Reach (RCH) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 group revenue declined 6.9% year-over-year, impacted by ongoing digital headwinds and lower referral volumes, especially from Google.

• Digital revenue fell 8.1% year-over-year, with both direct and indirect digital revenues declining.

• Print revenue decreased 6.6% year-over-year, though circulation and advertising remained stable due to cover price increases and promotions.

• Strategic focus remains on diversifying revenue streams, growing off-platform audiences, expanding video content, and launching premium subscriptions across 11 sites.

Financial highlights

• Digital direct revenue declined 4.5% and indirect revenue dropped 10.5% year-over-year.

• Print circulation revenue decreased 5.5% and print advertising revenue fell 12.8% year-over-year.

• Group revenue was down 6.9% compared to Q1 2025.

Outlook and guidance

• On-platform audiences are stabilizing, but caution remains regarding digital revenue trends.

• Confident in achieving targeted operating cost reductions and meeting full-year market expectations (FY26 consensus adjusted operating profit: £95.9m).