Reach (RCH) Q3 2025 TU earnings summary

Executive summary

• Digital revenue grew 2.1% year-over-year in Q3, with indirect revenues up 4.0% and direct revenues down 0.8%.

• Print circulation remains stable, with advertising revenue outperforming circulation volume declines.

• Group restructuring aims to accelerate growth, focusing on video production, new commercial propositions, and off-platform audience growth.

• Estimated full-year restructuring cost is approximately £20m.

Financial highlights

• Group revenue: Digital revenue up 2.1% in Q3; indirect revenue up 4.0%; direct revenue down 0.8% year-over-year.

• Print advertising revenue continues to perform above circulation volume declines.

• Page views fell 1% over the nine-month period due to lower digital referral volumes, especially from Google.

Outlook and guidance

• Confident in delivering full-year market expectations, with profit underpinned by resilient print and cost management.

• On track to achieve 4-5% cost saving target for the year.

• Full-year digital revenues expected to be broadly flat year-over-year due to ongoing volatility in referral volumes and weak macroeconomic conditions.