Rightmove (RMV) H1 2026 earnings summary

Executive summary

• Revenue grew 7% year-over-year in H1 2026, driven by strong agency performance, ARPA growth, and product innovation, despite headwinds in New Homes.

• Strategic Growth Areas delivered 13–30% growth, with robust expansion in commercial and rental services.

• Technology investments and AI-powered product launches, including 'Ask Rightmove' and Online Agent Valuation, accelerated innovation and consumer engagement.

• Record agency retention rates and strong package penetration supported core business growth.

• Over £400m in capital returns expected in the next 12 months, including £330m in share buybacks funded by a new £200m revolving credit facility.

Financial highlights

• Group revenue increased 7% year-over-year to £225.8m, with agency revenue up 9% to £163.9m and new homes revenue up 2% to £38.2m.

• Underlying operating profit rose 3% to £155.1m, with a 69% margin; underlying EPS up 6% to 15.6p.

• Interim dividend up 3% to 4.17p per share; cash returned to shareholders increased 11% to £124.7m.

• ARPA rose by £117 to £1,726, with 60% of growth from upgrades and product uptake.

• Cash conversion rate at 108%; cash generated from operations was £160.7m.

Outlook and guidance

• Full-year revenue growth guidance revised to 6–8% due to New Homes market headwinds.

• Underlying operating profit growth reiterated at 3–5% for the full year; underlying EPS growth of at least 5% guided.

• Strategic Growth Areas expected to grow 20–30% in FY26; H2 revenue growth to outpace H1.

• Agency membership to rise 1–2%; New Homes development numbers expected to decline 6–10% by year-end.