YouGov (YOU) investor relations material

Executive summary

• Revenue increased 2% year-over-year to £194.8 million, with resilient demand in core segments and a focus on AI-driven innovation and automation.

• Statutory operating profit rose 14% to £16.8m, while adjusted operating profit fell 20% to £24.0m due to significant investments, especially in the Shopper division and AI initiatives.

• The company is actively investing in AI and panel innovation, positioning itself as a leader in automated, scalable research data.

• A Value Delivery Plan (VDP) has been launched, targeting margin optimization and operational efficiency, with three waves culminating in an AI-led transformation.

• A strategic review of the Shopper business is underway, considering deeper integration or potential disposal to unlock long-term shareholder value.

Financial highlights

• Revenue grew 2% year-over-year to £194.8m, outperforming many sector peers experiencing declines.

• Statutory operating profit increased 14% to £16.8m; adjusted operating profit margin declined to 12.3% from 15.7%.

• Adjusted profit for the half year was £24.0m, down due to over £3m incremental investment in Shopper and AI.

• Earnings per share reached 11.4p; cash at period end was £32.8m, with net debt at £160.3m and leverage ratio of 2.1x.

• Cash conversion rate improved to 59% despite lower operating cash generation.

Outlook and guidance

• Full-year adjusted operating profit is guided between £52m and £56m, at the lower end of consensus, including £6m incremental investment in Shopper.

• Shopper investments of £3–3.5m will continue in H2, with expected revenue benefits from 2027.

• The VDP aims for an annualized adjusted operating profit margin uplift of over 350 basis points by FY 2027.

• 80% of full-year revenue is already contractually covered, slightly ahead of prior year.

• Focus is on value optimization for 2027 and beyond, not just short-term profit maximization.