as at
31 December 2026, and the Group
remains on track to meet this deadline.
The Committee and the Board have
chosen not to adopt Provision 29
oftheCode early for the year ended
31 December 2025.
A programme was established in
2024to review and, where necessary,
improve and remediate Informa’s
control environment to prepare for
thedeclaration of the effectiveness
ofmaterial controls. During 2025,
theCommittee monitored progress
inmeeting the objectives set for the
year, which were to:
• Implement quarterly self-
certification of control effectiveness
by the Global Business Services team
and review the control evidence
retained
• Remediate any material control
issues the Internal Audit team
identified as at 31 December 2024
• Perform business and technology
controls maturity assessments for
specific divisions or brands
• Document and assess the control
maturity of any businesses and
supporting technology acquired
during the year
• Develop divisional control
frameworks to support the Board’s
material controls effectiveness
declaration
• Retest the effectiveness of material
controls by Internal Audit
• Monitor the segregation-of-duties
remediation process for technology
systems of high importance
All but the final objective were completed
by year end. While remediation of the
final objective remains in progress, we
concluded that no material control issues
were identified.
PwC provided feedback on the
approach to the programme to
management and to theCommittee.
We have adopted an implementation
plan, taking these recommendations
into account, for2026.
Ongoing attention to
cybersecurity
Throughout 2025, the Committee and
the Board maintained a strong focus
on cyber security and governance,
particularly regarding the risk of
unauthorised and criminal access
tothe Group’s technology systems.
The Committee, on behalf of the
Board,conducted in-depth reviews of
areas of concern and emerging risks,
and closely monitored the Group’s
approach to cyber security and data
loss, challenging management where
necessary to ensure that robust and
effective defences are in place.
During the year, we:
• Assessed the risk profile of the
principal risks related to data loss
and cyber breach, reviewed how
these risks were managed (including
emerging risks) and agreed on the
proposed mitigating actions
• Received updates on annual
all-colleague cyber security
trainingand ongoing
awareness-building activities
• Reviewed the findings from the
cyber-attack simulation exercises
conducted during the year, which
test and enhance organisational
security, and supported the resulting
recommendations from
management and external advisers
• Evaluated the ongoing technology
integration risks associated with
acquisitions and divestments
• Supported management in its
continued efforts to enhance the
Group’s cyber security measures
Governance
104
Informa Annual Report and Accounts 2025
Our Committee Chair delivers a formal
update to the Board four times a year
after each Committee meeting,
outlining the actions being taken to
manage cyber risks. Additionally, the
Group Chief Operating Officer provides
at least quarterly updates to the Board
on technology solutions and services.
The Director of Strategy and Business
Planning also gives an update on how
the One Informa programme is
streamlining technology resources and
facilitating the retirement of legacy
solutions. This, and because other
Non-Executive Directors consistently
and voluntarily attend Committee
meetings and actively participate
indiscussions and debates, makes
surethat the Board as a whole
comprehensively considers cyber
security risks and responses.
In October 2025, against a backdrop of
increasingly hostile and sophisticated
cyber activity, Informa, along with
other large organisations, received
aletter from the UK Government in
relation to minimum standards of
cyber security for the company and
itssuppliers.
The Board reviewed Informa’s position
against the Government’s request and
confirmed that the company is already
aligned with the principles of the Cyber
Governance Code of Practice and
signed up to the National Cyber
Security Centre’s Early Warning
service.The company also already
requires key vendors to adhere to
leading cyber security standards,
including Cyber Essentials (this being
the minimum standard of cyber
security recommended by the UK
Government),to support a robust
andsecure supply chain.
Enhancing technology
governance
As a Committee, we conducted our
annual in-depth review of technology
failure risk, recognising that a prolonged
loss of critical systems could significantly
affect the company’s ability to deliver its
products and services.
We observed significant progress in
mitigating this risk through the Fortify
programme, a multi-year programme
requiring co-ordinated efforts across
four key areas: technology data
management, service resilience and
excellence, cloud foundations and
supplier performance metrics.
Theprogramme has established a
framework to support future ways
ofworking and set standards for the
Group that are focused on those
four areas.
In 2025, we reviewed progress to
identify key applications and streamline
the Group’s complex and evolving
technology estate. This work includes
aligning the Fortify programme’s
priorities with the company’s broader
work to simplify our technology
landscape under One Informa – work
that will require continued focus as the
programme continues.
Informa also engages leading third-
party experts to rigorously test its
cyber defence capabilities. This
includes conducting targeted cyber
security exercises and regular
penetration testing to identify
vulnerabilities and strengthen the
Group’s resilience against evolving
cyber threats.
Monitoring compliance,
whistleblowing, fraud and
data privacy
Our Committee is responsible for
overseeing the Risk Committee’s work
to review the Group-wide compliance
and assurance framework, including
our whistleblowing, fraud and bribery
prevention procedures, and the ways
in which Informa ensures data privacy.
The Head of Group Compliance and
Chief Privacy Officer attend Board or
Committee meetings during the year
toreport on their respective functions
and responsibilities.
Embedding sanctions controls
Informa continues to closely monitor
changes in international trading
regulations and has implemented robust
controls to ensure compliance with US,
UK and EU laws, as well as UN rules, to
prevent prohibited transactions.
Our Committee acknowledged the
ongoing progress in the Group’s
sanctions programme, enacted through
strengthened controls across platforms
and improved screening capabilities to
support those areas of greater risk to
the business. We also recognised the
increasing sophistication of efforts by
sanctioned countries and corporations
to circumvent restrictions, which are
being mitigated through additional and
broader screening checks by the
Finance and Compliance teams.
Reports from the Risk Committee detail
the actions being taken to address
sanctions compliance. These include
conducting divisional risk assessments,
collaborating with the relevant Global
Business Services team and internal
financial controls, performing a biannual
screening of potentially high-risk
countries, and delivering regular, focused
and relevant training programmes.
Through these measures, we are
confident that Informa maintains
aneffective sanctions programme,
ensuring compliance with its legal
obligations and meeting the
expectations of our banking partners.
105
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GovernanceS F A
Audit Committee Report continued
Strengthening confidence
inSpeak Up
Informa has established processes
forany colleague to report concerns
inconfidence, either through line
managers, HR managers, the internal
Compliance team, or an independent
and confidential multilingual
whistleblowing service, Speak Up.
The Head of Group Compliance
presented us with a summary of
engagement activities undertaken
during the year, which included
continued focus on raising awareness
through training and communication
campaigns, and increasing trust
through targeted efforts in countries
with lower historical levels of reporting.
Reporting to the Committee and
theBoard was also enhanced by
integrating Speak Up reports with
HRgrievance data for a more
comprehensive overview.
The presentation also outlined how
theGroup’s Respect at Work Policy
andassociated training have been
updated to address increased
obligations to implement adequate
procedures preventing workplace
sexual harassment, including specific
measures to inform appropriate
conduct at events.
As well as providing the Committee with
an annual summary of whistleblowing
reports, highlighting the broad themes
raised and actions taken, the Company
Secretary gives us an update on
whistleblowing at each Board meeting.
Monitoring bribery
processesand controls
Informa continues to be primarily
subject to the requirements of the UK
Bribery Act and the US Foreign Corrupt
Practices Act, as well as a number of
local and national anti-corruption laws.
At least once a year, the Head of
GroupCompliance presents a report to
the Committee detailing the Group’s
anti-bribery and corruption processes
and controls. The report includes
insights into key aspects of the
Group’santi-bribery programme,
suchas updates to risk factors, the
riskassessment process (including
third-party assessments) and training
initiatives. The report also includes
asummary of any misconduct
investigations conducted during the
year, along with details of the gifts and
entertaining expenses review that was
carried out.
As a Committee, we reviewed the
findings of the internal audit into the
Group’s anti-bribery and corruption
controls, as well as its gifts and
entertaining controls. We tracked how
Internal Audit’s recommendations
hadbeen resolved by the end of
2025or early in 2026, and reviewed the
commitments from Group Compliance
and divisional managers.
Assessing the response to fraud
The Committee receives reports from
Group Finance and Internal Audit on
instances of fraud or attempted fraud
at least twice a year, with additional
updates provided as necessary.
Fraud and attempted fraud typically
fall into three main categories:
customer fraud, supplier fraud and
cyber fraud. The updates received
allow us to review management’s
responses to any allegations of fraud
or attempted fraud, including the
actions taken to address and mitigate
the identified fraud risks. As part of
this process, internal control measures
are evaluated, and recommendations
for improvements made where required.
Failure to prevent fraud
In 2025, the Committee resumed
monitoring the Group’s response to
theEconomic Crime and Corporate
Transparency Act 2023 (ECCTA),
focusing on the requirement to
implement procedures to prevent
fraud. Failure to prevent fraud (FTPF)
became a regular agenda item, as we
oversaw the implementation of an
enhanced governance framework to
prevent, detect and report fraud.
This included reviewing fraud
awareness training uptake, monitoring
improvements to risk identification
andthe risk register, and supporting
the use of available technologies to
enhance fraud detection and automate
anti-fraud processes.
With the programme now implemented,
our focus in 2026 will beto obtain
confirmation that FTPF procedures are
fully embedded in the business and
have transitioned to standard operations.
Strengthening data privacy
and AI governance
Informa operates in countries and
markets with increasingly complex and
diverse privacy regulations, including
Australia, China and other ASEAN
countries, and across the US. This
regulatory landscape gives rise to
expectations from colleagues,
customers, suppliers and stakeholders
for greater transparency and control
over how their personal data is
collected, used and shared.
Our Committee reviewed the results
ofthe annual privacy maturity
assessment for 2025, which was
conducted using the UK Information
Commissioner’s Office’s Accountability
Framework. The review indicated
anoverall increase in data privacy
maturity across the Group and, after
considering the findings in detail, we
supported the Chief Privacy Officer’s
proposed actions to address
and improve those areas with the
lowest scores.
Governance
106
Informa Annual Report and Accounts 2025
In 2025, a key focus area for our
Committee was to oversee Informa’s
approach to managing both the
existing and emerging risks associated
with AI technologies, including
regulatory and reputational risks.
We noted that an AI Council had been
established, which meets monthly.
TheAICouncil is chaired by the Chief
Commercial Officer and comprises senior
divisional and functional representatives.
It has several responsibilities including
developing an AI governance charter,
setting the risk appetite in conjunction
with the Executive Committee, ensuring
compliance with AI laws and regulations,
and reporting to the Risk and the Audit
Committees, particularly on the use of
unapproved AI tools.
We reviewed and approved the AI
Council’s recommendation to broaden
the definition of the related principal
risk to explicitly include risks relating to
AI deployment and use, its impact on
brand perception and trust, and to
stakeholder expectations. Additionally,
we reviewed, discussed and approved
both the AI Governance Charter and
the Generative AI Use Policy.
We were pleased to note the findings
of a third-party review of the Group’s
AI Governance Strategy, which had
validated and commended aspects
ofthe programme.
Supporting the Internal
Auditfunction
With a dual reporting line to the Group
Finance Director and the Audit
Committee Chair, the Head of Internal
Audit meets the Audit Committee Chair
privately at least four times a year and
the Committee as a whole without
management present at least once a
year, to enable independent discussions.
The Head of Internal Audit attends
each Committee meeting and provides
detailed reports on:
• Reviews undertaken and issues
identified around business processes
and control activities during audits
• Management’s progress in delivering
action plans to address identified
control weaknesses
• Any management action plans where
resolution is overdue
• Material controls testing to prepare
for the implementation of Provision
29 of theCode
The Internal Audit team continues to
be supported by third-party partners,
particularly for audits requiring a
specific technical skillset.
As a Committee, we review the draft
annual internal audit plan and resourcing
levels at the end of each financial year.
The final plan is approved at the following
meeting and takes our feedback into
consideration. The plan is influenced by
the Group’s principal and emerging risks.
Areas of increased focus in 2025
included a review of the Group’s AI
governance, financial controls testing
in our Global Business Services teams
and assurance over Informa’s second
line of defence controls. Each of these
areas will continue to be a focus in
2026, alongside:
• Continued support for Informa’s
sustainability initiatives to meet
stakeholder expectations
• Addressing increasing requirements
arising from the regulatory
environment, particularly Provision
29 of the Code and the ECCTA
• Balancing broad assurance coverage
across a range of risks with more
detailed assurance of specific
riskareas
An annual effectiveness review is
conducted to evaluate the quality and
expertise of the Internal Audit function
and its success in fulfilling its remit,
andto identify opportunities for
enhancement. The 2025 review offered
strong assurance regarding the overall
effectiveness of the function and
highlighted two areas for improvement:
ensuring that the audit plan
incorporates new and emerging risk
areas, and continuing to advance the
use of appropriate technology in audit
engagements. TheCommittee confirms
that we are satisfied that the quality,
experience and expertise of the
Internal Audit function is appropriate
for the Group.
In December 2025, we reviewed the key
areas of non- or limited conformance
with the Global Internal Audit Standards
and the Institute of Internal Auditors
Code of Practice. Although Informa is not
obliged to adhere to these standards or
the Code of Practice, the Committee
agreed with the Head of Internal Audit
that both serve as valuable sources of
good practice. We determined that the
Internal Audit team should aim to
comply where it is practical and
beneficial to do so.
Working with our
externalauditor
PwC was appointed as the Group’s
external auditor following a robust and
thorough tender process in 2022 and
assumed responsibility for external
audit work from 1 January 2023. The
external auditor is jointly accountable
to the Board and our Committee, with
the Committee as the primary contact.
Our Committee is responsible
fordeveloping, implementing
andmonitoring the Group’s policy
onexternal audit. This policy gives
usoversight responsibility for
monitoring independence, objectivity
and compliance with ethical and
regulatory requirements, while
day-to-day responsibility is delegated
to the Group Finance Director.
107
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GovernanceS F A
Audit Committee Report continued
Our Committee plays an essential role
in ensuring the independence of the
external auditor and the quality of
theaudit process, and in providing
challenge where necessary.
In June 2025, PwC presented its
preliminary audit approach and scope
for the 2025 full-year audit and half-year
review, outlining key areas of focus. The
scope was subsequently updated in
December 2025 to take account of the
Group restructuring that was done to
prepare for the combination with the
DWTC, which was completed in January
2026. PwC also shared feedback and
insights on the ongoing audit work,
enabling us to monitor progress and
askquestions.
The Committee confirms that PwC’s
activities meet the requirements of
theFRC’s Audit Committees and the
External Audit: Minimum Standard.
Independence of the
externalauditor
Chris Burns continues to serve as the
lead audit partner responsible for
signing the audit opinion on behalf
ofPwC.
When assessing the independence and
objectivity of the external auditor, we
consider assurances and information
provided by PwC regarding the nature
of the non-audit services it provides,
aswell as any commercial business
relationships between PwC and
theGroup.
The Committee is satisfied that
therehave been no instances of
non-compliance or breaches of
independence during the year.
External auditor effectiveness
Our Committee conducts an annual
review of the external auditor’s
performance to evaluate how the
external audit service was delivered
and to identify areas for improvement.
The review assesses the quality of
audit planning, delivery and execution
– including audits of subsidiary
companies – as well as the technical
competence, strategic knowledge and
communication effectiveness of the
audit team.
Feedback on the quality of the 2025
external audit indicated a high
satisfaction rating overall. Theaudit
team continued to demonstrate a
strong understanding of the Group’s
business and the challenges it faces.
Early planning meetings offer a
constructive opportunity for all parties
to discuss previous challenges, agree
timelines and refinements for the
forthcoming audit, and set expectations.
The robustness of the audit process and
the increased use of technology,
including data analytics during the
audit, were particularly well received.
The Committee was satisfied that
theaudit plan had been successfully
delivered. After considering feedback
from the leadership team, including the
Group Finance Director and Head of
Group Finance, we concluded that the
quality, delivery and execution of the
2025 external audit were of a high
standard and effective.
Our Committee Chair, both separately
and with the Committee as a whole,
meets privately with the external
auditor regularly throughout the
year.These meetings provide an
opportunity to discuss progress
against recommendations from
previous reviews and address other
matters as required.
Providing non-audit services
The Group policy on external audit
defines the categories of non-audit
services that the external auditor may
or may not provide. Our Committee
must approve all non-audit services
provided by the external auditor and
we support their involvement in certain
non-audit services, where their existing
knowledge of the Group ensures
greater efficiency and effectiveness.
The Non-Audit Services Policy is
reviewed annually and permits
theexternal auditor to provide
thefollowing non-audit services
totheGroup:
• Reporting accountant services
• Assurance services relating to
financial statements in M&A
transactions, such as comfort
lettersfor any prospectus issued
• Tax advisory and compliance work
for non-EEA subsidiaries and
expatriate tax work
• Other non-audit services not
coveredor explicitly prohibited,
where the threat to independence
and objectivity is considered trivial
and safeguards are applied
Our Committee Chair pre-approves all
non-audit engagements of more than
£25,000 per assignment or £100,000
annually. The Chair confirms that all
engagements during 2025 were
appropriately approved.
In 2025, the Group incurred non-audit
fees totalling £0.5m (2024: £14.5m),
primarily for work related to the Group’s
half-year review and in relation to the
EMTN borrowing programme. PwC’s
total charged fees, including non-audit
fees, are detailed in Note 6 to the
Consolidated Financial Statements.
The FRC Revised Ethical Standard 2024
imposes a cap on annual non-audit fees
(this being 70% of the average audit fee
for the three previous financial years),
which will apply to Informa from 2026,
three years after PwC started as its
auditor. In preparation, the Group
Finance Director provides details of all
non-audit services and related fees at
each Committee meeting, while
management continues to monitor
non-audit fees to ensure compliance
when the cap becomes effective.
The Committee confirms that the
company has complied with the
provisions of the Competition and
Markets Authority’s Statutory Audit
Services for Large Companies Market
Investigation (Mandatory Use of
Competitive Tender Processes and
Audit Committee Responsibilities)
Order 2014 relating to tendering
andnon-audit services.
Governance
108
Informa Annual Report and Accounts 2025
Louise Smalley
Chair, Remuneration
Committee
On behalf of the Remuneration
Committee, I am pleased to report
onInforma’s approach to Directors’
remuneration in 2025, including the
outcomes of the short- and long-term
incentives for the period.
Compounding growth in 2025
Informa delivered an outstanding
performance in 2025, delivering
record revenues, operating profit
and free cash flow, further
progressing the One Informa
programme and returning over
£620m of capital to shareholders.
The performance led to market
guidance being increased several times
through the year, and in March 2026,
we reported revenues of over £4bn for
the first time (£4,041m), alongside
operating profit of £1,140m and free
cash flow of £885m. Underlying
revenue growth for the year was 6.3%,
rising to over 8% when excluding the
impact of non-recurring data contracts
and the consolidation of Informa
TechTarget.
These strong results and the Group’s
continuing outperformance versus
stretching budget targets and market
expectations led to positive
remuneration outcomes for many
colleagues at Informa. The 2025
Short-Term Incentive Plan outcomes
directly benefit around 1,200
colleagues, including the
ExecutiveDirectors.
During the year, the Group also
continued to invest in its future, with the
focus in 2025 predominantly on organic
investments largely connected to the
One Informa programme. Significant
time and resources are being committed
to this multi-year transformational
initiative, which is designed to make the
most of the platform Informa has built
over the last 10+ years. This includes
simplifying our technology stack to
reduce friction and improve customer
experience, making more of our
first-party data in marketing and
product development, leveraging the
Informa brand more fully across the
Group, maximising the international
reach we have built at Informa through
partnerships and brand extensions, and
fully embracing the potential of AI
throughout the Group.
In 2025, inorganic investments were
limited to a series of smaller
acquisitions, while significant focus was
put on integrating the businesses we
acquired in the prior year, including
Informa TechTarget and the Ascential
portfolio, the latter including the
creation of our experience-led events
division, Informa Festivals.
Colleague engagement
andsupport
Informa remains a business that
thrives on the creativity and
commitment of its colleagues. The
strength of our performance in 2025
was only possible due to the ongoing
tenacity and hard work of our 14,000±
colleagues across the world. Such
isthenature of Informa’s business,
particularly its B2B businesses, our
work can demand long and sometimes
unsociable hours across weekends to
design, build and furnish events spaces
for our customers.
The Group has changed beyond all
recognition over the last decade and,
while we remain listed in the UK,
Informa is now a major international
group with less than 5% of revenues
generated in the UK and more than
70% of our 14,000± colleagues working
across international markets. Today,
our major sources of revenue and
growth include North America, China,
South-East Asia, Latin America, the
Middle East, India and Africa, and as a
consequence, our headcount continues
to expand in these markets delivering
the growth. Over the last 18 months,
four of the leadership team have
moved closer to key international
Directors’ Remuneration Report
growth regions – the Group Chief
Executive, the CEO of Informa Markets,
the CEO ofInforma TechTarget and the
Director of Investor Relations relocated
to ensure we have optimal
international leadership presence. In
addition, two other divisional CEOs (of
Informa Connect and Taylor & Francis)
committed to spend at least one third
of their time within international
growth markets.
On behalf of the Board, I would
liketothank all our colleagues for
theircontinued contributions and
unwavering commitment to driving
Informa forward and delivering for our
customers and for each other.
As a Board, we deliberately spend as
much time as possible with many
different teams and individual
colleagues throughout the year, and it
is always striking how knowledgeable
and passionate everyone is, with a
deep understanding of their particular
market and region, as well as a
uniquely strong bond with Informa.
Culture is one of Informa’s real
strengths and the dynamic and
engaging workplace that has been
embedded across the world is a
powerful component underlying the
Group’s consistent outperformance.
The Board monitors culture and stays
closely connected to the wider
colleague community by scheduling
regular meetings with different teams
and colleagues, including maintaining
many direct lines of communication.
Many of the different colleague-run
networks have a Board representative
who meets with them regularly, while
our Non-Executive Director for
colleague engagement, Maria Kyriacou,
undertakes a range of other activities
with different teams in the business.
109
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GovernanceS F A
Directors’ Remuneration Report continued
In 2025, this included listening sessions
with colleagues from the acquired
businesses and meeting colleagues
acting as Showmakers at selected
events – an opportunity for our
colleagues to take on a real role at a
live event and gain deeper insight into
our business.
At each Board meeting, we welcome
representatives from different
businesses, who give presentations
onrecent developments or specific
initiatives. We also hold Board
meetings abroad and use the
opportunity to host town halls, make
site visits and participate in a range
ofother meetings and forums.
In 2025, we held our annual Board
Strategy Offsite in our New York office,
which enabled us to spend time with
different colleagues and host a town
hall where questions could be asked
directly to the Board in an open forum.
As part of the Board meeting, we invited
representatives from all our US-based
B2B brand teams to present an
overview of their business, its make-up
and the growth opportunities ahead.
We also used the opportunity to run a
series of listening workshops, which
were run by the Non-Executive
Directors, each hosting a small group of
New York-based colleagues for an open
discussion on a range of subjects such
as AI, first-party data and cross-team
collaboration, providing an opportunity
for Board members to share their
experiences and knowledge in these
areas while listening to ideas and
feedback first-hand from colleagues. In
addition, I particularly appreciated the
opportunity to meet with our colleagues
who joined us from Ascential to
understand directly their experiences
on becoming Informa colleagues and
their expectations for the future.
We hosted our 2025 AGM in France, so
that the Board could participate in the
Cannes Lions Festival of Creativity, a key
recent addition to the portfolio. Given
the importance of this brand and the
related creation of the Informa Festivals
division, we felt it was important for the
Board to spend time with the LIONS and
wider Festivals team and experience the
event itself, which is an international
showcase for the creative, technology
and marketing industries, and is now
Informa’s largest individual event.
This support was also reflected in voting
at the 2025 AGM, with 97% supporting
the Remuneration Report, following on
from 94% support for the Remuneration
Policy at the prior year’s AGM (covering
the 2025-2027 period).
Overview of 2025
remuneration outcomes
Business context
The strength of Informa’s operating
and financial performance in 2025 was
even more impressive given the level of
geopolitical uncertainty experienced
during the year. Ongoing conflict in
different parts of the world, shifts in
international trading patterns, and
speculation on the pace and scale of
the impact of AI technology made for
avolatile and unpredictable backdrop.
The Group overcame this uncertainty
todeliver record results, well ahead of
the internal and external targets set at
the start of the year. The Group also
continued to return capital to
shareholders, including around £270m
in ordinary dividends and £350m in
share buybacks, the latter taking total
capital returned through buybacks over
the last four years to over £1.84bn.
Consistently strong operating results
and exceeding financial targets in 2025
led to maximum outcomes for both
short- and long-term incentive plans.
Short-Term Incentive Plan
(STIP) outcomes
The 2025 STIP approach mirrored that
of 2024, focusing on a concentrated set
of output measures, with a strong bias
towards financial measures, in line with
the commitment made within the
Remuneration Policy for at least 75% of
STIP performance measures to be
financial in nature.
The exact measures aligned closely
with Informa’s stated priorities and
targets for the year, namely, underlying
revenue growth, operating margin
expansion and earnings momentum.
Full details on the 2025 STIP outturn are
provided in the table below, including a
summary of the performance measures,
the targets against which they were
assessed and how the Committee
reached its final decisions.
All these Board interactions provide
powerful opportunities to talk to teams
and colleagues and feel the pulse of
the company, hearing first hand the
views and thoughts of those dealing
with customers from day to day. They
also provide me with great opportunities
to discuss remuneration with a broad
cross-section of colleagues, which is
invaluable when considering incentive
plans and assessing outcomes relative
to the broader stakeholder experience.
In addition, the Board regularly
reviews colleague surveys and
interviews, including annual
engagement index scores measured
through the annual Pulse survey,
which remain consistently high.
Shareholder engagement
In the same way that the Board actively
engages with colleagues every year, we
ensure we find significant amounts of
time to spend with our shareholders.
This ensures there is a direct channel
of communication to the Board and we
hear first hand the latest thoughts,
trends and ideas from the investment
community, including on remuneration.
Our engagement with shareholders is
both formal and informal. Every year,
we host the Chair Annual Shareholder
Roadshow, now in its ninth consecutive
year, offering our shareholders an
opportunity to meet with the Chair
andother Non-Executive Directors
inperson to discuss anything and
everything in an open forum. In total,
the Chair met with more than a dozen
institutional shareholders on this
roadshow, representing circa 20% of
Informa’s equity base.
In 2025, throughout February and
March, Ijoined the Chair for several of
these roadshow meetings, providing
me with an opportunity to discuss the
latest thinking on remuneration and
toensure that the current framework
at Informa, which was introduced
following consultation in 2024
(andrenewed in 2025) continues to
meet shareholder expectations. The
discussions underlined the continuing
support for our current approach to
remuneration, which is providing
strong incentives for the leadership
team to keep delivering consistent,
strong operating performance.
Governance
110
Informa Annual Report and Accounts 2025
The Group delivered another strong year of growth, including record levels of revenue, adjusted operating profit and free
cash flow. This led to market guidance being raised several times and to delivering results well ahead of internal and
external expectations at the start of the year. This is reflected in strong outcomes for each of the three STIP performance
measures, all of which delivered at the top end of the target range.
For the Group Chief Executive, this resulted in a bonus of 200% of base salary, and for the Group Finance Director and Group
Chief Operating Officer, abonus of 150% of base salary. In line with the Directors’ Remuneration Policy, all STIP outcomes
above 100% of base salary will be paid in deferred shares, held for a minimum of three years.
STIP Measure Targets Outcomes % achieved
Financial delivery (80%)
1. Underlying revenue growth (30%) 4.50% to 6.25% 6.30% 30%
2. Adjusted earnings per share (50%) 54.0p to 56.5p 58.4p 50%
Operational delivery (20%)
3. Adjusted operating profit margin 27.0% to 28.0% 28.35% 20%
Total 2025 STIP outcome 100%
1 All measures are set and calculated on a constant currency basis. The outcome figures therefore differ slightly from the reported numbers
published in the headline result
Long-Term Incentive Plan (LTIP)
outcomes: 2021-2023 Equity
Revitalisation Plan (tranche 3)
The 2023-2025 long-term incentive
award vests on 16 March 2026, this
being the third and final tranche of the
Equity Revitalisation Plan (ERP). The ERP
is a restricted share plan that was
approved by shareholders in December
2020 and covered three equity awards
across the 2021-2023 period. At the
time, the medium-term outlook was
unpredictable due to the impact of the
pandemic on Informa’s operations, with
no visibility regarding if and when live
events might be possible again. This
made it very difficult to set three-year
performance targets that would provide
meaningful incentives for management.
While operating the ERP, the quantum
of both the long-term and short-term
incentives for Executive Directors was
substantially reduced and the vesting of
the ERP was subject to a series of
underpins that must be met for the
award to vest, including a share price
floor of 545.4p, this being the share
price at the time the award was granted.
The full three-year grant for the ERP was
made upfront in Q1 2021, with one third
of the grant vesting in each of 2024, 2025
and 2026 (tranches 1, 2 and 3
respectively), subject to the share price
underpin being met. The award for each
of the three tranches equated to 200% of
salary for the Group Chief Executive,
135% of salary for the Group Finance
Director and 125% of salary for the
Group Chief Operating Officer, whose
awards were made prior to being
appointed to the main Board.
The Committee can confirm that at the
time of writing, it is expected that the
underpin will be satisfied for tranche 3 of
the ERP and, therefore, this award will
vest in March 2026. The principal aim of
the ERP was to retain and motivate
Informa’s leadership team during a
period of significant uncertainty and
share price volatility. The underpin was
therefore set at a baseline level above
which the Committee was comfortable it
would be appropriate for restricted
share awards to vest over the next five
years. As we approach the vesting of the
final tranche of ERP awards, the
Committee is satisfied that the ERP
served its purpose as a retention tool
and an excellent driver of performance.
Informa has delivered a period of
sustained growth despite continued
macro uncertainty, with voluntary
turnover among leadership colleagues
under 10% since January 2021.
For Stephen A. Carter, this will result in
328,493 shares vesting, with 126,429
shares vesting for Gareth Wright and
102,426 shares vesting for Patrick
Martell. The awards for the Group
Chief Executive and Group Finance
Director are subject to an additional
two-year post-vesting holding period.
Remuneration outcomes:
stakeholder assessment
Following the calculation of outcomes
for the 2025 annual STIP and tranche 3
of the ERP covering the vesting period
from 2023 to 2025, the Committee
assessed the remuneration of the
Executive Directors in 2025 in the
context of the wider stakeholder
experience over the same period.
This included assessing the experience
of colleagues and how they had been
supported and rewarded through the
year, the share price performance
relative to financial outcomes and the
strategic decisions made by the
leadership team throughout the year.
The Committee also reviewed the
outcomes relative to the point at which
awards were made, to reflect on
whether there were any unexpected
circumstances or specific factors to
consider. In this respect, on the ERP
outcome, the Committee considered
the share price when the award was
made in Q1 2021. At that time, the
Committee sought to deal with the
projected sustained period of share
price volatility given our business
model and any unexpected outcomes
through the reduced quantum of the
restricted share award relative to
historical LTIP grants and the minimum
share price underpin that had to be
satisfied for the award to vest.
The Committee is satisfied that the
performance of the equity over and
above the minimum share price
underpin reflects consistent
operational and financial delivery by
management, the successful delivery
of the Group’s key GAP 2 targets and
consistently strong capital allocation.
Since the grant of ERP awards in
January 2021, Informa’s share price
did not experience an immediate
rebound to pre-pandemic levels.
Instead, it has steadily recovered
through compounded growth, driven
by the collective efforts of a committed
leadership team and the dedication of
colleagues across the business.
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GovernanceS F A
Having reviewed all the above and
comparing the out-turn relative to the
long-term average rewards at Informa
and relevant peers, the Committee is
satisfied that the STIP and ERP outcomes
for 2025 are fair, proportionate and
aligned with the strong performance
ofthe Group.
Accordingly, no adjustments have
beenmade to the formulaic outcomes
presented in this report.
Remuneration framework
for2026
Following strong support and
endorsement for both the renewal of
the 2025-2027 Directors’ Remuneration
Policy at the 2024 AGM and the
Remuneration Report at the 2025 AGM,
the Committee is adopting the same
STIP and LTIP structure and measures
for 2026, with target ranges being
updated appropriately.
In 2026, the Committee is granting LTIP
awards in line with the awards granted
last year, which align with the market
and reflect the tenure, calibre and
consistent contribution of our most
senior leaders. This equates to an award
of 400% of base salary for the Group
Chief Executive and 300% of base salary
for the Group Finance Director and
Group Chief Operating Officer.
The measures within the STIP and LTIP
are directly linked to the ongoing
priorities for the Group, namely,
underlying revenue growth, faster
underlying profit and earnings growth,
strong cash flow generation and the
effective use of capital.
The Committee believes that, in
combination, the short- and long-term
measures provide a strong set of
incentives to the leadership team, which
will drive continuing strong outcomes
for the Group and our shareholders.
Colleague salary increases
In 2026, we have continued to prioritise
base salary increases for colleagues at
lower levels of pay, ensuring that our
investment has a greater impact where
it is needed most, while maintaining
fairness and alignment with our overall
compensation strategy.
While there remain some minor regional
variations to reflect specific in-country
inflation and cost of living pressures,
theaverage base salary increase for the
vast majority of colleagues will be circa
3%, subject to individual performance,
with additional increases on a point basis
to reflect merit rises and promotions.
For those colleagues on higher levels of
pay, above a threshold of £150,000 base
salary, or local equivalent, base salaries
will increase by up to 2%.
The Committee feels that this provides
a fair and reasonable base level of
increase for colleagues in the current
economic environment, with inflation
now more normalised in most countries
and interest rates steadily declining.
Executive Directors’ salaries
In line with our differenciated
approach, Executive Directors’ base
salaries will increase at the lower level
of 2% in 2026, ensuring that cost-of-
living rises are focused where they will
have the greatest impact for individuals
across the Group.
The success of the team does not
gounnoticed and makes our leaders
highly sought after by other companies,
particularly given the international nature
of Informa. Our ability to retain our
established and proven leadership
team, and to attract new international
talent as we grow, depends on the
flexibility wehave to reward our leaders
fairly for success and to maintain the
integrity of relative pay differentials
internally, as we invest in our
international talent.
The Committee will continue to track
and benchmark Executive Director
salaries against peers within the
FTSE100 and internationally. We are
fortunate to have executive leaders
who have been working together for
over a decade, much longer than the
FTSE average, and this continuity and
cohesion is a key element that makes
the team so effective and successful.
Fees for the Chair and the
Non-Executive Directors
In 2025, we increased fees for the
Chairand Non-Executive Directors
toalign them more closely to the
FTSE100 median. This followed
abenchmarking exercise which
highlighted that a significant gap
hadopened up over the last decade,
through a period when Informa had
become a significantly larger, more
international and complex business,
demanding more time and commitment
from our Non-Executive Directors.
Having narrowed the gap last year, in
2026, Chair and Non-Executive Director
fees will increase by 2%, mirroring the
increase in base salaries for the
Executive Directors, at the lower level
of increases across the wider group.
2026 STIP
In 2026, we are keeping the structure,
measures, weightings and quantum
ofthe STIP constant from the
previousyear.
This means that the STIP is once more
focused on a concentrated set of
output measures, with 100% of
measures being financial metrics, in
line with our Policy commitment for
atleast 75% of STIP performance
measures to be financial in nature.
These measures align closely with
Informa’s stated priorities for 2026,
namely, further underlying revenue
growth, underlying margin expansion
and earnings momentum.
2026 LTIP
Following the strong endorsement
ofthe 2025-2027 Remuneration Policy
at the 2024 AGM (94%) and the high
level of support for the Remuneration
Report in 2025 (97%), the Committee
isadopting the same approach for
the2026 LTIP award as last year,
withtarget ranges being updated
accordingly and no change to quantum.
The measures include a strong weighting
towards financial output measures over
strategic input measures, with a direct
link to the Group’s forward ambitions for
further profitable growth, strong cash
generation, ESG delivery and continuing,
strong shareholder returns.
The Committee believes that these
measures remain equally relevant
forthe 2026-2028 three-year period
and so remain unchanged across
fourcategories: cumulative operating
cash flow (30% weighting), cumulative
adjusted operating profit (30%),
relative total shareholder return
(30%)and Environmental, Social
andGovernance (10%).
Directors’ Remuneration Report continued
Governance
112
Informa Annual Report and Accounts 2025
These long-term measures also remain clearly aligned with the in-year measures for the 2026 STIP as detailed above, which
are more directly focused on near-term revenue growth, margin expansion and earnings growth.
The target ranges outlined in the table below reflect the potential outcomes of the LTIP from threshold to maximum. They
were determined with reference to market practice, internal three-year business plan forecasts for Informa and external
market consensus expectations, where appropriate. The Committee believes that they provide stretching but realistic
targets and will provide an effective incentive for the Executive Directors to deliver strong results over the period.
2026 LTIP measures
Measure Weighting
2026-2028
target range Details and rationale
1 Cash and financial returns 60%
Cumulative adjusted
operatingprofit
30% £3.50bn to £3.80bn An absolute adjusted operating profit target over the three-year
performance period. This is a core measure of growth and profitability
for Informa and a key KPI for all leaders in the business, as well as a
closely tracked metric for the investment community.
Cumulative operating
cash flow
30% £3.10bn to £3.40bn An absolute operating cash flow target over the three-year performance
period. This is another core measure of performance for Informa, and a
key attraction to investors is its ability to convert operating profit into
cash flow. It is also well understood byparticipants.
2 Shareholder returns 30%
Relative total shareholder
returns against our FTSE 100
peergroup
30% 50th percentile to
75th percentile
A measure of total shareholder returns over the three-year
performance period compared to the FTSE 100 Index, excluding
Financial Services and Natural Resources companies. It provides an
external indicator of value relative to the wider market, providing close
alignment with the shareholder experience.
3 Environmental, Social
&Governance
10%
The Sustainable Event
Fundamentals programme:
Implementation and
performance against our
Sustainable Events
Fundamentals framework
10% 455 to 535
Fundamentals
accredited events
The Sustainable Event Fundamentals programme is the core operating
delivery measure within Informa’s FasterForward sustainability
programme, directly linked to the delivery of long-term ESG targets. It
requires events teams globally to accept, adopt and embed operating
structures and activities that directly improve the impact of each individual
brand, with major emphasis on carbon and waste reduction (e.g. reusable
stands, renewable electricity, carbon reduction, travel efficiency, etc.) as
well as embedding sustainability content into our brands to help accelerate
sustainable impacts in our customer markets, and enhance our economic
and social impact on our host cities. Over the next three years, increasing
the number of events accredited to our Fundamentals standard across the
Group is critical to meeting our long-term ESG targets, including net zero,
net zero waste and community impact.
All-colleague share plans
Over the last 10+ years, the company
has worked to provide colleagues
with more ways and greater
incentives to invest and own shares
in Informa. We believe that equity
ownership creates real alignment
with the Group’s strategy and
motivates colleagues to go the extra
mile. This is good for customers,
good for the company and, ultimately,
good for colleagues, particularly
those who choose to invest in the
company’s shares.
Our main share plan, ShareMatch, was
launched over 10 years ago and we have
steadily improved the benefits on offer,
with colleagues now receiving two free
shares for every one share purchased,
up to the annual investment limit of
£1,800. Those colleagues who have
participated in ShareMatch every year
from its launch, without selling any
shares, today have a portfolio valued at
over £70,000 in return for an investment
of just over £20,000 over the period.
As ShareMatch has evolved, we have
strived to make it available in as many
locations as possible around the world,
and in 2025, colleagues from 25
countries could participate in one of
our equity plans. As at 31 December
2025, nearly 3,000 colleagues have
chosen to do so, representing 20% of
the full-time colleague community, a
significant increase on the sub-2% of
colleagues who owned Informa shares
before ShareMatch was launched.
Compounding growth
in 2026
On behalf of the Committee, I would like
to congratulate the company and all its
colleagues on their performance in2025
and thank everyone for their continued
commitment to the Group. Itis fantastic
to see so much progress being made in
our different businesses across the
world and equally satisfying to see this
commitment rewarded appropriately
through our incentive programmes.
I know that I speak for all of the Board
when I say that we cannot wait to see
the further progress that can be made
in 2026. We look forward to providing
support and constructive challenge to
help the Group keep delivering for all
its stakeholders.
Thank you to my Committee colleagues
and other Board colleagues for their
continued support and contributions
through the year.
Louise Smalley
Remuneration Committee Chair
11 March 2026
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GovernanceS F A
Remuneration Committee governance
Our activities in 2025
The Committee is responsible for all executive remuneration decisions, including
setting appropriate performance metrics and ranges for the short- and long-term
incentive awards and considering the outcomes under these plans.
The Committee is also responsible for determining the Directors’ Remuneration Policy
and for setting the remuneration for the Board Chair, Executive Directors and senior
management, as well as reviewing colleague remuneration and related policies.
The key matters discussed and approved by the Committee during the year were:
January
2025
• Reviewed the draft Directors’ Remuneration Report for the 2024 Annual Report
• Reviewed the letter to shareholders providing an update on Executive
Directorremuneration
• Considered the 2024 leadership incentive outcomes for the 2024 STIP and the
2022-2024 long-term incentive awards
• Approved upwards revised performance targets for the 2024-2026 LTIP award
following two portfolio additions – Ascentialplc and TechTarget, Inc.
March
2025
• Considered the appropriateness of, and approved, the outcome of the 2024 STIP
• Considered and approved measures and targets for the 2025 LTIP
• Considered and approved the 2025 long-term incentive award levels for
Executive Directors, senior management and key talent
• Approved the Directors’ Remuneration Report for the 2024 Annual Report
• Discussed good leaver treatment for eligible departing colleagues
• Agreed an outline relocation package for the Group Chief Executive
July 2025 • Received the annual update on leadership colleague fixed and variable remuneration
• Approved long-term incentive awards to new colleagues and those with role changes
• Approved equity awards for the 2023 and 2024 graduate cohort
• Considered the results of voting at the 2025 AGM, and proxy agency and
investorfeedback
• Discussed good leaver treatment for eligible departing colleagues
• Received an update on the performance of the 2025 Leadership STIP and
in-flight 2024-2026 LTIP awards
• Received an update on governance and remuneration trends from FIT
Remuneration Consultants
December
2025
• Reviewed and approved minor changes to the Committee Terms of Reference
• Agreed the framework for 2026 pay reviews, including for all colleagues, the
Board Chair, Executive Directors and members of the Executive Committee
• Considered the indicative outcomes of the 2025 Leadership STIP
• Considered and approved the framework and weightings for the 2026 STIP and
2026 LTIP
• Noted the proposed 2026 LTIP awards to the Executive Directors, and members
of the Executive Committee, and delegated authority to the Group Chief
Executive and Group HR Director to finalise the 2026 long-term incentive awards
for the senior leadership team
• Discussed good leaver treatment for eligible departing colleagues
• Noted a letter sent to the Committee Chair by the Investment Association
regarding the implementation of its Principles of Remuneration
Shareholder voting at the AGM
The table below provides details of votes cast by shareholders in respect of the
resolutions on the Directors’ Remuneration Report at the 2025 AGM and the
Directors’ Remuneration Policy at the 2024 AGM. The Policy can be found on the
corporate governance section of our website.
Votes for
Number %
Votes against
Number % Total votes cast
Votes withheld
(abstentions)
Directors’
Remuneration Report
(19.06.2025) 1,040,420,001 97.07 31,351,673 2.93 1,071,771,674 51,247
Directors’
Remuneration Policy
(21.06.2024) 936,112,080 93.81 61,737,898 6.19 997,849,978 26,380,640
Directors’ Remuneration Report continued
Committee
responsibilities
• Determine and agree the
framework or broad policy for
the remuneration of the Board
Chair, Executive Directors and,
on the recommendation of
theGroup Chief Executive,
theRemuneration Policy for
senior management.
• Approve the total individual
remuneration package of the
Executive Directors and
members of senior
management, including
determining pension
arrangements.
• Approve the design of any
share incentive plans for
approval by shareholders and
determine each year whether
awards will be made and the
overall amount of such awards.
• Monitor whether Executive
Directors meet the approved
Executive Directors and
determine any post-employment
shareholding requirements.
The Committee’s full terms
ofreference are available on
ourwebsite.
Committee membership
Louise Smalley has been Chair of
the Remuneration Committee
since January 2022, working
alongside our other Committee
members, Catherine Levene,
Andy Ransom and Zheng Yin.
Each Committee member is an
independent Non-Executive
Director and their biographies
are given on pages 79 to 81.
The Board Chair, Group Chief
Executive, Group Finance Director,
Group HR Director and Director
ofInvestor Relations are typically
invited to attend meetings as
required. None are members of
the committee and they do not
attend meetings when their own
remuneration is discussed.
All Non-Executive Directors have
an open invitation to attend
Committee meetings.
The Group Company Secretary is
secretary to the Committee and
attends all meetings.
Governance
114
Informa Annual Report and Accounts 2025
Annual Report on Remuneration
This section sets out how the Directors’ Remuneration Policy was applied for the year ended 31 December 2025 and the
remuneration outcomes for the Executive and Non-Executive Directors.
Any information contained in this section of the report that is subject to audit has been highlighted.
Single total figure of remuneration for Executive Directors (audited)
Base
salary
1
Benefits
2
Pensions
3
Total fixed
pay
Short-term
incentive
awards
Long-term
incentive
awards
4
Total
variable
pay Total pay
Stephen A. Carter 2025 1,003,375 152,176 100,338 1,255,889 2,050,000 2,579,327 4,629,327 5,885,216
2024 931,625 50,826 93,162 1,075,613 1,877,000 2,535,285 4,412,285 5,487,898
Gareth Wright 2025 574,375 16,048 57,438 647,861 876,000 992,721 1,868,721 2,516,582
2024 541,500 16,295 54,150 611,945 818,250 975,767 1,794,017 2,405,962
Patrick Martell 2025 497,000 461,075 49,700 1,007,775 753,000 804,249 1,557,249 2,565,024
2024 475,125 60,087 47,513 582,725 723,000 790,516 1,513,516 2,096,241
1 Executive Directors’ salaries are reviewed annually. In 2025, the Executive Directors received a 4% cost of living increase in line with the wider
workforce. The Group Chief Executive and Group Finance Director also received an additional market adjustment of 5% and 3% respectively,
following a detailed consultation and review of executive pay. Full details on this review can be found on pages 119 to 120 of the 2024 Directors’
Remuneration Report. With effect from 1 April 2025, base salaries were set at £1,025,000 for Stephen A. Carter, £584,000 for Gareth Wright and
£502,000 for Patrick Martell
2 Benefits provided to the Executive Directors typically include (but are not limited to) private medical and life insurance, travel insurance, car
benefits (such as a car allowance or driver costs in lieu), professional advice, spousal/partner business travel expenses where appropriate, and
the value of ShareMatch matching share awards. In addition, when the company requests colleagues to relocate to another country, as was the
case for the Group Chief Executive and Group Chief Operating Officer in 2025, relocation/dislocation costs are covered in accordance with our
internal relocation policies. These costs include (but are not limited to) overseas rental accommodation support, travel for colleagues and their
families where appropriate, and, where relevant, education support. The numbers shown above for the direct benefits to colleagues are the
gross tax equivalent
3 The Executive Directors receive cash payments in lieu of pension contributions at a rate of 10% of base salary in line with the contribution available
to a range of other colleagues. None of the Executive Directors is a member of the Group’s defined benefit pension schemes and accordingly no
entitlements have accrued under these schemes
4 The final tranche of the long-term restricted share award granted in 2021 is expected to vest and become exercisable in full on 16 March 2026
following the assessment of the share price underpin. The estimated value of the award (including accrued dividend shares) has been calculated
using the closing share price on 10 March 2026 (785.2p), being the nearest practicable date to the vesting date. The share price at grant was
545.40p and the impact of share price appreciation on the value of the award is shown on page 116. The actual value at vesting will be disclosed in
the 2026 Directors’ Remuneration Report
Short-term incentive awards (annual bonus) (audited)
The maximum annual bonus opportunity for the Executive Directors in 2025 was 200% of base salary for the Group Chief
Executive and 150% for the other Executive Directors, in line with the Directors’ Remuneration Policy approved in June 2024.
The targets for the 2025 STIP were divided into three focused measures, with a strong bias to financial measures. These
measures and their weightings were: underlying revenue growth – 30%, adjusted earnings per share – 50% and adjusted
operating profit margin – 20%. On meeting threshold performance, 25% of the bonus is payable, at target, 50% of the bonus is
payable, rising to 100% payment at maximum, in each case increasing on a straight-line basis between performance metrics.
The Committee considered each of the measures in turn to determine the aggregate outcome of the annual bonus.
Measure
1
Threshold Target Maximum Outcomes % achieved
Financial delivery (80%)
1. Underlying revenue growth 4.50% 5.50% 6.25% 6.30% 30%
2. Adjusted earnings per share 54.0p 55.25p 56.5p 58.4p 50%
Operational delivery (20%)
3. Adjusted operating profit margin 27.0% 27.5% 28.0% 28.35% 20%
Total 2024 STIP outcome 100%
1 All measures are set and calculated on a constant currency basis. Theoutcome figures therefore differ slightly from the reported numbers
published in the headline result
115
Informa Annual Report and Accounts 2025
GovernanceS F A
Combining the outcomes of all three objectives resulted in an aggregate annual incentive award of 100% of the maximum
opportunity being earned by the Executive Directors in 2025. In line with the Policy, the equivalent of 100% of base salary
will be paid in cash, with the remainder being deferred into shares under the rules of the Deferred Share Bonus Plan (DSBP).
DSBP shares must be held for a further three years before they vest and are subject to malus and clawback provisions.
Long-term incentive awards (audited)
The long-term incentive award for the 2023-2025 period is tranche 3 of the 2021-2023 Equity Revitalisation Plan and is
expected to vest on 16 March 2026. The ERP is a restricted share plan, approved by shareholders in December 2020 and
covering three equity awards across the 2021-2023 period.
Vesting is subject to a series of underpins, including a requirement for the share price to be above 545.4p on the date of
vesting, this being the share price at the time of grant. Other conditions relate to continued employment, participation in the
Group’s all-colleague share schemes and meeting minimum shareholding requirements (see page 117).
In January 2026, the Committee assessed the remuneration of the Executive Directors in the context of the wider
stakeholder experience, as detailed on page 111, and confirmed that, with the exception of the share price underpin, which
can only be assessed at vesting, all conditions for the 2023-2025 award have been satisfied. The award is therefore expected
to vest in full in March. Since the grant of ERP awards in January 2021, Informa’s share price did not experience an immediate
rebound to pre-pandemic levels. Instead, it has steadily recovered through compounded growth over the course of the
five-year ERP period and served as an excellent retention tool, with over 90% of ERP colleagues still working for Informa today.
Stephen A. Carter and Gareth Wright are required to hold the awards for a further two years post-vesting, during which time
they may only sell shares to cover tax or meet other regulatory requirements. Patrick Martell was not an Executive Director
at the time of grant and is therefore not subject to the post-vesting holding period. He does, however, have a substantial
shareholding of 483% of salary as at 31 December 2025 (see pages 117 to 118).
Director
Number of
options granted
Face value
ofaward on
dateofgrant
1
Proportion
vesting
Total value of
options vesting
2
Total number
ofoptions
exercisable
3
Impact of
shareprice
appreciation/
(depreciation)
since grant
4
Value of
dividend shares
on vesting
Stephen A. Carter 308,714 £1,683,726 100% £2,424,022 328,493 £740,296 £155,305
Gareth Wright 118,817 £648,028 100% £932,951 126,429 £284,923 £59,769
Patrick Martell 96,259 £524,997 100% £755,826 102,426 £230,829 £48,423
1 Share price on grant was 545.4p
2 Based on the closing share price on 10 March 2026 (785.2p), being the nearest practicable date to the vesting date
3 Including dividend shares
4 Calculated by subtracting the face value of vesting awards at the grant date from the closing share price on 10 March 2026, excluding
dividend shares
Share awards granted during the year (audited)
2025 Long-term incentive awards
The Executive Directors were granted the following long-term incentive awards in April 2025:
Director Type of award
Number of options
awarded
Value as a percentage of
base salary
Face value at date of
award
1
Stephen A. Carter LTIP option 618,662 400% £4,099,997
Gareth Wright LTIP option 264,365 300% £1,752,000
Patrick Martell LTIP option 227,245 300% £1,505,998
1 The face value of awards granted on 14 April 2025 was calculated using the 5-day average share price prior to the grant date (this being 662.72p)
The performance targets for the 2025 LTIP award (set out below) were agreed prior to the awards being granted in April 2025.
The grant was made on 14 April 2025, in line with the prior year (the 2024 grant was made on 15 April 2024). The grant share
price for the 2025 LTIP award was lower than the grant price for the 2024 LTIP award. The share price movements at the time
of the 2025 grant reflected wider market uncertainty and macro-economic volatility but were within ± 10% of the three-year
average share price to 14 April 2025. The Committee considers it important to maintain a competitive and consistent pipeline
of awards with appropriate stretching targets, which help to retain and motivate long-serving Executive Directors in line with
the Policy approved by shareholders at the 2024 AGM.
Directors’ Remuneration Report continued
Governance
116
Informa Annual Report and Accounts 2025
2025 LTIP measures
Measure Weighting
2025-2027
target range Details and rationale
1 Cash and financial returns 60%
Cumulative adjusted
operating profit
30% £3.35bn to £3.70bn An absolute adjusted operating profit target over the three-year
performance period. This is a core measure of growth and profitability
for Informa and a key KPI for all leaders in the business, as well as a
closely tracked metric for the investment community.
Cumulative operating
cashflow
30% £3.00bn to £3.30bn An absolute operating cash flow target over the three-year performance
period. This is another core measure of performance for Informa, and a
key attraction to investors is its ability to convert operating profit into
cash flow. It is also well understood by participants.
2 Shareholder returns 30%
Relative total shareholder
returns against FTSE 100
peergroup
30% 50th percentile to
75thpercentile
A measure of total shareholder returns over the three-year
performance period compared to the FTSE 100 Index, excluding
Financial Services and Natural Resources companies. It provides an
external indicator of value relative to the wider market, providing close
alignment to the shareholder experience.
3 Environmental, Social
&Governance
10%
Implementation and
performance against our
Sustainable Events
Fundamentals framework
10% 440 to 520
Fundamentals
accredited events
The Sustainable Event Fundamentals programme is the core operating
delivery measure within Informa’s FasterForward sustainability
programme, directly linked to the delivery of long-term ESG targets. It
requires events teams globally to accept, adopt and embed operating
structures and activities that directly improve the impact of each
individual brand, with major emphasis on carbon and waste reduction
(e.g. reusable stands, renewable electricity, carbon reduction, travel
efficiency, etc.) as well as embedding sustainability content into our
brands to help accelerate sustainable impacts in customer markets, and
enhance our economic and social impact on our host cities. Over the
next three years, increasing the number of events accredited to our
Fundamentals standard across the Group is critical to meeting our
long-term ESG targets, including net zero, net zero waste and
community impact.
If any of the measures achieve threshold performance, 25% of the respective measure will vest, increasing to 62.5% vesting at
target and 100% vesting at maximum performance. Awards will vest on a straight-line basis between threshold and maximum.
Payments to former Directors or for loss of office (audited)
There were no payments to former Directors or for loss of office during the year.
Executive Directors’ share ownership (audited)
Shareholding requirements
Equity ownership by the Executive Directors, the wider management team and general colleague base is an important and
effective way to align their interests with those of our shareholders. Executive Directors are expected to meet the guideline
within five years of 16 June 2022 or their date of appointment, whichever is the later, and to maintain this holding throughout
their term of office. The Group Chief Executive is expected to retain a shareholding of 400% of base salary, while other
Executive Directors are expected to retain a shareholding of 275% of base salary.
In addition, the Group Chief Executive is required to retain a shareholding of 200% of base salary for two years after
resignation. All other Executive Directors are required to retain a shareholding of 150% of base salary.
Executive Directors’ shareholdings
Stephen A. Carter
Gareth Wright
Patrick Martell
735%
400%
483%
275%
275%
1,067%
Shareholding requirement Shareholding % as at 31 December 2025
117
Informa Annual Report and Accounts 2025
GovernanceS F A
The beneficial interest of each Executive Director in the company’s shares (including those held by connected persons) as at
31 December 2025 and their anticipated beneficial interests as at 16 March 2026 (this being the date when the 2023-2025
long-term incentive awards will vest) are set out below:
Director
Beneficial
holding
1
Share
Match
2
Total share
interests at
31/12/2025
Illustrative
value of
share
interests at
31/12/2025
3
Interests as
% of salary
31/12/2025
ERP awards
vesting
16/03/2026
Total share
interests at
16/03/2026
4
Illustrative
value of
share
interests at
16/03/2026
5
Interests as
% of salary
16/03/2026
Stephen A. Carter 802,111 8,435 810,546 £7,537,622 735% 328,493 808,790 £6,350,619 620%
Gareth Wright 659,972 10,188 670,160 £6,232,111 1067% 126,429 796,589 £6,254,817 1071%
Patrick Martell 253,699 6,989 260,688 £2,424,252 483% 102,426 363,114 £2,851,171 568%
1 Beneficial interests include ordinary shares, DSBP awards and vested exercisable awards on a gross of tax basis. At 31 December 2025, Stephen A.
Carter held 660,498 exercisable long-term incentive awards (inclusive of accrued dividend awards)
2 Shares held under the all-colleague ShareMatch Scheme are made up of shares purchased by the Executive Director, shares ‘matched’ by the
Group and accrued dividend shares
3 Valued using the three-month average share price to 31 December 2025 (929.94p)
4 Stephen A. Carter exercised and sold his 2021-2023 long-term incentive awards and related dividends (330,249 shares) on 22 January 2026 at a
price of 934.35p per share. The cost of exercise was £330.25
5 Valued using the closing share price on 10 March 2026 (785.2p), being the nearest practicable date to the vesting date
Outstanding share awards at 31 December 2025 (audited)
The table below shows details of outstanding awards held by the Executive Directors as at 31 December 2025 and any
movements during the year. Long-term incentive awards are subject to the achievement of performance conditions set at
grant. Deferred Share Bonus Plan (DSBP) awards are based on prior achievement of annual performance conditions and are
exercisable from the third anniversary of grant.
Director/
Scheme
1
Date of grant
Shares awarded
or available for
exercise
2
Exercised
during 2025
Granted during
2025
Lapsed during
2025
Unexercised or
unvested
awards at 31
December
2025
2
Date options
exercisable
Option
expirydate
Stephen A. Carter
LTIP
3
24/03/2020 324,958 (324,958) – – – 24/03/2023 23/03/2030
15/04/2024 377,958 – – – 377,958 15/04/2027 14/05/2034
14/04/2025 618,662 618,662 14/04/2028 13/04/2035
DSBP 24/03/2020 58,297 (58,297) – – – 24/03/2023 23/03/2030
14/04/2025 141,613 141,613 14/04/2028 13/04/2035
ERP 12/01/2021 308,712 – – – 308,712 12/01/2024 11/01/2031
12/01/2021 308,712 – – – 308,712 12/01/2025 11/01/2031
12/01/2021 308,714 – – – 308,714 16/03/2026 11/01/2031
Gareth Wright
LTIP 15/04/2024 152,091 – – – 152,091 15/04/2027 14/05/2034
14/04/2025 – – 264,365 – 264,365 14/04/2028 13/04/2035
DSBP 14/04/2025 – – 41,156 – 41,156 14/04/2028 13/04/2035
ERP
4
12/01/2021 118,816 (118,816) – – – 12/01/2025 11/01/2031
12/01/2021 118,817 – – – 118,817 16/03/2026 11/01/2031
Patrick Martell
LTIP 15/04/2024 164,250 – – – 164,250 15/04/2027 14/05/2034
14/04/2025 – – 227,245 227,245 14/04/2028 13/04/2035
DSBP 14/04/2025 – – 36,365 36,365 14/04/2028 13/04/2035
ERP
5
12/01/2021 96,259 (96,259) – – – 12/01/2025 11/01/2031
12/01/2021 96,259 – – – 96,259 16/03/2026 11/01/2031
1 Vesting conditions: DSBP awards are subject to continued service, LTIP awards are subject to continued service and performance conditions
assessed at the end of the relevant performance period, and ERP awards are subject to continued service and a financial share price underpin
(545.5p) being met
2 Excludes accrued dividends
3 On 29 July 2025, Stephen A. Carter exercised the vested LTIP and DSBP awards granted in 2020 plus 23,681 related dividend shares (406,936
options in total). The cost of exercise was 0.1p per share for LTIP awards and £1 in total for the DSBP awards. He sold all shares at a market price of
864.79p per share
4 On 11 March 2025, Gareth Wright exercised the vested second tranche of the ERP award granted in 2021 plus 5,318 related dividend shares
(124,134 options in total). The cost of exercise was 0.1p per share. He sold 59,142 shares to settle taxes and other fees due on exercise at a market
price of 736.49p per share. Gareth Wright is required to hold the net shares until 12 January 2027
5 On 14 and 15 January 2025, Patrick Martell exercised the vested second tranche of the ERP awards granted in 2021 plus 4,308 related dividend
shares (100,567 options in total). The cost of exercise was 0.1p per share. He sold 31,879 shares on 14 January 2025 at a market price of 805.00p per
share and the remaining 68,888 shares on 15 January 2025 at a market price of 808.07p per share
Directors’ Remuneration Report continued
Governance
118
Informa Annual Report and Accounts 2025
Single total figure of remuneration for the Chair and Non-Executive Directors (audited)
The remuneration of the Chair is determined by the Committee in consultation with the Group Chief Executive, while that of
the Non-Executive Directors is determined by the Chair and Executive Directors within the limits set by the Articles of
Association. The table below shows the actual fees paid to all Non-Executive Directors at 31 December 2025 and 2024.
2025 2024
Director Fees Benefits
1
Total Fees Benefits
1
Total
John Rishton (Chair) 450,625 7,259 457,884 419,375 7,678 427,053
Louise Smalley (Senior Independent Director
andRemunerationCommittee Chair) 114,325 2,996 117,321 85,610 2,196 87,806
Maria Kyriacou 78,400 996 79,396 34,133 – 34,133
Catherine Levene 78,400 7,227 85,627 8,762 – 8,762
Andy Ransom 78,400 652 79,052 72,887 223 73,110
Gill Whitehead (Audit Committee Chair) 97,335 2,427 99,762 88,475 4,548 93,023
Joanne Wilson 78,400 1,174 79,574 72,887 – 72,887
Zheng Yin 78,400 1,455 79,855 72,887 3,888 76,775
1 Benefits comprise the notional benefit of preparing and filing tax returns for Non-Executive Directors based outside the UK, together with
reasonable travel, subsistence, accommodation and other expenses incurred by the Chair and Non-Executive Directors in the course of
performing their duties and which are deemed by HMRC to be taxable in the UK. The Non-Executive Directors, including the Chair, do not receive
private healthcare or life assurance and are not eligible to join the company’s pension schemes or share plans
Chair and Non-Executive Directors’ share ownership (audited)
Details of the Non-Executive Directors’ interests in shares (including those held by connected persons) at 31 December 2025
and 2024 are set out below:
Directors Shareholdings as at 31 December 2025 Shareholdings as at 31 December 2024
John Rishton 22,324 19,716
Louise Smalley 13,050 8,000
Maria Kyriacou 6,000 0
Catherine Levene 2,200 0
Andy Ransom 13,730 13,730
Gill Whitehead 4,184 4,184
Joanne Wilson 5,740 5,612
Zheng Yin
1
0 0
1 Capital control measures currently prevent Chinese citizens from investing in UK securities
Between 31 December 2025 and the date of this report, there were no changes to the shareholdings shown above.
119
Informa Annual Report and Accounts 2025
GovernanceS F A
Other remuneration disclosures
Directors’ service contracts and letters of appointment
Details of the service contracts of the Executive Directors and the letters of appointment of the Non-Executive Directors at
31 December 2025 were as follows:
Directors Date of appointment
Date of current service contract or
letterof appointment
John Rishton 1 September 2016 5 January 2021
Stephen A. Carter 11 May 2010
1
27 March 2025
Gareth Wright 9 July 2014 9 July 2014
Patrick Martell 1 March 2021 1 March 2021
Louise Smalley 1 October 2021 30 September 2021
Maria Kyriacou 15 July 2024 12 July 2024
Catherine Levene 19 November 2024 18 November 2024
Andy Ransom 15 June 2023 8 March 2023
Gill Whitehead 1 August 2019 23 July 2019
Joanne Wilson 1 October 2021 30 September 2021
Zheng Yin 20 December 2021 16 December 2021
1 Stephen A. Carter was appointed as a Non-Executive Director on 11 May 2010, CEO-Designate on 1 September 2013, and became Group Chief
Executive in late 2013
The Executive Directors have rolling service contracts with the company that have notice periods of 12 months on either
side. The company may terminate an Executive Director’s appointment with immediate effect without notice or payment in
lieu of notice under certain circumstances, as prescribed within the Executive Director’s service contract.
The letters of appointment for the Non-Executive Directors do not contain fixed-term periods and can be terminated by
either party giving three months’ notice. The Non-Executive Directors are appointed with the expectation that they will
serve for a maximum of nine years, subject to re-election at each AGM.
The service contracts of the Executive Directors and letters of appointment of the Non-Executive Directors are available for
inspection at the registered office during normal business hours and at the AGM.
Comparison of the Group Chief Executive’s remuneration to TSR
The graphs below illustrate the Group’s TSR performance compared with the performance of the FTSE All-Share Media Index
and the FTSE 100 peer group in the 10-year period ended 31 December 2025. This index and peer group have been selected
for this comparison because the Group is a constituent company of both.
2023
0
50
100
150
200
300
250
2015 2016 2017 2018 2019 2020 2021 2022
Informa FTSE 10 0
2024
2025
2023
0
50
100
150
200
250
300
2015 2016 2017 2018 2019 2020 2021 2022
Informa FTSE All-Share Media
2024
2025
Directors’ Remuneration Report continued
Governance
120
Informa Annual Report and Accounts 2025
The following table sets out the total remuneration of the Group Chief Executive over the same period as the TSR graphs.
The percentages for STIP and LTIP outcomes are expressed as a percentage of the maximum opportunity available.
Year Group Chief Executive
CEO single figure
of remuneration
STIP payout
(% of maximum)
LTIP payout
(% of maximum)
2016 Stephen A. Carter £3,407,650 40.0% 79.3%
2017 Stephen A. Carter £4,132,219 82.4% 83.0%
2018 Stephen A. Carter £4,125,262 93.3% 93.9%
2019 Stephen A. Carter £3,112,342 72.5%
1
70.2%
2020 Stephen A. Carter £2,720,172 53.6% 50.7%
2021 Stephen A. Carter £2,809,612 89.0%
2
41.5%
2022 Stephen A. Carter £4,103,002 89.7%
2
50.0%
2023 Stephen A. Carter £4,192,423 86.7%
2
100.0%
2024 Stephen A. Carter £5,487,898 100.0% 100.0%
2025 Stephen A. Carter £5,885,216 100.0% 100.0%
1 The Annual Reports for 2021-2024 contained a typographical error showing the STIP payment for 2019 as being 71.8%. This has now been
corrected and reflects the disclosure in the 2019 Annual Report
2 Under the terms of the Policy approved by shareholders in December 2020, the maximum STIP payout for the financial years ending 31 December
2021, 2022 and 2023 was reduced to 100% of base salary
Relative importance of spend on pay
Informa is a business built on the expertise, high-quality relationships and commitment demonstrated by its colleagues
around the world. The Group believes in the importance of investing in colleagues and offering market competitive salaries,
as well as flexible benefits and further opportunities such as ShareMatch. The table below shows the aggregate colleague
remuneration, dividends paid, revenue and operating profit, as stated in the Financial Statements, for the years ended
31 December 2025 and 31 December 2024:
2025 2024 % change
Total number of colleagues
1
14,152 13,092 8.1
Aggregate colleague remuneration (£m)
1
£928.6 £853.5 8.8
Remuneration per colleague (£) £65,616 £65,192 0.7
Shareholder returns – Dividends paid in the year
2
(£m) £268.1 £248.2 8.0
– Shares repurchased in the year
3
(£m) £350.0 £421.5 (17.0)
1 Figures taken from Note 8 to the Consolidated Financial Statements
2 Figures taken from Note 14 to the Consolidated Financial Statements
3 Excludes commission and stamp duties due on the share buyback
121
Informa Annual Report and Accounts 2025
GovernanceS F A
Pay ratios
The table below sets out the Group Chief Executive pay ratios as at 31 December 2025 and those for the prior five years. The
disclosure will build up over time to cover a rolling 10-year period.
Year Method Lower quartile Median Upper quartile
2025 Option A Pay ratio 138.5x 98.1x 66.1x
Salary £37,914 £52,801 £75,938
Total pay and benefits £42,480 £59,979 £88,976
2024 Option A Pay ratio 134.4x 96.4x 63.4x
Salary £36,107 £49,608 £72,345
Total pay and benefits £40,822 £56,954 £86,618
2023 Option A Pay ratio 112.2x 78.0x 51.2x
Salary £34,980 £47,643 £70,000
Total pay and benefits £37,376 £53,756 £81,963
2022 Option A Pay ratio 110.8x 78.9x 52.3x
Salary £33,000 £45,000 £65,339
Total pay and benefits £36,009 £51,263 £76,643
2021 Option A Pay ratio 83.2x 60.5x 39.8x
Salary £30,843 £41,200 £60,117
Total pay and benefits £31,130 £44,965 £69,218
2020 Option A Pay ratio 88.3x 65x 42.7x
Salary £28,436 £38,000 £56,500
Total pay and benefits £29,910 £41,418 £64,519
2019 Option A Pay ratio 100.5x 74.6x 47.9x
Salary £27,836 £38,570 £56,100
Total pay and benefits £30,970 £41,748 £65,031
In the final quarter of 2024, we completed two acquisitions for the Informa Group, namely, the addition of Ascential in
October and the combination with TechTarget in December. As these transactions completed towards the end of the
financial year, colleagues in the acquired businesses were not included in the pay ratio calculations for 2024. These
colleagues have now been incorporated into the 2025 calculations.
The ratios compare the single total figure of remuneration of the Group Chief Executive with the equivalent for the lower
quartile, median and upper quartile UK colleagues (calculated on a full-time basis). It should be noted that while the Group
Chief Executive’s role and remit are international, the pay ratios required by the Companies (Miscellaneous Reporting)
Regulations 2018 take no account of the remuneration received by colleagues based outside the UK (circa 70% of colleagues).
The rules relating to this disclosure set out three possible methodologies, termed Options A, B and C. The Committee has
selected Option A as the most appropriate for the company on the basis that it provides the most robust and statistically
accurate means of identifying the lower quartile, median and upper quartile colleagues, and is consistent with the Group’s
pay, reward and progression policies.
The total compensation calculations for UK colleagues include salary, bonus payments and benefits package, and LTIP
earnings where appropriate. Base salaries of all colleagues, including the Executive Directors, are set with reference to a
range of factors, including market comparators, individual experience and performance in their role. As was the case last
year, the Remuneration Committee notes that the year-on-year aggregate colleague remuneration continues to increase as
a result of the efforts the company has taken to support lower-paid colleagues. In 2025, the average base salary increase
for colleagues was 4%, with additional budget available to support merit rises, market adjustments and promotions across
the company.
Due to the structure of the Group Chief Executive’s annual remuneration, where a significant proportion is made up of
variable, performance-related pay, which is affected by share price movements, the pay ratios will vary, potentially
significantly, year-on-year.
Directors’ Remuneration Report continued
Governance
122
Informa Annual Report and Accounts 2025
Change in Directors’ pay in comparison to that of Informa colleagues
The next table shows the percentage change in the Directors’ salary or fees, benefits and bonus compared to the average
change in salary, benefits and bonus for a comparison group of all UK colleagues:
2025 2024 2023 20222 2021
Executive Directors
Salary
1
%
Benefits
2
%
Bonus
%
Salary
1
%
Benefits
2
%
Bonus
3
%
Salary
1
%
Benefits
2
%
Bonus
%
Salary
1
%
Benefits
2
%
Bonus
%
Salary
1
%
Benefits
2
%
Bonus
%
Stephen A. Carter 7.7 199.4 9.2 3.3 89.6 137.8 3.0 (3.9) 0.5 4.0 (23.4) 4.8 0.0 (29.3) (5.1)
Gareth Wright 6.1 (1.5) 7.1 3.3 (1.8) 78.3 3.0 1.0 0.5 6.0 (5.8) 6.9 0.0 0.5 10.7
Patrick Martell 4.6 667.3 4.1 5.6 67.9 83.6 3.0 61.5 0.5 4.0 8.2 19.5 – – –
All UK colleagues
4
5.9 (1.3) 9.1 3.4 21.5 30.7 6.2 (13.5) (9.8) 8.2 40.9 44.2 6.7 (8.3) 30.5
Non-Executive Directors
John Rishton
5
7.5 – – 3.3 – – 3.0 – – 56.3 – – 239.3 – –
Louise Smalley
6,8
33.5 – – 5.3 – – 3.0 – – 20.9 – – – – –
Maria Kyriacou
7,8
7.6 – – n/a – – – – – – – – – – –
Catherine Levene
7,8
7.6 – – n/a – – – – – – – – – – –
Andy Ransom
8
7.6 – – 4.0 – – – – – – – – – – –
Gill Whitehead
8
10.0 – – 4.0 – – 3.0 – – 12.5 – – 19.9 – –
Joanne Wilson
8
7.6 – – 4.0 – – 3.0 – – 4.1 – – – – –
Zheng Yin
8
7.6 – – 4.0 – – 3.0 – – 4.1 – – – – –
1 The calculations for Directors’ salary/fees have been made using the contractual base pay of the Executive Directors and fees for the Non-
Executive Directors
2 Benefits provided to the Executive Directors typically include (but are not limited to) private medical and life insurance, travel insurance, car
benefits (such as a car allowance or driver costs in lieu), professional advice, spousal/partner business travel expenses where appropriate and
the value of ShareMatch matching share awards. In addition, when the company requests colleagues to relocate to another country, as was the
case for the Group Chief Executive and Group Chief Operating Officer in 2025, relocation/dislocation costs are covered in accordance with our
internal relocation policies. These costs include (but are not limited to) overseas rental accommodation support, travel for colleagues and their
families where appropriate and, where relevant, education support. The comparison of 2025/2024 benefits for Stephen A. Carter and Patrick
Martell reflects the relocation/dislocation costs associated with their international moves to key growth regions (the UAE and US respectively)
during 2025
Benefits received by the Non-Executive Directors (disclosed on page 119) relate to expenses incurred in the course of their duties. These expenses,
which are deemed as taxable benefits by HMRC, may vary year-on-year and do not provide an accurate comparison to the benefits received by
colleagues, so are not included
3 The maximum bonus quantum for Executive Directors was increased in 2024 in line with the Policy approved by shareholders at the 2024 AGM
4 Informa PLC has no employees and therefore the average for all UK colleagues has been selected as the appropriate comparator group
5 John Rishton was appointed as Chair in June 2021
6 Louise Smalley was appointed as Senior Independent Director from December 2024
7 Maria Kyriacou was appointed to the Board on 15 July 2024 and Catherine Levene was appointed to the Board on 19 November 2024
8 For fair comparison, where a Director was appointed during the year, the percentage change for their fees between the year of their appointment
and the following year has been calculated using the full-time equivalent fee for the year of their appointment
Dilution of share capital by share plans
Informa uses a combination of market-purchased and newly issued shares to satisfy all-employee and executive share
plans. All shares used to satisfy our share plans are held by the Informa Employee Share Ownership Trust. Details of the
number of shares held by the Trust during the year is set out in Note 36 to the Consolidated Financial Statements.
During 2025, we complied with The Investment Association’s Principles of Remuneration with regard to dilution limits.
Remuneration adviser
FIT Remuneration Consultants LLP (FIT Remuneration Consultants) was the Committee’s independent remuneration adviser
throughout 2025, having been appointed in December 2022 following a competitive tender process. FIT Remuneration
Consultants is a member of the Remuneration Consultants Group and adheres to that Group’s Code of Conduct for
consultants to remuneration committees of UK listed companies.
The Committee is satisfied that the advice received from FIT Remuneration Consultants was independent and objective,
andhas not requested advice from any other remuneration advisory firm during the year. FIT Remuneration Consultants
does not provide any other services to the Group and has no other connection with the Directors.
Fees for advice provided to the Committee by FIT Remuneration Consultants during the year ended 31 December 2025
amounted to £18,967 (2024: £82,354). All fees are charged on a time and expenses basis.
123
Informa Annual Report and Accounts 2025
GovernanceS F A
Directors’ Report
The Directors present their report and Consolidated Financial Statements for the year ended 31 December 2025.
This section contains the remaining matters that the Directors are required to report on, and that do not appear elsewhere
inthe Annual Report. Additional information incorporated into this section by reference – including information that is
required in accordance with the Companies Act 2006 (Act) and Listing Rule 6.6.1R – can be found on the following pages:
Information Page(s)
Future business developments 2 to 77
Risk factors and principal risks 60 to 70
Colleague engagement and employment policies 91 and 125
Stakeholder engagement – suppliers, customers and others 90 to 91
Greenhouse gas emissions 21
Viability and Going Concern statements 72
Governance arrangements (including compliance with the UK Corporate Governance Code) 79 to 126
Section 172 statement 88 to 89
Long-term incentive arrangements 109 to 123
Dividends 165
Financial instruments, financial risk management objectives and policies 180 to 187
Post balance sheet events 210
Annual General Meeting
Informa PLC’s 2026 AGM will be held
atour offices at 240 Blackfriars Road,
London SE1 8BF on Thursday
18 June2026 at 11am.
The Notice of Meeting, together
withaletter from the Board Chair and
explanatory notes on the resolutions
tobe considered, are set out in a
separate circular that has been sent
toshareholders and is available on
ourwebsite.
Articles of Association
The company’s Articles of Association
(Articles) were last approved at the 2020
AGM. They include provisions on the
rights and obligations attached to the
company’s shares, the appointment and
removal of Directors, and the conduct
of the Board and general meetings.
The Articles may only be amended by
special resolution at a general meeting
of shareholders, with approval from at
least 75% of those voting in person or
by proxy.
A copy of our Articles can be found on
Informa’s website or obtained free of
charge from Companies House.
Directors
The names and biographical details
ofInforma’s Directors at the year end
and at the date of this Annual Report
are set out on pages 79 to 81 and
incorporated by reference.
Patrick Martell served as an Executive
Director until 1 March 2026 and will not
stand for re-election at the AGM in June
2026. All other Directors will offer
themselves for re-election.
Directors may be appointed or removed
by the Board or by shareholders in a
general meeting. Subject to the Act and
the Articles, the Directors may exercise
all the powers of the Company and may
delegate authorities to Committees and
day-to-day management and decision
making to individual Executive Directors.
The Directors’ Remuneration Report on
pages 109 to 123 contains details of the
remuneration paid to the Directors,
their interests in the shares of the
company and any awards granted to the
Executive Directors under all-colleague
or executive share schemes. It also
summarises the terms of Executive
Directors’ service agreements and
theletters of appointment of the
Non-Executive Directors. These are
available for inspection at Informa’s
registered office.
Directors’ conflicts of
interests and indemnities
Directors have a statutory duty to
avoid conflicts of interest with the
company. Our Articles allow the Board
to approve conflicts of interest and
include other conflict-of-interest
provisions. No Director had a material
interest in any contract in relation
tothe company’s business during
theyear.
To the extent permitted by English law
and the Articles, Informa has agreed
toindemnify the Directors in respect of
any liability arising from or connected
with the execution of their powers,
duties and responsibilities as a
Directorof the company, of any of
itssubsidiaries or as a trustee of an
occupational pension scheme for
colleagues. The indemnity would not
provide coverage where the Director
isproved to have acted fraudulently or
dishonestly. The company purchases
and maintains Directors’ and Officers’
insurance cover against certain legal
liabilities and the costs of claims
connected with any act or omission by
Directors and officers in the execution
of their duties.
Governance
124
Informa Annual Report and Accounts 2025
Share capital
Informa PLC is a public company limited
by shares, incorporated in England and
Wales. All the company’s ordinary
shares are listed on the London Stock
Exchange (100% free float).
The company has one class of shares,
being ordinary shares of 0.1 pence each.
All issued shares are fully paid up and
carry no additional obligations or
special rights. Each share carries
theright to one vote at
shareholdermeetings.
On a show of hands, each holder of
ordinary shares who attends in person
or is present by proxy or corporate
representative has one vote. On a poll,
every holder of ordinary shares
present in person, by proxy or
corporate representative has one vote
for every share held.
Electronic and paper proxy
appointments and voting instructions
must be received no later than 48
hours before a general meeting.
Holders of ordinary shares can lose
their entitlement to vote at general
meetings if they have been served with
a disclosure notice and failed to
provide the company with information
concerning interests held in those
shares. Except as set out above, there
are no limitations on voting rights of
holders of a given percentage, number
of votes or deadlines for exercising
voting rights.
There are no restrictions on the
transfer of securities in the company
except as set out in the Articles.
Informa is not aware of any
agreements between holders of
ordinary shares that may result in
restrictions on the transfer of
securities or on voting rights.
At the 2025 AGM, the Directors were
granted authority to purchase up to
131,857,000 ordinary shares in the
market, equal to 10% of issued share
capital at the time that the Notice of
AGM was approved. During 2025, the
company purchased and cancelled
42,846,499 ordinary shares (3.3% of
issued capital at 31 December 2025).
The Directors propose to renew this
authority to purchase shares at the
2026 AGM.
More details of our issued share capital
at 31 December 2025, together with
details of shares issued or repurchased
during the year, are shown in Note 35 to
the Consolidated Financial Statements.
Employment policy matters
Informa complies fully with all national
equal opportunities legislation and
makes recruitment and promotion
decisions based solely on the ability to
perform each role.
Under UK law and required disclosures
around the employment of people with
disabilities, we can confirm that we give
full and fair consideration to colleagues
and applicants with disabilities, and
provide facilities, equipment and
training to assist disabled colleagues to
do their jobs. If a colleague becomes
disabled during their employment,
every effort is made to ensure that they
can continue their current employment
by providing specialised training and
adjusting the working environment. We
also seek to provide opportunities for
retraining and redeployment within the
business.
Employee benefit trust
From time to time, shares are held by a
trustee in order to satisfy colleagues’
entitlements to shares under the
Group’s share schemes. The shares
held by the trusts do not have any
special rights with regard to control of
the company. While these shares are
held on trust, their rights are not
exercisable directly by the relevant
colleagues. The current arrangements
concerning trusts and their
shareholdings in the company are set
out in Note 36 to the Consolidated
Financial Statements.
Major interests in shares
The following table shows the
notifications of major voting interests
inthe company’s shares as at
31 December 2025, in accordance with
the FCA’s Disclosure and Transparency
Rules (DTR 5). All notifications made to
the company under DTR 5 are published
on a Regulatory Information Service
and are available on Informa’s website.
Shareholder % Shareholding
BlackRock, Inc. 5.92
Newton Investment
Management Ltd 4.93
Lazard Asset
ManagementLLC 4.30
Norges Bank 4.00
Artemis Investment
ManagerLLP 3.59
Invesco Ltd 3.55
The information above was correct
at the date of notification to the
Company. No additional notifications
have been received by the company
between 31 December 2025 and the
date of this report.
Change of control
There are no significant agreements to
which the company is a party that take
effect, alter or terminate on a change
of control following a takeover bid,
except for the Group’s principal
borrowings described in Note 27 to
theConsolidated Financial Statements.
The company does not have
agreements with any Director or
colleague that would provide
compensation for loss of office or
employment resulting from a change of
control on takeover, except those
provisions in the company’s share
schemes that may cause options and
awards granted to colleagues to vest
on a takeover.
Political donations
In line with Group policy, no donations
were made to political parties or
organisations or independent election
candidates, and no political
expenditure was incurred during the
year ended 31 December 2025.
Subsidiaries and overseas
branches
Details of Group subsidiaries are given
in Note 39 to the Consolidated
Financial Statements.
Informa operates branches in
Australia, China, France, Hong Kong,
Luxembourg, Malaysia, the
Netherlands, Singapore, South Africa,
South Korea, Taiwan, the United Arab
Emirates, the UK and Vietnam.
125
Informa Annual Report and Accounts 2025
GovernanceS F A
Statement of Directors’ responsibilities
The Directors are responsible for
preparing the Annual Report and
Accounts in accordance with applicable
law and regulation.
Company law requires the Directors to
prepare financial statements for each
financial year. Under that law, the
Directors have prepared the
Consolidated Financial Statements in
accordance with UK-adopted
International Accounting Standards,
and the Parent Company Financial
Statements in accordance with UK
Generally Accepted Accounting Practice
(UK Accounting Standards comprising
FRS 102: The Financial Reporting
Standard applicable in the UK and
Republic of Ireland, and applicable law.
Under company law, the Directors
must not approve the Financial
Statements unless they are satisfied
that they give a true and fair view of
the state of affairs of the Group and
Parent Company and of the profit or
loss of the Group and the company
for that period.
In preparing the Financial Statements,
the Directors are required to:
• Select suitable accounting policies
and then apply them consistently
• Make judgements and accounting
estimates that are reasonable
and prudent
• State whether applicable UK-adopted
International Accounting Standards
have been followed for the
Consolidated Financial Statements
and UK Accounting Standards,
comprising FRS 102, have been
followed for the Parent Company
Financial Statements, subject to any
material departures disclosed and
explained in the Financial Statements
• Prepare the Financial Statements on
the going concern basis unless it is
inappropriate to presume that the
Group and Parent Company will
continue in business
The Directors are responsible for
safeguarding the assets of the Group
and Parent Company and for taking
reasonable steps for the prevention
and detection of fraud and
otherirregularities.
The Directors are also responsible for
keeping adequate accounting records
that are sufficient to show and explain
the Group’s and Parent Company’s
transactions and disclose with
reasonable accuracy at any time the
financial position of the Group and
Parent Company. This enables them
to ensure that the Financial Statements
and the Directors’ Remuneration
Report comply with the Companies
Act 2006.
The Directors are responsible for the
maintenance and integrity of the
company’s website.
Legislation in the UK governing the
preparation and dissemination of
financial statements may differ from
legislation in other jurisdictions.
Directors’ confirmations
The Directors consider that the Annual
Report and Accounts, taken as a whole,
is fair, balanced and understandable,
and provides the information
necessary for shareholders to assess
the Group’s and Parent Company’s
position and performance, business
model and strategy.
Each of the Directors, whose names
and functions are listed on pages 79
to 81, confirm that, to the best of
their knowledge:
• The Consolidated Financial
Statements, which have been
prepared in accordance with
UK-adopted International Accounting
Standards, give a true and fair view
of the assets, liabilities, financial
position and profit of the Group
• The Parent Company Financial
Statements, which have been
prepared in accordance with UK
Accounting Standards comprising
FRS 102, give a true and fair view of
the assets, liabilities, financial
position and profit of the Parent
Company
• The Strategic Report includes a fair
review of the development and
performance of the business and the
position of the Group and Parent
Company, together with a
description of the principal risks and
uncertainties that it faces
Audit information
Each of the Directors in office at the
date this report confirms that:
• To the best of their knowledge, there
is no relevant audit information of
which the Group’s and the company’s
auditors are unaware
• They have taken all the steps that
they ought to have taken as a
Director in order to make themselves
aware of any relevant audit
information and to establish that the
Group’s and the company’s auditors
are aware of that information
This confirmation is given and should
be interpreted in accordance with the
provisions of section 418 of the
Companies Act 2006.
Reappointment of auditor
A resolution proposing the reappointment
of PricewaterhouseCoopers LLP as
thecompany’s external auditors will be
put to shareholders at the 2026 AGM.
By order of the Board
Rupert Hopley
General Counsel and Company
Secretary
11 March 2026
Informa PLC
5 Howick Place
London SW1P 1WG
Company Number: 08860726
Governance
126
Informa Annual Report and Accounts 2025
Contents
Independent auditors’ report 128
Consolidated Financial Statements
Consolidated Income Statement
136
Consolidated Statement
of Comprehensive Income 137
Consolidated Statement
of Changes in Equity
138
Consolidated Balance Sheet
139
Consolidated Cash Flow Statement
140
Notes to the Consolidated
Financial Statements
141
Parent Company Financial Statements
Parent Company Balance Sheet
211
Parent Company Statement
of Changes in Equity 212
Notes to the Parent Company
Financial Statements
213
Other financial information
Glossary of terms: alternative
performance measures
220
Five-year summary
222
Financial StatementsGS A
127
Informa Annual Report and Accounts 2025
Statements
Financial Statements
Financial
Independent auditors’ report to the members of Informa PLC
Report on the audit of
the financial statements
Opinion
In our opinion:
• Informa PLC’s Consolidated Financial
Statements and Parent Company
Financial Statements (the “financial
statements”) give a true and fair
viewof the state of the Group’s and
of the Parent Company’s affairs as
at31 December 2025 and of the
Group’s loss and the Group’s cash
flows for the year then ended;
• the Consolidated Financial Statements
have been properly prepared in
accordance with UK-adopted
international accounting standards as
applied in accordance with the
provisions of the Companies Act 2006;
• the Parent Company Financial
Statements have been properly
prepared in accordance with United
Kingdom Generally Accepted
Accounting Practice (United Kingdom
Accounting Standards, including FRS
102 “The Financial Reporting Standard
applicable in the UK and Republic of
Ireland”, and applicable law); and
• the financial statements have been
prepared in accordance with the
requirements of the Companies Act
2006.
We have audited the financial
statements, included within the Annual
Report and Accounts (the “Annual
Report”), which comprise:
• the Consolidated Balance Sheet as
at31 December 2025;
• the Parent Company Balance Sheet
as at 31 December 2025;
• the Consolidated Income Statement
for the year then ended;
• the Consolidated Statement of
Comprehensive Income for the year
then ended;
• the Consolidated Statement of Changes
in Equity for the year then ended;
• the Consolidated Cash Flow
Statement for the year then ended;
• the Parent Company Statement of
Changes in Equity for the year then
ended; and
• the notes to the financial statements,
comprising material accounting
policy information and other
explanatory information.
Our opinion is consistent with our
reporting to the Audit Committee.
Basis for opinion
We conducted our audit in accordance
with International Standards on Auditing
(UK) (“ISAs (UK)”) and applicable law. Our
responsibilities under ISAs (UK) are
further described in the Auditors’
responsibilities for the audit of the
financial statements section of our
report. We believe that the audit
evidence we have obtained is sufficient
and appropriate to provide a basis for
our opinion.
Independence
We remained independent of the
Group in accordance with the ethical
requirements that are relevant to our
audit of the financial statements in the
UK, which includes the FRC’s Ethical
Standard, as applicable to listed public
interest entities, and we have fulfilled
our other ethical responsibilities in
accordance with these requirements.
To the best of our knowledge and
belief, we declare that non-audit
services prohibited by the FRC’s
EthicalStandard were not provided.
Other than those disclosed in Note 6 of
the Consolidated Financial Statements,
we have provided no non-audit
services to the Parent Company or its
controlled undertakings in the period
under audit.
Our audit approach
Overview
Audit scope
• We identified 34 components which
required an audit of their complete
financial information due to their size
or risk characteristics. An audit of
specific financial statement line items
was performed at a further 4
components. In addition, audit
procedures at the corporate function
which included the Group
consolidation and areas of judgement
(including taxation, goodwill
impairment, treasury and post-
retirement benefits) were directly led
by the Group audit team.
• The audit work performed
accountedfor approximately 74%
ofconsolidated revenue and 74% of
consolidated adjusted profit before
tax on an absolute basis.
Key audit matters
• Recoverability of the carrying
valueofgoodwill in Informa
TechTarget (Group)
• Recoverability of the carrying value of
investments in subsidiary
undertakings (Parent Company)
Materiality
• Overall Group materiality:
£49.0 million (2024: £46.0 million)
based on approximately 5.0% (2024:
approximately 5.0%) of profit before
tax and adjusting items (“Adjusted
profit before tax”).
• Overall Parent Company materiality:
£44.0 million (2024: £42.2 million)
based on approximately 0.3% (2024:
approximately 0.3%) of total assets as
constrained by the allocation of overall
Group materiality.
• Performance materiality: £36.7 million
(2024: £34.5 million) (Group) and
£33.0 million (2024: £31.6 million)
(Parent Company).
The scope of our audit
As part of designing our audit, we
determined materiality and assessed
the risks of material misstatement in
the financial statements.
Key audit matters
Key audit matters are those matters
that, in the auditors’ professional
judgement, were of most significance
in the audit of the financial statements
of the current period and include the
most significant assessed risks of
material misstatement (whether or not
due to fraud) identified by the auditors,
including those which had the greatest
effect on: the overall audit strategy;
the allocation of resources in the
audit;and directing the efforts of the
engagement team. These matters, and
any comments we make on the results
of our procedures thereon, were
addressed in the context of our audit
of the financial statements as a whole,
and in forming our opinion thereon,
and we do not provide a separate
opinion on these matters.
This is not a complete list of all risks
identified by our audit.
Valuation of the acquired intangibles in
respect of the Ascential and TechTarget
acquisitions, which was a key audit
matter last year, is no longer included
because of the one off nature of
acquisition accounting. Otherwise, the
key audit matters below are consistent
with last year.
Financial Statements
128
Informa Annual Report and Accounts 2025
Key audit matter How our audit addressed the key audit matter
Recoverability of the carrying value of goodwill
inInforma TechTarget (Group)
Refer to Note 2 Material accounting policies; Note
3 Critical accounting judgements and key sources
of estimation uncertainty; andNote 15 Goodwill
in the Consolidated Financial Statements.
The Group has goodwill of £7,053.4m at
31 December 2025 (2024: £7,787.0m) which
includes £161.1m relating to the Informa
TechTarget (“ITT”) cash generating unit (“CGU”).
Management is required to test goodwill annually
for impairment. Additionally, at each external
reporting period, management assess whether
there is any indication that goodwill may be
impaired. Where indicators of impairment are
identified, the recoverable amount isrequired to
be estimated.
Management performs its goodwill impairment
assessment on a divisional basis reflecting the
lowest level at which it monitors goodwill.
Management determines the recoverable amount
of its CGU’s as being the higher of value in use
(“VIU”) and fair value less cost of disposal
(“FVLCD”) by preparing discounted cash flow
models which are based on the Group’s latest
cash flow projections. The assumptions used in
management’s models, which are subject to
estimation uncertainty, are derived from a
combination of management’s judgement,
experts engaged by management and market
data. The significant assumptions that we focused
our audit on were those with greater levels of
management judgement and for which variations
had the most significant impact on the
recoverable amount. Specifically, these included
revenue growth, operating profit, long-term
growth and the discount rate.
Impairment indicators were identified by
management at 30 June 2025 in respect of the ITT
CGU as a result of a reduction in the publicly
traded share price of Informa TechTarget Inc. and
a decline in forecast cash flows due to subdued
market activity. An impairment assessment was
performed by management at this date which
resulted in a goodwill impairment of £484.2m.
Management performed a further impairment
assessment at31 December 2025 and did not
identify a further impairment.
We considered the recoverability of the carrying
value of goodwill in ITT as a key audit matter due
to the material size of the impairment charge and
residual carrying value, and the headroom in the
model being sensitive to reasonably possible
changes in key assumptions.
Our audit procedures to assess the carrying value and associated
impairment recorded in respect of the goodwill in ITTincluded:
• assessing the appropriateness of the methodology used and the
mathematical accuracy of the discounted cash flow models;
• evaluating the significant assumptions used by management in
determining future cash flows, including corroborating revenue
growth projections to third party forecasts, cost reduction activity
tosupporting documentation, and assessing the reasonableness
ofoperating profit margins based on our understanding of the
business and past performance;
• with the support of our valuation experts, determining an
independent reasonable range for the discount rate and long term
growth rate and comparing these to those used in the models;
• performing sensitivities to form an independent view on reasonable
downside scenarios;
• comparing the recoverable amount to market evidence such as the
Informa TechTarget Inc. share price at 31 December 2025,
comparable company EBITDA multiples and analysts’ target share
prices and multiples; and
• evaluating and testing the disclosures in the Consolidated
FinancialStatements.
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Financial StatementsGS A
Key audit matter How our audit addressed the key audit matter
Recoverability of the carrying value of
investments in subsidiary undertakings (Parent
Company)
Refer to Note 2 Significant accounting policies;
Note 3 Critical accounting judgements and key
sources of estimation uncertainty; and Note 4
Investments in subsidiary undertakings in the
Parent Company Financial Statements.
At 31 December 2025, the Parent Company held
investments in subsidiary undertakings amounting
to £7,595.9m (2024: £7,581.2m). During the year,
management undertook an internal reorganisation
to consolidate the holding structure of the Parent
Company’s subsidiary undertakings.
Investments in subsidiary undertakings are
accounted for at historical cost less accumulated
impairment. Judgement is required to assess if
impairment indicators exist and, where indicators
are identified, if the investment carrying value is
supported by the recoverable amount.
In assessing for impairment indicators,
management considers the market capitalisation
of the Group, net assets of the subsidiary
undertakings, the results of the Group’s annual
goodwill impairment assessment and other facts
and circumstances which may be indicative of an
impairment. Where impairment indicators are
identified, management estimate the recoverable
amount using a fair value less cost of disposal
(‘FVLCD’) discounted cash flow model, which is
consistent with that used for the Group’s goodwill
impairment test.
While management’s assessment at 31 December
2025 identified impairment indicators, no
impairments were identified.
Our audit procedures in relation to the carrying value ofinvestments in
subsidiary undertakings included:
• evaluating management’s accounting for the internal reorganisation
of the holding structure of the Parent Company subsidiary
undertakings;
• assessing the appropriateness of the methodology, treatment of
intercompany balances and mathematical accuracy of thediscounted
cash flow model;
• assessing whether the cash flows used are consistent with cash flow
forecasts used in other estimates and judgements across the Group,
including the Group’s goodwill impairment assessment;
• with the support of our valuation experts, determining an
independent reasonable range for the discount rate and long term
growth rate and comparing these to those used in the models;
• performing sensitivities to form an independent view on reasonable
downside scenarios; and
• evaluating and testing the disclosures made in the Parent Company
Financial Statements.
How we tailored the audit scope
We tailored the scope of our audit to
ensure that we performed enough
work to be able to give an opinion on
the financial statements as a whole,
taking into account the structure of the
Group and the Parent Company, the
accounting processes and controls, and
the industry in which they operate.
In 2025 the Group was reorganised into
five divisions - Taylor & Francis, Informa
Markets, Informa Connect, Informa
Festivals and Informa TechTarget, in
addition to a central corporate function.
Each division is further divided into
business units which align to a legal
entity or business in a specific country.
A separate divisional management
teamoversees the operations of each
division. For the purposes of our audit,
we have identified each business unit as
a component.
The accounting processes for each
division are principally undertaken by
the Group’s shared service centres in
Colchester (UK), Cairo (Egypt), Sarasota
(USA), Long Island (USA), Cleveland
(USA), Hong Kong (HK) and Shanghai
(China). Each component reports to
theGroup through an integrated
consolidation system.
Based on our risk and materiality
assessments, we determined which
components required an audit of their
complete financial information having
consideration to the significance of
each component due to size or risk and
the overall coverage obtained over
each material line item in the
Consolidated Financial Statements.
We identified 34 components which
required an audit of their complete
financial information due to their size or
risk characteristics. An audit of specific
financial statement line items was
performed at a further 4 components.
In addition, audit procedures at the
corporate function which included, the
Group consolidation and areas of
judgement (including taxation, goodwill
impairment, treasury and post-
retirement benefits) were directly led by
the Group audit team.
Where the work was performed by
component audit teams, we determined
the level of involvement we needed to
have in the audit work at those
components to be able to conclude
whether sufficient appropriate audit
evidence had been obtained as a basis
for our opinion on the Consolidated
Financial Statements as a whole.
Financial Statements
130
Informa Annual Report and Accounts 2025
The Group audit team visited component
teams in the United Kingdom, United
States of America, United Arab Emirates,
Kingdom of Saudi Arabia, Hong Kong and
China during the 2025 audit cycle. In
addition, our oversight procedures
included the issuance of formal written
instructions and regular communication
throughout the audit cycle including calls
through video conferencing, review of
component auditor workpapers and
participation in audit clearance meetings.
Taken together with the audit
procedures undertaken by the Group
audit team, the audit work performed
accounted for approximately 74% of
consolidated revenue and 74% of
consolidated adjusted profit before
taxon an absolute basis. In addition,
we have performed disaggregated
analytical review procedures and an
evaluation of entity level controls,
which covers a significant portion of
the Group’s smaller and lower risk
components that were not directly
included in our Group audit scope.
The financial statements of the Parent
Company are prepared using the same
accounting processes as the Group’s
central functions and were audited by
the Group audit team.
The impact of climate risk
onouraudit
In planning and executing our audit,
weconsidered the potential impact of
climate change on the Group’s business
and the financial statements. The
Group has set out its climate related
intention and metrics as part of its
FasterForward programme.
As a part of our audit, we made enquiries
of management to understand the
extent of the potential impact of the
physical and transition climate change
risk on the Consolidated Financial
Statements. We also discussed the
climate change initiatives and
commitments from FasterForward and
other initiatives to reduce CO
2
emissions,
and the impact these have on the Group
including on future cash flow forecasts.
Management considers that the impact
of climate change does not give rise to
a material financial impact. With the
assistance of our climate change
specialists, we evaluated
management’s risk assessment and
understood the Group’s governance
processes including the Climate Impact
Steering Committee. We performed an
audit risk assessment of how the
impact of the Group’s commitments in
respect of climate change including
FasterForward may affect the financial
statements and our audit. Our work
did not identify any material impact on
our audit for the year ended
31 December 2025.
Materiality
The scope of our audit was influenced
by our application of materiality. We
set certain quantitative thresholds
formateriality. These, together with
qualitative considerations, helped us
todetermine the scope of our audit
and the nature, timing and extent of
our audit procedures on the individual
financial statement line items and
disclosures and in evaluating the effect
of misstatements, both individually
and in aggregate on the financial
statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Financial statements – Group Financial statements – Parent Company
Overall materiality £49.0 million (2024: £46.0 million). £44.0 million (2024: £42.2 million).
How we determined it approximately 5.0% (2024: approximately 5.0%) of
profit before tax and adjusting items (“Adjusted profit
before tax”)
approximately 0.3% (2024: approximately 0.3%) of total
assets as constrained by the allocation of overall Group
materiality
Rationale for
benchmark applied
Profit before tax and adjusting items is used as the
materiality benchmark. The directors use this
measure as they believe that it best reflects the
underlying performance of the Group.
We have considered the nature of the company, which
primarily acts as a holding entity for the Group’s
investments and treasury activities and have determined
that total assets is an appropriate benchmark for the
calculation of materiality.
131
Informa Annual Report and Accounts 2025
Financial StatementsGS A
For each component in the scope of
our Group audit, we allocated a
materiality that is less than our overall
Group materiality. The range of
materiality allocated across
components was £2.0 million and
£44.0 million.
We use performance materiality to
reduce to an appropriately low level
the probability that the aggregate of
uncorrected and undetected
misstatements exceeds overall
materiality. Specifically, we use
performance materiality in
determining the scope of our audit and
the nature and extent of our testing of
account balances, classes of
transactions and disclosures, for
example in determining sample sizes.
Our performance materiality was 75%
(2024: 75%) of overall materiality,
amounting to £36.7 million
(2024: £34.5 million) for the
Consolidated Financial Statements and
£33.0 million (2024: £31.6 million) for
the Parent Company Financial
Statements.
In determining the performance
materiality, we considered a number of
factors - the history of misstatements,
risk assessment and aggregation risk
and the effectiveness of controls - and
concluded that an amount at the upper
end of our normal range was
appropriate.
We agreed with the Audit Committee
that we would report to them
misstatements identified during our
audit above £2.4 million (Group audit)
(2024: £2.3 million) and £2.2 million
(Parent Company audit)
(2024: £2.1 million) as well as
misstatements below those amounts
that, in our view, warranted reporting
for qualitative reasons.
Conclusions relating to
goingconcern
Our evaluation of the directors’
assessment of the Group’s and the
Parent Company’s ability to continue to
adopt the going concern basis of
accounting included:
• Evaluating the key assumptions
within management’s forecasts and
ensuring these are consistent with
those modelled in relation to
management’s impairment
assessments;
• Considering liquidity and available
financial resources;
• Assessing whether the stress testing
performed by management
appropriately considered the
principal risks facing the business;
and
• Reading and evaluating the adequacy
of disclosures made in the financial
statements in relation to going
concern.
Based on the work we have performed,
we have not identified any material
uncertainties relating to events or
conditions that, individually or
collectively, may cast significant doubt
on the Group’s and the Parent
Company’s ability to continue as a
going concern for a period of at least
twelve months from when the financial
statements are authorised for issue.
In auditing the financial statements, we
have concluded that the directors’ use
of the going concern basis of
accounting in the preparation of the
financial statements is appropriate.
However, because not all future events
or conditions can be predicted, this
conclusion is not a guarantee as to the
Group’s and the Parent Company’s
ability to continue as a going concern.
In relation to the directors’ reporting
on how they have applied the UK
Corporate Governance Code, we have
nothing material to add or draw
attention to in relation to the directors’
statement in the financial statements
about whether the directors
considered it appropriate to adopt the
going concern basis of accounting.
Our responsibilities and the
responsibilities of the directors with
respect to going concern are described
in the relevant sections of this report.
Reporting on other
information
The other information comprises all of
the information in the Annual Report
other than the financial statements
and our auditors’ report thereon. The
directors are responsible for the other
information. Our opinion on the
financial statements does not cover the
other information and, accordingly, we
do not express an audit opinion or,
except to the extent otherwise
explicitly stated in this report, any form
of assurance thereon.
In connection with our audit of the
financial statements, our responsibility
is to read the other information and, in
doing so, consider whether the other
information is materially inconsistent
with the financial statements or our
knowledge obtained in the audit, or
otherwise appears to be materially
misstated. If we identify an apparent
material inconsistency or material
misstatement, we are required to
perform procedures to conclude
whether there is a material
misstatement of the financial
statements or a material misstatement
of the other information. If, based on
the work we have performed, we
conclude that there is a material
misstatement of this other information,
we are required to report that fact. We
have nothing to report based on these
responsibilities.
With respect to the Strategic Report
and Directors’ Report, we also
considered whether the disclosures
required by the UK Companies Act
2006 have been included.
Based on our work undertaken in the
course of the audit, the Companies Act
2006 requires us also to report certain
opinions and matters as described
below.
Financial Statements
132
Informa Annual Report and Accounts 2025
Strategic Report and
Directors’Report
In our opinion, based on the work
undertaken in the course of the audit,
the information given in the Strategic
Report and Directors’ Report for the
year ended 31 December 2025 is
consistent with the financial
statements and has been prepared in
accordance with applicable legal
requirements.
In light of the knowledge and
understanding of the Group and Parent
Company and their environment
obtained in the course of the audit, we
did not identify any material
misstatements in the Strategic Report
and Directors’ Report.
Directors’ Remuneration
In our opinion, the part of the
Directors’ Remuneration Report to be
audited has been properly prepared in
accordance with the Companies Act
2006.
Corporate governance
statement
The Listing Rules require us to review
the directors’ statements in relation to
going concern, longer-term viability
and that part of the corporate
governance statement relating to the
Parent Company’s compliance with the
provisions of the UK Corporate
Governance Code specified for our
review. Our additional responsibilities
with respect to the corporate
governance statement as other
information are described in the
Reporting on other information section
of this report.
Based on the work undertaken as part
of our audit, we have concluded that
each of the following elements of the
corporate governance statement,
included within the Governance report
is materially consistent with the
financial statements and our
knowledge obtained during the audit,
and we have nothing material to add or
draw attention to in relation to:
• The directors’ confirmation that they
have carried out a robust
assessment of the emerging and
principal risks;
• The disclosures in the Annual Report
that describe those principal risks,
what procedures are in place to
identify emerging risks and an
explanation of how these are being
managed or mitigated;
• The directors’ statement in the
financial statements about whether
they considered it appropriate to
adopt the going concern basis of
accounting in preparing them, and
their identification of any material
uncertainties to the Group’s and
Parent Company’s ability to continue
to do so over a period of at least
twelve months from the date of
approval of the financial statements;
• The directors’ explanation as to their
assessment of the Group’s and
Parent Company’s prospects, the
period this assessment covers and
why the period is appropriate; and
• The directors’ statement as to
whether they have a reasonable
expectation that the Parent
Company will be able to continue in
operation and meet its liabilities as
they fall due over the period of its
assessment, including any related
disclosures drawing attention to any
necessary qualifications or
assumptions.
Our review of the directors’ statement
regarding the longer-term viability of
the Group and Parent Company was
substantially less in scope than an
audit and only consisted of making
inquiries and considering the directors’
process supporting their statement;
checking that the statement is in
alignment with the relevant provisions
of the UK Corporate Governance Code;
and considering whether the statement
is consistent with the financial
statements and our knowledge and
understanding of the Group and Parent
Company and their environment
obtained in the course of the audit.
In addition, based on the work
undertaken as part of our audit, we
have concluded that each of the
following elements of the corporate
governance statement is materially
consistent with the financial
statements and our knowledge
obtained during the audit:
• The directors’ statement that
theyconsider the Annual Report,
taken as a whole, is fair, balanced
and understandable, and provides
the information necessary for the
members to assess the Group’s
andParent Company’s position,
performance, business model and
strategy;
• The section of the Annual Report
that describes the review of
effectiveness of risk management
and internal control systems; and
• The section of the Annual Report
describing the work of the Audit
Committee.
We have nothing to report in respect of
our responsibility to report when the
directors’ statement relating to the
Parent Company’s compliance with the
Code does not properly disclose a
departure from a relevant provision of
the Code specified under the Listing
Rules for review by the auditors.
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Informa Annual Report and Accounts 2025
Financial StatementsGS A
Responsibilities for the
financial statements and
theaudit
Responsibilities of the directors for
the financial statements
As explained more fully in the
Statement of Directors’ responsibilities,
the directors are responsible for the
preparation of the financial statements
in accordance with the applicable
framework and for being satisfied that
they give a true and fair view. The
directors are also responsible for such
internal control as they determine is
necessary to enable the preparation of
financial statements that are free from
material misstatement, whether due to
fraud or error.
In preparing the financial statements,
the directors are responsible for
assessing the Group’s and the Parent
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 Group or
the Parent Company or to cease
operations, or have no realistic
alternative but to do so.
Auditors’ responsibilities for the
audit of the financial statements
Our objectives are to obtain reasonable
assurance about whether the financial
statements as a whole are free from
material misstatement, whether due to
fraud or error, and to issue an auditors’
report that includes our opinion.
Reasonable assurance is a high level of
assurance, but is not a guarantee that
an audit conducted in accordance with
ISAs (UK) will always detect a material
misstatement when it exists.
Misstatements can arise from fraud or
error and are considered material if,
individually or in the aggregate, they
could reasonably be expected to
influence the economic decisions of
users taken on the basis of these
financial statements.
Irregularities, including fraud, are
instances of non-compliance with laws
and regulations. We design procedures
in line with our responsibilities,
outlined above, to detect material
misstatements in respect of
irregularities, including fraud. The
extent to which our procedures are
capable of detecting irregularities,
including fraud, is detailed below.
Based on our understanding of the
Group and industry, we identified that
the principal risks of non-compliance
with laws and regulations related to
data privacy regulations, prohibited
business practices and anti-bribery
and corruption laws, and we
considered the extent to which
non-compliance might have a material
effect on the financial statements. We
also considered those laws and
regulations that have a direct impact
on the financial statements such as the
Companies Act 2006 and applicable tax
regulation in jurisdictions in which the
Group has material operations. We
evaluated management’s incentives
and opportunities for fraudulent
manipulation of the financial
statements (including the risk of
override of controls), and determined
that the principal risks were related to
posting inappropriate journal entries
to manipulate financial results and
management bias in accounting
estimates. The Group engagement
team shared this risk assessment with
the component auditors so that they
could include appropriate audit
procedures in response to such risks in
their work. Audit procedures
performed by the Group engagement
team and/or component auditors
included:
• Understanding and evaluating the
design and implementation of
controls designed to prevent and
detect irregularities and fraud;
• Discussions with management,
Internal Audit and the Group’s legal
counsel regarding their consideration
of known or suspected instances of
non-compliance with laws and
regulations or fraud;
• Identifying and testing journal
entries, in particular any journal
entries posted with unusual account
combinations; and
• Challenging estimates and judgements
made by management and assessing
these for management bias in
particular relating to recoverability of
the carrying value of goodwill in
Informa TechTarget (Group) and
investments in subsidiary
undertakings (Parent Company) (see
Key audit matters section of this
report).
There are inherent limitations in the audit
procedures described above. We are less
likely to become aware of instances of
non-compliance with laws and
regulations that are not closely related to
events and transactions reflected in the
financial statements. Also, the risk of not
detecting a material misstatement due to
fraud is higher than the risk of not
detecting one resulting from error, as
fraud may involve deliberate concealment
by, for example, forgery or intentional
misrepresentations, or through collusion.
Our audit testing might include testing
complete populations of certain
transactions and balances, possibly
using data auditing techniques. However,
it typically involves selecting a limited
number of items for testing, rather than
testing complete populations. We will
often seek to target particular items for
testing based on their size or risk
characteristics. In other cases, we will
use audit sampling to enable us to draw
a conclusion about the population from
which the sample is selected.
A further description of our
responsibilities for the audit of the
financial statements is located on the
FRC’s website at: www.frc.org.uk/
auditorsresponsibilities. This description
forms part of our auditors’ report.
Financial Statements
134
Informa Annual Report and Accounts 2025
Use of this report
This report, including the opinions,
hasbeen prepared for and only for the
Parent Company’s members as a body
in accordance with Chapter 3 of Part 16
of the Companies Act 2006 and for no
other purpose. We do not, in giving
these opinions, accept or assume
responsibility for any other purpose
orto any other person to whom this
report is shown or into whose hands
itmay come save where expressly
agreed by our prior consent in writing.
Other required reporting
Companies Act 2006
exception reporting
Under the Companies Act 2006 we
arerequired to report to you if, in
ouropinion:
• we have not obtained all the
information and explanations we
require for our audit; or
• adequate accounting records have
not been kept by the Parent
Company, or returns adequate for
our audit have not been received
from branches not visited by us; or
• certain disclosures of directors’
remuneration specified by law are
not made; or
• the Parent Company Financial
Statements and the part of the
Directors’ Remuneration Report to
be audited are not in agreement with
the accounting records and returns.
We have no exceptions to report
arising from this responsibility.
Appointment
We were first appointed by the Parent
Company for the financial year ended
31 December 2023. Our uninterrupted
engagement covers 3 financial years.
Other matter
The company is required by the
Financial Conduct Authority Disclosure
Guidance and Transparency Rules to
include these financial statements in
an annual financial report prepared
under the structured digital format
required by DTR 4.1.15R - 4.1.18R and
filed on the National Storage
Mechanism of the Financial Conduct
Authority. This auditors’ report
provides no assurance over whether
the structured digital format annual
financial report has been prepared in
accordance with those requirements.
Christopher Burns
(SeniorStatutory Auditor)
for and on behalf of
PricewaterhouseCoopers LLP
Chartered Accountants and
StatutoryAuditors
London
11 March 2026
135
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Consolidated Income Statement
for the year ended 31 December 2025
Notes
AdjustedAdjustingStatutory AdjustedAdjustingStatutory
resultsitemsresultsresultsitemsresults
202520252025202420242024
£m£m£m£m£m£m
Revenue
4
4,041.4
–
4,041.4
3,553.1
–
3,553.1
Net operating expenses
6
(2,906.1)
(515.3)
(3,421.4)
(2,560.9)
(480.2)
(3,041.1)
Impairment – goodwill
7
–
(484.2)
(484.2)
–
–
–
Other operating income
6
–
1.4
1.4
–
29.5
29.5
Operating profit/(loss) before joint ventures and
associates
1,135.3
(998.1)
137.2
992.2
(450.7)
541.5
Share of results of joint ventures and associates
19
4.5
–
4.5
2.8
(1.5)
1.3
Operating profit/(loss)
1,139.8
(998.1)
141.7
995.0
(452.2)
542.8
Fair value loss on investments
19
–
(57.6)
(57.6)
–
(9.2)
(9.2)
Loss on disposal of subsidiaries and operations
–
(2.1)
(2.1)
–
(24.1)
(24.1)
Finance income
10
15.1
–
15.1
12.9
–
12.9
Finance costs
11
(158.8)
(2.6)
(161.4)
(92.5)
(22.6)
(115.1)
Profit/(loss) before tax
996.1
(1,060.4)
(64.3)
915.4
(508.1)
407.3
Tax (charge)/credit
12
(204.2)
123.1
(81.1)
(178.2)
137.3
(40.9)
Profit/(loss) for the year
791.9
(937.3)
(145.4)
737.2
(370.8)
366.4
Attributable to:
– Equity holders of the company
13
728.6
(717.6)
11.0
673.3
(375.6)
297.7
– Non-controlling interests
37
63.3
(219.7)
(156.4)
63.9
4.8
68.7
Earnings per share
– Basic (p)
13
56.0
0.8
50.4
22.3
– Diluted (p)
13
55.6
0.8
50.1
22.2
Financial Statements
136
Informa Annual Report and Accounts 2025
Consolidated Statement of Comprehensive Income
for the year ended 31 December 2025
Notes
2025 2024
£m£m
(Loss)/profit for the year
(145.4)
366.4
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of the net retirement benefit pension surplus
34
(5.5)
(1.0)
Total items that will not be reclassified subsequently to profit or loss
(5.5)
(1.0)
Items that may be reclassified subsequently to profit or loss:
Exchange (loss)/gain on translation of foreign operations
(420.6)
94.6
Exchange loss arising on disposal of foreign operations
–
(17.3)
Exchange gain on the deconsolidation of former subsidiaries
–
3.9
Net investment hedges:
Gain/(loss) on net investment hedges
167.2
(80.3)
Cash flow hedges:
Fair value gain/(loss) arising on hedging instruments
32.6
(49.3)
Less: (loss)/gain reclassified to profit or loss
(77.8)
62.5
Movement in cost of hedging reserve
1.8
(1.2)
Tax charge relating to items that may be reclassified subsequently to profit or loss
(1.2)
(4.4)
Total items that may be reclassified subsequently to profit or loss
(298.0)
8.5
Other comprehensive (expense)/income for the year
(303.5)
7.5
Total comprehensive (expense)/income for the year
(448.9)
373.9
Total comprehensive (expense)/income attributable to:
– Equity holders of the company
(261.9)
302.2
– Non-controlling interests
(187.0)
71.7
(448.9)
373.9
137
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Consolidated Statement of Changes in Equity
for the year ended 31 December 2025
Non-
ShareShare Translation OtherRetained controlling Total
capital
1
premium
1
reserve
reserves
2
earnings
Total
3
interests equity
£m £m £m £m £m£m£m£m
At 1 January 2024
1.4
1,878.6
(75.6)
2,090.6
2,853.5
6,748.5
436.1
7,184.6
Profit for the year
–
–
–
–
297.7
297.7
68.7
366.4
Exchange gain on translation of foreign operations
–
–
91.6
–
–
91.6
3.0
94.6
(Loss)/gain arising on net investment and cash
flow hedges
–
–
(80.3)
12.0
–
(68.3)
–
(68.3)
Foreign exchange recycling of disposed entities
–
–
(17.3)
–
–
(17.3)
–
(17.3)
Exchange gain on the deconsolidation of
formersubsidiaries
–
–
3.9
–
–
3.9
–
3.9
Actuarial loss on defined benefit pension schemes
–
–
–
–
(1.0)
(1.0)
–
(1.0)
Tax relating to components of other
comprehensive income
–
–
(4.4)
–
–
(4.4)
–
(4.4)
Total comprehensive (loss)/income for the year
–
–
(6.5)
12.0
296.7
302.2
71.7
373.9
Dividends to shareholders
–
–
–
–
(248.2)
(248.2)
–
(248.2)
Dividends to non-controlling interests
–
–
–
–
–
–
(31.4)
(31.4)
Share award expense
–
–
–
20.6
–
20.6
–
20.6
Issue of shares
–
–
–
37.5
–
37.5
–
37.5
Shares for Trust purchase
–
–
–
(5.4)
–
(5.4)
–
(5.4)
Transfer of vested LTIPs
–
–
–
(12.9)
12.9
–
–
–
Share buyback
4
(0.1)
–
–
90.9
(424.2)
(333.4)
–
(333.4)
Deconsolidation of former subsidiaries
–
–
–
–
8.3
8.3
(41.4)
(33.1)
Transfer to realised profit
5
–
–
–
(4.0)
4.0
–
–
–
Disposal of non-controlling interests
–
–
–
–
(0.8)
(0.8)
(121.8)
(122.6)
Acquisition of non-controlling interests
–
–
–
–
(41.7)
(41.7)
518.9
477.2
Transactions with non-controlling interests
–
–
–
(0.6)
–
(0.6)
2.2
1.6
Remeasurement of put call options
–
–
–
(1.8)
–
(1.8)
–
(1.8)
At 31 December 2024
1.3
1,878.6
(82.1)
2,226.9
2,460.5
6,485.2
834.3
7,319.5
Profit/(loss) for the year
–
–
–
–
11.0
11.0
(156.4)
(145.4)
Exchange loss on translation of foreign
operations
–
–
(390.0)
–
–
(390.0)
(30.6)
(420.6)
Gain/(loss) arising on net investment and cash
flow hedges
–
–
167.2
(43.4)
–
123.8
–
123.8
Actuarial loss on defined benefit pension
schemes
–
–
–
–
(5.5)
(5.5)
–
(5.5)
Tax relating to components of other
comprehensive expense
–
–
(1.2)
–
–
(1.2)
–
(1.2)
Total comprehensive (loss)/ income for the year
–
–
(224.0)
(43.4)
5.5
(261.9)
(187.0)
(448.9)
Dividends to shareholders
–
–
–
–
(268.1)
(268.1)
–
(268.1)
Dividends to non-controlling interests
–
–
–
–
–
–
(29.9)
(29.9)
Share award expense
–
–
–
40.0
–
40.0
–
40.0
Issue of shares
–
0.6
–
–
–
0.6
–
0.6
Shares for Trust purchase
–
–
–
(6.3)
–
(6.3)
–
(6.3)
Transfer of vested LTIPs
–
–
–
(13.0)
13.0
–
–
–
Share buyback
4
–
–
–
–
(352.3)
(352.3)
–
(352.3)
Transactions with non-controlling interests
–
–
–
–
13.6
13.6
(8.7)
4.9
Remeasurement of put call options
–
–
–
0.4
–
0.4
–
0.4
At 31 December 2025
1.3
1,879.2
(306.1)
2,204.6
1,872.2
5,651.2
608.7
6,259.9
1 See Note 35
2 See Note 36
3 Total attributable to equity holders of the company
4 £352 .3m (2024: £4 24. 2m) of shares have been bought back during the period
5 Relates to the IFRS 2 reserve for the Management Incentive Plan (MIP) transferred to realised profit as part of the Curinos disposal
Financial Statements
138
Informa Annual Report and Accounts 2025
Consolidated Balance Sheet
as at 31 December 2025
Notes
At At
31 December 31 December
20252024
Non-current assets £m£m
Goodwill
15
7,053.4
7,787.0
Other intangible assets
16
3,366.0
3,810.9
Property and equipment
17
78.4
75.0
Right-of-use assets
18
237.0
209.4
Investments in joint ventures and associates
19
81.1
92.7
Other investments
19
118.6
186.5
Non-current tax assets
12
57.2
–
Deferred tax assets
20
71.7
85.7
Retirement benefit surplus
34
44.1
48.5
Finance lease receivables
18
6.0
8.8
Other receivables
22
42.3
51.2
Derivative financial instruments
23
72.7
–
Current assets
11,228.5
12,355.7
Inventory
21
44.1
43.0
Trade and other receivables
22
685.4
717.0
Current tax assets
12
25.9
25.9
Cash and cash equivalents
25
330.5
484.3
Investments
26
–
61.8
Finance lease receivables
18
3.2
2.9
Derivative financial instruments
23
7.2
0.1
1,096.3
1,335.0
Total assets
12,324.8
13,690.7
Current liabilities
Borrowings
27
(449.8)
(909.3)
Lease liabilities
18
(49.5)
(34.4)
Current tax liabilities
12
(113.0)
(128.5)
Provisions
30
(26.1)
(26.8)
Contingent consideration and put call options
31
(11.2)
(31.4)
Trade and other payables
32
(682.7)
(687.9)
Deferred income
(1,169.2)
(1,166.6)
Derivative financial instruments
23
(2.2)
(76.4)
Non-current liabilities
(2,503.7)
(3,061.3)
Borrowings
27
(2,727.6)
(2,298.3)
Lease liabilities
18
(252.2)
(243.7)
Derivative financial instruments
23
(4.5)
(127.8)
Deferred tax liabilities
20
(527.7)
(593.4)
Retirement benefit obligation
34
–
(5.8)
Provisions
30
(14.5)
(15.3)
Contingent consideration and put call options
31
(19.2)
(14.9)
Trade and other payables
32
(15.5)
(10.7)
(3,561.2)
(3,309.9)
Total liabilities
(6,064.9)
(6,371.2)
Net assets
6,259.9
7,319.5
Share capital
35
1.3
1.3
Share premium
35
1,879.2
1,878.6
Translation reserve
(306.1)
(82.1)
Other reserves
36
2,204.6
2,226.9
Retained earnings
1,872.2
2,460.5
Equity attributable to equity holders of the Parent Company
5,651.2
6,485.2
Non-controlling interest
37
608.7
834.3
Total equity
6,259.9
7,319.5
These Consolidated Financial Statements on pages 136 to 210 were approved by the Board of Directors and authorised for
issue on 11 March 2026 and signed on its behalf by
Stephen A. Carter Gareth Wright
Group Chief Executive Group Finance Director 
139
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Consolidated Cash Flow Statement
for the year ended 31 December 2025
Notes
20252024
Operating activities £m £m
Cash generated by operations
24
1,187.5
1,011.4
Income taxes paid
(156.5)
(122.3)
Interest paid
(154.7)
(87.5)
Net cash inflow from operating activities
876.3
801.6
Investing activities
Interest received
15.2
13.3
Dividends received from investments
19
3.4
1.4
Purchase of property and equipment
17
(27.4)
(30.6)
Purchase of intangible software assets
16
(61.5)
(51.2)
Product development costs additions
16
(15.1)
(18.2)
Purchase of intangibles related to titles, brands and customer relationships
16
(4.3)
(8.2)
Acquisition of subsidiaries and operations, net of cash acquired
24
(62.1)
(1,450.5)
Acquisition of other investments
19
–
(6.7)
Cash (outflow)/inflow from disposal of subsidiaries and operations
(29.4)
199.2
Proceeds from sale of investments
26
62.2
–
Finance lease receipts
3.3
2.4
Net cash outflow from investing activities
(115.7)
(1,349.1)
Financing activities
Dividends paid to shareholders
14
(268.1)
(248.2)
Dividends paid to non-controlling interests
14
(29.9)
(31.0)
Repayment of borrowings
29
(1,608.0)
(914.5)
Proceeds from borrowings
29
1,754.7
2,379.1
Repayment of borrowings acquired
29
(331.1)
(59.2)
Borrowing fees paid
29
(6.2)
(21.8)
(Repayment of)/proceeds from loans with other parties
29
(7.5)
7.9
Acquisition of non-controlling interests
(3.3)
(14.6)
Repayment of principal lease liabilities
18
(46.1)
(26.7)
Purchase of shares for share buyback
35
(352.3)
(428.2)
Purchase of shares for Employee Share Trust
36
(6.3)
(5.4)
Net cash (outflow)/inflow from financing activities
(904.1)
637.4
Net (decrease)/increase in cash and cash equivalents
(143.5)
89.9
Effect of foreign exchange rate changes
(10.3)
5.1
Cash and cash equivalents at beginning of the year
25
484.3
389.3
Cash and cash equivalents at end of the year
25
330.5
484.3
Financial Statements
140
Informa Annual Report and Accounts 2025
Notes to the Consolidated Financial Statements
for the year ended 31 December 2025
1. General information
Informa PLC (the company) is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006
and is listed on the London Stock Exchange. The company is a public company limited by shares and is registered in England
and Wales with registration number 08860726. The address of the registered office is 5 Howick Place, London, SW1P 1WG.
The Consolidated Financial Statements as at 31 December 2025 and for the year then ended comprise those of the company,
its subsidiaries and its interests in joint ventures and associates (together referred to as the Group).
The nature of the Group’s operations and its principal activities are set out in the Strategic Report on pages 2 to 77.
These Consolidated Financial Statements are presented in pounds sterling (GBP), which is the currency of the primary
economic environment in which the Group operates and the functional currency of the Parent Company, Informa PLC.
Foreign operations are included in accordance with the policies set out in Note 2.
2. Material accounting policies
Basis of accounting
The Consolidated Financial Statements have been prepared in accordance with the UK-adopted International Accounting
Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those
standards.
Going concern
To complete the going concern assessment, the Directors have modelled a base case with sensitivities and a reverse stress
test for the period to June 2027. In modelling the base case, the Directors have assumed Group financial performance is
consistent with the guidance given for 2026, followed by similar growth in the first half of 2027.
The reverse stress test shows that the Group can afford to lose 42% of its revenue from 1 April 2026 to the end of June 2027
and maintain positive liquidity headroom. This extremely remote scenario assumes no action is taken to deliver indirect cost
savings, that existing customer receipts are refunded for any cancelled or deferred events, and that no further receipts are
collected in the period.
Based on these results, the Directors believe the Group is well placed to manage its financing and other business risks in a
satisfactory way. The Directors have been able to form a reasonable expectation that the Group has adequate resources to
continue in operation for at least 12 months from the signing date of this Annual Report and Accounts, and consider it
appropriate to adopt the going concern basis of accounting in preparing the Consolidated Financial Statements. Further
detail is contained in the Strategic Report on page 71.
The Consolidated Financial Statements have been prepared on the historical cost basis, except for certain financial
instruments, pension assets and investments which are measured at fair value. The principal accounting policies adopted
are set out below, all of which have been consistently applied to all periods presented in the Consolidated Financial
Statements.
The Group has taken advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year
ended 31 December 2025 for UK subsidiaries listed on page 218.
Basis of consolidation
The Consolidated Financial Statements incorporate the financial statements of the company and all its subsidiaries. The
Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and
has the ability to affect those returns through its power over the investee. The results of subsidiaries acquired or sold are
included in the Consolidated Financial Statements from the effective date of acquisition or up to the effective date of
disposal, as appropriate. Where necessary, adjustments are made to the results of acquired subsidiaries to bring their
accounting policies into line with those used by other members of the Group.
All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in
the net assets of consolidated subsidiaries are identified separately from the Group’s equity and consist of the net assets of
those interests at the date of the original business combination plus their share of changes in equity since that date.
Joint arrangements are contractual agreements where two or more parties share control, requiring unanimous consent for
decisions about relevant activities. Joint arrangements are classified as either joint ventures, where the Group has rights to
the net assets of the arrangement, or joint operations, where the Group has direct rights to the assets and obligations for
the liabilities of the arrangement. Associates are undertakings over which the Group exercises significant influence, usually
between 20% and 50% of the equity voting rights, in respect of the financial and operating policies, and is neither a
subsidiary nor an interest in a joint venture.
141
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
2. Material accounting policies continued
The Group accounts for its interests in joint ventures and associates using the equity method. Under the equity method, the
investment in the joint venture or associate is initially measured at cost. The carrying amount is adjusted to recognise
changes in the Group’s share of profit or loss of the joint venture or associate since the acquisition date. The Consolidated
Income Statement reflects the Group’s share of the results of operations of the entity. The Consolidated Statement of
Comprehensive Income includes the Group’s share of any other comprehensive income recognised by the joint venture or
associate. Dividend income is recognised when the right to receive the payment is established. Where an associate or joint
venture has net liabilities, full provision is made for the Group’s share of liabilities where there is a constructive or legal
obligation to provide additional funding to the associate or joint venture. The Group accounts for its interest in joint
operations by recognising its share of assets, liabilities, revenues and expenses.
Foreign currencies
Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are
retranslated at the rates ruling at that date. These translation differences are included in net operating expenses in the
Consolidated Income Statement.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at
the date when the fair value was determined. Where a gain or loss on a non-monetary item is recognised in other
comprehensive income, any exchange component of that gain or loss is recognised in other comprehensive income. When a
gain or loss on a non-monetary item is recognised in profit or loss, any exchange component of that gain or loss is
recognised in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not
retranslated.
The balance sheet of foreign subsidiaries is translated into pounds sterling at the closing rates of exchange. The
Consolidated Income Statement results are translated at an average exchange rate, recalculated for each month at the prior
month’s closing rate.
Foreign exchange differences arising from the translation of opening net investments in foreign subsidiaries at the closing
rate are taken directly to the translation reserve. In addition, foreign exchange differences arising from retranslation of the
foreign subsidiaries’ results from monthly average rate to closing rate are also taken directly to the Group’s translation
reserve.
Where a disposal of a foreign subsidiary occurs, the translation differences are recognised in the Consolidated Income
Statement in the financial year that the disposal occurs.
The translation movements on matched long-term foreign currency borrowings, and derivative financial instruments
qualifying as hedging instruments under IFRS 9 Financial Instruments, are also taken to the translation reserve, to the extent
the hedge is effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is
included in the finance costs line item. Gains and losses on the hedging instrument accumulated in the translation reserve
are reclassified to profit or loss on the disposal or partial disposal of the foreign operation. The Group treats specific
intercompany loan balances, which are not intended to be repaid in the foreseeable future, as part of its net investment.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the acquisition closing rate. This is then revalued at the year end rate with any foreign
exchange difference taken directly to the translation reserve.
Business combinations
The acquisition of subsidiaries and other asset purchases that are assessed as meeting the definition of a business under
the rules of IFRS 3 Business Combinations are accounted for using the acquisition method. The consideration for each
acquisition is measured at the aggregate of fair values of assets given, liabilities incurred or assumed, and equity
instruments issued by the Group in exchange for control of the acquiree. If the accounting for business combinations
involves provisional amounts, which are finalised in a subsequent reporting period during the 12-month measurement
period as permitted under IFRS 3, restatement of these provisional amounts may be required in the subsequent reporting
period. Acquisitions by the Group could be subject to measurement-period adjustments; therefore, as permitted by IFRS 3,
acquisitions have been accounted for using a provisional accounting basis. Acquisition and integration costs incurred are
expensed and included in adjusting items in the Consolidated Income Statement.
If the business combination is achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity interest
in the acquiree is remeasured to fair value at the acquisition date through the Consolidated Income Statement. If the business
combination is achieved with less than 100% ownership, non-controlling interest is valued at fair value within equity.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration, which is classified as a financial liability that is within
the scope of IFRS 9, will be recognised in the Consolidated Income Statement.
Financial Statements
142
Informa Annual Report and Accounts 2025
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount
recognised for non-controlling interests over the net identifiable assets acquired and liabilities assumed. If this
consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the
Consolidated Income Statement. The Group recognises any non-controlling interest at the proportionate share of the
acquiree’s identifiable net assets.
Disposals
At the date of a disposal, or loss of control, joint control or significant influence over a subsidiary, joint venture or associate, the
Group derecognises the assets and liabilities of the entity, with the carrying amount of any non-controlling interest and any
cumulative translation differences recorded in equity. The fair value of consideration including the fair value of any investment
retained is recognised. The consequent profit or loss on disposal that is not disclosed as a discontinued operation is recognised
in the Consolidated Income Statement within the ‘profit or loss on disposal of subsidiaries and operations’ line.
Revenue and deferred income
IFRS 15 Revenue from Contracts with Customers provides a single, principles-based, five-step model to be applied to all
sales contracts. It is based on the transfer of control of goods and services to customers, and requires the identification and
assessment of the satisfaction/delivery of each performance obligation in a contract to recognise revenue.
Where separate performance obligations are identified in a single contract, total revenue is allocated on the basis of relative
stand-alone selling prices to each performance obligation, or management’s best estimate of relative value where stand-
alone selling prices do not exist.
Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods
and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes, and provisions
for returns and cancellations. Revenue for each category type is typically fixed at the date of the order and is not variable.
Given the similarity in nature of the revenue types, sponsorship revenue, and exhibitor and related services have been
combined in the table below, and within the notes to the financial statements.
Payments received in advance of the satisfaction of a performance obligation are held as deferred income until the point at
which the performance obligation is satisfied. Deferred income balances included in non-current liabilities, which is an
immaterial amount, relate to payments received more than one year in advance for biennial and triennial events and
exhibitions. Deferred income balances included in current liabilities at the reporting date will be recognised as revenue
within 12 months.
Revenue type
Performance obligations
Revenue recognition accounting policy
Timing of customer payments
Sponsorship and Provision of event sponsorship and Performance obligations are satisfied Payments for event sponsorship are
exhibitor other services associated with at the point of time that services are normally received in advance of the
exhibition and conference events, provided to the customer with sponsorship period and are held as deferred
including virtual events. revenue recognised when the event income until the services are provided.
has taken place. Payments for exhibitor and related services
Revenue relating to sponsorship at are normally received in advance of the
events is recognised on a point of time event dates, which are typically up to 12
basis at the event date. months in advance of the event date and are
held as deferred income until the event date.
Subscriptions
Provision of journals and online
Performance obligations are satisfied Subscription payments are normally
information services that are both at a point in time, with revenue received in advance of the commencement
provided on a periodic basis or recognised at that point and over time, of the subscription period, which is typically
updated on a real-time basis. with revenue recognised straight-line a 12-month period, and are initially held as
over the period of the subscription. deferred income and released over the
subscription period.
Transactional sales
Provision of books and specific
Revenue is recognised at the point of Transactional sales to customers are
publications in print or digital time when control of the product is typically on credit terms and customers pay
format, including one-off archive passed to the customer or the according to these terms.
data access. information service has been provided.
Control is passed to the customer when
the goods have been delivered to them.
Attendee revenue
Provision of exhibition or
Performance obligations are satisfied Payments by attendees are normally
conference events. at the point of time that the event is received either in advance of the event date
held, with attendee revenue and are held as deferred income until the
recognised at this date. event date, or at the event.
Marketing and lead Provision of marketing services Performance obligations are satisfied Payments for such services are normally
generation and leads. over the period of the marketing received in advance of the marketing or lead
subscription or over the period when generation period and are held as deferred
the marketing and lead generation income until the services are provided.
services are provided. Revenue is
recognised on a straight-line basis
over the subscription period.
143
Informa Annual Report and Accounts 2025
Financial StatementsGS A
2. Material accounting policies continued
Revenue relating to barter transactions is recorded at the fair value of the goods or services received from the customer, and
the timing of recognition is in line with the above. Expenses from barter transactions are also recorded at their fair value and
recognised as incurred. Barter transactions typically involve the trading of show space or conference places in exchange for
services provided at events or media advertising.
There are no material contract assets arising on work performed in order to deliver performance obligations. Where there
are incremental costs of obtaining a contract, the company has elected to apply the practical expedient in IFRS 15 which
permits those costs to be expensed when incurred, if the amortisation period would be 1 year or less. See Notes 4 and 5 for
further details of revenue by type, business segment and geographic location.
Pension costs and pension scheme arrangements
Certain Group companies operate defined contribution pension schemes for colleagues. The assets of the schemes are held
separately from the individual companies. The pension charge associated with these schemes represents contributions
payable and is charged as an expense when incurred.
The Group also operates funded defined benefit schemes for colleagues. The cost of providing these benefits is determined
using the Projected Unit Credit Method, with actuarial valuations being carried out at regular intervals. There is no service
cost due to the fact that these schemes are closed to future accruals. Net interest is calculated by applying a discount rate to
the opening net defined benefit liability or asset and is shown in finance costs, and the administration costs are shown as a
component of operating expenses. Actuarial gains and losses are recognised in full in the period in which they occur, outside
of the Consolidated Income Statement and in the Consolidated Statement of Comprehensive Income.
The retirement benefit obligation recognised in the Consolidated Balance Sheet represents the actual deficit or surplus in
the Group’s defined benefit plans under IAS 19. Any surplus resulting from this calculation is limited to the present value of
any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.
Share-based payments
The Group issues equity-settled share-based payment awards to certain colleagues. These are measured at fair value at date of
grant. An expense is recognised to spread the fair value of each award over the vesting period on a straight-line basis, after
allowing for an estimate of awards that will not vest. At each reporting date, the Group revises its estimate of the number of
equity instruments expected to vest. The impact of the revision on the original estimates, if any, is recognised in the Consolidated
Income Statement such that the cumulative expense reflects the revised estimate. Non-market vesting conditions are taken into
account by adjusting the number of awards expected to vest at each reporting date so that the cumulative amount recognised
over the vesting period uses the number of awards that eventually vest. Market vesting conditions are factored into the fair value
of awards at grant date. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market
vesting conditions are satisfied and there is not an adjustment for failure to achieve a market vesting condition.
Own shares are deducted in arriving at total equity and represent the cost of the company’s ordinary shares acquired by the
Employee Share Trust and ShareMatch in connection with certain Group colleague share schemes.
Interest income
Interest income is recognised on an accruals basis, by reference to the principal outstanding and at the effective interest rate
applicable. Cash flows from interest income are included as part of investing activities in the Consolidated Cash Flow Statement.
Taxation
The tax expense represents the sum of the current tax payable and deferred tax. Current tax is based on taxable profit for
the year. Taxable profit differs from profit before tax as reported in the Consolidated Income Statement because it excludes
items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable
or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively
enacted by the reporting date.
A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that
the Group will be required to settle that obligation. The provision is the best estimate of the consideration required to settle
the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities
in the Consolidated Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises
from the initial recognition of goodwill or from the initial recognition of other assets and liabilities (other than in a business
combination) in a transaction that affects neither the tax nor accounting profit. To the extent that goodwill is tax deductible, where a
taxable temporary difference arises from the subsequent tax-deductible amounts, the associated deferred tax liability is recognised.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
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Deferred tax is calculated for all business combinations in respect of intangible assets and other assets that are part of the
fair value exercise. A deferred tax liability is recognised to the extent that the fair value of the assets for accounting purposes
exceeds the value of those assets for tax purposes and will form part of the associated goodwill on acquisition. Deferred tax
liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates except
where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference
will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is
calculated at the tax rates that are substantively enacted at the reporting date in relation to the period when the liability is
expected to be settled or the asset is expected to be realised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis.
Current and deferred tax are recognised in the Consolidated Income Statement, except when they relate to items that are
recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also
recognised in other comprehensive income or directly in equity, respectively. Where current tax or deferred tax arises from
the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
The Group is a multinational group with tax liabilities arising in many geographic locations. This inherently leads to
complexity in the Group’s tax structure. Therefore, the calculation of the Group’s current tax liabilities and tax expense
necessarily involves a degree of estimation and judgement in respect of items whose tax treatment cannot be finally
determined until resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal
process. The resolution of issues is not always within the control of the Group and issues can, and often do, take many years
to resolve.
Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution of
open items. As a result, there can be differences between the tax charge in the Consolidated Income Statement and tax
payments. The final resolution of certain of these items may give rise to profit and loss and/or cash flow variances. Any
difference between expectations and the actual future liability is accounted for in the period identified.
The Group has applied the temporary exception under IAS12 Deferred Tax related to the accounting for deferred taxes
arising from the implementation of the Pillar Two rules.
Goodwill
Goodwill arises from the acquisition of a subsidiary or business and is calculated as the excess of the purchase consideration
over the fair value of identifiable assets and liabilities acquired at the date of acquisition. Goodwill also includes amounts
corresponding to deferred tax liabilities recognised in respect of acquired intangible assets. It is recognised as an asset at cost,
assessed for impairment at least annually and subsequently measured at cost less any accumulated impairment losses.
Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On
disposal of a subsidiary or business, the attributable goodwill is included in the determination of the profit or loss on
disposal. Fair value measurements are based on provisional estimates and may be subject to amendment within one year of
the acquisition in line with IFRS 3 Business Combinations, resulting in an adjustment to goodwill.
Goodwill is tested for impairment annually, or more frequently when there is an indication that it may be impaired, at the
operating segment level. Testing at the operating segment level represents an aggregation of the cash generating units
(CGUs) and reflects the level at which goodwill is monitored in the business. At each reporting date, the Group reviews the
composition of its CGUs to reflect the impact of changes to cash inflows associated with reorganisations of its management
and reporting structure.
Where an impairment test is performed, the carrying value is compared with the recoverable amount which is the higher of
the value in use and the fair value less costs of disposal. Value in use is the present value of future cash flows and is
calculated using a discounted cash flow analysis based on the cash flows of the CGU compared with the carrying value of
that CGU, including goodwill. The Group estimates the discount rates as the risk-adjusted cost of capital for the particular
CGU. Fair value less costs of disposal is the amount that a market participant would pay for the CGU less the costs of disposal
and uses an income-based approach calculated using a discounted cash flow analysis based on the cash flows of the CGU on
a post-tax basis. If the recoverable amount of the CGU or group of CGUs is less than its carrying amount, the impairment loss
is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit
pro-rata on the basis of the carrying amount of each asset in the unit.
In undertaking the impairment testing at 31 December 2025, management considered its view on the likely outcome from
potential climate change scenarios, and after taking into account the materiality of the expected impact, did not view there
to be any adjustment needed to the cash flow forecasts or long-term growth rates used in the testing.
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Financial StatementsGS A
2. Material accounting policies continued
Intangible assets
Intangible assets are initially measured at cost. For intangible assets acquired in business combinations, cost is calculated
based on the Group’s valuation methodologies. These assets are amortised over their estimated useful lives on a straight-
line basis, as follows:
Book lists 20 years
1
Journal titles 20 years
1
Brands and trademarks 5–30 years
Customer relationship databases 5–30 years
Intellectual property 5–30 years
Software 3–10 years
Product development 3–7 years
1 Or licence period if shorter
Software which is not integral to a related item of hardware is included in intangible assets. Capitalised internal-use
software costs include external direct costs of materials and services consumed in developing or obtaining the software,
and payroll and other direct costs for colleagues who devote substantial time to the project. Capitalisation of these costs
ceases when the project is substantially complete and available for use. These costs are amortised on a straight-line basis
over their expected useful lives.
Product development expenditure is capitalised as an intangible asset only if all capitalisation criteria are met, with all
research costs and other development expenditure being expensed when incurred. The capitalisation criteria are as follows:
• An asset is created that can be separately identified, and which the Group intends to use or sell
• It is technically feasible to complete the development of the asset for use or sale
• It is probable that the asset will generate future economic benefit
• The development cost of the asset can be measured reliably
Software and product development expenditure that is part of a Software-as-a-Service (SaaS) arrangement that conveys to
the Group only the right to receive access to the supplier’s application software in the future is a service contract and is not
shown as an intangible asset. Similarly, the costs of configuring or customising the supplier’s application software in a SaaS
arrangement that is determined to be a service contract is not shown as an intangible asset with such costs being expensed
as incurred, with the exception being if the spend resulted in an ‘identifiable’ asset that meets the recognition criteria in IAS
38 Intangible Assets.
The expected useful lives of intangible assets are reviewed annually. The Group does not have any intangible assets with
indefinite useful lives (excluding goodwill).
Property and equipment
Property and equipment is recorded at cost less accumulated depreciation and provision for impairment. Depreciation is
provided to expense the cost less the estimated residual value of property and equipment on a straight-line basis over the
estimated useful lives of the assets.
Freehold land is not depreciated. These assets are depreciated over their estimated useful lives, as follows:
Freehold buildings 50 years
Leasehold land and buildings including right-of-use assets Shorter of useful economic life or life of the lease
Equipment, fixtures and fittings 2–5 years
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sale
proceeds and the carrying amount of the asset, and is recognised in the Consolidated Income Statement.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
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Leases
The Group as lessee
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right-of-
use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for
short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets
and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease
payments directly in the Consolidated Income Statement as expenses.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, using the discount rate implicit within the lease. Where a discount rate is not implicit in the lease, an incremental
borrowing rate reflecting the risk profile of the underlying asset and the term of the lease length is calculated. The lease
liability is presented as a separate line in the Consolidated Balance Sheet. The lease liability is subsequently measured by
increasing the carrying amount to reflect interest on the lease liability (using the discount rate used at commencement) and
by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
• A lease contract is modified and the lease modification is not accounted for as a separate lease. At the effective date of the
modification, the lease liability is remeasured based on the modified lease term by discounting the revised lease
payments using a revised discount rate.
• The lease payments change due to changes in an index, rate or expected payments. At the effective date of the change, the
lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the change
in lease payments arises from a change in floating interest rates, then a revised discount rate is used).
Right-of-use assets comprise the initial measurement of the corresponding lease liability and any lease payments made at or
before the commencement date, less any lease incentives received and vacant property provisions. They are subsequently
measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the
expected lease term of the underlying asset. The depreciation starts at the commencement date of the lease. Right-of-use
assets are presented as a separate line in the Consolidated Balance Sheet. The Group applies IAS 36 to assess whether a
right-of-use asset is impaired and accounts for any identified impairment loss against the right-of-use asset.
IFRS 16 requires certain judgements and estimates to be made. The most significant of these relate to the discount rates
used and the term of the lease. However, these are not considered a critical accounting judgement or key source of
estimation uncertainty.
Discount rates are calculated on a lease-by-lease basis. For most leases, the rate used is a portfolio rate, based on estimates
of incremental borrowing costs. The portfolio of rates depends on the territory of the relevant lease, hence the currency
used, and the weighted average lease term. As a result, reflecting the breadth of the Group’s lease portfolio, a level of
judgement is required in selecting the most appropriate discount rate. The standard permits the adoption of a portfolio
approach whereby a single group guarantee discount rate can be used for leases of a similar nature; therefore, this practical
expedient has been used where appropriate.
IFRS 16 defines the lease term as the non-cancellable period of a lease together with the options to extend or terminate a
lease if the lessee were reasonably certain to exercise that option. Where a lease includes the option for the Group to extend
the lease term, the Group makes a judgement as to whether it is reasonably certain that the option will be taken, and an
assumed expiry date is determined. Where there are extension options on specific leases and the assumed expiry date is
determined to have changed, the lease term is reassessed. This reassessment of the remaining life of the lease could result
in a recalculation of the lease liability and the right-of-use asset, and potentially result in a material adjustment to the
associated balances of depreciation and lease interest.
The Group as lessor
Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases
are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts.
The sub-lease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
Rental income from operating leases is recognised directly in the Consolidated Income Statement. The Group acts as a lessor
only when office properties leased by the Group have been vacated and subsequently sublet to third parties.
Amounts due from lessees under finance leases are recognised as finance lease receivables at the amount of the Group’s
present value of the lease receipts. The finance lease receivable is subsequently measured by increasing the carrying
amount to reflect interest on the finance lease receivable (using the discount rate used at commencement) and by reducing
the carrying amount to reflect the lease payments received.
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Financial StatementsGS A
2. Material accounting policies continued
Impairment of tangible and intangible assets
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where the asset does not
generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to
which the asset belongs.
The recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset, for which the estimates of future cash flows have
not been adjusted. Fair value less costs of disposal uses an income-based approach to calculate a value.
If the recoverable amount of an asset, or CGU, is estimated to be less than its carrying amount, the carrying amount of the
asset, or CGU, is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the
relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Other investments
Other investments are entities over which the Group does not have significant influence (typically where the Group holds
less than 20% of the entity’s voting interests). Other investments are classified as assets held at fair value through profit or
loss under IFRS 9, with changes in fair value reported in the Consolidated Income Statement.
Inventory
Inventory is stated at the lower of cost and net realisable value. Cost comprises direct materials and expenses incurred in
bringing the inventory to its present location and condition. Net realisable value represents the estimated selling price less
marketing and distribution costs expected to be incurred. Pre-publication costs are included in inventory, representing costs
incurred in the origination of content prior to publication. These are expensed systematically, reflecting the expected sales
profile over the estimated economic lives of the related products, typically over four years.
Financial assets
Financial assets are recognised in the Group’s Consolidated Balance Sheet when the Group becomes a party to the
contractual provisions of the instrument.
Trade and other receivables
Trade and other receivables without a significant financing component are initially measured at the transaction price and are
subsequently measured at amortised cost using the effective interest rate method, less any impairment. Further details on
the Group’s loss allowance considerations can be found in Note 33(f).
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and balances with banks and similar institutions. Cash equivalents
comprise bank deposits and money market funds, which are readily convertible to known amounts of cash and have a
maturity of three months or less, are subject to an insignificant risk of changes in value and there is a reasonable
expectation that these funds will be used for meeting the short-term cash commitments of the Group.
Impairment of financial assets
The Group recognises lifetime expected credit losses (ECL) for trade receivables and lease receivables. The ECL on these
financial assets are estimated based on the Group’s historical credit loss experience, adjusted for factors that are specific to
the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of
conditions at the reporting date, including time value of money where appropriate. The carrying amount is reduced by the
ECL through the use of a provision account. When a trade receivable is considered uncollectible, it is written off against the
provision account.
Subsequent recoveries of amounts previously written off are credited against the provision account. Changes in the carrying
amount of the provision are recognised in the Consolidated Income Statement.
For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit
risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial
recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
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Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a
financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default
events on a financial instrument that are possible within 12 months after the reporting date.
Financial liabilities and equity instruments issued by the Group
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements
entered into.
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its
liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Borrowings
Interest-bearing loans are recorded at the proceeds received, net of direct issue costs, and stated at amortised cost using
the effective interest rate method. The amortised cost calculation is revised when necessary to reflect changes in the
expected cash flows and the expected life of the borrowings, including the effects of the exercise of any prepayment, call or
similar options. Any resulting adjustment to the carrying amount of the borrowings is recognised as finance costs in the
Consolidated Income Statement. Cash flows relating to finance costs are included in operating activities in the Consolidated
Cash Flow Statement.
Net debt
Net debt consists of cash and cash equivalents and includes bank overdrafts, borrowings, derivatives associated with debt
instruments, finance leases, lease liabilities, deferred borrowing fees and other loan receivables or loan payables, excluding
in either case fair value through profit or loss items and amounts in escrow, where these are interest-bearing and do not
relate to deferred consideration arrangements for acquisitions or disposals.
Debt issue costs
Debt issue costs, including the premium payable on settlement or redemption, are accounted for on an accrual basis in the
Consolidated Income Statement using the effective interest rate method. These costs are added to the carrying amount of
the instrument to the extent that they are not settled in the period in which they arise.
Trade and other payables
Trade and other payables (including accruals) are initially measured at fair value, and are subsequently measured at
amortised cost, using the effective interest rate method.
Other financial liabilities
Other financial liabilities are initially measured at fair value, net of transaction costs. Other financial liabilities are
subsequently measured at amortised cost using the effective interest rate method, as set out above, with interest expense
recognised on an effective yield basis.
Derivative financial instruments and hedge accounting
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest
rates. The derivative instruments utilised by the Group to hedge these exposures are cross-currency interest rate swaps.
The Group does not use derivative contracts for speculative purposes.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently
remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately
unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in
profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a
financial asset whereas a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset
in the Consolidated Financial Statements unless the Group has both a legally enforceable right and intention to offset.
The Group designates certain derivatives as either:
• Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash
flow hedge)
• Hedges of a net investment in a foreign operation (net investment hedge)
• Hedges of changes in the fair value of a recognised asset or liability or unrecognised firm commitment (fair value hedge)
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Financial StatementsGS A
2. Material accounting policies continued
The Group designates and documents at the inception of the transaction the relationship between hedging instruments and
hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions.
Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is
expected to be or has been highly effective in offsetting changes in cash flows, net investment assets or fair values of the
hedged item attributable to the hedged risk. This will occur when the hedging relationship meets all of the following hedge
effectiveness requirements:
• There is an economic relationship between the hedged item and the hedging instrument
• The effect of credit risk does not dominate the value changes that result from that economic relationship
• The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of
hedged item
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk
management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the
hedging relationship (i.e. rebalances the hedge) so that the adjusted relationship meets the qualifying criteria once again.
The Group elects to exclude foreign currency basis from the designation of the financial instrument, applying the cost of
hedging approach. The amounts accumulated in the cost of hedging reserve are reclassified to profit or loss in line with the
aligned hedged item.
Cash flow hedges
Changes in the fair value of derivative financial instruments that are designated, and effective, cash flow hedges of forecast
transactions are recognised in other comprehensive income and accumulated under the heading of cash flow hedging
reserve, limited to the cumulative change in the fair value of the hedged item from inception of the hedge. The gain or loss
relating to the ineffective portion is recognised immediately in profit or loss.
The cumulative amount recognised in other comprehensive income and accumulated in equity is reclassified into the Consolidated
Income Statement out of other comprehensive income in the same period the hedged item is recognised in profit or loss.
Hedges of net investment in foreign operations
Hedges of net investment in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument in relation to the effective portion of the hedge is recognised in other comprehensive income and accumulated in
the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the
Consolidated Income Statement. Gains and losses on the hedging instrument relating to the effective portion of the hedge
accumulated in the foreign currency translation reserve are reclassified to profit or loss when the hedged item is disposed of.
Fair value hedges
The Group has designated fair value hedges of certain fixed rate debt instruments where the derivatives used as hedging
instruments result in the Group paying a floating rate of interest. Changes in the fair value of derivatives that are designated
and qualify as fair value hedges are recorded in profit or loss, together with any changes in the fair value of the hedged debt
that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps hedging fixed
rate borrowings is recognised in profit or loss within finance costs, together with changes in the fair value of the hedged
fixed rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognised in
profit or loss.
Discontinuation of hedge accounting
Hedge accounting is discontinued when the hedge instrument expires or is sold, terminated or exercised, or no longer
qualifies for hedge accounting; the discontinuation is accounted for prospectively. At that time, any cumulative gain or loss
on the hedging instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged
transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the
Consolidated Income Statement in the period.
A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more
than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current
assets or current liabilities. Further details of derivative financial instruments are disclosed in Notes 23 and 33.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
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Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is
probable that the Group will be required to settle that obligation. Provisions are measured at management’s best estimate
of the expenditure required to settle the obligation at the reporting date and are discounted to present value where the
effect is material. Any difference between the amounts previously recognised and the current estimates is recognised
immediately in the Consolidated Income Statement.
Restructuring provisions are recognised when the Group has a detailed formal plan for the restructuring that has been
communicated to the affected parties. Acquisition and integration provisions are recognised when there is a commitment to
settle an obligation relating to expenditure incurred on acquisition-related items or integration items of spend that relate to
an acquisition. Onerous contract provisions are recognised when it is determined that the cost to fulfil the contract is higher
than the economic benefit to be obtained from it.
Alternative performance measures
In addition to the statutory results, adjusted results are prepared for the Consolidated Income Statement, including adjusted
operating profit and adjusted diluted earnings per share, as the Board considers these non-GAAP measures to be a useful
and alternative way to measure the Group’s performance in a way that is comparable to the prior year. See the Glossary of
terms: alternative performance measures on page 220 for definitions of non-GAAP measures, which includes adjusted
measures shown in Notes 7 and 13.
Adoption of new and revised International Financial Reporting Standards (IFRSs)
Standards and interpretations adopted in the current year
The following new standards and interpretations have been adopted in the current year, effective as of 1 January 2025:
• Amendments to IAS 21 – Lack of Exchangeability
The adoption of the above amendment did not lead to any significant changes to the Group’s accounting policies or have any
material impact on the financial position or performance of the Group.
Management also notes the IFRS Interpretations Committee (IFRIC) agenda decision from June 2024 relating to disclosures
under IFRS 8 – Operating Segments. The impact of the IFRIC agenda decision has been considered and reflected in these
financial statements. Refer to Note 5 for further details.
All other amendments and interpretations of IFRSs effective for the year ended 31 December 2025 have not led to any
changes to the Group’s accounting policies or had any material impact on the financial position or performance of the
Group.
Standards and interpretations in issue, but not yet effective
At the date of authorisation of these financial statements, the following standards and interpretations, which have not been
applied in these Consolidated Financial Statements, were in issue but have not yet come into effect:
• Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments
• Annual Improvements to IFRS Accounting Standards Volume 11 – Amendments to IFRS 1 First-time Adoption of International
Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7,
IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows
• Amendments to IFRS 9 and IFRS 7 – Contracts Referencing Nature-dependent Electricity
• Amendments to IAS 21 – Translation to a Hyperinflationary Presentation Currency
• IFRS 18 – Presentation and Disclosure in Financial Statements
• IFRS 19 – Subsidiaries without Public Accountability: Disclosures
The adoption of the above standards and interpretations, with the exception of IFRS 18, is not expected to lead to any changes
to the Group’s accounting policies or have any material impact on the financial position or performance of the Group.
In April 2024, the IASB issued IFRS 18, which replaces IAS 1, and is effective from 1 January 2027. It introduces new requirements
for presentation within the statement of profit or loss, including the classification of all income and expenses into five categories:
operating, investing, financing, income tax and discontinued operations, and introduces defined subtotals, including operating
profit. It also introduces new requirements to provide disclosures on ‘management-defined performance measures’ (MPMs) in
the notes to the accounts, and further considerations around the aggregation and disaggregation of information.
The Group is in the process of determining the impact of applying IFRS 18 on the Consolidated Financial Statements, and is
on track to report our first IFRS 18-compliant Consolidated Interim Financial Statements for the period ending 30 June 2027
and Consolidated Financial Statements for the period ending 31 December 2027.
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Financial StatementsGS A
3. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group’s accounting policies, which are described in Note 2, the Directors are required to make
judgements and estimates about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other relevant factors. Actual
results may differ from these estimates.
Critical accounting judgements
In addition to the judgement taken by the Group in selecting and applying the accounting policies set out above, the
Directors have made the following judgements concerning the amounts recognised in the Consolidated Financial
Statements. There are no additional critical accounting judgements and key sources of estimation uncertainty relating to
climate-related risks.
Identification of adjusting items
The Group provides adjusted results and underlying measures in addition to statutory measures, in order to provide
additional useful information on business performance trends to shareholders. The Board considers these non-GAAP
measures as an appropriate way to measure the Group’s performance because it aids comparability to the prior year.
The terms ‘adjusted’ and ‘underlying’ are not defined terms under IFRS and may not therefore be comparable with similarly
titled measurements reported by other companies. Management is therefore required to exercise its judgement in
appropriately identifying and describing these items. These measures are not intended to be a substitute for, or superior to,
IFRS measurements. Refer to the Glossary of terms: alternative performance measures for further understanding of
adjusting items.
The Financial Review provides reconciliations of alternative performance measures (APMs) to statutory measures and
provides the basis of calculation for certain APM metrics. These APMs are provided on a consistent basis with the prior year.
Estimation uncertainty
As at the year ended 31 December 2025, the Group noted two key sources of estimation uncertainty, which are outlined below.
Measurement of retirement benefit obligations
The measurement of the retirement benefit obligation and surplus involves the use of a number of assumptions. The most
significant of these relates to the discount rate and mortality assumptions where reasonable changes to these estimates
could result in a material adjustment to the retirement benefit obligations within the next financial year. The most significant
scheme is the UBM Pension Scheme (UBMPS). Note 34 details the principal assumptions which have been adopted following
advice received from independent actuaries and also provides sensitivity analysis with regard to changes to these
assumptions.
Assumptions used in the goodwill impairment assessment
The construction of the annual goodwill impairment assessment relies on management’s estimate of future cash flows,
discount rates and long-term growth rates to calculate the recoverable amount of each group of CGUs. In line with the
requirements of IAS 1, management has considered the impact of these assumptions on the future as well as at the balance
sheet date. Accordingly, we identify that a reasonably possible change in the discount rate, long-term growth rate and
future cash flow assumptions could cause a material change to the recoverable amount of the Informa TechTarget division,
which could give rise to an adjustment to the carrying value of assets. Note 15 provides further details of the sensitivity
analysis conducted.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
152
Informa Annual Report and Accounts 2025
4. Revenue
An analysis of the Group’s revenue by type is set out below; refer to the accounting policy in Note 2 on revenue for an
explanation of the nature of revenue types, their timing and related expected cash flows, and any uncertainties and
significant payment terms.
Year ended 31 December 2025
Informa Informa Informa B2B Live Taylor & Informa
Markets Connect Festivals Events Francis TechTarget Total
£m £m £m £m £m £m £m
Sponsorship and exhibitor
1,731.6
315.5
200.4
2,247.5
–
5.7
2,253.2
Subscriptions
38.7
55.8
35.5
130.0
384.2
59.1
573.3
Transactional sales
5.5
27.4
50.9
83.8
285.0
26.4
395.2
Attendee revenue
93.8
205.2
106.1
405.1
–
1.4
406.5
Marketing and lead generation
94.5
36.7
5.0
136.2
1.6
275.4
413.2
Total
1,964.1
640.6
397.9
3,002.6
670.8
368.0
4,041.4
Year ended 31 December 2024 (re-presented)
Revenue by type for the year ended 31 December 2024 has been re-presented. Refer to Note 41 for further details.
Informa Informa Informa B2B Live Taylor & Informa
Markets Connect Festivals Events Francis TechTarget Total
£m £m £m £m £m £m £m
Sponsorship and exhibitor
1,518.3
271.2
107.5
1,897.0
–
6.6
1,903.6
Subscriptions
38.2
151.5
9.8
199.5
368.8
53.2
621.5
Transactional sales
6.0
44.3
5.0
55.3
327.6
27.1
410.0
Attendee revenue
79.0
196.0
73.2
348.2
–
1.1
349.3
Marketing and lead generation
96.4
38.0
3.1
137.5
1.8
129.4
268.7
Total
1,737.9
701.0
198.6
2,637.5
698.2
217.4
3,553.1
5. Business segments
The Group has identified reportable segments based on financial information used by the Directors in allocating resources
and making strategic decisions. We consider the chief operating decision maker to be the Executive Directors.
As at 31 December 2025, the Group has five operating segments: Informa Markets, Informa Connect, Informa Festivals,
Taylor & Francis and Informa TechTarget, the results of which are reported within three reportable segments: B2B Live
Events, Taylor & Francis and Informa TechTarget. The results of the Group’s segments are presented in this note, and the
re-presentation of segments in relation to prior reporting periods is presented in Note 41.
153
Informa Annual Report and Accounts 2025
Financial StatementsGS A
5. Business segments continued
Segment results
The Group’s primary internal income statement performance measures are revenue and adjusted operating profit. A
reconciliation of adjusted operating profit to statutory operating profit and profit before tax is provided below:
Year ended 31 December 2025
Notes
B2B Live Taylor & Informa
Events Francis TechTarget Total
£m £m £m £m
Adjusted operating profit before joint ventures and associates
1
853.0
245.7
36.6
1,135.3
Share of adjusted results of joint ventures and associates
4.5
–
–
4.5
Adjusted operating profit
857.5
245.7
36.6
1,139.8
Intangible asset amortisation
2
16
(264.0)
(20.5)
(58.0)
(342.5)
Impairment – goodwill
15
–
–
(484.2)
(484.2)
Impairment – acquisition-related and other intangible assets
16
(24.1)
(7.9)
–
(32.0)
Impairment – investment in joint ventures
19
(13.1)
–
–
(13.1)
Impairment – right-of-use assets
7
(1.4)
(0.1)
(3.8)
(5.3)
Acquisition costs
7
(7.1)
(0.2)
(2.8)
(10.1)
Integration costs
7
(30.1)
(0.9)
(53.4)
(84.4)
Restructuring and reorganisation (costs)/credits
7
(16.0)
(8.7)
3.5
(21.2)
Foreign exchange gain
7
2.3
0.5
0.3
3.1
Fair value gain on contingent consideration
7
1.4
–
–
1.4
Fair value loss on contingent consideration
7
(9.1)
–
(0.7)
(9.8)
Operating profit/(loss)
496.3
207.9
(562.5)
141.7
Fair value loss on investments
19
(57.6)
Loss on disposal of subsidiaries and operations
(2.1)
Finance income
10
15.1
Finance costs
11
(161.4)
Loss before tax
(64.3)
1 Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £71.2m for
B2B Live Events, £19.2m for Taylor & Francis and £11.6m for Informa TechTarget
2 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development
Adjusted operating profit includes the below significant costs:
Notes
B2B Live Taylor & Informa
Events Francis TechTarget Total
£m £m £m £m
Cost of sales
6
1,158.3
199.6
67.6
1,425.5
Staff costs
6
710.3
172.9
202.1
1,085.3
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
154
Informa Annual Report and Accounts 2025
Year ended 31 December 2024 (re-presented)
The business segment results for the year ended 31 December 2024 have been re-presented. Refer to Note 41 for further details.
Notes
B2B Live Taylor & Informa
Events Francis TechTarget Total
£m £m £m £m
Adjusted operating profit before joint ventures and associates
1
715.1
255.7
21.4
992.2
Share of adjusted results of joint ventures and associates
2.8
–
–
2.8
Adjusted operating profit
717.9
255.7
21.4
995.0
Intangible asset amortisation
2
16
(251.3)
(31.7)
(26.6)
(309.6)
Impairment – acquisition-related and other intangible assets
16
(11.6)
(16.2)
(0.7)
(28.5)
Impairment – right-of-use assets
7
(2.2)
(0.3)
(2.5)
(5.0)
Acquisition costs
7
(32.4)
(1.5)
(32.1)
(66.0)
Integration costs
7
(24.0)
(1.0)
(17.2)
(42.2)
Restructuring and reorganisation costs
7
(10.9)
(2.5)
(0.7)
(14.1)
Fair value gain on contingent consideration
7
10.8
–
18.7
29.5
Fair value loss on contingent consideration
7
(16.3)
–
–
(16.3)
Operating profit/(loss)
380.0
202.5
(39.7)
542.8
Fair value loss on investments
19
(9.2)
Loss on disposal of subsidiaries and operations
(24.1)
Finance income
10
12.9
Finance costs
11
(115.1)
Profit before tax
407.3
1 Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £61.9m for
B2B Live Events, £21.5m for Taylor & Francis and £7.3m for Informa TechTarget
2 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development
Adjusted operating profit includes the below significant costs:
Notes
B2B Live Taylor & Informa
Events Francis TechTarget Total
£m £m £m £m
Cost of sales
6
970.2
210.2
40.5
1,220.9
Staff costs
6
671.4
173.1
139.5
984.0
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in Note 2.
Adjusted operating results by operating segment is the measure reported to the Directors for the purpose of resource
allocation and assessment of segment performance. Finance costs and finance income are not allocated to segments, as this
type of activity is driven by the central Treasury function, which manages the cash positions of the Group.
Segment assets
The business segment assets for the year ended 31 December 2024 have been re-presented. Refer to Note 41 for further details.
31 December
31 December 2024
2025 (re-presented)
£m £m
B2B Live Events
9,839.9
10,333.0
Taylor & Francis
959.9
1,022.2
Informa TechTarget
831.3
1,524.1
Total segment assets
11,631.1
12,879.3
Unallocated assets
693.7
811.4
Total assets
12,324.8
13,690.7
For the purpose of monitoring segment performance and allocating resources between segments, the Group monitors the
non-current tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable
segments except for certain centrally held balances, including cash, some intangible software assets relating to Group
infrastructure, balances receivable from businesses sold and taxation (current and deferred). Assets used jointly by
reportable segments are allocated on the basis of the revenues earned by individual reportable segments.
155
Informa Annual Report and Accounts 2025
Financial StatementsGS A
5. Business segments continued
Geographic information
The Group’s revenue by location of customer and information about its segment assets by geographic location are detailed
below:
Revenue
Segment non-current assets
1
2025 2024 2025 2024
£m £m £m £m
UK
191.4
195.6
2,824.5
2,875.2
Continental Europe
633.3
405.1
1,282.8
1,294.1
North America
1,784.9
1,752.2
4,900.2
5,927.1
China
479.9
466.3
1,581.8
1,717.9
Rest of World
951.9
733.9
274.9
220.7
4,041.4
3,553.1
10,864.2
12,035.0
1 Non-current amounts exclude other investments, non-current tax assets, deferred tax assets, derivative financial asset and retirement benefit
surplus of £364.3m (2024: £320.7m)
No individual customer contributed more than 10% of the Group’s revenue in either 2025 or 2024.
6. Net operating expenses and other operating income
Operating profit has been arrived at after charging/(crediting):
Notes
Adjusted Adjusting Statutory Adjusted Adjusting Statutory
results items results results items results
2025 2025 2025 2024 2024 2024
Cost of sales (excluding staff costs, depreciation and £m £m £m £m £m £m
adjusting items)
1,425.5
–
1,425.5
1,220.9
–
1,220.9
Staff costs
8
1,085.3
–
1,085.3
984.0
–
984.0
Auditor’s remuneration for audit services
9.2
–
9.2
10.1
–
10.1
Intangible asset amortisation
16
37.6
342.5
380.1
46.1
309.6
355.7
Depreciation – property and equipment
17
21.2
–
21.2
17.5
–
17.5
Depreciation – right-of-use assets
18
43.2
–
43.2
27.1
–
27.1
Impairment – goodwill
15
–
484.2
484.2
–
–
–
Impairment – acquisition-related and other intangible
assets
16
–
32.0
32.0
–
28.5
28.5
Impairment – investment in joint ventures
19
–
13.1
13.1
–
–
–
Impairment – right-of-use assets
7
–
5.3
5.3
–
5.0
5.0
Acquisition costs
7
–
10.1
10.1
–
66.0
66.0
Integration costs
7
–
84.4
84.4
–
40.7
40.7
Restructuring and reorganisation costs
7
–
21.2
21.2
–
14.1
14.1
Net foreign exchange loss/(gain)
7
1.1
(3.1)
(2.0)
5.5
–
5.5
Fair value gain on contingent consideration
7
–
(1.4)
(1.4)
–
(29.5)
(29.5)
Fair value loss on contingent consideration
7
–
9.8
9.8
–
16.3
16.3
Other operating expenses
283.0
–
283.0
249.7
–
249.7
Total net operating expenses and other operating
income before share of joint ventures and associates
2,906.1
998.1
3,904.2
2,560.9
450.7
3,011.6
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
156
Informa Annual Report and Accounts 2025
Amounts payable to the auditors, PricewaterhouseCoopers LLP, and its associates by the company and its subsidiary
undertakings are provided below:
2025 2024
£m £m
Fees payable to the company’s auditors for the audit of the company’s annual financial statements
4.1
4.2
Fees payable to the company’s auditors and its associates for other services to the Group:
Audit of the company’s subsidiaries
5.1
5.9
Total audit fees
9.2
10.1
Fees payable to the company’s auditors for non-audit services comprises:
TechTarget acquisition regulatory filings
–
14.0
Half-year review
0.4
0.3
Other services
0.1
0.2
Total non-audit fees
0.5
14.5
The Audit Committee approves all non-audit services within the company’s policy. The Committee considers that certain
non-audit services should be provided by the external auditors, because its existing knowledge of the business makes this the
most efficient and effective way for those non-audit services to be carried out, and does not consider the provision of such
services to impact the independence of the external auditors in accordance with the FRC’s ‘Revised Ethical Standard 2019’.
In 2025, the non-audit fees paid to PricewaterhouseCoopers LLP totalled £0.5m (2024: £14.5m), which represented 5% of the
2025 audit fee (2024: 144% of the 2024 audit fee). The 2025 non-audit fees include £nil (2024: £14.0m) relating to regulatory
filings associated with the acquisition of TechTarget and £0.4m (2024: £0.3m) relating to the half-year review.
A description of the work of the Audit Committee is set out in the Corporate Governance Statement on pages 99 to 108 and
includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided
by the auditor. No services were provided under contingent fee arrangements.
7. Adjusting items
The Board considers certain items should be recognised as adjusting items (see Glossary of terms: alternative performance
measures on page 220) since, due to their size, nature or infrequency, such presentation is relevant to an understanding of
the Group’s performance. These items do not relate to the Group’s underlying trading and are adjusted to facilitate a
comparative understanding of the Group’s adjusted operating profit measure.
The following charges/(credits) are presented as adjusting items:
Notes
2025 2024
£m £m
Intangible asset amortisation
1
16
342.5
309.6
Impairment – goodwill
15
484.2
–
Impairment – acquisition-related and other intangible assets
16
32.0
28.5
Impairment – investment in joint ventures
19
13.1
–
Impairment – right-of-use assets
18
5.3
5.0
Acquisition costs
10.1
66.0
Integration costs
84.4
42.2
Restructuring and reorganisation costs
21.2
14.1
Foreign exchange gain
(3.1)
–
Fair value gain on contingent consideration
(1.4)
(29.5)
Fair value loss on contingent consideration
31
9.8
16.3
Adjusting items in operating profit or loss
2
998.1
452.2
Fair value loss on investments
57.6
9.2
Loss on disposal of subsidiaries and operations
2.1
24.1
Finance costs
11
2.6
22.6
Adjusting items in profit/(loss) before tax
1,060.4
508.1
Tax credit related to adjusting items
12
(123.1)
(137.3)
Adjusting items in profit/(loss) for the year
937.3
370.8
1 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development
of £37.6m (2024: £46.1m)
2 Includes £nil (2024: £1.5m) relating to joint ventures and associates
157
Informa Annual Report and Accounts 2025
Financial StatementsGS A
7. Adjusting items continued
Further descriptions of the above adjusting items:
• Intangible asset amortisation is the amortisation charged in respect of intangible assets, including product development,
acquired through business combinations or the acquisition of trade and assets. The charge is not considered to be related
to the underlying performance of the Group and can fluctuate materially period-on-period as and when new businesses
are acquired or disposed. Revenue and results from the related business combinations have been included within the
adjusted results.
• Impairment of goodwill is the impairment charge arising as a result of the Group’s review of the carrying value of goodwill
on the Group’s balance sheet. The impairment review is performed at least annually or more frequently where an
indicator exists. The impairment charge recognised in the twelve months to 31 December 2025 relates to the Informa
TechTarget group of CGUs. Refer to Note 15 for further details.
• Impairment of acquisition-related and other intangible assets is the impairment charged as a result of the impairment test
performed annually, or more frequently when an indicator of impairment exists.
• Impairment of investment in joint ventures is the impairment charge relating to the carrying value of a joint venture.
• Impairment of right-of-use assets is the impairment charged as a result of an impairment indicator.
• Acquisition and integration costs are costs incurred in acquiring and integrating share and asset acquisitions as part of
M&A activity.
• Restructuring and reorganisation costs are charges incurred by the Group in business restructuring, operating model
changes and non-recurring legal costs. These costs relate to specific initiatives following reviews of our organisational
operations.
• Foreign exchange gain relates to the recognition of derivative contracts entered into alongside the 2031 Euro Medium
Term Note (EMTN) issuance and the recycling of the accumulated balance in the cash flow hedge reserve relating to the
EMTN settled in October 2025. Refer to Note 27 for further details.
• Fair value (gains)/losses on contingent consideration arise as a result of acquisitions. The fair value remeasurement is
recognised in the period as charges or credits to the Consolidated Income Statement, unless these qualify as
measurement period adjustments arising within one year from the acquisition date.
• Fair value loss on investments is the loss as a result of a decrease in the fair value of investments held.
• Loss on disposal of subsidiaries and operations relates to disposals in the current period or subsequent costs relating to
prior period disposals.
• Finance costs relate to charges incurred specifically as part of M&A activity. In 2025, this relates to the remeasurement,
and subsequent settlement, of convertible notes which were acquired through a share acquisition. For 2024, this related
to the financing arrangement of a share acquisition.
• The tax items relate to the tax effect on the items above and adjusting tax items, which are analysed in Note 12.
8. Staff numbers and costs
The monthly average number of persons employed by the Group (including Directors) during the year, analysed by segment,
was as follows:
Average number
of employees
2024
2025
(re-presented)
1
B2B Live Events
9,104
8,663
Taylor & Francis
2,763
2,860
Informa TechTarget
2,285
1,569
Total
14,152
13,092
1 The business segment results for the year ended 31 December 2024 have been re-presented in accordance with Note 41
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
158
Informa Annual Report and Accounts 2025
Their aggregate remuneration comprised:
2025 2024
£m £m
Wages and salaries
928.6
853.5
Social security costs
86.2
78.6
Pension costs associated with staff charged to operating profit (Note 34a)
31.5
29.7
Share-based payments (Note 9)
39.0
22.2
Staff costs (excluding adjusting items)
1,085.3
984.0
Redundancy costs
1
19.1
8.3
Total
1,104.4
992.3
1 Included within restructuring and reorganisation, and integration costs (see Notes 7 and 9)
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for
each of the categories specified in IAS 24 Related Party Disclosures (Note 38). Further information about the remuneration
of individual Directors is provided in the audited part of the Remuneration Report on pages 115 to 119.
2025 2024
£m £m
Short-term benefits
1
7.5
6.5
Post-employment benefits
0.2
0.2
Share-based payments
4.4
3.2
Total
12.1
9.9
1 The 2024 balance has been re-presented to include compensation paid to Non-Executive Directors
9. Share-based payments
The Group recognised total expenses of £42.5m (2024: £22.2m) relating to share-based payment costs in the year ended
31 December 2025, including £3.5m (2024: £nil) which has been recognised within adjusting items in relation to the Informa
TechTarget redundancy programme. Total expenses comprise £17.9m (2024: £14.3m) relating to equity-settled long-term incentive
plan awards, £5.5m (2024: £4.4m) relating to equity-settled ShareMatch awards, £18.2m (2024: £1.6m) relating to equity-settled
Informa TechTarget share awards, £0.4m (2024: £0.7m) relating to cash-settled Tahaluf long-term incentive plan share awards, £0.5m
(2024: £0.6m) relating to Employee Share Purchase Plan (ESPP) awards and £nil (2024: £0.6m) relating to equity-settled Curinos
Management Incentive Plan share awards, which were disposed of as part of the sale of the Curinos business on 24 December 2024.
Long-Term Incentive Plan (LTIP)
During the year, the Group awarded options at nominal cost to the Executive Directors and the Executive Management Team
as part of the LTIP. The grant price used in the valuation of the awards is the closing share price on the date of grant less
nominal cost.
The LTIP awards are conditional share awards with four performance conditions. The performance period is three years,
starting with the year in which the grant is made. To the extent that the performance conditions are met or satisfied, awards
will be exercisable following the vesting date. LTIP allocations are equity-settled and will lapse if the colleague leaves the
Group before an LTIP grant is exercisable, unless the employee meets certain eligibility criteria. For Executive Directors, any
LTIP awards that vest will be subject to an additional two-year holding period.
The performance conditions with regards to the LTIP awards are as follows: cumulative adjusted operating profit, cumulative
operating cash flow, relative Total Shareholder Returns (TSR) against FTSE 100, and an ESG-related measure relating to the
number of events in which the Group’s Sustainable Event Fundamentals programme has been implemented. For each
performance measure, if the threshold is achieved then 25% of the award will vest, which increases on a straight-line basis to
full vesting if the maximum is achieved. The period to which these measures relate spans from 2025 through to 2028.
159
Informa Annual Report and Accounts 2025
Financial StatementsGS A
9. Share-based payments continued
The TSR component of the LTIP awards are valued using the Stochastic and Black-Scholes models. Additionally, the Chaffe
model has been used to value the discount applied to those awards which are subject to an additional holding period. The
inputs into the valuation models for the LTIP performance conditions are as follows:
Share price at Expected Expected life
Grant date
Vesting date
grant date
Exercise price
volatility
(years)
Risk free rate
14 April 2025
1
14 April 2028
£6.97
0.1p
20.81%
3.0
4.02%
1 August 2025
2
14 April 2028
£8.63
0.1p
20.74%
2.7
3.79%
1 The expected volatility and risk-free rate for share awards that are subject to a two-year holding period is 20.20% and 4.07% respectively
2 These awards are not subject to a holding period
In addition to this LTIP award, the Group also awarded options at nominal cost during the year as part of the Management
Equity Plan (MEP). These are restricted share awards which have a three-year vesting period, after which the shares vest and
become available to colleagues, provided they are in continuous employment throughout the vesting period. MEP awards
have no specific performance conditions. The grant price used in the valuation of these awards is the closing share price as
at the day of grant less nominal cost. Allocations are equity-settled and will lapse if the colleague leaves the Group before a
grant is exercisable, unless the employee meets certain eligibility criteria.
The Group also awarded long-term incentive plan awards in January 2022 and January 2023 as part of the Equity
Revitalisation Plan (ERP). These are restricted share awards which have a three-year vesting period. These awards are
subject to a shareholder value underpin: if, at the point when an award is due to vest, Informa’s share price does not exceed
£5.454 for the ERP award, the award will not vest until the share price exceeds that price for a period of at least three
months. If this has not been achieved within two years from the original vesting date, no shares will vest and the award will
lapse. The grant price used in the valuation of these awards is the closing share price as at the day of grant less nominal cost.
Allocations are equity-settled and will lapse if the colleague leaves the Group before a grant is exercisable, unless the
employee meets certain eligibility criteria.
The movement in the number of awards across all of the Group’s equity-settled LTIP, MEP and ERP schemes during the year
is as follows:
2025 2024
Number of Number of
options options
Outstanding as at 1 January
9,160,251
8,878,745
Granted in the year
4,032,490
2,664,756
Exercised in the year
(2,479,153)
(2,066,899)
Lapsed in the year
(180,169)
(316,351)
Outstanding as at 31 December
10,533,419
9,160,251
Exercisable awards included in outstanding number of options as at 31 December
1,586,699
1,822,072
In order to satisfy outstanding share awards granted under the Group’s equity-settled LTIP, MEP and ERP schemes, the share
capital would need to be increased at 31 December 2025 by 5,602,605 shares (2024: 1,641,407 shares) taking account of the
4,930,814 (2024: 7,518,844) shares held in the Employee Share Trust (Note 36). The company will satisfy the awards either
through the issue of additional share capital or the purchase of shares as needed on the open market. The weighted average
share price for LTIPs exercised during the year was £8.28 (2024: £7.98). The exercise price for the majority of LTIP, MEP and
ERP awards is 0.1p per share award. The average contractual remaining period was 5.0 years (2024: 5.3 years) for awards
exercisable at 31 December 2025, and 7.9 years (2024: 7.6 years) for total awards outstanding at 31 December 2025.
The expected life used in the model has been adjusted, based on the Group’s best estimate, for the effects of non-
transferability, exercise restrictions and behavioural considerations.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
160
Informa Annual Report and Accounts 2025
ShareMatch (Share Incentive Plan)
In June 2014, the company launched ShareMatch, a global Share Incentive Plan, under which eligible colleagues can invest up
to the limit of £1,800 per annum in the company’s shares. For every one share purchased by the colleague, the company
awards the participant two matching shares after a three-year period.
Matching shares are subject to forfeiture if the purchased shares are withdrawn from the scheme within three years of
purchase or if the colleague leaves the Group, unless the reason for leaving is due to restructuring or retirement. In addition,
both the purchased and matching shares are eligible to receive any dividends payable by the company, which are reinvested
in more shares. Employee subscriptions can be made on a monthly or one-off lump sum basis and matching shares are
purchased on a monthly basis, through a UK Trust. Further details are set out in the remuneration section of the financial
statements.
2025 2024
ShareMatch ShareMatch
Number of Number of
share awards share awards
Outstanding as at 1 January
2,316,743
1,889,766
Granted in the year
885,372
756,491
Exercised in the year
(352,671)
(256,548)
Lapsed in the year
(70,914)
(72,966)
Outstanding as at 31 December
2,778,530
2,316,743
Informa TechTarget share plan
Informa TechTarget operates as a separate publicly traded company and has issued equity-settled restricted stock units.
Grants have a three-year vesting period and will lapse if the colleague leaves the Group before a grant is exercisable, unless
the employee meets certain eligibility criteria. The awards have no specific performance conditions.
The Group recognised total expenses of £18.2m (2024: £1.6m) in relation to the Informa TechTarget share awards. Within
this, £3.5m (2024: £nil) related to accelerated charges incurred due to the redundancy of employees, which has been
reflected within adjusting items (see Note 7) to reflect the non-recurring nature of the Informa TechTarget redundancy
programme.
The movement in the number of awards during the year is as follows:
2025 2024
Informa Informa
TechTarget TechTarget
Number of Number of
share awards share awards
Outstanding as at 1 January (2024: 2 December)
1,500,427
1,492,858
Granted in the year/period
676,792
13,626
Exercised in the year/period
(929,808)
(6,057)
Lapsed in the year/period
(54,518)
–
Outstanding as at 31 December
1,192,893
1,500,427
Exercisable awards included in outstanding number of options as at 31 December
8,240
36,826
The weighted average share price for awards exercised during the year/period was $6.24 (2024: $19.82). There is no exercise
price for the awards and the average remaining contractual life for awards outstanding at 31 December 2025 was 1.4 years
(2024: 1.4 years).
10. Finance income
2025 2024
£m £m
Interest income on bank deposits
14.3
12.1
Interest income from finance lessor leases
0.3
0.4
Fair value gain on financial instruments
0.5
0.4
Total finance income
15.1
12.9
161
Informa Annual Report and Accounts 2025
Financial StatementsGS A
11. Finance costs
Notes
2025 2024
£m £m
Interest expense on borrowings and loans
1
142.8
79.4
Interest on lease liabilities
18
16.1
13.3
Interest income on pension scheme net surplus
34
(2.3)
(1.9)
Total interest expense
156.6
90.8
Other
2.2
1.7
Financing costs before adjusting items
158.8
92.5
Adjusting items
2
7
2.6
22.6
Total finance costs
161.4
115.1
1 Included in interest expense above is the amortisation of debt issue costs of £4.2m (2024: £2.8m)
2 The adjusting items for finance costs in 2025 relate to a fair value adjustment arising on convertible loan notes acquired as part of the TechTarget
acquisition. The adjusting items for finance costs in 2024 relates to fair value losses on derivative contracts executed in expectation of the October
2024 EMTN issuance and fees on the Ascential acquisition bridge facility
12. Taxation
The tax charge comprises:
2025 2024
£m £m
Current tax:
Current year
UK
29.1
24.0
Continental Europe
42.1
28.7
US
8.8
71.6
China
36.9
35.4
Rest of world
52.2
32.5
Prior years
(45.1)
30.5
Total current tax
124.0
222.7
Deferred tax:
Current year
(62.5)
(105.6)
Prior years
14.1
(79.0)
Charge arising from tax rate changes
5.5
2.8
Total deferred tax
(42.9)
(181.8)
Total tax charge
81.1
40.9
The tax on adjusting items within the Consolidated Income Statement relates to the following:
Notes
Gross Tax Gross Tax
2025 2025 2024 2024
£m £m £m £m
Intangible asset amortisation
7
(342.5)
77.9
(309.6)
72.6
Benefit of goodwill amortisation for tax purposes only
–
(17.1)
–
(16.0)
Impairment – goodwill
7
(484.2)
12.2
–
–
Impairment – acquisition-related and other intangible assets
7
(32.0)
7.7
(28.5)
7.1
Impairment – investment in joint ventures
7
(13.1)
–
–
–
Impairment – right-of-use assets
7
(5.3)
1.3
(5.0)
1.3
Acquisition and integration-related costs
7
(94.5)
42.9
(108.2)
9.9
Restructuring and reorganisation costs
7
(21.2)
5.0
(14.1)
3.3
Foreign exchange gain
7
3.1
(1.3)
–
–
Fair value gain on contingent consideration
7
1.4
–
29.5
–
Fair value loss on contingent consideration
7
(9.8)
–
(16.3)
–
Fair value loss on investments
7
(57.6)
5.1
(9.2)
(0.1)
Loss on disposal of subsidiaries and operations
7
(2.1)
–
(24.1)
(28.1)
Finance costs
7
(2.6)
0.7
(22.6)
1.7
Movement in deferred tax asset on Luxembourg losses
–
(8.9)
–
66.9
Adjustments for prior years
–
(2.4)
–
18.7
Total tax on adjusting items
(1,060.4)
123.1
(508.1)
137.3
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
162
Informa Annual Report and Accounts 2025
T he current and deferred tax charges are calculated on the estimated assessable profit for the year. Taxation is calculated in
each jurisdiction based on the prevailing rates of that jurisdiction. A reconciliation of the actual tax expense to the expected
tax expense at the applicable statutory rate is shown below:
2025
2024
£m
%
£m
%
(Loss)/profit before tax
(64.3)
407.3
Tax charge at effective UK statutory rate of 25% (2024: 25%)
(16.1)
25.0
101.8
25.0
Different tax rates on overseas profits
4.4
(6.8)
0.1
–
Disposal-related items
1
0.5
(0.8)
34.3
8.4
Acquisition-related items
(23.7)
36.9
16.9
4.1
Non-deductible expenditure
2
145.0
(225.5)
22.9
5.6
Non-taxable income
3
(4.6)
7.2
(9.9)
(2.4)
Tax incentives
(3.8)
5.9
(3.5)
(0.9)
Adjustments for prior years
4
(31.0)
48.2
(48.5)
(11.9)
Net movement in provisions for uncertain tax positions
5
7.7
(12.0)
(2.6)
(0.6)
Impact of changes in tax rates
5.5
(8.6)
2.8
0.7
Change in recoverability of deferred tax assets
6
(13.5)
21.0
(66.9)
(16.4)
Movements in other deferred tax not recognised
10.7
(16.6)
(6.5)
(1.6)
Tax charge and effective rate for the year
81.1
(126.1)
40.9
10.0
1 Disposal-related items relate to the difference between a loss for accounting and a gain for tax purposes on the disposal of subsidiaries
and operations
2 Non-deductible expenditure in 2025 predominantly relates to the impairment charge in relation to the Informa TechTarget group of CGUs as set
out in Note 15
3 Non-taxable income includes income in relation to the remeasurement of contingent consideration as set out in Note 31
4 Adjustments for prior years incorporate refinements to tax computations made on submission or resubmission and agreement with tax
authorities
5 The net movement in provisions for uncertain tax positions reflects management’s reassessment of the provisions required in relation to historical
tax exposures
6 In 2024, additional deferred tax was recognised in relation to Luxembourg losses as, based on the Group’s forecasts, it was expected that there
would be taxable profits against which they could be utilised
In addition to the income tax charge in the Consolidated Income Statement, a tax charge of £1.2m (2024: £4.4m) has been
recognised directly in the Consolidated Statement of Comprehensive Income during the year.
Current tax liabilities include £48.7m (2024: £45.0m) in respect of provisions for uncertain tax positions.
On 11 July 2023, the UK Government enacted the Pillar Two income taxes legislation, effective for the financial year
beginning 1 January 2024. Under the legislation, Informa PLC is required to pay, in the UK, top-up tax on profits of its
subsidiaries and permanent establishments that are taxed at a Pillar Two effective tax rate of less than 15%.
The Group has performed an assessment of the exposure to Pillar Two income taxes in 2025. Based on this assessment, the
majority of entities fall within the transitional safe harbours or have an effective tax rate of more than 15%. However, there
are a limited number of jurisdictions where the transitional safe harbour relief may not apply and the Pillar Two effective tax
rate is below 15%. The Group has recognised a £7.9m tax charge for the year in relation to this (2024: £6.6m) of which £3.7m
is payable in the UK by Informa PLC (2024: £6.6m) .
13. Earnings per share
Basic EPS
The basic earnings per share (EPS) calculation is based on the profit/(loss) attributable to the equity holders of the Parent
Company divided by the weighted average number of shares in issue less those shares held by the Employee Share Trust
and ShareMatch.
Diluted EPS
The diluted EPS calculation is based on the basic EPS calculation above, except that the weighted average number of shares
includes all potentially dilutive options granted by the reporting date as if those options had been exercised on the first day
of the accounting period or the date of the grant, if later.
163
Informa Annual Report and Accounts 2025
Financial StatementsGS A
13. Earnings per share continued
Weighted average number of shares
The table below sets out the weighted average number of shares used in the calculation of basic and diluted EPS.
2025
2024
Weighted average number of shares used in basic and adjusted basic EPS
1,300,708,559
1,335,773,495
Effect of dilutive potential ordinary shares
9,332,861
8,218,817
Weighted average number of shares used in diluted and adjusted diluted EPS
1,310,041,420
1,343,992,312
Statutory EPS
Per share Per share
Earnings amount Earnings amount
2025 2025 2024 2024
£m Pence £m Pence
(Loss)/profit for the year
(145.4)
366.4
Non-controlling interests
156.4
(68.7)
Earnings and EPS for the purpose of statutory basic EPS
11.0
0.8
297.7
22.3
Effect of dilutive potential ordinary shares
–
–
–
(0.1)
Earnings and EPS for the purpose of statutory diluted EPS
11.0
0.8
297.7
22.2
Adjusted EPS
In addition to basic EPS, adjusted diluted EPS has been calculated to provide useful additional information on underlying
earnings performance. Adjusted diluted EPS is based on profit attributable to equity holders which has been adjusted to
exclude items that, in the opinion of the Directors, would distort underlying results (see Note 7).
Per share Per share
Earnings amount Earnings amount
2025 2025 2024 2024
£m Pence £m Pence
Earnings and EPS for the purpose of statutory basic EPS
11.0
0.8
297.7
22.3
Intangible asset amortisation
342.5
26.3
309.6
23.2
Impairment – goodwill
484.2
37.2
–
–
Impairment – acquisition-related and other intangible assets
32.0
2.5
28.5
2.1
Impairment – investment in joint ventures
13.1
1.0
–
–
Impairment – right-of-use assets
5.3
0.4
5.0
0.3
Acquisition costs
10.1
0.8
66.0
4.9
Integration costs
84.4
6.5
42.2
3.2
Restructuring and reorganisation costs
21.2
1.6
14.1
1.1
Foreign exchange gain
(3.1)
(0.2)
–
–
Fair value gain on contingent consideration
(1.4)
(0.1)
(29.5)
(2.2)
Fair value loss on contingent consideration
9.8
0.8
16.3
1.2
Fair value loss on investments
57.6
4.4
9.2
0.7
Loss on disposal of subsidiaries and operations
2.1
0.2
24.1
1.8
Finance costs
2.6
0.2
22.6
1.7
Tax related to adjusting items
(123.1)
(9.5)
(137.3)
(10.3)
Non-controlling interest adjusting items
(219.7)
(16.9)
4.8
0.4
Earnings and EPS for the purpose of adjusted basic EPS
728.6
56.0
673.3
50.4
Effect of dilutive potential ordinary shares
–
(0.4)
–
(0.3)
Earnings and EPS for the purpose of adjusted diluted EPS
728.6
55.6
673.3
50.1
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
164
Informa Annual Report and Accounts 2025
14. Dividends
2025 2024
Pence per 2025 Pence per 2024
Amounts recognised as distributions to equity holders in the year: share £m share £m
Interim dividend for the year ended 31 December 2024
–
–
6.4
84.6
Final dividend for the year ended 31 December 2024
–
–
13.6
177.4
Interim dividend for the year ended 31 December 2025
7.0
90.7
–
–
Proposed final dividend for the year ended 31 December 2025
15.0
193.1
–
–
Total dividend for the year
22.0
283.8
20.0
262.0
At 31 December 2025, unpaid dividends from prior periods amounted to £0.4m (2024: £0.3m). Total dividend payments
during the year were £268.1m (2024: £248.2m). The proposed final dividend for the year ended 31 December 2025 of 15.0p
(2024: 13.6p) per share is subject to approval of shareholders at the Annual General Meeting and has not been included as a
liability in these Consolidated Financial Statements. The payment of this dividend will not have any tax consequences for
the Group.
In the year ended 31 December 2025, there were dividend payments of £29.9m (2024: £31.0m) to non-controlling interests.
15. Goodwill
Cost £m
At 1 January 2024
7,281.6
Additions in the year
1,381.3
Disposals
(228.8)
Deconsolidation of former subsidiaries
(37.6)
Exchange differences
32.6
At 31 December 2024
8,429.1
Additions in the year
32.5
Exchange differences
(296.9)
At 31 December 2025
8,164.7
Accumulated impairment losses
At 1 January 2024
(651.8)
Exchange differences
9.7
At 31 December 2024
(642.1)
Charge in the period
(484.2)
Exchange differences
15.0
At 31 December 2025
(1,111.3)
Carrying amount
At 31 December 2025
7,053.4
At 31 December 2024
7,787.0
The Group has historically tested goodwill for impairment at the operating segment level (see Note 5) representing an
aggregation of CGUs, reflecting the level at which goodwill is monitored. There were five groups of CGUs for goodwill
impairment testing in 2025 (2024: six groups of CGUs) which represent the operating segments of the Group following its
reorganisation in 2025. Impairment testing involved comparing the aggregated carrying value of assets with income-based
fair value less costs of disposal (FVLCD) calculations derived from the latest Group cash flow projections, which are Level 3
inputs per IFRS 13, and which reflect past experience of the Group. This is consistent with the approach in 2024. Where the
FVLCD shows an impairment charge in the year for a group of CGUs, a value in use is also calculated for this Group.
165
Informa Annual Report and Accounts 2025
Financial StatementsGS A
15. Goodwill continued
Goodwill
Goodwill carrying amount
carrying amount 31 December Number
31 December
(re-presented)
1
Number of CGUs
2025 2024 of CGUs
(re-presented)
1
CGU groups £m £m 2025 2024
Informa Markets
4,213.8
4,320.4
6
6
Informa Connect
944.1
991.1
6
5
Informa Festivals
1,163.2
1,189.3
4
1
B2B Live Events
6,321.1
6,500.8
Taylor & Francis
571.2
588.2
1
1
Informa TechTarget
161.1
698.0
1
1
7,053.4
7,787.0
18
14
1 The business segment results for the year ended 31 December 2024 have been re-presented. Refer to Note 41
Impairment review
As goodwill is not amortised, it is tested for impairment at least annually, or more frequently if there are indicators of
impairment. At half-year 2025, indicators of impairment were identified for the Informa TechTarget group of CGUs. The
indicators consisted of a decline in underlying revenues in the first half of the year and, as Informa TechTarget is listed on the
Nasdaq, the market capitalisation was compared to the net assets of the Informa TechTarget group of CGUs and it was found
to be below the net assets. As a result, an impairment test was carried out at 30 June 2025 and an impairment of £484.2m
was recognised in the Informa TechTarget group of CGUs. Impairment testing involved comparing the aggregated carrying
value of assets with the recoverable value. FVLCD was higher than value in use and was therefore used to calculate the
recoverable amount of £695.8m. The FVLCD calculation as at 30 June 2025 was derived using the latest Group cash flow
projections, a long-term growth rate of 3% and post-tax discount rate of 11%. No other groups of CGUs had indicators of
impairment during the year so no further review was carried out.
In line with our accounting policy, an annual impairment review was performed for all groups of CGUs as at 31 December
2025, where FVLCD calculations were used to calculate the recoverable amount of all CGU groups.
Management has used the following key assumptions in its impairment analysis:
Key assumption
How we have defined this
Projected cash flows
For 2
026, management has used the annual budget. For 2027 and 2028, management has used the three-year plan
forecast. For 2029 to 2031, forecasts have been extrapolated using linearly declining growth rates to arrive at the
long-term growth rate. A review of all forecast revenue streams has been undertaken. These forecasts include management expectations of the business’s future performance and represent the Directors’ best estimate of the
future performance of these businesses. All cashflows are post-tax, in line with the selection of a FVLCD approach.
Management has considered the quantitative impact of unmitigated climate-related risks on asset recoverable
amounts and concluded that this would not cause a material impact to annual cash flows. In its forecasts,
management has considered recent trading performance, current market conditions and relevant uncertainties
when determining these estimates.
Long-term growth rate
Long-term growth rates are based on external reports of long-term CPI rates for the main geographic markets in
which each CGU operates and therefore are not considered to exceed the long-term average growth prospects for
the individual markets. Long-term growth rates have not been risk adjusted to reflect any of the uncertainties
noted above, as these uncertainties are already reflected in the forecasts.
Discount rate applied
To arrive at the recoverable amount for each group of CGUs, the cash flows are discounted at a rate specific to
each CGU. To calculate discount rates, we have considered market rates for comparable entities for the cost of
debt and the cost of equity is calculated using the Capital Asset Pricing Model (CAPM). Discount rates have not
been risk adjusted to reflect any of the uncertainties noted above, as these uncertainties are already reflected in
the forecasts.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
166
Informa Annual Report and Accounts 2025
Management has concluded that there was no impairment indicated in the impairment tests conducted as at 31 December
2025, with headroom above the carrying value of assets in all groups of CGUs. The key assumptions used in the tests are
stated below:
Long-term growth rates
Post-tax discount rates
Key assumptions
2025
2024
2025
2024
Informa Markets
2.0%–3.3%
2.0%–3.3%
7.6%–15.3%
6.6%–18.3%
Informa Connect
2.1%–2.3%
2.1%–2.2%
9.0%–9.7%
9.5%–10.2%
Informa Festivals
1.9%–2.2%
n/a
8.2%–8.9%
n/a
Taylor & Francis
2.1%
2.1%
8.8%
8.5%
Informa TechTarget
3.0%
n/a
11.0%
n/a
The ranges presented for long-term growth rates and discount rates are due to different rates being used across the CGUs
that make up Informa Markets, Informa Connect and Informa Festivals, reflecting the different geographies they operate in
and the risk characteristics relevant to them.
Sensitivity analysis
Key uncertainties relate to the continued growth of the events, technology and publishing businesses, and the variability in
the impact of higher interest rates across the geographies in which the Group operates. In addition, for the Informa
TechTarget group of CGUs, a key uncertainty relates to the length of subdued market activity, the speed of recovery and
uncertainty in the macro-economic environment it operates in. These uncertainties may impact the future cash flows,
discount rates and long-term growth rates. Management has applied sensitivities to each of those three areas.
The cash flow scenario considered a 10.0% reduction in cash flows in all forecast periods, 2026 to 2028, including the
perpetuity year, reflecting an estimation of the impact on both revenue and profitability across all revenue streams for a
reduction in the number or profitability of physical events and in digital revenue. To reflect disadvantageous changes in the
economies in which the Group operates, we applied 1.0% increases in discount rates and 0.5% decreases in long-term
growth rates.
The above sensitivities indicate management’s assessment of reasonably plausible material changes to assumptions. The
results of the sensitivity analysis showed there remained headroom in each group of CGUs under all three scenarios tested
with the exception of reduction in cash flows and increase in discount rate for the Informa TechTarget group of CGUs. Whilst
the 0.5% decrease in long-term growth rate does not result in an impairment charge, it reduces the recoverable amount and
therefore headroom. The results, as presented below, indicate the impairment charge which would have been recorded as a
result of the 31 December 2025 Informa TechTarget group of CGUs impairment test for each of these sensitivities. These
sensitivities have been applied in isolation, and a combination of the sensitivities would result in a larger impairment.
After 1.0%
After 10.0% increase in
reduction in discount
cash flows rates
£m £m
Informa TechTarget impairment charge
16.7
27.7
167
Informa Annual Report and Accounts 2025
Financial StatementsGS A
16. Other intangible assets
Database and Exhibitions
intellectual and
Publishing property, conferences,
book lists brand and brand and Intangible
and journal customer customer software Product
titles relationships relationships Sub-total assets development Total
Cost £m £m £m £m £m £m £m
At 1 January 2024
925.2
677.9
4,025.2
5,628.3
316.9
50.0
5,995.2
Arising on acquisition of subsidiaries and operations
9.6
390.1
614.3
1,014.0
11.7
90.6
1,116.3
Additions
1
3.7
–
2.7
6.4
51.9
20.5
78.8
Disposals
(0.6)
(154.2)
(53.3)
(208.1)
(50.2)
(3.2)
(261.5)
Deconsolidation of former subsidiaries
–
–
(51.4)
(51.4)
–
–
(51.4)
Exchange differences
6.2
11.8
11.2
29.2
0.9
1.7
31.8
At 31 December 2024
944.1
925.6
4,548.7
6,418.4
331.2
159.6
6,909.2
Arising on acquisition of subsidiaries and operations
–
0.7
9.3
10.0
–
–
10.0
Additions
1
3.0
–
11.6
14.6
50.2
27.5
92.3
Disposals
–
(0.1)
(27.5)
(27.6)
(106.9)
(0.5)
(135.0)
Exchange differences
(33.5)
(55.5)
(155.4)
(244.4)
(4.2)
(5.2)
(253.8)
At 31 December 2025
913.6
870.7
4,386.7
6,171.0
270.3
181.4
6,622.7
Accumulated amortisation
2
At 1 January 2024
(754.2)
(325.4)
(1,564.8)
(2,644.4)
(196.3)
(13.6)
(2,854.3)
Charge for the year
(31.9)
(42.6)
(233.2)
(307.7)
(35.4)
(12.6)
(355.7)
Impairment losses
–
–
(11.2)
(11.2)
(16.4)
(0.9)
(28.5)
Disposals
0.6
63.3
51.0
114.9
27.8
2.2
144.9
Deconsolidation of former subsidiaries
–
–
3.2
3.2
–
–
3.2
Exchange differences
(5.6)
(3.9)
1.9
(7.6)
(0.3)
–
(7.9)
At 31 December 2024
(791.1)
(308.6)
(1,753.1)
(2,852.8)
(220.6)
(24.9)
(3,098.3)
Charge for the year
(20.8)
(53.5)
(252.0)
(326.3)
(29.1)
(24.7)
(380.1)
Impairment losses
–
(0.2)
(17.6)
(17.8)
(14.2)
–
(32.0)
Disposals
–
0.1
27.5
27.6
106.3
0.3
134.2
Exchange differences
28.5
19.1
69.1
116.7
4.0
(1.2)
119.5
At 31 December 2025
(783.4)
(343.1)
(1,926.1)
(3,052.6)
(153.6)
(50.5)
(3,256.7)
Carrying amount
At 31 December 2025
130.2
527.6
2,460.6
3,118.4
116.7
130.9
3,366.0
At 31 December 2024
153.0
617.0
2,795.6
3,565.6
110.6
134.7
3,810.9
1 Additions include business asset acquisitions and product development. The Consolidated Cash Flow Statement shows £80.9m (2024: £77.6m) for
these items, with £4.3m (2024: £8.2m) for titles, brands and customer relationships, £61.5m (2024: £51.2m) for intangible software assets and
£15.1m (2024: £18.2m) of product development
2 Amortisation is included within the Net operating expenses line within the Consolidated Income Statement
Intangible software assets include a gross carrying amount of £232.0m (2024: £295.1m) and accumulated amortisation of
£127.5m (2024: £190.2m) which relates to software that has been internally generated. There were additions of £44.4m
(2024: £47.8m) related to internally generated intangible assets. The Group does not have any of its intangible assets
pledged as security over bank loans. In 2025, £nil (2024: £nil) was recognised as research and development expenditure in
the period.
In addition to the impairment review of goodwill, a review of intangible assets identified an impairment of £17.8m
(2024: £11.2m) relating to brands and customer relationships where the recoverable amount did not support the carrying
amount, and this included selected individual events which have been discontinued.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
168
Informa Annual Report and Accounts 2025
17. Property and equipment
Leasehold Equipment, Total
Freehold land land and fixtures and property and
and buildings buildings fittings equipment
Cost £m £m £m £m
At 1 January 2024
3.4
70.3
84.6
158.3
Additions
1
–
6.8
34.1
40.9
Acquisitions
–
1.1
2.7
3.8
Disposals
–
(3.6)
(10.0)
(13.6)
Exchange differences
(0.1)
0.1
(0.2)
(0.2)
At 31 December 2024
3.3
74.7
111.2
189.2
Additions
1
0.4
15.3
15.7
31.4
Disposals
(2.4)
(4.7)
(33.5)
(40.6)
Exchange differences
–
(2.4)
(4.5)
(6.9)
At 31 December 2025
1.3
82.9
88.9
173.1
Accumulated depreciation
At 1 January 2024
(0.8)
(35.6)
(61.1)
(97.5)
Charge for the year
–
(5.4)
(12.1)
(17.5)
Disposals
–
1.1
3.0
4.1
Exchange differences
–
(2.2)
(1.1)
(3.3)
At 31 December 2024
(0.8)
(42.1)
(71.3)
(114.2)
Charge for the year
–
(7.0)
(14.2)
(21.2)
Disposals
0.6
4.3
32.4
37.3
Exchange differences
–
0.7
2.7
3.4
At 31 December 2025
(0.2)
(44.1)
(50.4)
(94.7)
Carrying amount
At 31 December 2025
1.1
38.8
38.5
78.4
At 31 December 2024
2.5
32.6
39.9
75.0
1 Cash paid in relation to additions was £27.4m (2024: £30.6m)
The Group does not have any of its property and equipment pledged as security over bank loans.
18. Leases
(a) Leases where the Group is a lessee
The Group’s right-of-use assets and lease liabilities at 31 December are as follows:
Right-of-use assets
Event
venue-
Property related
leases leases Total
£m £m £m
At 1 January 2024
96.6
114.5
211.1
Depreciation
(22.6)
(4.5)
(27.1)
Additions
53.2
–
53.2
Additions from business combinations
1
11.3
–
11.3
Impairment (Note 7)
(5.0)
–
(5.0)
Disposals
(12.6)
(23.0)
(35.6)
Foreign exchange movement
0.3
1.2
1.5
At 31 December 2024
121.2
88.2
209.4
Depreciation
(24.8)
(18.4)
(43.2)
Additions
47.1
46.3
93.4
Impairment (Note 7)
(5.3)
–
(5.3)
Disposals
(2.3)
–
(2.3)
Foreign exchange movement
(6.9)
(8.1)
(15.0)
At 31 December 2025
129.0
108.0
237.0
1 Some leases acquired through business combinations were impaired or sublet at acquisition
169
Informa Annual Report and Accounts 2025
Financial StatementsGS A
18. Leases continued
Lease liabilities
Event
venue-
Property related
leases leases Total
£m £m £m
At 1 January 2024
(135.3)
(128.5)
(263.8)
Repayment of lease liabilities
35.3
4.7
40.0
Interest on lease liabilities
(8.7)
(4.6)
(13.3)
Additions
(53.2)
–
(53.2)
Additions from business combinations
(22.7)
–
(22.7)
Disposals
15.1
23.0
38.1
Foreign exchange movement
(1.2)
(2.0)
(3.2)
At 31 December 2024
(170.7)
(107.4)
(278.1)
Repayment of lease liabilities
42.2
20.0
62.2
Interest on lease liabilities
(9.4)
(6.7)
(16.1)
Additions
(47.1)
(46.3)
(93.4)
Disposals
5.5
–
5.5
Foreign exchange movement
8.4
9.8
18.2
At 31 December 2025
(171.1)
(130.6)
(301.7)
2025
Current lease liabilities
(34.1)
(15.4)
(49.5)
Non-current lease liabilities
(137.0)
(115.2)
(252.2)
At 31 December 2025
(171.1)
(130.6)
(301.7)
2024
Current lease liabilities
(33.4)
(1.0)
(34.4)
Non-current lease liabilities
(137.3)
(106.4)
(243.7)
At 31 December 2024
(170.7)
(107.4)
(278.1)
(b) Leases where the Group is a lessor
The Group is a lessor in relation to property leases which are sublet. These sub-lease arrangements are classified as either
finance or operating leases. The Group’s finance lease receivables at 31 December 2025 is £9.2m (2024: £11.7m).
(c) Low-value and short-term lease expense for the year ended 31 December
2025 2024
£m £m
Low value lease expense
–
–
Short-term lease expense (includes event venue-related leases)
236.4
159.2
19. Other investments and investments in joint ventures and associates
Investments in joint ventures and associates
The carrying value of investments in joint ventures and associates are set out below:
2025 2024
£m £m
At 1 January
92.7
58.8
Arising on disposals
–
(8.9)
Arising on acquisition
1.3
–
Deconsolidation of former subsidiaries
–
52.7
Arising on transfer to subsidiaries
–
(7.1)
Dividends
(3.4)
(3.1)
Share of profit
4.5
1.3
Impairment of investment
(13.1)
–
Foreign exchange loss
(0.9)
(1.0)
At 31 December
81.1
92.7
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
170
Informa Annual Report and Accounts 2025
There was no comprehensive income from joint ventures and associates.
As per below, the Group’s investments in joint ventures at 31 December 2025 were as follows and no joint venture is
considered individually material to the Group:
Country of
incorporation and Shareholding or
Company
Divisions
operation
Class of shares held
share of operation
Registered office
Shanghai Intex Exhibition Co., Ltd
Informa Markets
China
Ordinary
50%
PRC1
Foshan Huaxia Home Textile
Development Co., Ltd.
Informa Markets
China
Ordinary
65%
PRC2
Shenzhen Bo Ao Exhibition Co.,
Ltd.
Informa Markets
China
Ordinary
65%
PRC3
Shenzhen HKPCA Show Co., Ltd
Informa Markets
China
Ordinary
51%
PRC4
International Electronics Circuit
Exhibition (Shenzhen) Co., Ltd
Informa Markets
Hong Kong
Ordinary
51%
HK1
Cosmoprof India Private Limited
Informa Markets
India
Ordinary
50%
IN1
Independent Materials Handling
Exhibitions Limited
Informa Markets
UK
Ordinary
50%
UK1
Lloyd’s Maritime Information
Services Ltd
Informa Connect
UK
Ordinary
50%
UK2
Tak Mexico Holdings, LLC
Informa Markets
USA
Ordinary
50%
US1
Tarsus RAI Events, LLC
Informa Markets
USA
Ordinary
50%
US2
As per below, the Group’s investments in associates at 31 December 2025 were as follows and no associate is considered
individually material to the Group:
Country of
incorporation and Shareholding or
Company
Divisions
operation
Class of shares held
share of operation
Registered office
Guangdong International
Exhibitions Ltd
Informa Markets
China
Ordinary
27.5%
PRC5
Independent Television News
Limited
Informa Markets
UK
Ordinary
20.0%
UK3
PA Media Group Ltd
Informa Markets
UK
Ordinary
18.2%
UK4
Founders Forum LLP
Informa Festivals
UK
Membership Interest
26.8%
UK5
Tarsus BodySite LLC
Informa Connect
US
Membership Interest
49.0%
US1
Registered office
Registered office address
PRC1
Room
1208
, No. 55 Loushanguan Road, Shanghai, China
PRC2 Foshan, China
Room 2602,
Building 1, South China International Financial Centre, 28 Haiwu Road, Guicheng Street, Nanhai District,
PRC3 District, Shenzhen, China Room 1405S, 14th Floor, Times Financial Center, No. 4001 Shennan Avenue, Fu’an Community, Futian Street, Futian
PRC4
Unit 2607B, 26/F, Huarong Building, 178 Mintian Road, Futian District, Shenzhen, China
PRC5
Room B358, No. 364 Industrial Avenue Middle Road, Haizhi District, Guangzhou, China
HK1
Unit
1508
, 15/F., Greenfield Tower, Concordia Plaza, No. 1 Science Museum Road, Tsim Sha Tsui, Hong Kong
Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai
IN1
40009
3, India
UK1
5 Howick Place, London SW1P 1WG, United Kingdom
UK2
71 Fenchurch Street, London, EC3M 4BS, United Kingdom
UK3
200
Grays Inn Road, London, WC1X 8XZ, United Kingdom
UK4
The Point, 37 North Wharf Road, London W2 1AF, United Kingdom
UK5
6th Floor, 180 Strand, 2 Arundel Street, London, WC2R 3DA, United Kingdom
US1
c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA
US2
c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA
171
Informa Annual Report and Accounts 2025
Financial StatementsGS A
19. Other investments and investments in joint ventures and associates continued
Other investments
The Group’s other investments (consisting of investments in listed and unlisted equity securities) as at 31 December 2025
are as follows:
2025 2024
£m £m
At 1 January
186.5
260.8
Arising on acquisition of subsidiaries and operations
–
2.5
Additions of listed equity securities in year
–
6.7
Disposal of preference shares
–
(74.2)
Fair value loss
1
(57.6)
(9.2)
Foreign exchange loss
(10.3)
(0.1)
At 31 December
2
118.6
186.5
1 The fair value loss recognised for the 12 months ended 31 December 2025 mostly relates to the retained equity interest in Norstella, previously
Pharma Intelligence
2 Other investments consist of investments in listed equity securities, unlisted equity securities and preference shares. The most significant of these
is the retained equity interest in Norstella, previously Pharma Intelligence, as well as the investment in BolognaFiere
20. Deferred tax
Consolidated Income
Consolidated Balance Statement for the year
Sheet as at 31 December
ended 31 December
1
2025 2024 2025 2024
£m £m £m £m
Accelerated tax depreciation
(4.7)
(6.9)
1.5
3.5
Intangibles
679.8
755.6
(53.5)
(64.7)
Pensions
–
(1.4)
1.5
–
Losses
(121.5)
(162.6)
34.2
(92.4)
Other
2
(97.6)
(77.0)
(26.6)
(28.2)
456.0
507.7
(42.9)
(181.8)
1 See Note 12
2 Included within Other is £58.8m (2024: £45.0m) of deferred tax related to interest carried forward
The movement in net deferred tax liabilities during the year was as follows:
2025 2024
£m £m
Net deferred tax liabilities at 1 January
507.7
523.3
Charge to other comprehensive income
2.2
–
Acquisitions and additions
2.5
189.9
Disposals
–
(21.2)
Credit to profit or loss for the year
(42.9)
(181.8)
Foreign exchange and other movements
(13.5)
(2.5)
Net deferred tax liabilities at 31 December
456.0
507.7
Certain deferred tax assets and liabilities have been offset. The analysis of deferred tax balances for the Consolidated
Balance Sheet is set out below:
2025 2024
£m £m
Deferred tax liabilities
527.7
593.4
Deferred tax assets
(71.7)
(85.7)
Net deferred tax liabilities
456.0
507.7
Deferred tax assets have been recognised because, based on the Group’s current forecasts, it is expected that there will be
taxable profits against which these assets can be utilised. A deferred tax asset of £69.4m (2024: £83.5m) has been recognised
in respect of Luxembourg tax losses. Notwithstanding the fact that the relevant company generated additional tax losses in
2024, and the utilisation of the deferred tax asset is dependent on future taxable profits in excess of the profits arising from
the reversal of existing taxable temporary differences, this deferred tax asset has been recognised on the basis that profit
forecasts demonstrate that sufficient taxable profits will be available to utilise these losses in the foreseeable future.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
172
Informa Annual Report and Accounts 2025
The Group has the following unused tax losses in respect of which no deferred tax assets have been recognised:
• £376.7m (2024: £316.7m) of UK tax losses
• £192.4m (2024: £85.8m) of US Federal tax losses which expire between 2026 and 2037
• £484.4m (2024: £175.9m) of US State tax losses which expire between 2026 and 2045
• £385.2m (2024: £270.2m) of UK capital losses which are only available for offset against future capital gains
• £13.1bn (2024: £7.1bn) of Luxembourg tax losses
• £140.7m (2024: £157.4m) of tax losses in other countries
Other than as noted, none of the losses are due to expire.
No deferred tax has been recognised in respect of these tax losses as it is not considered probable that these losses will be
utilised. This assessment has been made on the basis of the latest financial forecasts for the Group which set out
management’s expectations of the profit before tax in each of the relevant jurisdictions.
In addition, the Group has other deductible temporary differences not recognised of £56.5m (2024: £58.1m). No deferred tax
assets have been recognised in respect of these amounts as it is not considered probable that they will be utilised.
No liability has been recognised in relation to withholding tax on undistributed earnings of subsidiaries because the Group,
being in a position to control the timing of the distribution of intra-Group dividends, has no intention to distribute intra-
Group dividends in the foreseeable future. The amount of withholding tax for which deferred tax liabilities have not been
recognised was £11.6m (2024: £9.6m). The gross temporary differences associated with investments in subsidiaries amount
in aggregate to £3.0bn (2024: £3.0bn).
21. Inventory
2025 2024
£m £m
Work in progress
21.5
20.0
Finished goods and goods for resale
22.6
23.0
44.1
43.0
The write-down of inventory during the year amounted to £0.7m (2024: £nil). The cost of inventories recognised as a cost of
sales expense during the year was £28.1m (2024: £27.6m).
22. Trade and other receivables
2025 2024
Current £m £m
Trade receivables
499.8
498.4
Less: provision
(28.6)
(22.5)
Trade receivables net
471.2
475.9
Other receivables
45.6
64.6
Accrued income
48.2
45.4
Prepayments
120.4
131.1
Total current
685.4
717.0
Non-current
Other receivables
42.3
51.2
Total non-current
42.3
51.2
Trade and other receivables net
727.7
768.2
In 2022, as a result of the Pharma Intelligence disposal, an agreement with the Trustees of the UK pension schemes was made to
accelerate deficit repair contributions. This resulted in a contribution of £28.2m into an escrow fund, with payment from this fund
to the pension schemes being dependent on the future financial strength of the schemes. In December 2025, balances held in
escrow of £13.1m were returned to the Group in agreement with the respective Trustees, as insurance buy-in policies were
entered into for two of the schemes (see Note 34). In 2025, the remaining contribution for the UBMPS scheme, worth £16.2m
including accrued interest, is included within non-current other receivables (2024: £15.9m in non-current other receivables).
The average credit period taken on sales of goods is 51 days (2024: 53 days). Under the normal course of business, the Group
does not charge interest on its overdue receivables.
The Group’s exposures to credit risk and impairment losses related to trade and other receivables are disclosed in Note
33(f). The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
173
Informa Annual Report and Accounts 2025
Financial StatementsGS A
23. Derivative financial instruments
2025 2024
Financial assets – non-current £m £m
Cross-currency swaps designated in a hedging relationship
43.8
–
Cross-currency interest rate swaps designated in a hedging relationship
28.9
–
Financial assets – current
72.7
–
Currency forwards
–
0.1
Cross-currency swaps designated in a hedging relationship
7.2
–
Financial liabilities – current
7.2
0.1
Currency forwards
(2.2)
(1.5)
Cross-currency swaps designated in a hedging relationship
–
(74.9)
Financial liabilities – non-current
(2.2)
(76.4)
Cross-currency swaps designated in a hedging relationship
(4.5)
(89.7)
Cross-currency interest rate swaps designated in a hedging relationship
–
(38.1)
(4.5)
(127.8)
Cross-currency swaps and cross-currency interest rate swaps that are associated with debt instruments are included within
net debt (see Note 29). £79.9m (2024: £nil) derivative financial assets and £4.5m (2024: £202.7m) derivative financial
liabilities are in hedging relationships (see Note 33). Currency forwards are also included in net debt.
24. Notes to the Consolidated Cash Flow Statement
Notes
2025 2024
£m £m
(Loss)/profit before tax
(64.3)
407.3
Adjustments for:
Intangible asset amortisation
16
380.1
355.7
Depreciation of property and equipment
17
21.2
17.5
Depreciation of right-of-use assets
18
43.2
27.1
Impairment – goodwill
7
484.2
–
Impairment – acquisition-related and other intangible assets
7
32.0
28.5
Impairment – investment in joint ventures
7
13.1
–
Impairment – right-of-use assets
7
5.3
5.0
Fair value gain on contingent consideration
7
(1.4)
(29.5)
Fair value loss on contingent consideration
7
9.8
16.3
Fair value loss on investments
7
57.6
9.2
Loss on disposal of subsidiaries and operations
7
2.1
24.1
Share-based payments
9
42.5
22.2
(Gain)/loss on lease modifications
(3.7)
1.3
Loss on disposal of property, equipment and software
–
0.1
Finance income
10
(15.1)
(12.9)
Finance costs
11
161.4
115.1
Share of adjusted results of joint ventures and associates
19
(4.5)
(2.8)
Net exchange differences
–
0.9
Operating cash inflow before movements in working capital
1,163.5
985.1
Increase in inventories
(2.2)
(6.8)
Increase in receivables
(64.0)
(174.4)
Increase in payables
83.6
208.6
Movements in working capital
17.4
27.4
Pension receipt from escrow
22
13.1
–
Pension deficit recovery contributions
34
(6.5)
(1.1)
Cash generated by operations
1,187.5
1,011.4
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
174
Informa Annual Report and Accounts 2025
Reconciliation of total net financing liabilities
Total net
financing Share Total
liabilities buyback financing
(Note 29) liability cash flows
£m £m £m
At 1 January 2024
(1,845.7)
(90.9)
(1,936.6)
Non-cash movements
(518.5)
–
(518.5)
Cash flow
(1,367.2)
90.9
(1,276.3)
Exchange movements
45.3
–
45.3
At 31 December 2024
(3,686.1)
–
(3,686.1)
Non-cash movements
186.4
–
186.4
Cash flow
240.9
–
240.9
Exchange movements
(137.9)
–
(137.9)
At 31 December 2025
(3,396.7)
–
(3,396.7)
Cash paid on acquisitions, net of cash acquired
2025 2024
£m £m
Current year acquisitions
27.9
–
Prior year acquisitions including deferred and contingent payments
Ascential
–
1,169.0
IMN
–
95.0
TechTarget
–
59.2
Solar Media
4.5
37.4
Other
29.7
89.9
Total cash paid in year, net of cash acquired
62.1
1,450.5
25. Cash and cash equivalents
2025 2024
£m £m
Cash and cash equivalents
1
330.5
484.3
1 Cash and cash equivalents comprises balances valued at amortised cost of £319.5m (2024: £482.7m) and those at fair value of £11.0m (2024: £1.6m)
The Group’s exposure to interest rate risks and a sensitivity analysis for financial assets and liabilities are disclosed in Note 33.
26. Investments
2025 2024
£m £m
At 1 January
61.8
–
Arising on acquisition
–
61.0
Withdrawals
(62.2)
–
Foreign exchange gain
0.4
0.8
At 31 December
–
61.8
Investments relate to Floating Rate and Short-Term Bond Funds acquired upon the acquisition of TechTarget in December
2024. These investments were converted to cash in January 2025.
175
Informa Annual Report and Accounts 2025
Financial StatementsGS A
27. Borrowings
Total borrowings, excluding derivative assets and liabilities associated with borrowings, are as follows:
Notes
2025 2024
Current £m £m
Convertible notes
–
329.5
Bank borrowings
–
329.5
Euro Medium Term Note (€700.0m) – due October 2025
–
580.6
Euro Medium Term Note (£450.0m) – due July 2026
450.0
–
Euro Medium Term Note issue costs
(0.2)
(0.8)
Euro Medium Term Note borrowings
449.8
579.8
Total current borrowings
29
449.8
909.3
Non-current
Bank borrowings – revolving credit facility
175.0
–
Bank borrowings issue costs
(3.0)
(3.8)
Bank borrowings
29
172.0
(3.8)
Euro Medium Term Note (£450.0m) – due July 2026
–
450.0
Euro Medium Term Note (€600.0m) – due October 2027
524.0
497.6
Euro Medium Term Note (€500.0m) – due April 2028
436.6
414.7
Euro Medium Term Note (€650.0m) – due October 2030
564.0
540.7
Euro Medium Term Note (€700.0m) – due June 2031
611.3
–
Euro Medium Term Note (€500.0m) – due October 2034
436.6
414.7
Euro Medium Term Note issue costs
(16.9)
(15.6)
Euro Medium Term Note borrowings
29
2,555.6
2,302.1
Total non-current borrowings
2,727.6
2,298.3
Total borrowings
3,177.4
3,207.6
The Group does not have any of its property and equipment and other intangible assets pledged as security over its
Group-level loans. The Group’s borrowings do not have any financial covenants.
Convertible notes were acquired as part of the TechTarget acquisition on 2 December 2024. The Group repurchased the
notes for cash on 24 January 2025 at a purchase price equal to 100% of the aggregate principal amount, plus accrued and
unpaid interest.
On 9 June 2025, the Group issued a 6-year fixed-term Euro Medium Term Note of €697.2m (notional value €700.0m). The
Group repaid a 5-year fixed-term Euro Medium Term Note of €700.0m upon maturity on 6 October 2025.
The average debt maturity on the Group’s drawn borrowings is currently 4.0 years (2024: 3.4 years). The effective interest
rate on total borrowings for the year ended 31 December 2025 was 4.2% (2024: 3.7%).
The Group maintains the following lines of credit:
• £1,145.5m (2024: £1,050.0m) non-current revolving credit facility, of which £175.0m (2024: £nil) was drawn down at
31 December 2025. Interest is payable at SONIA or SOFR plus a margin
• £39.1m (2024: £41.0m) comprising a number of bilateral uncommitted bank facilities that can be drawn to meet short-term
financing needs, of which £10.1m (2024: £0.2m) was drawn at 31 December 2025. These facilities consist of £10.0m
(2024: £10.0m), USD 22.8m (2024: USD 22.8m), AUD 1.0m (2024: AUD 1.0m), CAD 2.0m (2024: CAD 2.0m) and SGD 1.0m
(2024: SGD 1.0m), JPY 20.0m (2024: JPY 20.0m), BHD 0.3m (2024: BHD 0.3m), AED 30.0m (2024: AED 30.0m), INR 360.0m
(2024: INR 360.0m) and ZAR 3.0m (2024: ZAR nil). Interest is payable at the local base rate plus a margin
• Four bank guarantee facilities comprising up to USD 10.0m (2024: USD 10.0m), €0.9m (2024: €0.9m), £14.0m (2024: £14.0m)
and INR 25.0m (2024: INR 25.0m)
The Group’s exposure to liquidity risk is disclosed in Note 33.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
176
Informa Annual Report and Accounts 2025
28. Reconciliation of movements in net debt
2025 2024
£m £m
(Decrease)/increase in cash and cash equivalents in the year (including cash acquired)
(143.5)
89.9
Cash flows from net drawdown of borrowings, derivatives associated with debt, and lease liabilities
240.9
(1,367.2)
Change in net debt resulting from cash flows
97.4
(1,277.3)
Non-cash movements including foreign exchange, excluding leases
125.6
(434.1)
Movements in net debt in the period
223.0
(1,711.4)
Net debt at beginning of the year
(3,201.8)
(1,456.4)
Net lease additions in the year
(87.4)
(34.0)
Net debt at end of the year
(3,066.2)
(3,201.8)
29. Movements in net debt
At At
1 January Non-cash Exchange 31 December
2025 movements Cash flow movements 2025
£m £m £m £m £m
Cash and cash equivalents
484.3
–
(143.5)
(10.3)
330.5
Other financing assets
Derivative assets associated with borrowings due in more than one year
–
72.7
–
–
72.7
Derivative assets associated with borrowings due in less than one year
–
7.2
–
–
7.2
Finance lease receivables
11.7
0.5
(3.3)
0.3
9.2
Total other financing assets
11.7
80.4
(3.3)
0.3
89.1
Other financing liabilities
Bond borrowings due in more than one year
(2,317.7)
455.3
(588.4)
(121.7)
(2,572.5)
Bond borrowings due in less than one year
(580.6)
(450.0)
616.7
(36.1)
(450.0)
Bond borrowing fees
16.4
(5.5)
6.2
–
17.1
Bank loans due in more than one year
1
–
–
(175.0)
–
(175.0)
Bank loan fees due in more than one year
3.8
(0.8)
–
–
3.0
Acquired debt
(329.5)
(2.6)
331.1
1.0
–
Derivative liabilities associated with borrowings due in less than one year
(76.4)
74.2
–
–
(2.2)
Derivative liabilities associated with borrowings due in more than one year
(127.8)
123.3
–
–
(4.5)
Lease liabilities
(278.1)
(87.9)
46.1
18.2
(301.7)
Loans received from other parties
2
(7.9)
–
7.5
0.4
–
Total other financing liabilities
(3,697.8)
106.0
244.2
(138.2)
(3,485.8)
Total net financing liabilities
(3,686.1)
186.4
240.9
(137.9)
(3,396.7)
Net debt
(3,201.8)
186.4
97.4
(148.2)
(3,066.2)
1 Bank loans include the non-current revolving credit facility, of which £1,166.3m was drawdown and £991.3m was repaid during the year
2 Loans received from other parties are included within current other payables (see Note 32)
177
Informa Annual Report and Accounts 2025
Financial StatementsGS A
29. Movements in net debt continued
At
At 1 January Non-cash Exchange 31 December
2024 movements Cash flow movements 2024
£m £m £m £m £m
Cash and cash equivalents
389.3
–
89.9
5.1
484.3
Other financing assets
Finance lease receivables
10.5
3.8
(2.4)
(0.2)
11.7
Total other financing assets
10.5
3.8
(2.4)
(0.2)
11.7
Other financing liabilities
Bond borrowings due in more than one year
(1,492.6)
606.5
(1,464.6)
33.0
(2,317.7)
Bond borrowings due in less than one year
–
(608.2)
–
27.6
(580.6)
Bond borrowing fees
6.2
(2.8)
13.4
(0.4)
16.4
Bank loans due in more than one year
1, 2
(30.4)
38.3
–
(7.9)
–
Bank loan fees due in more than one year
2.3
(7.1)
8.4
0.2
3.8
Acquired debt
–
(384.9)
59.2
(3.8)
(329.5)
Derivative liabilities associated with borrowings due in less than one year
–
(76.4)
–
–
(76.4)
Derivative liabilities associated with borrowings due in more than one year
(77.9)
(49.9)
–
–
(127.8)
Lease liabilities
(263.8)
(37.8)
26.7
(3.2)
(278.1)
Loans received from other parties
3
–
–
(7.9)
–
(7.9)
Total other financing liabilities
(1,856.2)
(522.3)
(1,364.8)
45.5
(3,697.8)
Total net financing liabilities
(1,845.7)
(518.5)
(1,367.2)
45.3
(3,686.1)
Net debt
(1,456.4)
(518.5)
(1,277.3)
50.4
(3,201.8)
1 Bank loans include the Curinos debt acquired as part of the Novantas transaction in 2021. On 24 December 2024, the Group disposed of the
Curinos business
2 Bank loans include the non-current revolving credit facility, of which £914.5m was drawdown and repaid within the year
3 Loans received from other parties are included within current other payables (see Note 32)
30. Provisions
Onerous
Acquisition and Property Restructuring contract Other
integration leases provision provision provision Total
£m £m £m £m £m £m
At 1 January 2024
15.9
10.1
8.6
0.5
36.5
71.6
Provided in the year
20.1
1.4
10.5
–
5.2
37.2
Acquisitions of subsidiaries
–
2.7
5.2
12.4
1.1
21.4
Disposal of subsidiaries
–
(0.3)
–
–
(0.7)
(1.0)
Utilisation
(29.5)
(2.1)
(17.6)
(8.5)
(11.6)
(69.3)
Release
(4.5)
(1.3)
(0.1)
–
(11.9)
(17.8)
At 31 December 2024
2.0
10.5
6.6
4.4
18.6
42.1
Provided in the year
6.9
1.9
9.2
0.2
11.6
29.8
Utilisation
(5.4)
(1.2)
(4.6)
(4.3)
(2.3)
(17.8)
Release
(1.0)
(2.3)
(2.3)
–
(7.3)
(12.9)
Currency translation
(0.1)
(0.2)
0.8
0.2
(1.3)
(0.6)
At 31 December 2025
2.4
8.7
9.7
0.5
19.3
40.6
2025
Current liabilities
2.4
1.7
9.0
0.5
12.5
26.1
Non-current liabilities
–
7.0
0.7
–
6.8
14.5
2024
Current liabilities
2.0
3.0
6.6
4.4
10.8
26.8
Non-current liabilities
–
7.5
–
–
7.8
15.3
Acquisition and integration provisions relate to the costs and fees incurred in acquiring businesses and subsequently
integrating these into the Group.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
178
Informa Annual Report and Accounts 2025
The balance of £8.7m (2024: £10.5m) in property leases relates to provisions for the future costs, excluding rental costs, of a
number of office properties that have been permanently vacated. These provisions will be utilised over the course of the
remaining lease term. The majority of the provisions are expected to be utilised as follows: £6.0m (2024: £7.3m) in two to five
years and £1.0m (2024: £0.2m) after five years.
Other provisions primarily consist of legal and various other claims. Of the total £19.3m (2024: £18.6m), the non-current
element of £6.8m (2024: £7.8m) is expected to be settled as follows: £4.0m (2024: £4.4m) within three years, and £2.8m
(2024: £3.4m) within five years.
31. Contingent consideration and put call options
2025 2024
£m £m
At 1 January
46.3
137.9
Fair value gain through profit or loss
(1.4)
(29.5)
Fair value loss through profit or loss
9.8
16.3
Fair value (gain)/loss through equity on put call options
(0.4)
1.8
Acquisitions of subsidiaries
7.0
4.3
Acquisitions of assets
0.3
1.0
Utilisation
(28.5)
(84.9)
Disposal of subsidiary
(1.5)
–
Currency translation
(1.2)
(0.6)
At 31 December
30.4
46.3
Current liabilities
11.2
31.4
Non-current liabilities
19.2
14.9
The contingent consideration is based on future business valuations, revenue growth and profit multiples (Level 3 fair value
measurements) and has been estimated on an acquisition-by-acquisition basis using available forecasts (a significant
unobservable input). The higher the forecast, the higher the fair value of any contingent consideration (subject to any
maximum payout clauses).
32. Trade and other payables
2025 2024
Current £m £m
Trade payables
203.0
178.0
Other payables
44.0
61.2
Deferred consideration
2.4
8.0
Accruals
433.3
440.7
Total current
682.7
687.9
Non-current
Other payables and deferred income
14.5
10.1
Deferred consideration
1.0
0.6
Total non-current
15.5
10.7
698.2
698.6
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average
credit period taken for trade purchases is 51 days (2024: 51 days).
There are no suppliers who represent more than 10% of the total balance of trade payables in either 2025 or 2024.
The Group has financial risk management policies in place to ensure that all payables are paid within the credit timeframe.
Therefore, under the normal course of business, the Group is not charged interest on overdue payables. The Directors
consider that the carrying amount of trade payables approximates their fair value.
179
Informa Annual Report and Accounts 2025
Financial StatementsGS A
33. Financial instruments
(a) Financial risk management
The Group has exposure to the following risks from its use of financial instruments:
• Market risk
• Credit risk
• Liquidity risk
This note presents information about the Group’s exposure to each of the above risks, the Group’s management of capital,
and the Group’s objectives, policies and procedures for measuring and managing risk.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management
framework. The Board has established a Treasury Committee which is responsible for developing and monitoring the
Group’s financial risk management policies. The Treasury Committee meets regularly and reports to the Audit Committee on
its activities.
The Group Treasury function provides services to the Group’s businesses, co-ordinates access to domestic and international
financial markets, and monitors and manages the financial risks relating to the operations of the Group. These risks include
market risk (including currency risk, interest risk and price risk), credit risk and liquidity risk.
The Treasury Committee has put in place policies to identify and analyse the financial risks faced by the Group and has set
appropriate limits and controls. These policies provide written principles on funding investments, credit risk, foreign
exchange risk and interest rate risk. Compliance with policies and exposure limits is reviewed by the Treasury Committee.
This Committee is assisted in its oversight role by the Internal Audit function, which undertakes both regular and ad hoc
reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.
Capital risk management
The Group manages its capital to ensure that the Group is able to continue as a going concern while maximising the return
to stakeholders and supporting the future development of the business. In order to maintain or adjust the capital structure,
the Group may suspend or adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new
shares or sell assets to reduce debt.
The capital structure of the Group consists of net debt, which includes cash and cash equivalents (Note 25), borrowings
(Note 27), and equity attributable to equity holders of the Parent Company, comprising issued capital (Note 35), reserves
and retained earnings.
Cost of capital
The Group’s Treasury Committee reviews the Group’s capital structure on a regular basis and, as part of this review, the
Committee considers the weighted average cost of capital and the risks associated with each class of capital.
Informa Leverage ratio
There are no financial covenants on our Group-level debt facilities in issue at 31 December 2025.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
180
Informa Annual Report and Accounts 2025
(b) Categories of financial instruments
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of
measurement and the basis on which income and expenses are recognised in respect of each class of financial asset,
financial liability and equity instrument, are disclosed in Note 2.
Notes
2025 2024
Financial assets £m £m
Trade receivables
22
471.2
475.9
Other receivables
22
87.9
115.8
Finance lease receivables
18
9.2
11.7
Cash and cash equivalents – at amortised cost
25
319.5
482.7
Cash and cash equivalents – at fair value
1
25
11.0
1.6
Derivative assets
23
79.9
0.1
Other investments
19, 26
118.6
248.3
Total financial assets
1,097.3
1,336.1
Financial liabilities
Convertible notes
27
–
329.5
Bank borrowings
27
172.0
–
Bond borrowings
27
3,005.4
2,881.9
Lease liabilities
18
301.7
278.1
Derivative liabilities
23
6.7
204.2
Trade payables
32
203.0
178.0
Accruals
2
32
304.5
307.1
Other payables
3
32
47.7
66.0
Deferred consideration
32
3.4
8.6
Contingent consideration
31
30.4
46.3
Total financial liabilities
4,074.8
4,299.7
1 Comprises money market funds which are measured at fair value – no change in valuation compared to being held at amortised cost
2 Accruals relating to employee benefits of £128.8m (2024: £133.6m) are not included here, in line with their separate treatment under IAS 19
3 Non-current deferred income of £10.8m (2024: £5.3m) is not included here, as that balance is settled by delivery of goods or services, not cash or
another financial asset
(c) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange and interest rates, will affect the Group’s
income or the value of its holdings of financial instruments.
The Group manages these risks by maintaining a mix of fixed and floating rate debt and currency borrowings using
derivatives where necessary. The Group does not use derivative contracts for speculative purposes.
The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise
adverse effects on the Group’s financial performance. Risk management is carried out by a central Treasury function under
policies approved by the Board of Directors. There has been no change to the Group’s exposure to market risks or the
manner in which these risks are managed and measured.
(d) Interest rate risk
The Group has no significant interest-bearing assets at floating rates, except cash, but is exposed to interest rate risk as
entities in the Group borrow funds at both fixed and floating interest rates. Borrowings issued at variable rates expose the
Group to cash flow interest rate risk. Borrowings issued at or converted to fixed rates expose the Group to fair value interest
rate risk.
The interest rate risk is managed by maintaining an appropriate mix of fixed and floating rate borrowings and by the use of
interest rate swap contracts. The Group’s exposures to interest rates on financial assets and financial liabilities are detailed
in the liquidity risk section of this note.
181
Informa Annual Report and Accounts 2025
Financial StatementsGS A
33. Financial instruments continued
The following table details financial liabilities by interest category before the effect of hedge accounting, note that the
change in the derivative liabilities line reflects fair value gains in the year, resulting in the Group’s cross-currency interest
rate swaps being in an asset position as at 31 December 2025, in addition to a majority of the cross-currency swap portfolio
(see Note 23):
2025
2024
Floating Non-interest Non-interest
Fixed rate rate bearing Total Fixed rate Floating rate bearing Total
£m £m £m £m £m £m £m £m
Convertible notes
–
–
–
–
329.5
–
–
329.5
Bank borrowings
–
172.0
–
172.0
–
–
–
–
Bond borrowings
3,005.4
–
–
3,005.4
2,881.9
–
–
2,881.9
Lease liabilities
301.7
–
–
301.7
278.1
–
–
278.1
Derivatives liabilities
6.7
–
–
6.7
166.1
38.1
–
204.2
Trade payables
–
–
203.0
203.0
–
–
178.0
178.0
Accruals
–
–
304.5
304.5
–
–
307.1
307.1
Other payables
–
–
47.7
47.7
–
–
66.0
66.0
Deferred consideration
–
–
3.4
3.4
–
–
8.6
8.6
Contingent consideration
–
–
30.4
30.4
–
–
46.3
46.3
3,313.8
172.0
589.0
4,074.8
3,655.6
38.1
606.0
4,299.7
Interest rate sensitivity analysis
95% (2024: 100%) of total borrowings are at fixed interest rates; the EMTN tranche maturing in 2030 of €650m is subject to a
floating rate of interest after considering the effect of hedge accounting. The Group’s interest rate sensitivity would only be
affected by the exposure to variable rate debt.
If interest rates on variable debt had been 100bps higher or lower and all other variables were held constant, the Group’s
profit for the year would have decreased or increased by £5.4m (2024: £1.0m).
Financial assets are both fixed and floating interest rate bearing but any interest received on these amounts is immaterial to
the Group.
Should interest rates fluctuate by a different rate to those disclosed, the impact can be linearly interpolated.
(e) Foreign currency risk
The Group is a business with significant net USD or currencies pegged to USD transactions; hence exposures to exchange
rate fluctuations arise.
Allied to the Group’s policy on the hedging of surplus foreign currency cash inflows, the Group will usually seek to finance its
net investment in its principal overseas subsidiaries by borrowing in those subsidiaries’ functional currencies, primarily USD
and EUR. This policy has the effect of partially protecting the Group’s Consolidated Balance Sheet from movements in those
currencies to the extent that the associated net assets are hedged by derivatives.
The carrying amounts of the Group’s foreign currency denominated assets and liabilities, excluding derivatives and deferred
income, at the reporting date are as follows:
Assets
Liabilities
2025 2024 2025 2024
£m £m £m £m
USD
604.0
742.8
(621.4)
(1,153.6)
EUR
134.4
135.1
(2,741.7)
(2,593.8)
CNY
129.5
114.0
(108.3)
(111.4)
Other
216.1
226.9
(356.1)
(302.7)
1,084.0
1,218.8
(3,827.5)
(4,161.5)
GBP
176.0
267.3
(1,044.4)
(833.6)
1,260.0
1,486.1
(4,871.9)
(4,995.1)
Cross-currency swaps and the 2034 EMTN debt tranche are used to hedge the Group’s net investments in foreign subsidiaries
which resulted in a gain of £167.2m (2024: loss of £80.3m) being recognised through other comprehensive income.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
182
Informa Annual Report and Accounts 2025
Average rate
Closing rate
2025
2024
2025
2024
USD
1.32
1.28
1.34
1.26
EUR
1.17
1.18
1.15
1.21
Foreign currency sensitivity analysis
In 2025, approximately 61% (2024: 66%) of Group revenue was received in USD or currencies pegged to USD. Similarly, the
Group incurred approximately 53% (2024: 55%) of its costs in USD or currencies pegged to USD. Each one cent ($0.01)
movement in the USD to GBP exchange rate has a circa £18m (2024: circa £19m) impact on annual revenue, a circa £7m
(2024: circa £8m) impact on annual adjusted operating profit and a circa £22m (2024: circa £21m) impact on the net investment
hedge reserve. Should exchange rates fluctuate by a different rate to those disclosed, the impact can be linearly interpolated.
Derivatives designated in hedge relationships
2025 2024
£m £m
Cross-currency swaps – derivative financial assets
79.9
–
Cross-currency swaps – derivative financial liabilities
(4.5)
(202.7)
There are cross-currency swaps and cross-currency interest rate swaps over the EMTN borrowings where the company
receives the following:
• A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest
for $588.9m
• A fixed rate of interest on €600.0m of EMTN borrowings with a maturity of October 2027 and pays a fixed rate of interest
for $655.6m
• A fixed rate of interest on €500.0m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest
for $551.6m
• A fixed rate of interest on €650.0m of EMTN borrowings with a maturity of October 2030 and pays a floating rate of
interest of SOFR plus premium for $710.2m
• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of June 2031 and pays a fixed rate of interest
for $799.2m
At 31 December 2025, the fair value of these swaps was a net financial asset of £75.4m (2024: liability of £202.7m); of these
amounts, a £37.0m asset (2024: £135.9m liability) was designated in a net investment hedge relationship, £22.1m asset
(2024: £57.8m liability) was designated in a cash flow hedge relationship and £16.3m asset (2024: £9.0m liability) was
designated in a fair value hedge relationship.
The cross-currency interest rate swaps in place are used to hedge against benchmark interest rate risk, foreign exchange
risk of net investments in foreign operation assets and repayments of EUR denominated debt. As such, the Receive EUR Pay
USD cross-currency swaps have been separated into synthetic cross-currency swaps, whereby the EUR fixed to GBP fixed
legs are hedging the cash flow risk on EUR debt, the EUR fixed to GBP floating legs (on the €650.0m EMTN with maturity
October 2030) are hedging fair value risk on the bond and the GBP to USD legs are hedging foreign currency risk relating to
net investments.
The result of the synthetic cross-currency swaps has been to swap €1,800.0m to £1,525.2m to hedge the cash flow risk at an
average foreign exchange rate of €1.18:£1 and additionally £1,525.2m to $2,006.3m to hedge the foreign currency risk at an
average foreign exchange rate of $1.32:£1. Further, €650.0m has been swapped to £545.8m to hedge the fair value risk at an
average foreign exchange rate of €1.19:£1 and £545.8m has been swapped to $710.2m to hedge foreign currency risk at an
average foreign exchange rate of $1.30:£1.
The net investment hedge reserve at 31 December 2025 was £31.6m (2024: £135.6m). The total gain during the year was
£167.2m (2024: £80.3m loss) in respect of the hedging instruments, of which a loss of £21.9m (2024: loss of £4.4m) is in
relation to exchange losses on debt instruments in a net investment hedge relationship.
The cash flow hedge reserve at 31 December 2025 was £0.1m (2024: £45.3m). The fair value gain during the year was £32.6m
(2024: £49.3m loss) in respect of the hedged instruments, and a loss of £79.4m (2024: £62.5m gain) in respect of the hedged
items which has been reclassified to finance costs in the Consolidated Income Statement, along with the recycling of £1.6m
upon maturity of the cash flow hedge arrangement relating to the Euro Medium Term Note of €700.0m that was repaid on
6 October 2025. Interest of £21.6m (2024: £11.5m) has been reclassified to the Consolidated Income Statement.
For the fair value hedge, a total loss of £23.1m (2024: £2.3m gain) was recognised in the Consolidated Income Statement to
account for the change in the fair value of the hedged item. A total gain of £25.0m (2024: £5.4m loss) was recognised in
finance costs to account for changes in fair value of the hedging instrument.
183
Informa Annual Report and Accounts 2025
Financial StatementsGS A
33. Financial instruments continued
The main source of ineffectiveness in the above hedging relationships is the effect of the Group’s own and counterparty credit
risk on the fair value of the cross-currency swaps, which is not reflected in the fair value of the hedged item that is exposed to
change in foreign exchange rates, the change in value of the hedged item used as the basis for recognising hedge
ineffectiveness for the period. No other significant sources of ineffectiveness have emerged from these hedging relationships.
These hedges were assessed to be highly effective during the year ended 31 December 2025 with no ineffectiveness
recognised in the Consolidated Income Statement.
(f) Credit risk
The Group’s principal financial assets are trade and other receivables (Note 22), and cash and cash equivalents (Note 25),
which represent the Group’s maximum exposure to credit risk in relation to financial assets.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the
Group. The Group has adopted a policy of assessing creditworthiness of counterparties as a means of mitigating the risk of
financial loss from defaults.
The Group’s exposure and the creditworthiness of its counterparties are continuously monitored, and the aggregate value
of transactions concluded is spread among approved financial institutions. Credit exposure is controlled by counterparty
limits that are reviewed and approved as part of the Group’s treasury policies.
Predominantly all of the Group’s cash and cash equivalents are held in investment grade counterparties; where this is not
the case, approval is required by the Group Treasury Committee.
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents
the Group’s maximum exposure to credit risk.
Trade receivables
The Group’s credit risk is primarily attributable to its trade receivables and the amounts presented in the Consolidated
Balance Sheet are net of the expected credit loss (ECL). Trade receivables consist of a large number of customers, spread
across diverse industries and geographic areas, and the Group’s exposure to credit risk is influenced mainly by the individual
characteristics of each customer. The Group does not have significant credit risk exposure to any single counterparty or any
group of counterparties having similar characteristics.
The majority of customers have credit limits set by credit managers and are subject to the standard terms of payment of
each division. As B2B Live Events, the journals subscriptions part of the Taylor & Francis division and Informa TechTarget
operate predominantly on a prepaid basis, they have a low bad debt history. The Group is exposed to normal credit risk,
and potential losses are mitigated as the Group does not have significant exposure to any single customer.
The Group recognises lifetime ECL for trade receivables using a provisioning matrix. The ECL is estimated based on the
Group’s historical credit loss experience where for non-event receivables a 50% provision is made over 180 days based on
due date and a 100% provision is made over 270 days, and a 100% provision is made for events receivables three months
post event date. This is then adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of
money where appropriate. The carrying amount is reduced by the ECL through the use of a provision account. The Group
writes off a trade receivable against the provision account when the receivable is considered uncollectible. This occurs when
the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed
under liquidation or has entered into bankruptcy proceedings. None of the trade receivables that have been written off are
subject to enforcement activities. Subsequent recoveries of amounts previously written off are credited against the
provision account. Changes in the carrying amount of the provision are recognised in the Consolidated Income Statement.
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
184
Informa Annual Report and Accounts 2025
Ageing of trade receivables:
Gross Provision Gross Provision
2025 2025 2024 2024
£m £m £m £m
Not past due
227.0
–
234.3
–
Past due 0–30 days
134.0
–
126.2
–
Past due over 31 days
138.8
(22.4)
137.9
(16.0)
499.8
(22.4)
498.4
(16.0)
Books return provision (see below)
–
(6.2)
–
(6.5)
Total
499.8
(28.6)
498.4
(22.5)
Trade receivables that are less than three months past the date due for payment are generally not considered impaired. Of
the gross trade receivables balance of £499.8m (2024: £498.4m), £48.2m (2024: £49.7m) was more than three months past
the due date for payment. The Group believes there has not been a significant change in the credit quality and the amounts
are considered recoverable. The Group does not hold any collateral over these balances.
A provision relating to returns on books which are yet to be paid for of £6.2m (2024: £6.5m) has been disclosed separately in
the table above. This is based on the Group’s best estimate of returns for future periods, taking account of returns trends,
and the amount is included as part of the overall provision balance of £28.6m (2024: £22.5m). There are no customers who
represent more than 5% of the total gross balance of trade receivables in either 2025 or 2024.
(g) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate
responsibility for liquidity risk management rests with the Board of Directors, though operationally it is managed by Group
Treasury with oversight by the Group Treasury Committee. Group Treasury has built an appropriate liquidity risk
management framework for the management of the Group’s short, medium and long-term funding. The Group manages
liquidity risk by maintaining adequate reserves and debt facilities, together with continuously monitoring forecast and actual
cash flows and matching the maturity profiles of financial assets and liabilities. Included in Note 27 is a summary of
additional undrawn facilities that the Group has at its disposal.
Historically and for the foreseeable future, the Group has been, and is expected to continue to be, in a net borrowing
position. The Group’s policy is to fulfil its borrowing requirements by borrowing in the currencies in which it operates,
principally USD and EUR, thereby providing a natural hedge against projected future surplus USD cash inflows.
185
Informa Annual Report and Accounts 2025
Financial StatementsGS A
33. Financial instruments continued
(h) Liquidity and interest risk tables
The following tables present the earliest date on which the Group can settle its financial liabilities. The table includes both
interest and principal cash flows.
Carrying Contractual Less than Greater
amount
cash flows
1
1 year 1–2 years 2–5 years than 5 years
£m £m £m £m £m £m
31 December 2025
Non-derivative financial liabilities
Bank borrowings
172.0
172.0
172.0
–
–
–
Bond borrowings
3,005.4
3,413.2
533.0
596.8
1,167.0
1,116.4
Lease liabilities
301.7
422.4
58.3
55.0
75.8
233.3
Trade and other payables
555.2
555.2
551.4
3.8
–
–
Deferred consideration
3.4
3.4
2.4
1.0
–
–
Contingent consideration
30.4
30.4
11.2
11.3
7.9
–
Derivative financial liabilities
4,068.1
4,596.6
1,328.3
667.9
1,250.7
1,349.7
Currency forwards
2.2
2.2
2.2
–
–
–
Cross-currency swaps – receipts 4.5
(722.3)
(20.5)
(20.5)
(61.8)
(619.5)
Cross-currency swaps – payments
761.2
30.8
30.8
92.7
606.9
6.7
41.1
12.5
10.3
30.9
(12.6)
Total financial liabilities
4,074.8
4,637.7
1,340.8
678.2
1,281.6
1,337.1
31 December 2024
Non-derivative financial liabilities
Convertible notes
329.5
329.5
329.5
–
–
–
Bond borrowings
2,881.9
3,235.2
657.1
509.6
1,028.6
1,039.9
Lease liabilities
278.1
405.2
42.3
40.7
88.5
233.7
Trade and other payables
551.1
551.1
546.3
4.8
–
–
Deferred consideration
8.6
8.6
8.0
0.6
–
–
Contingent consideration
46.3
46.3
31.4
9.1
5.8
–
Derivative financial liabilities
4,095.5
4,575.9
1,614.6
564.8
1,122.9
1,273.6
Currency forwards
1.5
1.5
1.5
–
–
–
Cross-currency swaps – receipts 202.7
(2,673.0)
(641.9)
(494.5)
(983.6)
(553.0)
Cross-currency swaps – payments
3,009.3
765.3
551.9
1,100.0
592.1
204.2
337.8
124.9
57.4
116.4
39.1
Total financial liabilities
4,299.7
4,913.7
1,739.5
622.2
1,239.3
1,312.7
1 Under IFRS 7, contractual cash flows are undiscounted and therefore may not agree with the carrying amounts in the Consolidated Balance Sheet
Fair values and fair value hierarchy
Valuation techniques use observable market data where it is available and rely as little as possible on entity-specific estimates.
The fair values of interest rate swaps and forward exchange contracts are measured using discounted cash flows. Future cash
flows are based on forward interest/exchange rates (from observable yield curves/forward exchange rates at the end of the
reporting period) and contract interest/forward rates, discounted at a rate that reflects the credit risk of the counterparties.
Financial instruments that are measured subsequently to initial recognition at fair value are grouped into Levels 1 to 3,
based on the degree to which the fair value is observable, as follows:
Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets
or liabilities.
Level 2 fair value measurements are those derived from inputs, other than quoted prices included within Level 1, that are
observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
are not based on observable market data (unobservable inputs), such as internal models or other valuation methods. Level 3
balances for contingent consideration, other investments and convertible bonds use future cash flow forecasts to determine
the fair value, with the fair value of deferred consideration balances taken as the receivable amount less any provision.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
186
Informa Annual Report and Accounts 2025
F inancial assets and liabilities measured at fair value in the Consolidated Balance Sheet and their categorisation in the fair
value hierarchy 31 December 2025 and 31 December 2024:
Level 1 Level 2 Level 3 Total
2025 2025 2025 2025
£m £m £m £m
Financial assets
Derivative financial instruments in designated hedge accounting relationships
1
–
79.9
–
79.9
Cash and cash equivalents measured at fair value
11.0
–
–
11.0
Other investments (Note 19)
–
40.0
78.6
118.6
Financial liabilities at fair value through profit or loss and through equity
11.0
119.9
78.6
209.5
Unhedged derivative financial instruments
–
2.2
–
2.2
Derivative financial instruments in designated hedge accounting relationships
1
–
4.5
–
4.5
Deferred consideration on acquisitions
–
–
3.4
3.4
Contingent consideration on acquisitions (Note 31)
–
–
30.4
30.4
–
6.7
33.8
40.5
1 Amounts relate to cross-currency interest rate swaps associated with Euro Medium Term Notes (see Notes 23 and 27)
Level 1 Level 2 Level 3 Total
2024 2024 2024 2024
Financial assets £m £m £m £m
Unhedged derivative financial instruments
–
0.1
–
0.1
Investments (Note 26)
–
61.8
–
61.8
Cash and cash equivalents measured at fair value
1.6
–
–
1.6
Other investments (Note 19)
–
27.6
158.9
186.5
Financial liabilities at fair value through profit or loss and through equity
1.6
89.5
158.9
250.0
Unhedged derivative financial instruments
–
1.5
–
1.5
Derivative financial instruments in designated hedge accounting relationships
1
–
202.7
–
202.7
Deferred consideration on acquisitions
–
–
8.6
8.6
Contingent consideration on acquisitions (Note 31)
–
–
46.3
46.3
–
204.2
54.9
259.1
1 Amounts relate to cross-currency interest rate swaps associated with Euro Medium Term Notes (see Notes 23 and 27)
Fair value of other financial instruments (unrecognised)
The Group also has a number of financial instruments which are not measured at fair value in the Consolidated Balance
Sheet. For the majority of these instruments, the fair values are not materially different to their carrying amounts, since the
interest receivable/payable is either close to current market rates or the instruments are short-term in nature. Significant
differences were identified for the following instruments at 31 December 2025 and 31 December 2024:
Carrying Estimated Carrying Estimated
amount fair value amount fair value
31 December 31 December 31 December 31 December
2025 2025 2024 2024
Financial liabilities £m £m £m £m
Bond borrowings
3,005.4
3,000.0
2,881.9
2,850.5
Total
3,005.4
3,000.0
2,881.9
2,850.5
187
Informa Annual Report and Accounts 2025
Financial StatementsGS A
34. Retirement benefit schemes
(a) Charge to operating profit
The charge to operating profit for the year in respect of pensions, including both defined benefit and defined contribution
schemes, was £31.5m (2024: £29.7m).
(b) Defined benefit schemes – strategy
The Group operates four (2024: five) defined benefit pension schemes (the Group Schemes): the Informa Final Salary
Scheme (Informa FSS), the Taylor & Francis Group Pension and Life Assurance Scheme (T&F GPS), the UBM Pension Scheme
(UBMPS) and the United Newspapers Executive Pension Scheme (UNEPS). These are for qualifying UK colleagues and
provide benefits based on final pensionable pay. During the year, the Group entered into an agreement with an insurer to
buy-out the defined benefit obligations for the Group’s defined benefit scheme in the US, the Penton Inc. Retirement Plan.
Under IAS 19, as at 31 December 2025, the Scheme is treated as settled, with the plan assets having been transferred to the
insurer, and the insurer now being responsible for the Scheme’s defined benefit obligations.
All of the Group Schemes are closed to future accruals. Contributions to the UK Schemes are determined following triennial
valuations undertaken by a qualified actuary using the Projected Unit Credit Method.
The Group Schemes are administered by separate funds that are legally separated from the company. The Trustees are
responsible for running the Group Schemes in accordance with the Trust Deed and Rules, which set out their powers. The
Trustees are required to act in the best interests of the beneficiaries of the Group Schemes. There is a requirement that one
third of the Trustees are nominated by the members of the Group Schemes. The Trustees of the pension funds are responsible
for the investment policy with regard to the assets of the fund. None of the Schemes have any reimbursement rights.
The Group’s pension funding policy is to provide sufficient funding, as agreed with the Trustees, to ensure any pension
deficit will be addressed to ensure pension payments made to current and future pensioners will be met. The investment
strategies adopted by the Trustees of the Group Schemes include some exposure to index-linked gilts and corporate bonds.
The current asset allocation of all schemes consists primarily of liability driven investment (LDI) funds, annuity contracts,
buy and maintain liquid credit, asset backed securities, diversified growth funds and illiquid credit funds. All assets are
managed by a third-party investment manager in consultation with the company.
(c) Defined benefit schemes – risk
Through the Group Schemes, the company is exposed to a number of potential risks as described below:
• Asset volatility: The Group Schemes’ defined benefit obligation is calculated using a discount rate set with reference to
long-dated AA corporate bond yields whereas the Group Schemes invest in other asset classes as stated above. The
investment strategies have been significantly de-risked in recent years, and the mix of assets is now expected to perform
broadly in line with corporate bonds over the long-term. However, the Group Schemes’ assets may perform better or
worse than the liabilities in the short-term
• Changes in bond yields: A decrease in corporate bond yields would increase the Group Schemes’ defined benefit
obligation; however, this would be partially offset by an increase in the value of the Schemes’ bond holdings
• Inflation risk: A significant proportion of the Group Schemes’ defined benefit obligation is linked to inflation; therefore, higher
inflation will result in a higher defined benefit obligation (subject to caps for the Group Schemes). The majority of the Group
Schemes’ assets target being fully hedged against inflation; therefore, an increase in inflation is not expected to impact the surplus
• Life expectancy: If the Group Schemes’ members live longer than expected, the Group Schemes’ benefits will need to be
paid for longer, increasing the Group Schemes’ defined benefit obligations
The Trustees and the company manage risks in the Group Schemes through the following strategies:
• Diversification: Investments are well diversified, such that the failure of any single investment would not have a material
impact on the overall level of assets
• Investment strategy: The Trustees are required to review their investment strategy on a regular basis
There are three categories of pension scheme members:
• Employed deferred members: Currently employed by the company
• Deferred members: Former colleagues of the company
• Pensioner members: In receipt of pension
The defined benefit obligation is valued by projecting the best estimate of future benefit payments (allowing for future
salary increases for employed deferred members, revaluation to retirement for deferred members and annual pension
increases for members) and then discounting to the Consolidated Balance Sheet date. Members receive increases to their
benefits linked to inflation (subject to caps for the Group Schemes). The valuation method used for all Schemes is known as
the Projected Unit Credit Method.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
188
Informa Annual Report and Accounts 2025
The approximate overall duration of the Group Schemes’ defined benefit obligation as at 31 December 2025 was as follows:
2025
2024
Informa FSS UBMPS and Informa FSS UBMPS and
and T&F UNEPS Penton and T&F UNEPS Penton
Schemes Schemes
Scheme
1
Schemes Schemes Schemes
Overall duration (years)
13
11
n/a
14
11
10
1 The Group no longer has an obligation to the Penton Inc. Retirement Plan as at 31 December 2025
The assumptions which have the most significant effect on the results of the IAS 19 valuation for the Schemes are those
relating to the discount rate, the rates of price inflation, salaries, and pensions and life expectancy. The main assumptions
adopted are:
2025
2024
Informa FSS UBMPS and Informa FSS UBMPS and
and T&F UNEPS Penton and T&F UNEPS Penton
Schemes Schemes
Scheme
1
Schemes Schemes Schemes
Discount rate
5.40%
5.40%
n/a
5.35%
5.35%
5.35%
Rate of price inflation
2.30% (CPI)
2.30% (CPI)
n/a
2.65% (CPI)
2.65% (CPI)
n/a
2.80% (RPI)
2.80% (RPI)
n/a
3.20% (RPI)
3.20% (RPI)
n/a
Rate of increase for deferred pensions
2.30%
2.30%
n/a
2.65%
2.65%
n/a
Rate of increase for pensions in payment
1.85%–3.60% 1.85%–3.60%
n/a
1.95%–3.75%
1.95%–3.75%
n/a
Life expectancy:
For an individual aged 65 – male (years)
86
87
n/a
86
86
85
For an individual aged 65 – female (years)
89
88
n/a
88
88
87
1 The Group no longer has an obligation to the Penton Inc. Retirement Plan as at 31 December 2025
For the Group Schemes, mortality assumptions used in the IAS 19 valuations are taken from tables published by Continuous
Mortality Investigation (CMI). The UBMPS Scheme uses 100%/108% (male/female) of the ‘SAPS’ S3 Pensioner tables (2024: no
changes since previous year end) based on the year of birth, the Informa FSS Scheme uses ‘SAPS’ S3 Pensioner tables with a
scaling factor of 100% (2024: no change since previous year end), the T&F GPS Scheme uses ‘SAPS’ S3 Middle tables with a
scaling factor of 100% (2024: no change since previous year end) and the UNEPS Scheme uses the ‘SAPS’ S3 Normal Very
Light tables with a scaling factor of 100% (2024: ‘SAPS’ S3 Normal tables with a scaling factor of 100%). All Schemes use life
expectancy improvements taken from CMI 2024 (2024: CMI 2023) with an initial addition parameter of 0% (2024: 0%), a
half-life parameter of 0.5 (2024: n/a – a new parameter for CMI 2024, replacing the previous weighting parameter from the
CMI 2023 model) and a long-term rate of improvement of 1.25% (2024: 1.00%).
(d) Defined benefit schemes – individual defined benefit scheme details
Informa FSS
T&F GPS
UBMPS
UNEPS
Latest valuation date
31.03.2023
30.09.2023
31.03.2023
05.04.2023
Funding surplus at valuation date
1
£11.5m
£1.5m
£36.1m
£0.8m
1 At the latest valuation date, all schemes are in a funding surplus; hence, no recovery plans are in place
The sensitivities regarding the principal assumptions used to measure the IAS 19 pension scheme liabilities as at
31 December 2025 are set out below:
Increase in scheme liabilities
Informa FSS T&F GPS UBMPS UNEPS
31 December 2025 £m £m £m £m
Discount rate – Decrease by 1.00%
9.3
2.0
31.2
0.9
Rate of price inflation pre-retirement – Increase by 1.00%
6.6
1.0
11.2
1.0
Life expectancy – Increase by 1 year
1.7
0.6
11.6
1.7
31 December 2024
Discount rate – Decrease by 1.00%
9.5
2.0
31.7
1.0
Rate of price inflation pre-retirement – Increase by 1.00%
6.3
1.2
10.5
1.1
Life expectancy – Increase by 1 year
1.7
0.5
11.3
2.0
189
Informa Annual Report and Accounts 2025
Financial StatementsGS A
34. Retirement benefit schemes continued
Sensitivities have been prepared using the same approach as 2024. The above sensitivity analyses are based on a change in
an assumption while holding all other assumptions constant, although in practice this is unlikely to occur and changes in
some assumptions may be correlated. Should discount and inflation rates fluctuate by a different rate to those disclosed,
the impact can be linearly interpolated.
Amounts recognised in respect of these defined benefit schemes are as follows:
2025 2024
Recognised in profit before tax £m £m
Administrative expenses
2.0
0.9
Interest income on net pension surplus (Note 11)
(2.3)
(1.9)
2025 2024
Recognised in the Consolidated Statement of Comprehensive Income £m £m
Actuarial loss on scheme assets
(8.6)
(37.5)
Experience loss
(2.6)
(4.6)
Change in irrecoverable element of pension surplus
2.4
11.0
Change in demographic actuarial assumptions
(6.6)
0.4
Change in financial actuarial assumptions
9.9
29.7
Total recognised in the Consolidated Statement of Comprehensive Income
(5.5)
(1.0)
2025 2024
Movement in net surplus during the year £m £m
Net surplus in Schemes at beginning of the year (before irrecoverable element of pension surplus)
60.2
68.9
Past service credit and administrative expenses
(2.0)
(0.9)
Net finance income
3.3
3.2
Actuarial loss
(7.9)
(12.0)
Deficit recovery contributions from the employer to the Schemes
6.5
1.1
Effect of movement in foreign currencies
–
(0.1)
Net surplus in Schemes at end of the year (before irrecoverable element of pension surplus)
60.1
60.2
Irrecoverable element of pension surplus
(16.0)
(17.5)
Net surplus in Schemes at end of the year after irrecoverable element of pension surplus
44.1
42.7
Amounts recognised in the Consolidated Balance Sheet in respect of the Group Schemes are as follows:
2025 2024
£m £m
Present value of defined benefit obligations
(401.4)
(439.9)
Fair value of Scheme assets
461.5
500.1
Irrecoverable element of pension surplus
(16.0)
(17.5)
Net surplus
44.1
42.7
Reported as:
Retirement benefit surplus recognised in the Consolidated Balance Sheet
44.1
48.5
Deficit in scheme and liability recognised in the Consolidated Balance Sheet
–
(5.8)
Net surplus
44.1
42.7
Changes in the present value of defined benefit obligations are as follows:
2025 2024
£m £m
Opening present value of defined benefit obligation at 1 January
(439.9)
(478.2)
Interest cost
(22.5)
(21.2)
Benefits paid
45.7
34.3
Actuarial gain
0.7
25.6
Effect of settlement
13.3
–
Effect of movement in foreign currencies
1.3
(0.4)
Closing present value of defined benefit obligation at 31 December
(401.4)
(439.9)
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
190
Informa Annual Report and Accounts 2025
Changes in the fair value of Scheme assets are as follows:
2025 2024
£m £m
Opening fair value of Scheme assets at 1 January
500.1
547.1
Return on Scheme assets
25.7
24.4
Actuarial loss
(8.6)
(37.5)
Benefits paid
(45.7)
(34.3)
Other payments from Schemes
(2.3)
(0.9)
Contributions from the employer to the Schemes
6.5
1.1
Effect of settlement
(13.0)
–
Effect of movement in foreign currencies
(1.2)
0.2
Closing fair value of Scheme assets at 31 December
461.5
500.1
On 10 December 2025, the Informa Final Salary Scheme and the Taylor & Francis Group Pension and Life Assurance Scheme
purchased buy-in policies with The Prudential Assurance Company Limited. The majority of the assets of the Informa Final
Salary Scheme and the Taylor & Francis Group Pension and Life Assurance Scheme are therefore held in annuity contracts. A
small proportion of assets are held in illiquid credit funds with Partners Group with the remaining assets being held in cash.
The assets of the UBM Pension Scheme are held in buy and maintain bonds, bespoke LDI funds and asset backed securities
with Legal & General Investment Management Limited (LGIM), real return funds with Newton Investment Management
Limited, a property fund with Aviva Investors Jersey Unit Trusts, an illiquid credit fund with M&G, annuities to cover a small
number of pension members and cash.
The assets of the United Newspapers Executive Pension Scheme assets are held in an insurance buy-in policy with Aviva Life
& Pensions UK Limited and a Sterling Liquidity Fund with LGIM.
The fair values of the assets held are as follows:
Informa FSS T&F GPS UBMPS UNEPS Penton Total
31 December 2025 £m £m £m £m
£m
1
 £m
Equities
–
–
–
–
n/a
–
Bonds and gilts
–
–
–
–
n/a
–
Property funds
–
–
9.1
–
n/a
9.1
Asset backed securities
–
–
44.5
–
n/a
44.5
Diversified growth fund
–
–
35.7
–
n/a
35.7
Illiquid credit funds
0.3
–
33.4
–
n/a
33.7
LDI funds
–
–
122.8
–
n/a
122.8
Buy and maintain liquid credit
–
–
98.4
–
n/a
98.4
Annuity contracts
64.2
16.7
2.9
14.9
n/a
98.7
Cash
8.1
1.3
7.8
1.4
n/a
18.6
Total
72.6
18.0
354.6
16.3
n/a
461.5
1 The Group no longer has an obligation to the Penton Inc. Retirement Plan as at 31 December 2025
Informa FSS T&F GPS UBMPS UNEPS Penton Total
31 December 2024 £m £m £m £m £m £m
Equities
13.4
3.0
–
–
–
16.4
Bonds and gilts
20.8
4.8
106.1
–
11.0
142.7
Property funds
9.8
2.4
34.5
–
–
46.7
Diversified growth fund
5.5
1.3
43.9
–
–
50.7
Illiquid credit funds
0.6
0.2
44.0
–
–
44.8
Bespoke funds (LDI and hedge funds)
22.0
4.9
118.2
–
0.7
145.8
Annuity contracts
–
–
3.1
14.9
–
18.0
Cash
9.4
2.9
11.2
1.3
10.2
35.0
Total
81.5
19.5
361.0
16.2
21.9
500.1
All the assets listed above have a quoted market price in an active market, with the exception of illiquid credit funds, LDI
funds, annuities, property and cash. The Group Schemes’ assets do not include any of the Group’s own financial
instruments, nor any property occupied by, or other assets used by, the Group.
191
Informa Annual Report and Accounts 2025
Financial StatementsGS A
35. Share capital and share premium
Share capital
Share capital as at 31 December 2025 amounted to £1.3m (2024: £1.3m). For details of options issued over the company’s
shares see Note 9.
2025 2024
Issued, authorised and fully paid £m £m
1,287,469,671
(2024: 1,330,244,733) ordinary shares of 0.1p each
1.3
1.3
2025 2024
Number of Number of
shares shares
At 1 January
1,330,244,733
1,368,029,699
Issue of new shares to Employee Share Trust
–
8,860,000
Issue of shares
71,437
4,397,622
Share buyback
(42,846,499)
(51,042,588)
At 31 December
1,287,469,671
1,330,244,733
The Group issued 71,437 new ordinary shares of 0.1p each on 3 February 2025 as consideration for the acquisition of TM
Events S.à.r.l., parent company of the Top Marques brand.
During 2025, the Group bought back 42,846,499 ordinary shares (2024: 51,042,588) at the nominal value of 0.1p for a total
consideration of £352.3m (2024: £424.2m) and cancelled 42,846,499 ordinary shares (2024: 51,554,769) including nil (2024: 512,181)
shares that had been bought in the prior year and settled and cancelled in 2025 for consideration of £nil (2024: £4.0m).
Share premium
2025 2024
£m £m
At 1 January
1,878.6
1,878.6
Issued in the year
0.6
–
At 31 December
1,879.2
1,878.6
36. Other reserves
Employee
Share Trust
Reserves for and Cash flow Cost of
shares to be Merger Other ShareMatch hedging hedging
issued reserve reserve shares reserve reserve Total
£m £m £m £m £m £m £m
At 1 January 2024
31.6
4,299.1
(2,246.8)
(20.9)
32.1
(4.5)
2,090.6
Fair value movements on derivatives
in hedging relationships
–
–
–
–
13.2
(1.2)
12.0
Share award expense (equity-settled)
20.6
–
–
–
–
–
20.6
Issue of share capital
–
37.5
–
–
–
–
37.5
Shares for Trust purchase
(5.4)
–
–
–
–
–
(5.4)
Transfer of vested LTIPs
(12.9)
–
–
–
–
–
(12.9)
Share buyback (Note 32)
–
–
90.9
–
–
–
90.9
Transfer to realised profit
1
(4.0)
–
–
–
–
–
(4.0)
Transactions with non-controlling interests
–
–
(0.6)
–
–
–
(0.6)
Remeasurement of put call options
–
–
(1.8)
–
–
–
(1.8)
At 31 December 2024
29.9
4,336.6
(2,158.3)
(20.9)
45.3
(5.7)
2,226.9
Fair value movements on derivatives
in hedging relationships
–
–
–
–
(45.2)
1.8
(43.4)
Share award expense (equity-settled)
40.0
–
–
–
–
–
40.0
Shares for Trust purchase
(6.3)
–
–
–
–
–
(6.3)
Transfer of vested LTIPs
(13.0)
–
–
–
–
–
(13.0)
Remeasurement of put call options
–
–
0.4
–
–
–
0.4
At 31 December 2025
50.6
4,336.6
(2,157.9)
(20.9)
0.1
(3.9)
2,204.6
1 Relates to the IFRS 2 reserve for the MIP scheme transferred to realised profit as part of the Curinos disposal
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
192
Informa Annual Report and Accounts 2025
Reserve for shares to be issued
This reserve relates to LTIP and MEP share awards granted to colleagues and reduced by the transferred and vested awards.
Further information is set out in Note 9.
Merger reserve
In 2004, the merger of Informa PLC and Taylor & Francis Group plc resulted in a merger reserve amount of £496.4m
being recorded.
On 2 November 2016, the Group acquired Penton Information Services and the £82.2m share premium on the shares issued
to the vendors was recorded as an increase in the merger reserve in accordance with the merger relief rules of the
Companies Act 2006.
There were 427,536,794 shares issued on 15 June 2018 in connection with the acquisition of UBM plc, which at the
acquisition-date closing share price of 829p resulted in an increase in the merger reserve of £3,544.6m. From 19 July 2018 to
13 December 2018, there were 256,689 shares issued in connection with the satisfaction of Save As You Earn (SAYE) awards
in the UBM business, which resulted in an increase in the merger reserve of £2.2m.
On 17 April 2023, the Group acquired Tiger Acquisitions (Jersey) Limited, the parent company of Tarsus Group Limited and
issued 25,957,663 shares, resulting in an increase in the merger reserve of £169.8m.
On 1 September 2023, the Group issued 535,137 ordinary shares at the nominal value of 0.1p to Canalys Pte Limited in
relation to the acquisition of Canalys, resulting in an increase to the merger reserve of £3.9m.
On 16 May 2024, the Group issued 4,397,622 shares as deferred consideration for the acquisition of the Tarsus group of
companies, resulting in an increase in the merger reserve of £37.5m.
Other reserve
The other reserve includes the inversion accounting reserve of £2,189.9m which was created from an issue of shares under a
Scheme of Arrangement in May 2014.
Employee Share Trust and ShareMatch shares
As at 31 December 2025, the Informa Employee Share Trust held 4,930,814 (2024: 7,518,844) ordinary shares in the company
at a market value of £43.6m (2024: £60.0m). As at 31 December 2025, the ShareMatch scheme held 2,778,530
(2024: 2,316,743) matching ordinary shares in the company at a market value of £24.6m (2024: £18.5m). At 31 December
2025, the Group held 0.6% (2024: 0.7%) of its own called-up share capital.
Cost of hedging reserves
The cash flow hedging reserve and cost of hedging reserve arise from the Group’s hedging arrangements, as described in
Note 33.
193
Informa Annual Report and Accounts 2025
Financial StatementsGS A
37. Non-controlling interests
The Group has subsidiary undertakings where there are non-controlling interests. At 31 December 2025, these non-
controlling interests were composed entirely of equity interests and represented the following holding of minority shares by
non-controlling interests:
• APLF Limited (40%, 2024: 40%)
• BrightTALK Limited (41.71%, 2024: 41.71%)
• BrightTALK, Inc. (41.71%, 2024: 41.71%)
• Canalys Economic Information Consulting (Shanghai) Co., Ltd (41.71%, 2024: 41.71%)
• Canalys Pte. Ltd. (41.71%, 2024: 41.71%)
• Canalys Solutions and Experiences Private Limited (41.71%, 2024: 41.71%)
• Canalys.com Ltd (41.71%, 2024: 41.71%)
• Canalys.com, Inc. (41.71%, 2024: 41.71%)
• CCA Limited (45%, 2024: 45%)
• China International Exhibitions Co., Ltd (30%, 2024: 30%)
• Colwiz Pakistan (0.02%, 2024: 0.02%)
• Cosmoprof Asia Limited (50%, 2024: 50%)
• E-Magine Media SAS (41.71%, 2024: 41.71%)
• Fort Lauderdale Convention Services, Inc. (10%, 2024: 10%)
• GKT Events LLC (n/a, 2024: 25%)
• Global Exhibition and Conference Joint Stock Company (30.03%, 2024: 30.03%)
• Global Media Payments, Inc. (10.3%, 2024: 10.3%)
• Guangzhou Citiexpo Jianke Exhibition Co., Ltd. (40%, 2024: 40%)
• Guangzhou Sinobake International Exhibition Co., Ltd. (65%, 2024: 65%)
• Health Connect Partners Inc. (40%, 2024: 40%)
• Hong Kong SinoExpo Informa Markets Limited (30%, 2024: 30%)
• Hudson MX Holdings, Inc. (10.3%, 2024: 10.3%)
• Hudson MX Limited (10.3%, 2024: 10.3%)
• Hudson MX, Inc. (10.3%, 2024: 10.3%)
• Industry Dive, Inc (41.71%, 2024: 41.71%)
• Industry Dive, Ltd (41.71%, 2024: 41.71%)
• Informa and Tharawat W.L.L. (51%, 2024: 51%)
• Informa Baiwen Exhibitions (Hangzhou) Co., Ltd (40.5%, 2024: 40.5%)
• Informa Data Service (Shanghai) Co., Ltd. (41.71%, 2024: 41.71%)
• Informa Intelligence G.K. (41.71%, 2024: 41.71%)
• Informa Intrepid Holdings Inc (41.71%, 2024: 41.71%)
• Informa Marine Holdings, Inc. (10%, 2024: 10%)
• Informa Markets Art, LLC (10%, 2024: 10%)
• Informa Markets BN Co. Ltd. (40%, 2024: 40%)
• Informa Markets KOAMI Co. Ltd (40%, 2024: 40%)
• Informa Tech (Shanghai) Co., Ltd. (70.27%, 2024: 70.27%)
• Informa Tech Founders Limited (45%, 2024: 45%)
• Informa Tech Germany GmbH (41.71%, 2024: 41.71%)
• Informa Tech Holdings Limited (41.71%, 2024: 41.71%)
• Informa Tech Korea Co. Ltd (41.71%, 2024: 41.71%)
• Informa Tech LLC (41.71%, 2024: 41.71%)
• Informa Tech MMS (US) LLC (41.71%, 2024: 41.71%)
• Informa Tech MMS LLC (41.71%, 2024: 41.71%)
• Informa Tech Research Limited (41.71%, 2024: 41.71%)
• Informa Tech Taiwan Limited (41.71%, 2024: 41.71%)
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
194
Informa Annual Report and Accounts 2025
• Informa Telecoms & Media Limited (41.71%, 2024: 41.71%)
• Informa Tianyi Exhibitions (Chengdu) Co., Ltd (40%, 2024: 40%)
• Informa Wiener Exhibition (Chengdu) Co., Ltd (40%, 2024: 40%)
• ITF2 Limited (n/a, 2024: 45%)
• Marketworks Datamonitor (Pty) Ltd (41.71%, 2024: 41.71%)
• Monaco Yacht Show S.A.M. (10%, 2024: 10%)
• Netline Corporation (41.71%, 2024: 41.71%)
• Ovum Pty Ltd (41.71%, 2024: 41.71%)
• PEPTarsus Corporation (24%, 2024: 49%)
• Piattaforma LLC (40%, 2024: 40%)
• PT Tarsus Indonesia SEA (33%, 2024: 33%)
• PT UBM Pameran Niaga Indonesia (33%, 2024: 33%)
• Sada Uzmanlik Fuarlari A.S. (40%, 2024: 40%)
• SCBE Exhibitions (Shenzhen) Co., Ltd. (n/a, 2024: 42.2%)
• Scuba Holdings, Inc (41.71%, 2024: 41.71%)
• Sea Asia Singapore Pte Limited (10%, 2024: 10%)
• Shanghai Baiwen Exhibitions Co., Ltd (15%, 2024: 15%)
• Shanghai IMSinoexpo Digital Services Co., Ltd. (30%, 2024: 30%)
• Shanghai Informa Markets ShowStar Exhibition Co., Ltd. (30%, 2024: 30%)
• Shanghai Meisheng Culture Broadcasting Co., Ltd. (15%, 2024: 15%)
• Shanghai SinoExpo Informa Markets International Exhibitions Co., Ltd. (30%, 2024: 30%)
• Shanghai Yingye Exhibitions Co., Ltd. (40%, 2024: 40%)
• Shenzhen Informa Markets Herong Exhibition Co., Ltd. (30%, 2024: 30%)
• Shenzhen Shengshi Jiuzhou Exhibition Co., Ltd. (25%, 2024: 25%)
• Southern Convention Services, Inc. (10%, 2024: 10%)
• Tahaluf Events Limited (49%, 2024: 49%)
• Tarsus Bodysite LLC (51%, 2024: 40%)
• Tarsus Map LLC (30%, 2024: 30%)
• TechTarget (Australia) Pty. Limited (41.71%, 2024: 41.71%)
• TechTarget (Hong Kong) Limited (41.71%, 2024: 41.71%)
• TechTarget (Singapore) Pte. Limited (41.71%, 2024: 41.71%)
• TechTarget Germany GmbH (41.71%, 2024: 41.71%)
• TechTarget Holdings, Inc (41.71%, 2024: 41.71%)
• TechTarget Limited (41.71%, 2024: 41.71%)
• TechTarget Securities Corporation (41.71%, 2024: 41.71%)
• TechTarget, Inc. (41.71%, 2024: 41.71%)
• TM Events S.à.r.l. (20.0%, 2024: n/a)
• UBM Asia (Thailand) Co., Limited (51%, 2024: 51%)
• UBM Tech Research Malaysia Sdn Bhd (41.71%, 2024: 41.71%)
• USA Beauty LLC (55%, 2024: 55%)
• Yachting Promotions, Inc. (10%, 2024: 10%)
• Zhongshan Guzhen Lighting Expo Co., Ltd. (64.3%, 2024: 64.3%)
The non-controlling interest in Informa TechTarget represents a minority shareholding of 43% on a fully diluted basis. As at
the year ended 31 December 2025, the accumulated non-controlling interest of Informa TechTarget was £257.2m
(2024: £523.8m). As of the end of the reporting period and before intercompany eliminations, Informa TechTarget’s total
assets were £872.0m (2024: £1,747.2m) and total liabilities were £273.7m (2024: £529.1m). The comparatives have been
restated for an updated allocation of tax and intangible asset balances.
195
Informa Annual Report and Accounts 2025
Financial StatementsGS A
38. Related party transactions
All transactions with related parties are conducted on an arm’s-length basis and in accordance with normal business terms.
Transactions between related parties that are Group subsidiaries are eliminated on consolidation. The related parties,
identified by the Directors, include joint ventures, associates and key management personnel, who are the Directors of the
company.
Transactions with joint ventures and associates
All transactions with joint ventures and associates are in the normal course of business. Transactions between the Group
and its joint ventures and associates are disclosed below:
Year ended Year ended
31 December 31 December
2025 2024
£m £m
Sales to joint ventures
(0.8)
(0.2)
Sales to associates
–
(0.8)
Purchases from joint ventures
–
0.4
Purchases from associates
–
1.2
Dividends received from joint ventures (Note 19)
2.0
1.7
Dividends received from associates (Note 19)
1.4
1.4
Other receivables owed by joint ventures
0.4
–
Trade receivables owed by joint ventures
–
0.2
Trade payables owed to joint ventures
–
(0.4)
Trade payables owed to joint ventures are settled net of trade receivables due from joint ventures 60 days after the delivery
of goods or services. There are no loans to or from joint ventures.
Transactions with key management personnel
There were no material transactions with Directors of the company during the period, except for those relating to
remuneration and shareholdings. Refer to the Directors’ Remuneration Report on page 109 and Note 8 for disclosure on
remuneration. For the purposes of IAS 24 Related Party Disclosures, Executives below the level of the company’s Board are
not regarded as related parties.
Other related party disclosures
At 31 December 2025, Informa Group companies have guaranteed the UK pension scheme liabilities of the Taylor & Francis
Group Pension and Life Assurance Scheme, the Informa Final Salary Scheme and the UBM Pension Scheme as described in
Note 34.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
196
Informa Annual Report and Accounts 2025
39. Subsidiaries
The listing below shows the subsidiary undertakings as at 31 December 2025:
Registered
Company name
Country
Ownership
office
Datamonitor Pty Limited
Australia
100.00%
AU1
Informa Australia Pty Limited
Australia
100.00%
AU1
Centre for Asia Pacific Aviation Pty. Limited
Australia
100.00%
AU2
Centre for Aviation Pty Limited
Australia
100.00%
AU2
Informa Holdings (Australia) Pty Limited
Australia
100.00%
AU2
Ovum Pty Limited
Australia
58.29%
AU3
TechTarget (Australia) Pty Limited
Australia
58.29%
AU3
Informa Bahrain W.L.L.
Bahrain
100.00%
BA1
Informa Middle East Limited
Bermuda
100.00%
BM1
Informa Markets Ltda
Brazil
100.00%
BR1
AMB Tarsus Exhibitions (Cambodia) Pte. Ltd.
Cambodia
100.00%
CM1
Informa Canada Inc.
Canada
100.00%
CA1
Informa Tech Canada Inc.
Canada
100.00%
CA1
iNet Interactive Canada Inc.
Canada
100.00%
CA2
Informa Boats Inc.
Canada
100.00%
CA3
Afterhurst (Beijing) Information Consulting Co., Ltd.
China
100.00%
PRC1
Canalys Economic Information Consulting (Shanghai) Co., Ltd
China
58.29%
PRC2
China International Exhibitions Co., Ltd.
China
70.00%
PRC3
Guangzhou CitiExpo Jianke Exhibition Co., Ltd.
China
60.00%
PRC4
Guangzhou Sinobake International Exhibition Co., Ltd.
1
China
35.00%
PRC5
IBC Conferences and Event Management Services (Shanghai) Co., Ltd.
China
100.00%
PRC6
Informa Baiwen Exhibitions (Hangzhou) Co., Ltd
China
59.50%
PRC7
Informa Data Service (Shanghai) Co., Ltd.
China
58.29%
PRC8
Informa Enterprise Management (Shanghai) Co., Ltd.
China
100.00%
PRC9
Informa Exhibitions (Beijing) Co., Ltd.
China
100.00%
PRC10
Informa Information Technology (Shanghai) Co., Ltd.
China
100.00%
PRC11
Informa Markets China (Chengdu) Co., Ltd.
China
100.00%
PRC12
Informa Markets China (Guangzhou) Co., Ltd.
China
100.00%
PRC13
Informa Markets China (Hangzhou) Co., Ltd.
China
100.00%
PRC14
Informa Markets China (Shanghai) Co., Ltd.
China
100.00%
PRC15
Informa Markets China (Shenzhen) Co., Ltd.
China
100.00%
PRC16
Informa Tech (Shanghai) Co., Ltd.
1
China
29.73%
PRC17
Informa Tianyi Exhibitions (Chengdu) Co., Ltd.
China
60.00%
PRC18
Zhongshan Guzhen Lighting Expo Co., Ltd.
1
China
35.70%
PRC19
Shenzhen Informa Markets Herong Zhongxin Exhibition Co., Ltd.
China
100.00%
PRC20
Shanghai Baiwen Exhibitions Co., Ltd.
China
85.00%
PRC21
Shanghai IMsinoexpo Digital Services Co., Ltd.
China
70.00%
PRC22
Shanghai Informa Markets ShowStar Exhibition Co., Ltd.
China
70.00%
PRC23
Shanghai Meisheng Culture Broadcasting Co., Ltd.
China
85.00%
PRC24
Shanghai SinoExpo Informa Markets International Exhibitions Co., Ltd.
China
70.00%
PRC25
Shanghai Yingye Exhibitions Co., Ltd.
China
60.00%
PRC26
Shenzhen Shengshi Jiuzhou Exhibition Co., Ltd
China
75.00%
PRC27
Shenzhen Informa Markets Herong Exhibition Co., Ltd.
China
70.00%
PRC28
Informa Wiener Exhibitions (Chengdu) Co., Ltd.
China
60.00%
PRC29
Tarsus Exhibition (Shanghai) Co., Ltd
China
100.00%
PRC30
Tarsus Exhibition (Shenzhen) Co., Ltd
China
100.00%
PRC31
Tarsus Hope Exhibition Co., Ltd
China
100.00%
PRC32
WARC Business Information Consulting (Shanghai) Co., Ltd
China
100.00%
PRC33
Zhengzhou Tarsus Hope Exhibition Co., Ltd
China
100.00%
PRC34
Effie Cultural Dissemination (Shanghai) Co., Ltd.
China
100.00%
PRC35
Stormcliff Limited
Cyprus
100.00%
CY1
Informa Egypt LLC
Egypt
100.00%
EG1
Informa Egypt for Administrative Services LLC
Egypt
100.00%
EG2
197
Informa Annual Report and Accounts 2025
Financial StatementsGS A
39. Subsidiaries continued
Registered
Company name
Country
Ownership
office
Euromedicom SAS
France
100.00%
FR1
Eurovir SAS
France
100.00%
FR1
New AG International S.à.r.l.
France
100.00%
FR1
Informa Events France SAS
France
100.00%
FR2
Edimer SAS
France
100.00%
FR3
E-Magine Media SAS
France
58.29%
FR4
EBD Group GmbH
Germany
100.00%
DE1
Informa Holding Germany GmbH
Germany
100.00%
DE1
Informa Tech Germany GmbH
Germany
58.29%
DE1
Taylor & Francis Verlag GmbH
Germany
100.00%
DE1
UBM Canon Deutschland GmbH
Germany
100.00%
DE1
TechTarget Germany GmbH
Germany
58.29%
DE2
APLF Limited
Hong Kong
60.00%
HK1
CCA Limited
Hong Kong
55.00%
HK1
Cosmoprof Asia Limited
1
Hong Kong
50.00%
HK1
Great Tactic Limited
Hong Kong
100.00%
HK1
Hong Kong Sinoexpo Informa Markets Limited
Hong Kong
70.00%
HK1
Informa Global Markets (Hong Kong) Limited
Hong Kong
100.00%
HK1
Informa Limited
Hong Kong
100.00%
HK1
Informa Markets Asia Group Limited
Hong Kong
100.00%
HK1
Informa Markets Asia Holdings (HK) Limited
Hong Kong
100.00%
HK1
Informa Markets Asia Limited
Hong Kong
100.00%
HK1
Informa Markets Asia Partnership
Hong Kong
100.00%
HK1
Informa Markets South China Limited
Hong Kong
100.00%
HK1
MAI Brokers (Asia & Pacific) Limited
Hong Kong
100.00%
HK1
Mills & Allen Holdings (Far East) Limited
Hong Kong
100.00%
HK1
Penton Media Asia Limited
Hong Kong
100.00%
HK1
TechTarget (Hong Kong) Limited
Hong Kong
58.29%
HK2
Informa Markets India Private Limited
India
100.00%
IN1
Taylor & Francis India Private Limited
India
100.00%
IN2
Taylor & Francis Technology Services LLP
India
100.00%
IN3
UBM Exhibitions India LLP
India
100.00%
IN4
Tarsus Exhibitions India Private Limited
India
100.00%
IN5
Canalys Solutions and Experiences Private Limited
India
58.29%
IN6
Informa Exhibitions India Private Limited
India
100.00%
IN7
PT Pamerindo Indonesia
Indonesia
100.00%
ID1
PT UBM Pameran Niaga Indonesia
Indonesia
67.00%
ID1
PT Tarsus Indonesia SEA
Indonesia
67.00%
ID2
Donytel Unlimited Company
Ireland
100.00%
IR1
F1000
Open Science Platforms Limited
Ireland
100.00%
IR1
Maypond Holdings Limited
Ireland
100.00%
IR1
Maypond Limited
Ireland
100.00%
IR1
Tanahol Unlimited Company
Ireland
100.00%
IR1
Colwiz Limited
Ireland
100.00%
IR2
UNM International Holdings Limited
Isle of Man
100.00%
IM1
Informa Global Markets (Japan) Co., Ltd
Japan
100.00%
JP1
Informa Intelligence Godo Kaisha
Japan
58.29%
JP1
Informa Markets Japan Co., Ltd
Japan
100.00%
JP2
Taylor & Francis Japan G.K.
Japan
100.00%
JP3
Informa Events Financing Limited
Jersey
100.00%
JE1
Tarsus Group Limited
Jersey
100.00%
JE1
UBM (Jersey) Limited
Jersey
100.00%
JE1
UBM Limited
Jersey
100.00%
JE1
Informa Jersey Limited
Jersey
100.00%
JE2
CMP Holdings S.à r.l.
Luxembourg
100.00%
LX1
CMP Intermediate Holdings S.à r.l.
Luxembourg
100.00%
LX1
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
198
Informa Annual Report and Accounts 2025
Registered
Company name
Country
Ownership
office
UBM Finance S.à r.l.
Luxembourg
100.00%
LX1
UBM IP Luxembourg S.à r.l.
Luxembourg
100.00%
LX1
United Commonwealth Holdings S.à r.l.
Luxembourg
100.00%
LX1
United CP Holdings S.à r.l.
Luxembourg
100.00%
LX1
United News Distribution S.à r.l.
Luxembourg
100.00%
LX1
United Professional Media S.à r.l.
Luxembourg
100.00%
LX1
UNM Holdings S.à r.l.
Luxembourg
100.00%
LX1
Vavasseur International Holdings S.à r.l.
Luxembourg
100.00%
LX1
Informa Markets Malaysia Sdn Bhd
Malaysia
100.00%
MA1
Malaysian Exhibition Services Sdn Bhd
Malaysia
100.00%
MA1
UBM Tech Research Malaysia Sdn Bhd
Malaysia
58.29%
MA1
UBMMG Holdings Sdn Bhd
Malaysia
100.00%
MA1
AMB Tarsus Exhibitions Sdn Bhd
Malaysia
100.00%
MA2
Informa Markets, S.A.P.I. de C.V.
Mexico
100.00%
MX1
Tarsus Services, S. de R.L. de C.V.
Mexico
100.00%
MX1
Informa Monaco SAM
Monaco
100.00%
MC1
Monaco Yacht Show SAM
Monaco
90.00%
MC1
TM Events S.à r.l.
Monaco
80.00%
MC2
Myanmar Trade Fair Management Company Limited
Myanmar
100.00%
MY1
IIR South Africa B.V.
Netherlands
100.00%
NL1
Informa Europe B.V.
Netherlands
100.00%
NL1
Informa Finance B.V.
Netherlands
100.00%
NL1
Informa Markets B.V.
Netherlands
100.00%
NL1
UBM Asia B.V.
Netherlands
100.00%
NL2
Dove Medical Press (NZ) Limited
New Zealand
100.00%
NZ1
Informa Healthcare A.S.
Norway
100.00%
NO1
Colwiz Pakistan Private Limited
2
Pakistan
99.98%
PK1
UBM Exhibitions Philippines Inc
Philippines
100.00%
PH1
AMB Tarsus Exhibitions (Philippines) Corporation
Philippines
100.00%
PH2
PEPTarsus Corporation
Philippines
76.00%
PH3
Informa and Tharawat Limited
1
Qatar
49.00%
QT1
Informa Markets BN Co Ltd
Republic of Korea
60.00%
KR1
Informa Markets Korea Corporation
Republic of Korea
100.00%
KR1
Informa Markets KOAMI Co. Ltd
Republic of Korea
60.00%
KR2
Informa Tech Korea Co., Ltd
Republic of Korea
58.29%
KR3
Tahaluf Events Limited
Saudi Arabia
51.00%
KSA1
IBC Asia (S) Pte Ltd
Singapore
100.00%
SG1
Informa Exhibitions Pte Limited
Singapore
100.00%
SG1
Informa Global Markets (Singapore) Pte Limited
Singapore
100.00%
SG1
Taylor & Francis (S) Pte Ltd
Singapore
100.00%
SG1
Sea Asia Singapore Pte Limited
Singapore
90.00%
SG2
Singapore Exhibition Services (Pte) Limited
Singapore
100.00%
SG2
Tarsus (Singapore) Pte Ltd
Singapore
100.00%
SG2
Tarsus Asia Exhibitions Pte. Ltd
Singapore
100.00%
SG2
Canalys Pte. Ltd
Singapore
58.29%
SG3
Informa Events (Singapore) Pte Limited
Singapore
100.00%
SG3
TechTarget (Singapore) Pte. Limited
Singapore
58.29%
SG4
Informa South Africa (Pty) Limited
South Africa
100.00%
SA1
Marketworks Datamonitor (Pty) Ltd
South Africa
58.29%
SA2
Institute for International Research Espana S.L.
Spain
100.00%
SP1
Co-Action Publishing AB
Sweden
100.00%
SW1
Taylor & Francis AB
Sweden
100.00%
SW1
Informa IP GmbH
Switzerland
100.00%
SX1
Informa Tech Taiwan Limited
Taiwan
58.29%
TW1
Informa Events (Thailand) Co., Ltd.
Thailand
100.00%
TH1
Informa Events Holding (Thailand) Co., Ltd.
Thailand
100.00%
TH1
199
Informa Annual Report and Accounts 2025
Financial StatementsGS A
39. Subsidiaries continued
Registered
Company name
Country
Ownership
office
Bangkok Exhibition Services Ltd
Thailand
100.00%
TH2
UBM Asia (Thailand) Co. Ltd
1
Thailand
49.00%
TH2
Informa Fuarcılık Anonim Şirketi
Turkey
100.00%
TK1
Sada Uzmanlik Fuarlari A.S
Turkey
60.00%
TK2
Informa FZE
U.A.E.
100.00%
UAE1
Informa Holdings FZE
U.A.E.
100.00%
UAE1
Informa International FZE
U.A.E.
100.00%
UAE1
Taylor & Francis FZE
U.A.E.
100.00%
UAE1
Informa Middle East Media FZ LLC
U.A.E.
100.00%
UAE2
ABI Building Data Limited
U.K.
100.00%
UK1
Afterhurst Limited
U.K.
100.00%
UK1
Blessmyth Limited
U.K.
100.00%
UK1
Boat International Business Limited
U.K.
100.00%
UK1
Boat International Group Limited
U.K.
100.00%
UK1
Boat International Media Limited
U.K.
100.00%
UK1
Bridge Event Technologies Limited
U.K.
100.00%
UK1
Canalys.com Ltd
U.K.
58.29%
UK1
CapRegen Limited
U.K.
100.00%
UK1
CapRegen Magnum Limited
U.K.
100.00%
UK1
CapRegen Nutraceuticals Limited
U.K.
100.00%
UK1
Colonygrove Limited
U.K.
100.00%
UK1
Colwiz UK Limited
U.K.
100.00%
UK1
Contagious Communications Limited
U.K.
100.00%
UK1
Crosswall Nominees Limited
U.K.
100.00%
UK1
DIVX Express Limited
U.K.
100.00%
UK1
Dove Medical Press Limited
U.K.
100.00%
UK1
Expert Publishing Medicine Ltd
U.K.
100.00%
UK1
Expert Publishing Science Ltd
U.K.
100.00%
UK1
F1000
Research Limited
U.K.
100.00%
UK1
Fairs & Exhibitions (1992) Limited
U.K.
100.00%
UK1
Fairs And Exhibitions Limited
U.K.
100.00%
UK1
Futurum Media Limited
U.K.
100.00%
UK1
GNC Media Investments Limited
U.K.
100.00%
UK1
Green Thinking (Services) Limited
U.K.
100.00%
UK1
Hirecorp Limited
U.K.
100.00%
UK1
Hudson MX Limited
U.K.
89.70%
UK1
IBC (Ten) Limited
U.K.
100.00%
UK1
IBC (Twelve) Limited
U.K.
100.00%
UK1
IIR Management Limited
U.K.
100.00%
UK1
Industry Dive, Ltd
U.K.
58.29%
UK1
Informa Connect Holdings Limited
U.K.
100.00%
UK1
Informa Connect Limited
U.K.
100.00%
UK1
Informa Cosec Limited
U.K.
100.00%
UK1
Informa Events (Europe) Limited
U.K.
100.00%
UK1
Informa Events America Holdings Limited
U.K.
100.00%
UK1
Informa Events Group Limited
U.K.
100.00%
UK1
Informa Events Limited
U.K.
100.00%
UK1
Informa Events Financing Limited
U.K.
100.00%
UK1
Informa Events P&P Limited
U.K.
100.00%
UK1
Informa Events Radio Financing Limited
U.K.
100.00%
UK1
Informa Events UK Holdings Limited
U.K.
100.00%
UK1
Informa Exhibitions Limited
U.K.
100.00%
UK1
Informa Final Salary Pension Trustee Company Limited
U.K.
100.00%
UK1
Informa Finance Australia Limited
U.K.
100.00%
UK1
Informa Finance Brazil Limited
U.K.
100.00%
UK1
Informa Finance Egypt Limited
U.K.
100.00%
UK1
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
200
Informa Annual Report and Accounts 2025
Registered
Company name
Country
Ownership
office
Informa Finance Mexico Limited
U.K.
100.00%
UK1
Informa Finance USA Limited
U.K.
100.00%
UK1
Informa Global Markets (Europe) Limited
U.K.
100.00%
UK1
Informa Group Holdings Limited
U.K.
100.00%
UK1
Informa Group Limited
U.K.
100.00%
UK1
Informa Holdings Limited
U.K.
100.00%
UK1
Informa Investment Plan Trustees Limited
U.K.
100.00%
UK1
Informa Investments Limited
U.K.
100.00%
UK1
Informa Manufacturing Europe Limited
U.K.
100.00%
UK1
Informa Markets (Europe) Limited
U.K.
100.00%
UK1
Informa Markets (Maritime) Limited
U.K.
100.00%
UK1
Informa Markets (UK) Limited
U.K.
100.00%
UK1
Informa Markets Limited
U.K.
100.00%
UK1
Informa Overseas Investments Limited
U.K.
100.00%
UK1
Informa Prestige Holdings Limited
U.K.
100.00%
UK1
Informa Property (Colchester) Limited
U.K.
100.00%
UK1
Informa Services Limited
U.K.
100.00%
UK1
Informa Six Limited
U.K.
100.00%
UK1
Informa Tech Founders Limited
U.K.
55.00%
UK1
Informa Tech Holdings Limited
U.K.
58.29%
UK1
Informa Tech Research Limited
U.K.
58.29%
UK1
Informa Telecoms & Media Limited
U.K.
58.29%
UK1
Informa Three Limited
U.K.
100.00%
UK1
Informa UK Limited
U.K.
100.00%
UK1
Informa United Finance Limited
U.K.
100.00%
UK1
Informa US Holdings Limited
U.K.
100.00%
UK1
Light Reading UK Limited
U.K.
100.00%
UK1
LSX Limited
U.K.
100.00%
UK1
Miller Freeman Worldwide Limited
U.K.
100.00%
UK1
MRO Exhibitions Limited
U.K.
100.00%
UK1
MRO Publications Limited
U.K.
100.00%
UK1
Newlands Press Limited
U.K.
100.00%
UK1
Oes Exhibitions Limited
U.K.
100.00%
UK1
PeerJ Limited
U.K.
100.00%
UK1
Penton Communications Europe Limited
U.K.
100.00%
UK1
PNO Exhibition Investment (Dubai) Limited
U.K.
100.00%
UK1
Roamingtarget Limited
U.K.
100.00%
UK1
Solar Media Limited
U.K.
100.00%
UK1
Steel River Media Limited
U.K.
100.00%
UK1
Superyacht Media Limited
U.K.
100.00%
UK1
Tarsus AM Shows Ltd
U.K.
100.00%
UK1
Tarsus Atlantic Limited
U.K.
100.00%
UK1
Tarsus Cedar Limited
U.K.
100.00%
UK1
Tarsus China Limited
U.K.
100.00%
UK1
Tarsus Exhibitions & Publishing Limited
U.K.
100.00%
UK1
Tarsus Group Limited
U.K.
100.00%
UK1
Tarsus Holdings Limited
U.K.
100.00%
UK1
Tarsus Investments Limited
U.K.
100.00%
UK1
Tarsus Leeward Limited
U.K.
100.00%
UK1
Tarsus Luzhniki Limited
U.K.
100.00%
UK1
Tarsus Medical Limited
U.K.
100.00%
UK1
Tarsus Overseas Limited
U.K.
100.00%
UK1
Tarsus UK Holdings Limited
U.K.
100.00%
UK1
Tarsus US Limited
U.K.
100.00%
UK1
Tarsus Windward Limited
U.K.
100.00%
UK1
Taylor & Francis Books Limited
U.K.
100.00%
UK1
201
Informa Annual Report and Accounts 2025
Financial StatementsGS A
39. Subsidiaries continued
Registered
Company name
Country
Ownership
office
Taylor & Francis Group Limited
U.K.
100.00%
UK1
Taylor & Francis Limited
U.K.
100.00%
UK1
Taylor & Francis Publishing Services Limited
U.K.
100.00%
UK1
The W.R.Kern Organisation Limited
U.K.
100.00%
UK1
Tiger Acquisitions Holding Limited
U.K.
100.00%
UK1
Tiger Acquisitions Intermediate Holding Limited
U.K.
100.00%
UK1
Tiger Acquisitions UK Limited
U.K.
100.00%
UK1
Times Aerospace Publishing Holdings Limited
U.K.
100.00%
UK1
Times Aerospace Publishing Limited
U.K.
100.00%
UK1
TU-Automotive Limited
U.K.
100.00%
UK1
Turtle Diary Limited
U.K.
100.00%
UK1
UBM (GP) No1 Limited
U.K.
100.00%
UK1
UBM International Holdings UK Societas
U.K.
100.00%
UK1
UBM Property Services Limited
U.K.
100.00%
UK1
UBM Shared Services Limited
U.K.
100.00%
UK1
UBM Trustees Limited
U.K.
100.00%
UK1
UBMG Holdings
U.K.
100.00%
UK1
UBMG Services Limited
U.K.
100.00%
UK1
United Executive Trustees Limited
U.K.
100.00%
UK1
United Trustees Limited
U.K.
100.00%
UK1
UNM Investments Limited
U.K.
100.00%
UK1
Smarter Shows Limited
U.K.
100.00%
UK2
BrightTALK Limited
U.K.
58.29%
UK3
TechTarget Limited
U.K.
58.29%
UK4
Brainweek, LLC
U.S.A.
100.00%
US1
BrightTALK, Inc.
U.S.A.
58.29%
US1
Canalys.com, Inc.
U.S.A.
58.29%
US1
Connect Biz, LLC
U.S.A.
100.00%
US1
Connect Travel, LLC
U.S.A.
100.00%
US1
Farm Progress Limited
U.S.A.
100.00%
US1
Hudson MX Holdings, Inc.
U.S.A.
89.70%
US1
Hudson MX, Inc.
U.S.A.
89.70%
US1
Industry Dive, Inc.
U.S.A.
58.29%
US1
Informa Business Media Holdings LLC
U.S.A.
100.00%
US1
Informa Business Media LLC
U.S.A.
100.00%
US1
Informa Connect USA LLC
U.S.A.
100.00%
US1
Informa Data Sources, Inc.
U.S.A.
100.00%
US1
Informa Exhibitions Holding Corp.
U.S.A.
100.00%
US1
Informa Exhibitions U.S. Construction & Real Estate, Inc.
U.S.A.
100.00%
US1
Informa Exhibitions, LLC
U.S.A.
100.00%
US1
Informa Global Sales, Inc.
U.S.A.
100.00%
US1
Informa Global Shared Services LLC
U.S.A.
100.00%
US1
Informa Ignite LLC
U.S.A.
100.00%
US1
Informa Intrepid Holdings Inc.
U.S.A.
58.29%
US1
Informa Life Sciences Exhibitions, Inc.
U.S.A.
100.00%
US1
Informa Marine Holdings, Inc.
U.S.A.
90.00%
US1
Informa Markets Art, LLC
U.S.A.
90.00%
US1
Informa Markets France, Inc.
U.S.A.
100.00%
US1
Informa Markets Holdings LLC
U.S.A.
100.00%
US1
Informa Markets Investments LLC
U.S.A.
100.00%
US1
Informa Markets Manufacturing LLC
U.S.A.
100.00%
US1
Informa Markets Medica LLC
U.S.A.
100.00%
US1
Informa Media LLC
U.S.A.
100.00%
US1
Informa Operating Holdings LLC
U.S.A.
100.00%
US1
Informa Spectrum LLC
U.S.A.
100.00%
US1
Informa Support Services, Inc.
U.S.A.
100.00%
US1
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
202
Informa Annual Report and Accounts 2025
Registered
Company name
Country
Ownership
office
Informa Tech Holdings LLC
U.S.A.
100.00%
US1
Informa Tech LLC
U.S.A.
58.29%
US1
Informa Tech MMS LLC
U.S.A.
58.29%
US1
Informa US Beauty Holdings LLC
U.S.A.
100.00%
US1
Internet World Media, Inc.
U.S.A.
100.00%
US1
LOE Holdings, LLC
U.S.A.
100.00%
US1
Ludgate USA LLC
U.S.A.
100.00%
US1
MCI OPCO, LLC
U.S.A.
100.00%
US1
Money2020 LLC
U.S.A.
100.00%
US1
Piattaforma LLC
U.S.A.
60.00%
US1
Roast LLC
U.S.A.
100.00%
US1
Scuba Holdings, Inc.
U.S.A.
58.29%
US1
Spectrum ABM Corp.
U.S.A.
100.00%
US1
Tarsus Bodysite LLC
1
U.S.A.
49.00%
US1
Tarsus Connect, LLC
U.S.A.
100.00%
US1
Tarsus Events, LLC
U.S.A.
100.00%
US1
Tarsus Map LLC
U.S.A.
70.00%
US1
Tarsus Mexico Events, LLC
U.S.A.
100.00%
US1
Tarsus US Holdings Incorporated
U.S.A.
100.00%
US1
Taylor & Francis Group, LLC
U.S.A.
100.00%
US1
Technomic, Inc.
U.S.A.
100.00%
US1
TechTarget Holdings, Inc.
U.S.A.
58.29%
US1
TechTarget, Inc.
U.S.A.
58.29%
US1
Trade Show News Network, Inc.
U.S.A.
100.00%
US1
UBM Delaware LLC
U.S.A.
100.00%
US1
UBM Finance, Inc.
U.S.A.
100.00%
US1
UBM UK LLC
U.S.A.
100.00%
US1
USA Beauty LLC
1
U.S.A.
45.00%
US1
WARC LLC
U.S.A.
100.00%
US1
Winsight, LLC
U.S.A.
100.00%
US1
Advanstar Communications, Inc.
U.S.A.
100.00%
US2
Informa Princeton LLC
U.S.A.
100.00%
US2
Boat International Media, Inc.
U.S.A.
100.00%
US3
Fort Lauderdale Convention Services, Inc.
U.S.A.
90.00%
US3
Southern Convention Services, Inc.
U.S.A.
90.00%
US3
Yachting Promotions, Inc.
U.S.A.
90.00%
US3
Informa Business Intelligence LLC
U.S.A.
100.00%
US4
Informa USA, Inc.
U.S.A.
100.00%
US4
Health Connect Partners Inc.
U.S.A.
60.00%
US5
Informa Tech MMS (US) LLC
U.S.A.
58.29%
US6
Metabolic Medical Institute, Inc.
U.S.A.
100.00%
US7
Tarsus Cardio, Inc.
U.S.A.
100.00%
US7
Tarsus Medical Education LLC
U.S.A.
100.00%
US7
Tarsus Expositions, Inc.
U.S.A.
100.00%
US8
Medical Conferences International, Inc.
U.S.A.
100.00%
US9
Netline Corporation
U.S.A.
58.29%
US10
TechTarget Securities Corporation
U.S.A.
58.29%
US11
Global Media Payments, Inc
U.S.A.
89.70%
US12
SES Vietnam Exhibition Services Company Limited
Vietnam
100.00%
VN1
Global Exhibition and Conference Joint Stock Company
Vietnam
69.97%
VN2
1 This entity is included here as a subsidiary and in the Consolidated Financial Statements due to the circumstances of its ownership and
management, in line with the requirements of IFRS 10
2 A strike off application has been filed for this entity since the year end date
203
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Company registered office addresses
Registered
office
Registered office address
AU1
Level 4, 24 York Street, Sydney, NSW 2000, Australia
AU2
c/o LBW & Partners, Level 3, 845 Pacific Highway , Chatswood, NSW 2067, Australia
AU3
420
Elizabeth Street, Level 1, Surry Hills, Sydney, NSW 2010, Australia
BA1
Office No. 4001, 40th Floor, The United Tower, Building 316, Road 4609, Block No. 346, Manama, Bahrain
BM1
Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, HM10, Bermuda
BR1
Avenida Doutora Ruth Cardoso, 7221-22º andar, Edifício Birmann 21, Pinheiros, Sao Paulo – SP, CEP 05425-902, Brazil
CM1
Building #128, Office No. 103, 1st Floor, Russian Federation Bvld (110), Sangkat Toek Laak 1, Khan Tuolkork, Phnom Penh,
Cambodia 120404
CA1
12th Floor, 20 Eglinton Avenue West, Yonge Eglinton Centre, Toronto, ON M4R 1K8, Canada
CA2
c/o McMillan LLP, 1500 Royal Centre, 1055 W. Georgia Street, Vancouver, BC V6E 4N7, Canada
CA3
c/o McMillan LLP, 181 Bay Street, Suite 4400, Toronto, ON M5J 2T3, Canada
PRC1
Unit 101, 1st Floor, Building 8, Yard 1, Gaolizhang Road, Haidian District, Beijing, China
PRC2
Room 501-7445, No.1566 West Yan’an Road, Changning District, Shanghai, China
PRC3
Floor 7/8, Urban Development International Tower, No. 355 Hong Qiao Road, Xu Hui District, Shanghai, 200030, China
PRC4
25/5000 Room 1403, No. 996, Xinggang East Road, Haizhu District, Guangzhou
PRC5
Room
28
07, No. 1022 East Xingang Road, Haizhu District, Guangzhou, China
PRC6
Room 2072,
2nd Floor, 124 Building, No. 960 Zhong Xing Road, Jing’an District, Shanghai, China
PRC7
Room 537, No.857 of North Shixin Road, Ningwei Street, Xiaoshan District, Hangzhou, China
PRC8
Room
Dingxi Road, Changning District, Shanghai, China
6396
No.
650
PRC9
Room 302, No.10, Lane 308, Xumin Road, Qingpu District, Shanghai
PRC10
Room 901, 902, 917a, Building A, Pacific Century Place, 2A, Worker’s Stadium North Road, Chaoyang District, Beijing 100020, China
PRC11
West-South Area Fl. 3, No. 2123 Pudong Avenue, Free Trade Zone, Shanghai, China
PRC12
China (Sichuan) Pilot Free Trade Zone, East Section of Ningbo Road, Zhengxing Street, Tianfu New District, Chengdu, China
PRC13
Room 1159-1164, China Hotel Office Tower, Liu Hua Road, Guangzhou, China
PRC14
Room 601, 6/F, Building 1 West, Huijin International Building, No. 169, Huancheng North Road, Gongshu District, Hangzhou, China
PRC15
Room 3
056, Building 8, No. 33 Guangshun Road, Changning District, Shanghai, China
PRC16
V3 East, Level 17 Daqing Building, Tian’an Shatou Street, Futian District, Shenzhen, China
PRC17
Room 501-7, 1566 West Yan’an Road, Changning District, Shanghai, China
PRC18
No. 108, Annex, Building 5, No. 2288, South Section 3, Tianfu Avenue, Jiancha Street, Tianfu New Area, Chengdu, China
PRC19
2F, Guzhen Convention & Exhibition Center, Zhongshan, Guangdong, China
PRC20
No.
150
2A5, Building 2, Zhuyue Meilin Central Plaza (North), 128 Zhongkang Road, Meidian Street, Meilin Street, Futian District,
Shenzhen, China
PRC21
Room
1010,
10F, No. 993 West Nanjing Road, Jingan District, Shanghai, China
PRC22
8/F UDIT, 355 Hong Qiao Road, Shanghai 200030, China
PRC23
Unit
901,
2
300
Huai Hai Road Central, Huangpu District, Shanghai 200021, China
PRC24
Room 101-75, No.15 Jia, No. 152 Alley, Yanchang Road, Jing’an District, Shanghai, China
PRC25
Room 608, Block A, No. 1 Building, No. 3000 Longdong Avenue, Pilot Free Trade Zone, Shanghai, China
PRC26
Room 226, Zone M, 2nd Floor, Building 1, No. 88, Huilong Road, Qingpu District, Shanghai
PRC28
Room 3509,
Zhongxing Hotel (Qianhai HOP International), No. 19, Xinghua 1st Road (Extension), Haiwang Community, Xin’an
PRC27
Subdistrict, Bao’an District, Shenzhen, China
1703
, Block C, Tairan Building, Futian District, Shenzhen, China
Room
PRC29
09, Western Tower, No. 19 Way 4, South People Road, Chengdu City, China
Room
10
PRC30
Room V1134,
11F, No. 158 Shuanglian Road, Qingpu District, Shanghai, China
PRC31
44AC-1229, Block A, NEO Lvjing Era Building, 6011 Shennan Avenue, Futian District, Shenzhen, China
PRC32
Rm D326, No. 1 – 9 Clapping Hands Incubator, Tower A, Asia Trade Plaza, No. 628 Wuluo Road, Zhongnan Road Street, Wuchang
PRC33
District, Wuhan City, Hubei Province, China
No.158 of Shuang Lian Road, Xujing Town, Qing Pu district, Shanghai, China
PRC34
Rm.
, 60 Zi Jinshan Road, Cheng District, Zhengzhou, China
2106
PRC35
Room 231, 2/F, 410 Gulang Road, Putuo District, Shanghai, China
CY1
2nd Floor, Sotiri Tofini 4, Agios Athanasios, Limassol, 4102, Cyprus
EG1
Building 12B03/B, First Floor, Cairo Festival City, New Cairo, Egypt
EG2
No.422
Enawalks, Enawalks Mall, New Cairo 1, Egypt
FR1
37 avenue de Friedland, 75008 Paris, France
FR2
5 Rue Marechal Joffre, 06400 Cannes, France
FR3
35 Rue de la Bienfaisance, 75008 Paris, France
39. Subsidiaries continued
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
204
Informa Annual Report and Accounts 2025
Registered
office
Registered office address
FR4
29 rue du Colisee, 75008 Paris, France
DE1
Kaufingerstraße 24, 80331 Munich, Germany
DE2
c/o RPI Roehm & Partner, Elsenheimerstr.7, 80687 Munich, Germany
HK1
Room 810, Silvercord, Tower 1, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong
HK2
Room
5705, 57/F The Center, 99 Queen’s Road, Central, Hong Kong
IN1
Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4, Guru Hargovindji Marg, Chakala, Andheri East, Mumbai 400093, India
IN2
2nd & 3rd floor, The National Council of YMCAs of India, 1 Jai Singh Road, New Delhi 110001, India
IN3
1st Floor, Tower C, Global Technology Park, Bellandur, Outer Ring Road, Bengaluru 560103, India
IN4
5th Floor, B Wing, Unit Number 1 & 2, Times Square Building, Andheri Kurla Road, Marol, Mumbai, Maharashtra 400059, India
IN5
9 Mathura Road, Jangpura-B, New Delhi 110014, India
IN6
58 Bowring Hospital Road, Shivaji Nagar Bangalore, Bangalore, Karnataka 560051, India
IN7
205, 2nd Floor, Harsh Bhawan, B.N. 64-65, Nehru Place, New Delhi 110019, India
ID1
Menara Jamsostek Utara, Lantai 12 Unit 12-04, Jalan Jendral Gatot Subroto No. 38, Jakarta 12710, Indonesia
ID2
Intiland Tower, 19th Floor Jalan Jendral Sudirman No.32, Jakarta Pusat, 10220, Indonesia
IR1
68 Merrion Square, Dublin 2, D02 W983, Ireland
IR2
70 Sir John Rogerson’s Quay, Dublin 2, Ireland
IM1
First Names House, Victoria Road, Douglas, Isle of Man IM2 4DF
JP1
21F, Otemachi Financial City North Tower, 1-9-5 Otemachi, Chiyoda-ku, Tokyo, 100-0004, Japan
JP2
Kanda 91 Building, 1-8-3 Kajicho, Chiyoda-ku, Tokyo , 101-0044, Japan
JP3
9th Floor, JHV Building 1-54-4, Kanda Jimbocho, Chiyoda-ku, Tokyo, 101-0051, Japan
JE1
44 Esplanade, St Helier, JE4 9WG, Jersey
JE2
22 Grenville Street, St Helier JE4 8PX, Jersey
LX1
21 – 25 Allee Scheffer, L-2520, Luxembourg
MA1
Unit 30-01, Level 30, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia
MA2
41B Damai Complex, Jalan Datuk Haji Eusoff, Kuala Lumpur, 50400 Wilayah Persekutuan, Malaysia
MX1
Lago Alberto 319, 901-A, Colonia Granada, Delegación Miguel Hidalgo, Mexico City 11520, Mexico
MC1
Le Suffren, 7 rue Suffren-Reymond, Monaco 98000
MC2
41 avenue Hector Otto, Le Patio Palace, Monaco 98000
MY1
No. 3/A, # 14-00 Junction City Tower, Bogyoke Aung San Road, Pabedan Township, Yangon Region, Myanmar
NL1
WTC, Tower Ten, 7th Floor, Strawinskylaan 763, Amsterdam 1077 XX, Netherlands
NL2
Coengebouw, Suite 8.04, Kabelweg 37, 1014 BA Amsterdam, Netherlands
NZ1
HPCA Limited, 1 ihumata Road, Milford, Auckland 0620, New Zealand
NO1
c/o Advokat Merete Bardsen, Maltrostveien2B, 0786 Oslo, Norway
PK1
Office # M-12, Beaumont Plaza, Beaumont Road, Civil Lines, Karachi, Pakistan
PH1
Unit I-121, Ground Floor, One E-com Center Ocean Drive, Mall of Asia Complex, Pasay City, Philippines
PH2
12F Times Plaza Building, United Nations Ave, Cor. Taft Avenue, Ermita, Manila 100, Philippines
PH3
517
Protacio St. Brgy, 112 Zone 12, 1300 Pasay City, Metro Manila, Philippines
QT1
Sports Accelerator – Aspire Zone, 1st Floor, Office F-14, Doha 358000, Qatar
KR1
8F, Woodo Building, 214 Mangu-ro, Jungnang-gu, Seoul 131-861, Republic of Korea
KR2
7F, Main Building, Machinery Center, 37, Eunhaeng-ro, Yeongdeungpo-gu, Seoul
07238,
Republic of Korea
KR3
S1100
2, JustCo Tower, 431 Teheran-ro, Gangnam-gu, Seoul 06159, Republic of Korea
KSA1
Office 109, 1st Floor, Aban Center, King Abdulaziz Road, Al Ghadir District, Riyadh, 13311, Saudi Arabia
SG1
230
Victoria Street, #04-06 Bugis Junction Towers, 188024 Singapore
SG2
63 Robinson Road, #06-02 Afro-Asia, 068894 Singapore
SG3
133
Cecil Street, #13-02 Keck Seng Tower, 069535, Singapore
SG4
50 Raffles Place, #16-03, Singapore Land Tower, 048623 Singapore
SA1
First Floor, Building 33, Waterford Office Park, Waterford Drive, Fourways, Gauteng 2191, South Africa
SA2
Broadacres Business Centre, Corner Cedar, 3rd Avenue Broadacres, Sandton Gauteng, Johannesburg, 2021, South Africa
SP1
Calle Azcona 36, Madrid 28028, Spain
SW1
Box
425
5,
10265
Stockholm, Sweden
SX1
Suurstoffi 37, 6343 Rotkreuz, Switzerland
TW1
Floor 10, No. 66, Second 1, Neihu Rd, Neiting District, Taipei, Taiwan
TH1
2/3 Bangna Tower A, 16F, Unit A, Moo. 14 Thep Ratana Road, Bang Kaeo Sub-District, Bang Phli District, Samut Prakarn 10540, Thailand
TH2
Ari Hills Building, 18th Floor, 428 Phahonyothin Road, Samsen Nai, Phaya Thai, Bangkok 10400, Thailand
205
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Registered
office
Registered office address
TK1
Esentepe Mah, Harman 1 Sok, Nida Kule No: 7-9 İç Kapı No: 17, Şişli, Istanbul 34394, Turkey
TK2
Mustafa Kemal Mah 2143 Sok, Gokceoglu, Plaza, No 7/4-5, Cankaya, Ankara 06510, Turkey
UAE1
Level 6, The Offices 4 – One Central, Trade Centre 2, Sheikh Zayed Road, Dubai, P.O. BOX 9428, United Arab Emirates
UAE2
17th & 18th Floor Creative Tower, P. O. Box 4422, Fujairah, United Arab Emirates
UK1
5 Howick Place, London, SW1P 1WG, United Kingdom
UK2
2nd Floor, 79-83, North Street, Brighton, BN1 1ZA, United Kingdom
UK3
15th Floor, 240 Blackfriars Road, London SE1 8BF, United Kingdom
UK4
Suite 4, 7th Floor, 50 Broadway, London SW1H 0DB, United Kingdom
US1
c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA
US2
c/o Corporation Service Company, 80 State Street, Albany, NY 12207-2543, USA
US3
c/o Corporation Service Company, 1201 Hays Street, Tallahassee, FL 32301, USA
US4
c/o Corporation Service Company, 84 State Street, Boston, MA 02109, USA
US5
c/o Corporation Service Company, 2908 Poston Avenue, Nashville, TN 37203, USA
US6
c/o Corporation Service Company, 1900 W. Littleton Boulevard, Littleton, CO 80120, USA
US7
c/o Corporation Service Company, 33 East Main Street, Suite 610, Madison, WI 53703, USA
US8
c/o Corporation Service Company, 1160 Dublin Road, Suite 400, Columbus, OH 43215, USA
US9
c/o Illinois Corporation Service Company, 801 Adlai Stevenson Drive, Springfield, IL 62703, USA
US10
c/o Corporation Service Company, 2710 Gateway Oaks Drive, Suite 150N, Sacramento, CA 95833, USA
US11
c/o Robert D. Cox, Jr., Bowditch & Dewey LLP, 311 Main Street, Worcester, MA 01615, USA
US12
c/o Corporate Creations Networks Inc., 3411 Silverside Road, Tatnall Building STE 104, Wilmington, DE 19810, USA
VN1
Ha Phan Building, 17-17A-19, Ton That Tung Street, Pham Ngu Lao Ward, District 1, Ho Chi Minh City, Vietnam
VN2
Room 63A, 6th Floor FOSCO Office Building, 6 Phung Khac Khoan, Da Kao Ward, District 1, Ho Chi Minh City, Vietnam
40. Contingent liabilities and assets
At 31 December 2025, there were no contingent liabilities or contingent assets (2024: nil).
41. Segmental re-presentation
As at 31 December 2025, following the re-organisation of the Group, which was effective as of 1 January 2025, under IFRS 8
Operating Segments, the Group has five operating segments: Informa Markets, Informa Connect, Informa Festivals, Taylor &
Francis and Informa TechTarget, the results of which are reported within three reportable segments: B2B Live Events, Taylor
& Francis and Informa TechTarget.
The following changes have taken place in the Group’s segmental reporting since the year ended 31 December 2024:
• Reporting of Informa Festivals as an operating segment following the acquisition of Ascential in 2024, the reallocation of
tech-related B2B events from the previously reported Informa Tech segment and the transfer of certain events from the
Informa Markets and Informa Connect operating segments to the Informa Festivals operating segment. The results of
Ascential were reported within Other for the year ended 31 December 2024
• Reallocation of tech-related B2B events, outside of those allocated to the Informa Festivals operating segment, from the
previously reported Informa Tech operating segment to the Informa Markets and Informa Connect operating segments
• Re-presentation of the digital marketing business from the previously reported Informa Tech segment to the Informa
TechTarget segment, and the inclusion of TechTarget’s results following the acquisition of TechTarget in 2024. The results of
TechTarget were reported within Other for the year ended 31 December 2024
• Transfer of the HIMSS business from the Informa Markets operating segment to the Informa Connect operating segment
• Aggregation of the Informa Markets, Informa Connect and Informa Festivals operating segments into the B2B Live Events
reportable segment. The Group has aggregated these operating segments based on their similar economic
characteristics, together with the nature of services provided and markets served, which management has determined
meet the criteria for aggregation under IFRS 8 Operating Segments
No changes have been made to the Taylor & Francis segment.
The tables below provide a reconciliation between the Group’s previous and current segmental reporting for the year ended
31 December 2024. The segments and revenue by type results disclosed in Note 4 and Note 5 have been re-presented to
reflect these changes in segments.
39. Subsidiaries continued
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
206
Informa Annual Report and Accounts 2025
Segment revenue by type for the year ended 31 December 2024
As previously reported
Informa Markets
Re-presentation
1
Informa Markets
£m £m £m
Exhibitor and related services
1,392.4
Sponsorship revenue
102.7
Sponsorship and exhibitor
1,495.1
23.2
1,518.3
Subscriptions
38.2
–
38.2
Transactional sales
6.0
–
6.0
Attendee revenue
88.6
(9.6)
79.0
Marketing and lead generation
95.1
1.3
96.4
Total
1,723.0
14.9
1,737.9
1 Re-presentation reflects the reallocation of certain tech-related B2B events from the previously reported Informa Tech segment to Informa
Markets, the transfer of the HIMSS business from Informa Markets to Informa Connect, and the transfer of certain events from Informa Markets to
Informa Festivals
As previously reported
Informa Connect
Re-presentation
1
Informa Connect
£m £m £m
Exhibitor and related services
132.7
Sponsorship revenue
86.3
Sponsorship and exhibitor
219.0
52.2
271.2
Subscriptions
150.9
0.6
151.5
Transactional sales
43.3
1.0
44.3
Attendee revenue
179.3
16.7
196.0
Marketing and lead generation
38.5
(0.5)
38.0
Total
631.0
70.0
701.0
1 Re-presentation reflects the reallocation of certain tech-related B2B events from the previously reported Informa Tech segment to Informa
Connect, the transfer of the HIMSS business from Informa Markets to Informa Connect, and the transfer of certain events from Informa Connect
to Informa Festivals
As previously reported
Other
Re-presentation
1
Informa Festivals
£m £m £m
Exhibitor and related services
9.5
Sponsorship revenue
8.0
Sponsorship and exhibitor
17.5
90.0
107.5
Subscriptions
9.5
0.3
9.8
Transactional sales
19.3
(14.3)
5.0
Attendee revenue
30.7
42.5
73.2
Marketing and lead generation
–
3.1
3.1
Total
77.0
121.6
198.6
1 Re-presentation reflects the reallocation of certain tech-related B2B events from the previously reported Informa Tech segment to Informa
Festivals, the transfer of certain events from Informa Markets and Informa Connect to Informa Festivals, and the exclusion of the results of
TechTarget, which was acquired in December 2024 and reported within Other for the year ended 31 December 2024
207
Informa Annual Report and Accounts 2025
Financial StatementsGS A
41. Segmental re-presentation continued
As previously reported
Informa Tech
Re-presentation
1
Informa TechTarget
£m £m £m
Exhibitor and related services
98.6
Sponsorship revenue
73.4
Sponsorship and exhibitor
172.0
(165.4)
6.6
Subscriptions
54.1
(0.9)
53.2
Transactional sales
2
28.1
(1.0)
27.1
Attendee revenue
2
55.6
(54.5)
1.1
Marketing and lead generation
2
114.1
15.3
129.4
Total
423.9
(206.5)
217.4
1 Re-presentation reflects the reallocation of tech-related B2B events from the previously reported Informa Tech segment to Informa Markets,
Informa Connect and Informa Festivals, and the inclusion of the results of TechTarget, which was acquired in December 2024 and reported within
Other for the year ended 31 December 2024
2 We have further restated revenue between transactional sales (£14.3m), attendee revenue (£4.9m) and marketing and lead generation £19.2m
Segment results for the year ended 31 December 2024
As previously reported
Informa Markets,
Informa Connect and
Other
1
Re-presentation
2
B2B Live Events
£m £m £m
Adjusted operating profit before joint ventures and associates
654.3
60.8
715.1
Share of adjusted results of joint ventures and associates
2.8
–
2.8
Adjusted operating profit
657.1
60.8
717.9
Intangible asset amortisation
3
(240.8)
(10.5)
(251.3)
Impairment – acquisition-related and other intangible assets
(11.4)
(0.2)
(11.6)
Impairment – right-of-use assets
(3.2)
1.0
(2.2)
Acquisition costs
(63.8)
31.4
(32.4)
Integration costs
(24.2)
0.2
(24.0)
Restructuring and reorganisation costs
(10.2)
(0.7)
(10.9)
Fair value gain on contingent consideration
10.8
–
10.8
Fair value loss on contingent consideration
(16.3)
–
(16.3)
Operating profit
298.0
82.0
380.0
1 Other comprised the results of Ascential and TechTarget for the year ended 31 December 2024
2 Re-presentation reflects the reallocation of tech-related B2B events from the previously reported Informa Tech segment into the B2B Live Events
segment, and the exclusion of the results of TechTarget, which were previously reported in Other for the year ended 31 December 2024
3 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
208
Informa Annual Report and Accounts 2025
As previously reported
Informa Tech
Re-presentation
1
Informa TechTarget
£m £m £m
Adjusted operating profit/(loss) before joint ventures and associates
82.2
(60.8)
21.4
Share of adjusted results of joint ventures and associates
–
–
–
Adjusted operating profit/(loss)
82.2
(60.8)
21.4
Intangible asset amortisation
2
(37.1)
10.5
(26.6)
Impairment – acquisition-related and other intangible assets
(0.9)
0.2
(0.7)
Impairment – right-of-use assets
(1.5)
(1.0)
(2.5)
Acquisition costs
(0.7)
(31.4)
(32.1)
Integration costs
(17.0)
(0.2)
(17.2)
Restructuring and reorganisation (costs)/credit
(1.4)
0.7
(0.7)
Fair value gain on contingent consideration
18.7
–
18.7
Operating profit/(loss)
42.3
(82.0)
(39.7)
1 Re-presentation reflects the reallocation of tech-related B2B events from the previously reported Informa Tech segment into the B2B Live Events
segment, and the inclusion of the results of TechTarget, which were previously reported in Other for the year ended 31 December 2024
2 Intangible asset amortisation is in respect of acquired intangibles and excludes amortisation of software and non-acquired product development
Further information on the re-presentation of staff numbers, which is included in Note 8, is provided below:
As previously reported
Re-presentation
Average number
Average number of of Re-presented average
employees
employees
1
number of employees
B2B Live Events
2
8,023
640
8,663
Taylor & Francis
2,860
–
2,860
Informa TechTarget
–
1,569
1,569
Informa Tech
1,947
(1,947)
–
Other
262
(262)
–
Total
13,092
–
13,092
1 Re-presentation reflects the reallocation of tech-related B2B employees from the previously reported Informa Tech segment to Informa Markets,
Informa Connect and Informa Festivals, and the inclusion of previous employees of TechTarget, which was acquired in December 2024 and
reported within Other for the year ended 31 December 2024
2 B2B Live Events is the aggregation of Informa Markets, Informa Connect and Informa Festivals
Segment assets for the year ended 31 December 2024
As previously reported Re-presentation Re-presented
£m £m £m
B2B Live Events
1,2,3
8,043.2
2,289.8
10,333.0
Taylor & Francis
1,022.2
–
1,022.2
Informa TechTarget
3,4
–
1,524.1
1,524.1
Informa Tech
3
1,337.6
(1,337.6)
–
Ascential
2
1,462.9
(1,462.9)
–
TechTarget
4
1,013.4
(1,013.4)
–
Total segment assets
12,879.3
–
12,879.3
Unallocated assets
811.4
–
811.4
Total assets
13,690.7
–
13,690.7
1 B2B Live Events segment assets as previously reported comprises the following amounts: £6,699.9m for Informa Markets, £1,343.3m for Informa
Connect, and £nil for Informa Festivals
2 Assets previously reported within Ascential for the year ended 31 December 2024 have been reallocated to B2B Live Events
3 Assets relating to tech-related B2B events from the previously reported Informa Tech segment have been reallocated to the B2B Live Events and
Informa TechTarget segments
4 Assets previously reported within TechTarget for the year ended 31 December 2024 have been reallocated to the Informa TechTarget segment
209
Informa Annual Report and Accounts 2025
Financial StatementsGS A
41. Segmental re-presentation continued
Further information on the re-presentation of goodwill, which is included in Note 15, is provided below:
As previously reported Re-presentation Re-presented
Goodwill carrying amount £m £m £m
Informa Markets
1
4,223.2
97.2
4,320.4
Informa Connect
1
871.3
119.8
991.1
Informa Festivals
1,2
–
1,189.3
1,189.3
B2B Live Events
1,2
5,094.5
1,406.3
6,500.8
Taylor & Francis
588.2
–
588.2
Informa TechTarget
1,4
–
698.0
698.0
Informa Tech
1
835.1
(835.1)
–
Other
2,3,4
1,269.2
(1,269.2)
–
Total goodwill
7,787.0
–
7,787.0
1 Goodwill previously reported within the Informa Tech segment has been reallocated to the B2B Live Events and Informa TechTarget segments
2 Goodwill relating to Ascential, which was previously reported within Other for the year ended 31 December 2024, has been reallocated to B2B
Live Events
3 Other, as previously reported, comprised the post-acquisition values of Ascential and TechTarget, which were acquired during the year ended
31 December 2024
4 Goodwill relating to TechTarget, which was previously reported within Other for the year ended 31 December 2024, has been reallocated to the
Informa TechTarget segment
Number of CGUs
As previously reported
Re-presentation
1
Re-presented
Informa Markets
6
–
6
Informa Connect
5
–
5
Informa Festivals
–
1
1
Taylor & Francis
1
–
1
Informa TechTarget
–
1
1
Informa Tech
1
(1)
–
Other
2
(2)
–
Total goodwill
15
(1)
14
1 Ascential and TechTarget were previously reported within Other for the year ended 31 December 2024. These have been reallocated to Informa
Festivals and Informa TechTarget respectively
42. Post balance sheet events
On 19 January 2026, the Group completed its partnership with the Dubai World Trade Centre (DWTC) to launch a new
operating business, inD. This business combines Informa’s wholly-owned B2B Live Events business in the IMEA region (India,
Middle East and Africa) with DWTC’s Dubai-based B2B Live Events business to accelerate growth across the United Arab
Emirates and internationally. Informa owns a 52% equity stake in inD, which will be fully consolidated and reported within
the Informa Group. A provisional fair value exercise will be completed in the first half of the year ending 31 December 2026.
Notes to the Consolidated Financial Statements for the year ended 31 December 2025 continued
Financial Statements
210
Informa Annual Report and Accounts 2025
Parent Company Balance Sheet as at 31 December 2025
Notes
2025
£m
2024
£m
Fixed assets
Investments in subsidiary undertakings 4 7,595.9 7,581.2
Current assets
Debtors 5 6,550.8 6,280.3
Cash and cash equivalents 11.0 –
6,561.8 6,280.3
Creditors: amounts falling due within one year 6 (1,180.0) (1,236.9)
Net current assets 5,381.8 5,043.4
Total assets less current liabilities 12,977.7 12,624.6
Creditors: amounts falling due after more than one year 7 (2,735.5) (2,424.6)
Net assets 10,242.2 10,200.0
Capital and reserves
Share capital 8 1.3 1.3
Share premium 9 1,879.2 1,878.6
Reserve for shares to be issued 9 32.4 28.9
Merger reserve 9 4,713.1 4,713.1
Capital redemption reserve 9 (17.3) (17.3)
Other reserves 9 0.2 0.2
Profit and loss account 3,633.3 3,595.2
Total shareholders’ funds 10,242.2 10,200.0
Profit for the year ended 31 December 645.5 632.1
The financial statements on pages 211 to 217 of this company, registration number 08860726, were approved by the Board
of Directors and authorised for issue on 11 March 2026 and were signed on its behalf by
Stephen A. Carter Gareth Wright
Group Chief Executive Group Finance Director
211
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Parent Company Statement of Changes in Equity
for the year ended 31 December 2025
Share
capital
£m
Share
premium
£m
Reserve for
shares to be
issued
£m
Merger
reserve
£m
Capital
redemption
reserve
£m
Other
reserves
£m
Hedging
reserve
£m
Profit
and loss
account
£m
Total
£m
At 1 January 2024 1.4 1,878.6 27.5 4,675.6 (17.3) (90.7) (1.3) 3,622.6 10,096.4
Profit for the year – – – – – – – 632.1 632.1
Total comprehensive
income for the year – – – – – – – 632.1 632.1
Issue of shares – – – 37.5 – – – – 37.5
Share buyback (0.1) – – – – 90.9 – (424.2) (333.4)
Share award expense – – 14.3 – – – – – 14.3
Equity dividends – – – – – – – (248.2) (248.2)
Transfer of vested LTIPs – – (12.9) – – – – 12.9 –
Reclassification of hedging
reserves to profit or loss – – – – – – 1.3 – 1.3
At 31 December 2024 1.3 1,878.6 28.9 4,713.1 (17.3) 0.2 – 3,595.2 10,200.0
Profit for the year – – – – – – – 645.5 645.5
Total comprehensive
income for the year – – – – – – – 645.5 645.5
Issue of shares – 0.6 – – – – – – 0.6
Share buyback – – – – – – – (352.3) (352.3)
Share award expense – – 16.5 – – – – – 16.5
Equity dividends – – – – – – – (268.1) (268.1)
Transfer of vested LTIPs – – (13.0) – – – – 13.0 –
At 31 December 2025 1.3 1,879.2 32.4 4,713.1 (17.3) 0.2 – 3,633.3 10,242.2
Financial Statements
212
Informa Annual Report and Accounts 2025
Notes to the Parent Company Financial Statements
for the year ended 31 December 2025
1. Corporate information
Informa PLC (the company) is a company incorporated and domiciled in the United Kingdom under the Companies Act 2006
and is listed on the London Stock Exchange. The company is a public company limited by shares and is registered in England
and Wales with registration number 08860726. The address of the registered office is 5 Howick Place, London SW1P 1WG.
Principal activity and business review
Informa PLC is the Parent Company of the Informa Group (the Group) and its principal activity is to act as the ultimate
holding company of the Group.
2. Significant accounting policies
Basis of accounting
The company meets the definition of a qualifying entity under Financial Reporting Standard FRS 102 issued by the Financial
Reporting Council. The financial statements have therefore been prepared in accordance with FRS 102, the Financial
Reporting Standard applicable in the UK and Republic of Ireland as issued by the Financial Reporting Council, and the
Companies Act 2006.
As permitted by FRS 102, the company has taken advantage of the disclosure exemptions available under that standard in
relation to share-based payments, financial instruments, presentation of a cash flow statement, standards not yet effective
and related party transactions. The company has elected to adopt the recognition and measurement provisions of IFRS 9
permitted under FRS 102. The Directors’ Report, Corporate Governance Statement and Directors’ Remuneration Report
disclosures are on pages 109 to 126 of this report. The financial statements have been prepared on the historical cost basis
except for the remeasurement of certain financial instruments which are measured at fair value at the end of each reporting
period. Having assessed the principal risks and the other matters discussed in connection with the Group Viability
statement, the Directors have considered it appropriate to adopt the going concern basis of accounting in preparing the
financial statements.
The principal accounting policies adopted are the same as those set out in Note 2 to the Consolidated Financial Statements
and have been applied consistently, with the exception of the following:
• The merger reserve accounting treatment arising from the Scheme of Arrangement in 2014 and the key sources of
estimation uncertainty (Note 3)
• In accordance with the classification and presentational requirements under the Companies Act, the company has
classified amounts owed to and from Group undertakings as current within the financial statements, where they are
contractually repayable on demand
The company’s financial statements are presented in pounds sterling, being the company’s functional currency.
Profit and loss account
As permitted by section 408 of the Companies Act 2006, the company has elected not to present its own profit and loss
account or statement of comprehensive income for the year. The company’s revenue for the year is £nil (2024: £nil), and
profit after tax for the year is £645.5m (2024: £632.1m).
Share-based payment amounts that relate to employees of subsidiary Group companies are recorded as capital
contributions to the relevant Group company.
Investments in subsidiary undertakings
Investments in subsidiary undertakings are stated at cost less provision for any impairment in value.
Impairment of investments in subsidiary undertakings
At each reporting date, the company assesses the carrying amounts of its investments to determine whether there is any
indication of impairment. Where such an indication exists, the company makes an estimate of the recoverable amount. If the
recoverable amount of the investment is less than its carrying amount, the investment is written down to its recoverable
amount. Any impairment loss is immediately recognised in the profit and loss account.
3. Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, which are described in Note 2, the Directors are required to make
judgements and estimates about the carrying amounts of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical experience and other relevant factors. Actual
results may differ from these estimates.
213
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Notes to the Parent Company Financial Statements for the year ended 31 December 2025 continued
3. Critical accounting judgements and key sources of estimation uncertainty continued
Critical accounting judgements
There are deemed to be no critical accounting judgements in the application of the company’s accounting policies set out
above.
Estimation uncertainty
As of 31 December 2025, the company noted one key source of estimation uncertainty, details of which are outlined below.
Impairment of investments in subsidiary undertakings
Annually, the company considers whether its investments in subsidiaries are impaired. Where an indication of impairment is
identified at a cash generating unit (CGU) level, the recoverable amount of the CGU requires estimation. To estimate the
recoverable amount, the company estimates the expected future cash flows from the CGUs and discounts them to their
present value at a determined discount rate. The recoverable amount of the CGUs is a source of significant estimation
uncertainty and determining this involves the use of significant assumptions. See Note 4 for details of the key assumptions.
4. Investments in subsidiary undertakings
Cost £m
At 1 January 2024 8,166.6
Additions – other
1
11.5
Additions 407.0
Disposals (97.0)
At 31 December 2024 8,488.1
Additions – other
1
13.3
Additions
2
4,677.3
Disposals
3
(4,675.9)
At 31 December 2025 8,502.8
Accumulated impairment loss £m
At 1 January 2024 (906.9)
At 31 December 2024 (906.9)
At 31 December 2025 (906.9)
Carrying amount £m
At 31 December 2025 7,595.9
At 31 December 2024 7,581.2
1 Additions – other relates to the fair value movement on share incentives issued to employees of subsidiary undertakings
2 The company increased its investment in Informa Jersey Limited by £4,675.9m during the year. The company also acquired an investment
inTMEvents S.à.r.l. at a value of £1.4m
3 The company disposed of its investments in UBM Limited and The W.R.Kern Organisation Limited to another Group company during the year
The listing below shows the direct subsidiary undertakings as at 31 December 2025 which affected the profit or net assets of
the company:
Company Country of registration Principal activity
2025
Ordinary
shares held
2024
Ordinary
shares held
Informa Jersey Limited Jersey Holding company 100% 100%
Informa Global Sales, Inc. USA Domestic international sales corporation 100% 100%
TM Events S.à.r.l. Monaco Trading company 80% –
UBM Limited Jersey Holding company – 100%
The W.R.Kern Organisation Limited UK Holding company – 100%
During the year, the company undertook an internal Group restructuring whereby it disposed of its 100% holdings in UBM
Limited and The W.R.Kern Organisation Limited to Informa Group Holdings Limited, a wholly-owned Group entity. The
transaction was settled through an equity-for-equity exchange with no profit or loss recognised on disposal.
Details of subsidiaries controlled by the company are disclosed in the Consolidated Financial Statements (Note 39).
Financial Statements
214
Informa Annual Report and Accounts 2025
Impairment review
The company performed its annual assessment of impairment indicators for investments in subsidiaries and identified that
the carrying value of its investment in Informa Jersey Limited exceeded the subsidiary’s net asset value, and therefore the
company undertook an impairment review of its investments in subsidiary undertakings as at 31 December 2025. This
review resulted in no impairment being required.
The company performed a sensitivity analysis on the key assumptions used in the fair value less costs of disposal
impairment model. The analysis considered reasonably possible changes including a 10% reduction in cash flows, a 1%
increase in discount rates and a 0.5% decrease in long-term growth rates. Under all three scenarios, sufficient headroom
remained in the company’s investments in subsidiaries.
5. Debtors
2025
£m
2024
£m
Amounts owed from Group undertakings 6,470.4 6,279.8
Derivative financial instruments 79.9 –
Other debtors 0.5 0.5
6,550.8 6,280.3
Amounts owed from Group undertakings falling due within one year are unsecured, non-interest bearing and repayable on demand.
In accordance with IFRS 9, the amounts owed by Group undertakings have been assessed for 12-month expected credit
losses. Due to the low credit risk, the expected credit loss is considered immaterial.
Derivative financial instruments include £72.7m of cross-currency swaps over the EMTN borrowings where the company
received a fixed rate of interest on EMTN borrowings falling due after more than one year.
6. Creditors: amounts falling due within one year
2025
£m
2024
£m
Amounts owed to Group undertakings 683.3 550.5
Euro Medium Term Notes
1
449.8 579.8
Derivative financial instruments – 74.9
Other payables 35.5 25.1
Corporation tax 11.4 6.6
1,180.0 1,236.9
1 Stated net of arrangement fees of £0.2m (2024: £0.8m)
Amounts owed to Group undertakings falling due within one year are unsecured, non-interest bearing and repayable ondemand.
Derivative financial instruments in the prior year relate to a cross-currency swap over the EMTN borrowings where the
company received a fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and paid a fixed
rate of interest for $821.6m. At 31 December 2024, the fair value of this swap was a net financial liability of £74.9m.
The corporation tax liability of £11.4m (2024: £6.6m) relates to Pillar 2 income taxes.
7. Creditors: amounts falling due after more than one year
2025
£m
2024
£m
Euro Medium Term Notes
1
2,559.0 2,300.6
Revolving credit facility
2
172.0 (3.8)
Derivative financial instruments 4.5 127.8
2,735.5 2,424.6
1 Stated net of arrangement fees of £16.9m (2024: £15.6m)
2 Stated net of arrangement fees of £3.0m (2024: £3.8m)
The revolving credit facility was drawn on 31 December 2025 and had a gross balance of £175.0m (2024: £nil) and is stated
net of £3.0m (2024: £3.8m) arrangement fees. Interest is payable at the rate of SONIA or SOFR plus a margin.
215
Informa Annual Report and Accounts 2025
Financial StatementsGS A
7. Creditors: amounts falling due after more than one year continued
There are cross-currency swaps over the EMTN borrowings where the company receives the following:
• A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest
for$588.9m
• A fixed rate of interest on €600.0m of EMTN borrowings with a maturity of October 2027 and pays a fixed rate of interest
for $655.6m
• A fixed rate of interest on €500.0m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest
for$551.6m
• A fixed rate of interest on €650.0m of EMTN borrowings with a maturity of October 2030 and pays a floating rate of
interest of SOFR plus premium for $710.2m
• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of June 2031 and pays a fixed rate of interest
for$799.2m
At 31 December 2025, the fair value of these swaps was a net financial asset of £75.4m (2024: liability of £127.8m).
The company has additional EMTN borrowings of €500.0m maturing in July 2034, on which it pays a fixed rate of interest
with no cross-currency swap in place.
8. Share capital
2025
£m
2024
£m
Issued, authorised and fully paid
1,287,469,671 (2024: 1,330,244,733) ordinary shares of 0.1p each 1.3 1.3
2025
Number of shares
2024
Number of shares
At 1 January 1,330,244,733 1,368,029,699
Issue of new shares to Employee Share Trust – 8,860,000
Issue of shares 71,437 4,397,622
Share buyback (42,846,499) (51,042,588)
At 31 December 1,287,469,671 1,330,244,733
The company issued 71,437 new ordinary shares of 0.1p each on 3 February 2025 as consideration for the acquisition
ofTMEvents S.à.r.l., the parent company of the Top Marques brand.
During 2025, the company bought back 42,846,499 ordinary shares (2024: 51,042,588) at the nominal value of 0.1p for
atotalconsideration of £352.3m (2024: £424.2m) and cancelled 42,846,499 ordinary shares (2024: 51,554,769) including
nil(2024: 512,181) shares that had been bought in the prior year and settled and cancelled in 2025 for consideration
of£nil(2024: £4.0m).
Notes to the Parent Company Financial Statements for the year ended 31 December 2025 continued
Financial Statements
216
Informa Annual Report and Accounts 2025
9. Capital and reserves
Share premium
There has been an increase of £0.6m to share premium during the year relating to the acquisition of TM Events S.à.r.l., the
parent company of the Top Marques brand (2024: no change).
Reserves for shares to be issued
This reserve relates to LTIP share awards granted to colleagues and reduced by the transferred and vested awards.
Merger reserve
On 30 May 2014, under a Scheme of Arrangement, the company subscribed to shares in Informa Switzerland Limited,
formerly Old Informa, a subsidiary undertaking, which were valued at £3,500.0m. This resulted in new share capital of
£2,627.1m from the issue of 603,941,249 shares at a nominal value of 435p and the creation of a merger reserve of £872.9m.
On 2 November 2016, the company acquired Penton Information Services and the Group issued 12,829,146 ordinary shares
to the vendors, with the £82.2m share premium on the shares issued recorded against the merger reserve in accordance
with the merger relief rules of the Companies Act 2006.
On 15 June 2018, the company acquired UBM plc and issued 427,536,794 shares resulting in an increase in the merger
reserve of £3,544.6m. The company also issued 256,689 shares in 2018 to satisfy UBM SAYE scheme awards maturing in the
post-acquisition period and there was an increase in the merger reserve of £2.2m in relation to the issue of these shares.
On 17 April 2023, the company acquired Tiger Acquisitions (Jersey) Limited, the parent company of Tarsus Group Limited and
issued 25,957,663 shares, resulting in an increase in the merger reserve of £169.8m.
On 1 September 2023, the company acquired Canalys Pte Ltd and issued 535,137 shares, resulting in an increase in the
merger reserve of £3.9m.
On 16 May 2024, the company issued 4,397,622 shares as deferred consideration for the acquisition of the Tarsus group of
companies, resulting in an increase in the merger reserve of £37.5m.
Capital redemption reserve
The capital redemption reserve relates to the purchase of shares by the Employee Stock Ownership Plan (ESOP) in 2019
(£15.0m) and 2018 (£2.3m).
10. Share-based payments
Details of the share-based payments are disclosed in the Consolidated Financial Statements (Note 9).
11. Dividends
During the year, total dividends of £268.1m (2024: £248.2m) were recognised as a distribution by the company. At
31 December 2025, unpaid dividends from prior periods amounted to £0.4m (2024: £0.3m). Details of dividends are
disclosed in the Consolidated Financial Statements (Note 14).
12. Related party transactions
The Directors of Informa PLC had no material transactions with the company or its subsidiaries during the year other
thanservice contracts and Directors’ liability insurance. Details of Directors’ remuneration are disclosed in the
Remuneration Report. In accordance with FRS 102 paragraph 33.1A, the company has not disclosed transactions
withwholly-ownedsubsidiaries.
217
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Audit exemption
The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act
2006 for the year ended 31 December 2025:
Audit exempt company Registration number Audit exempt company Registration number
ABI Building Data Limited 2385277 Informa Services Limited 2306113
Afterhurst Limited 1609566 Informa Six Limited 4606229
Blessmyth Limited 3805559 Informa Tech Founders Limited 12302369
Boat International Business Limited 8731010 Informa Tech Holdings Limited 15700047
Boat International Group Limited 6026344 Informa Tech Research Limited 11971005
Boat International Media Limited 2650007 Informa Telecoms & Media Limited 991704
Bridge Event Technologies Limited 11540817 Informa Three Limited 4595951
BrightTALK Limited 4432080 Informa UK Limited 1072954
Canalys.com Ltd 3631553 Informa United Finance Limited 948730
CapRegen Limited 6264929 Informa US Holdings Limited 9319013
CapRegen Magnum Limited 6460511 Light Reading UK Limited 8823359
CapRegen Nutraceuticals Limited 6695546 LSX Limited 8982745
Colonygrove Limited 4109768 Miller Freeman Worldwide Limited 1750865
Colwiz UK Limited 8164609 MRO Exhibitions Limited 2737787
Contagious Communications Limited 6183878 MRO Publications Limited 2732007
Crosswall Nominees Limited 950209 Newlands Press Limited 4982360
DIVX Express Limited 3212879 OES Exhibitions Limited 9958003
Dove Medical Press Limited 4967656 PeerJ Limited 8054414
Expert Publishing Medicine Ltd 4059017 Penton Communications Europe Limited 2805376
Expert Publishing Science Ltd 10134073 PNO Exhibition Investment (Dubai) Limited 9993836
F1000 Research Limited 8322928 Roamingtarget Limited 5419444
Fairs & Exhibitions (1992) Limited 2696019
Smarter Shows Limited (previously: Smarter
Shows (Tarsus) Limited)
12338170
Fairs And Exhibitions Limited 635224 Solar Media Limited 5758671
Futurum Media Limited 9813559 Steel River Media Limited 7088513
GNC Media Investments Limited 3085849 Superyacht Media Limited 5900525
Green Thinking (Services) Limited 5803263 Tarsus AM Shows Ltd 7910136
Hirecorp Limited 4790559 Tarsus Atlantic Limited 6445661
Hudson MX Limited 14614576 Tarsus Cedar Limited 7954429
IBC (Ten) Limited 1844717 Tarsus China Limited 5949339
IBC (Twelve) Limited 3007085 Tarsus Exhibitions & Publishing Limited 1459268
IIR Management Limited 2922734 Tarsus Group Limited 2000544
Industry Dive, Ltd 12786552 Tarsus Holdings Limited 5246843
Informa Connect Holdings Limited 15615107 Tarsus Investments Limited 3527715
Informa Connect Limited 1835199 Tarsus Leeward Limited 6620137
Informa Cosec Limited 3849195 Tarsus Luzhniki Limited 6697908
Informa Events (Europe) Limited (previously:
Ascential Events (Europe) Limited)
07814172 Tarsus Medical Limited 6004318
Informa Events America Holdings Limited
(previously: Ascential America Holdings Limited)
00100991 Tarsus Overseas Limited 3671643
Financial Statements
218
Informa Annual Report and Accounts 2025
Audit exempt company Registration number Audit exempt company Registration number
Informa Events Group Limited (previously:
Ascential Group Limited)
00435820 Tarsus UK Holdings Limited 6774643
Informa Events Limited (previously: Ascential
Limited)
09934451 Tarsus US Limited 5253899
Informa Events Financing Limited (previously:
Ascential Financing Limited)
09938180 Tarsus Windward Limited 6620149
Informa Events P&P Limited (previously:
Ascential P&P Limited)
14825281 Taylor & Francis Books Limited 3215483
Informa Events Radio Financing Limited
(previously: Ascential Radio Financing Limited)
05289615 Taylor & Francis Group Limited 2280993
Informa Events UK Holdings Limited
(previously: Ascential UK Holdings Limited)
00537204 Taylor & Francis Limited 314578
Informa Exhibitions Limited 5202590 Taylor & Francis Publishing Services Limited 3674840
Informa Final Salary Pension Trustee Company
Limited
3267900 TechTarget Limited 5872378
Informa Finance Australia Limited 12008055 The W.R.Kern Organisation Limited 928594
Informa Finance Brazil Limited 12007958 Tiger Acquisitions Holding Limited 11987963
Informa Finance Egypt Limited 12008044 Tiger Acquisitions Intermediate Holding Limited 11996640
Informa Finance Mexico Limited 12008165 Tiger Acquisitions UK Limited 11988001
Informa Finance USA Limited 8940353 Times Aerospace Publishing Holdings Limited 13644712
Informa Global Markets (Europe) Limited 3094797 Times Aerospace Publishing Limited 13645657
Informa Group Limited 3099067 TU-Automotive Limited 9798474
Informa Holdings Limited 3849198 Turtle Diary Limited 1816342
Informa Investment Plan Trustees Limited 5557980 UBM (GP) No1 Limited 3259390
Informa Investments Limited 1693134 UBM International Holdings UK Societas SE000009
Informa Manufacturing Europe Limited 9893244 UBM Property Services Limited 3212363
Informa Markets (Europe) Limited 8851438 UBM Shared Services Limited 4957131
Informa Markets (Maritime) Limited 495334 UBM Trustees Limited 2970035
Informa Markets (UK) Limited 370721 UBMG Holdings 152298
Informa Markets Limited 2972059 UBMG Services Limited 3666160
Informa Overseas Investments Limited 5845568 United Executive Trustees Limited 1693088
Informa Prestige Holdings Limited 16718313 United Trustees Limited 2113253
Informa Property (Colchester) Limited 3610056 UNM Investments Limited 1219152
219
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Glossary of Terms: Alternative Performance Measures
The Group provides adjusted results and underlying
measures in addition to statutory measures, in order to
provide additional useful information on business
performance trends to shareholders. The Board considers
these non-GAAP measures to be a useful and alternative
way to measure the Group’s performance in a way that is
comparable to the prior year.
The terms ‘adjusted’ and ‘underlying’ are not defined terms
under IFRS and may not therefore be comparable with
similarly titled measurements reported by other companies.
These measures are not intended to be a substitute for, or
superior to, IFRS measurements. The Financial Review
provides reconciliations of alternative performance
measures (APMs) to statutory measures and also provides
the basis of calculation for certain APM metrics. These APMs
are provided on a consistent basis with the prior year.
Adjusted results and adjusting items
Adjusted results exclude items that are commonly excluded
across the media sector: amortisation and impairment of
goodwill and intangible assets relating to businesses
acquired and other intangible asset purchases of book lists,
journal titles, acquired databases and brands related to
exhibitions and conferences, acquisition and integration
costs, profit or loss on disposal of businesses, restructuring
costs and other items that in the opinion of the Directors
would impact the comparability of underlying results.
Adjusting items are detailed in Note 7 to the Consolidated
Financial Statements.
Adjusted results are prepared for the following measures
which are provided in the Consolidated Income Statement
on page 136: adjusted operating profit, adjusted net finance
costs, adjusted profit before tax, adjusted tax charge,
adjusted profit after tax, adjusted earnings and adjusted
diluted earnings per share. Adjusted operating margin,
adjusted effective tax rate and adjusted EBITDA are used in
the Financial Review on pages 50, 52 and 55 respectively.
Adjusted EBITDA
• Adjusted EBITDA is earnings before interest, tax,
depreciation, amortisation and other non-cash items such
as share-based payments and before adjusting items. The
full reconciliation and definition of adjusted EBITDA is
provided in the Financial Review.
• Covenant-adjusted EBITDA for Informa interest cover
purposes under the Group’s previous financial covenants
on debt facilities is earnings before interest, tax,
depreciation and amortisation and adjusting items. It is
adjusted to be on a pre-IFRS 16 basis.
• Covenant-adjusted EBITDA for Informa leverage purposes
under the Group’s previous financial covenants on debt
facilities is earnings before interest, tax, depreciation and
amortisation and adjusting items. It is adjusted to include
a full year’s trading for acquisitions and remove trading
results for disposals, and to be on a pre-IFRS 16 basis.
Adjusted EBITDA margin
Adjusted EBITDA margin is shown as a percentage and is
calculated by dividing Adjusted EBITDA by revenue, which is
provided as an additional useful metric to readers.
Adjusted effective tax rate
The adjusted effective tax rate is shown as a percentage and
is calculated by dividing the adjusted tax charge by the
adjusted profit before tax. The Financial Review on page 53
shows the calculation of the adjusted effective tax rate,
which is provided as an additional useful metric for readers
on the Group’s tax position.
Adjusted net debt
Adjusted net debt for Informa leverage purposes under the
Group’s previous financial covenants on debt facilities is
translated using average exchange rates for the 12-month
period and is adjusted to include deferred consideration
payable, to exclude derivatives associated with borrowings
and to be on a pre-IFRS 16 basis.
Adjusted operating margin
The adjusted operating margin is shown as a percentage and
is calculated by dividing adjusted operating profit by
revenue. The Financial Review on page 50 shows the
calculation of the adjusted operating margin, which is
provided as an additional useful metric on underlying
performance to readers.
Adjusted tax charge
The adjusted tax charge excludes the tax effects of adjusting
items, all deferred tax movements relating to tax losses in
Luxembourg as well as significant one-off items. It includes
the allowable tax benefit for goodwill amortisation in the US
and elsewhere.
Dividend cover
Dividend cover is the ratio of adjusted diluted earnings per
share to dividends per share for the year and is provided to
enable year-on-year comparability on the level at which
dividends are covered by earnings. Dividends consist of the
interim dividend that has been paid for the year and the
proposed final dividend for the year. Diluted earnings per
share are adjusted to be stated before adjusting items
impacting earnings per share. The Financial Review on page
54 provides the calculation of dividend cover.
Dividend payout ratio
This is the ratio of the total amount of dividends per share
paid and proposed to shareholders relating to a financial
year relative to the adjusted diluted earnings per share on
continuing operations for the year. The dividend payout
ratio is shown on page 54 of the Financial Review.
Financial Statements
220
Informa Annual Report and Accounts 2025
Free cash flow
Free cash flow is a key financial measure of cash generation
and represents the cash flow generated by the business
before cash flows relating to acquisitions and disposals and
their related costs, dividends, any new equity issuance or
repurchases of own shares and debt issues or repayments.
Free cash flow is one of the Group’s key performance
indicators, and is an indicator of operational efficiency and
financial discipline, illustrating the capacity to reinvest, fund
future dividends and repay debt. The Financial Review on
page 55 provides a reconciliation of free cash flow to
statutory measures.
Informa interest cover
Informa interest cover is calculated according to the Group’s
previous financial covenants on debt facilities and is the
ratio of covenant-adjusted EBITDA for interest cover
purposes to adjusted net finance costs, excluding certain
finance fair value items. It is provided to enable the
assessment of our debt position together with our
compliance with these previous specific debt covenants. The
Financial Review on page 58 provides the basis of the
calculation of Informa interest cover.
Informa leverage ratio
The Informa leverage ratio is calculated according to the
Group’s previous financial covenants on debt facilities and is
the ratio of net debt to covenant-adjusted EBITDA, further
adjusted for share-based payments charges, for Informa
leverage information purposes, and is provided to enable the
assessment of our debt position together with compliance
with these previous specific debt covenants. The Financial
Review on page 58 provides the basis of the calculation of
the Informa leverage ratio.
Net debt
Net debt consists of cash and cash equivalents, and includes
bank overdrafts (where applicable), borrowings, derivatives
associated with debt instruments, finance leases, lease
liabilities, deferred borrowing fees and other loan
receivables or loan payables where these are interest
bearing and do not relate to deferred consideration
arrangements for acquisitions or disposals.
Operating cash flow and operating
cashflowconversion
Operating cash flow is a financial measure used to
determine the efficiency of cash flow generation in the
business and is measured by and represents free cash flow
before interest, tax, restructuring and reorganisation costs.
The Financial Review on page 56 reconciles operating cash
flow to statutory measures.
Operating cash flow conversion is a measure of the strength
of cash generation in the business and is measured as a
percentage by dividing operating cash flow by adjusted
operating profit in the reporting period. The Financial
Review on page 56 provides the calculation of operating
cash flow conversion.
Underlying revenue and underlying adjusted
operating profit
Underlying revenue and underlying adjusted operating profit
refer to results adjusted for acquisitions and disposals, the
phasing of events, including biennials, the impact of changes
from implementing new accounting standards and accounting
policy changes, and the effects of changes in foreign currency
by adjusting the current year and prior year amounts to use
consistent currency exchange rates.
Phasing and biennial adjustments relate to the alignment of
comparative period amounts to the usual scheduling cycle of
events in the current year. Where an event originally
scheduled for 2024 or 2025 was either cancelled or
postponed, there was an adverse impact on 2024 or 2025
underlying growth as no adjustment was made for these in
the calculation.
The results from acquisitions are included on a pro-forma
basis from the first day of ownership in the comparative
period. Disposals are similarly adjusted for on a pro-forma
basis to exclude results in the comparative period from the
date of disposal. Underlying measures are provided to aid
comparability of revenue and adjusted operating profit
results against the prior year. The Financial Review on page
51 provides the reconciliation of underlying measures of
growth to reported measures of growth in percentage terms.
221
Informa Annual Report and Accounts 2025
Financial StatementsGS A
Five-year summary
2025
£m
2024
£m
2023
£m
2022
£m
2021
£m
Results
Revenue 4,041.4 3,553.1 3,189.6 2,389.3 1,798.7
Adjusted operating profit 1,139.8 995.0 853.8 535.0 388.4
Statutory operating profit 141.7 542.8 507.8 221.9 93.8
Statutory (loss)/profit before tax (64.3) 407.3 492.1 1,946.9 137.1
Profit attributable to equity holders of the Parent Company 11.0 297.7 419.0 1,631.5 77.9
Free cash flow 884.8 812.1 631.7 466.4 438.7
Net assets
Non-current assets 11,228.5 12,355.7 10,468.7 9,521.7 8,924.4
Current assets 1,096.3 1,335.0 1,055.5 2,624.0 1,273.2
Current liabilities (2,503.7) (3,061.3) (1,789.2) (2,008.8) (1,350.0)
Non-current liabilities (3,561.2) (3,309.9) (2,550.4) (2,670.6) (2,801.7)
Net assets 6,259.9 7,319.5 7,184.6 7,466.3 6,045.9
Key statistics (pence)
Earnings per share 0.8 22.3 30.1 112.0 5.2
Diluted earnings per share 0.8 22.2 29.9 111.4 5.2
Adjusted diluted earnings per share 55.6 50.1 45.3 26.4 16.7
Dividends per share 22.0 20.0 18.0 9.8 –
Financial Statements
222
Informa Annual Report and Accounts 2025
Shareholder information
Shareholder queries
Our share register is maintained by Computershare. All
enquiries about your shareholding should be addressed to
Computershare using the details below.
Computershare Investor Services PLC
The Pavilions, Bridgwater Road
Bristol BS99 6ZZ
+44 (0)370 707 1679
investorcentre.co.uk
The helpline is available Monday to Friday, 8.30am to
5.30pm, excluding UK public holidays.
Shareholders can also use Computershare’s online service
(investorcentre.co.uk) to:
• View and manage all shareholdings
• Register for electronic communications
• Buy and sell shares online with the dealing service
• Deal with other matters such as a change of address,
transferring shares or replacing a lost certificate
You will need the shareholder reference number shown on
your share certificate(s) or dividend vouchers when first
accessing investorcentre.co.uk.
Electronic shareholder communications
As part of Informa’s commitment to the responsible use of
natural resources and reducing our environmental impact,
we offer all shareholders the opportunity to elect to register
for electronic communications. To do so, please visit
investorcentre.co.uk.
Dividend and dividend reinvestment
Shareholders are encouraged to have dividends paid directly
into a bank or building society account. Please complete the
dividend mandate instruction form available at
investorcentre.co.uk or contact Computershare using the
details above.
To receive dividends in a different currency, you will need
toregister for the global payments service provided
byourregistrar. More information is available at
investorcentre.co.uk.
Informa offers a Dividend Reinvestment Plan where cash
dividends are automatically reinvested in additional Informa
shares. Details and full terms and conditions, including
eligibility for shareholders based outside the UK, are
available at investorcentre.co.uk.
ShareGift
ShareGift (registered charity no. 1052686) is an independent
charity that takes unwanted holdings of shares, aggregates
those shares and sells them for the benefit of thousands of
charities. If you have a small shareholding in Informa and
would like to support this initiative, you can find out more
byvisiting sharegift.org or calling +44 (0)20 7930 3737.
London Stock Exchange and ADR programme
for US investors
Informa’s ordinary shares are traded on the London Stock
Exchange under the symbol INF, ISIN: GB00BMJ6DW54.
Since 2013, Informa has maintained a Level I American
Depositary Receipt (ADR) programme with BNY Mellon. Each
Informa ADR represents two ordinary shares, which trade
on the over-the-counter market in the US under the symbol
IFJPY, ISIN: US45672B2060. Information on Informa’s ADRs
can be found at bnymellon.com/dr.
Protecting your investment from share fraud
We are aware that shareholders in some companies have
received unsolicited phone calls or correspondence from
purported ‘brokers’ who offer to buy their shares at a price
far above the usual market value. These approaches are
often called ‘boiler room’ scams and the firms are unlikely to
be authorised by the Financial Conduct Authority (FCA).
Shareholders are advised to be very wary of any unsolicited
advice – including offers to buy your shares in Informa PLC
at a premium or to sell you other investments at a discount,
orrequests to complete a confidentiality agreement with
thecaller.
Remember that if it sounds too good to be true, it probably is.
Shareholders are encouraged to read the FCA’s guidance
onhow to avoid scams at fca.org.uk/consumers/protect-
yourself-scams.
If you think you may have been targeted, report the matter
to the FCA as soon as possible on 0800 111 6768 (freephone)
or +44 (0)20 7066 1000 from outside the UK. You should also
notify the registrar by calling 0370 707 1679.
If you have lost money to a scam, or for anything not
regulated by the FCA, contact Report Fraud on 0300 123
2040 or visit its website at reportfraud.police.uk.
223
Informa Annual Report and Accounts 2025
Additional InformationFGS
Advisers
Independent auditors
PwC
1 Embankment Place
London WC2N 6RH
UK
pwc.co.uk
Joint stockbrokers
BAML
2 King Edward Street
London EC1A 1HQ
UK
bofaml.com
Morgan Stanley
25 Cabot Square
London E14 5AB
UK
morganstanley.com
Deutsche Numis
45 Gresham Street
London EC2V 7BF
UK
dbnumis.db.com
Strategic financial advisers
Goldman Sachs International
Plumtree Court, 25 Shoe Lane
London EC4A 4AU
UK
goldmansachs.com
Depository bank
BNY Mellon Depositary Receipts
101 Barclay Street
New York NY 10286
US
adrbnymellon.com
Principal solicitors
Clifford Chance LLP
10 Upper Bank Street
London E14 5JJ
UK
cliffordchance.com
Communications advisers
Teneo
The Carter Building, 11 Pilgrim Street
London EC4V 6RN
UK
teneo.com
Registrar
Computershare Investor Services PLC
The Pavilions, Bridgwater Road
Bristol BS99 6ZZ
UK
investorcentre.co.uk
Additional Information
224
Informa Annual Report and Accounts 2025
Informa is grateful to all the colleagues,
teams and partners that have
contributed their time and support in
the production of this Annual Report.
Consultancy, design and production by
Luminous: luminous.co.uk.
Consultancy by Falcon Windsor:
falconwindsor.com.
Cover and all text page illustrations
created by Sua Balac: suabalac.com.
All Informa Board member
photography on pages 79 to 81 and
repeated on other pages by Chris
Warren at CWA Studios:
cwa-studios.com.
All other photography was contributed
by our colleagues and teams across
thecompany.
All information in this report is ©
Informa PLC 2026 and may not be
usedin whole or part without
priorpermission.
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