Rightmove (RMV) H2 2025 earnings summary

Executive summary

• Achieved 9% revenue and underlying operating profit growth in 2025, driven by ARPA, membership increases, and strategic growth areas.

• Underlying EPS rose 11%, with capital return to shareholders up 21% to £220m.

• Record operational KPIs: 16.8 billion minutes spent on platform, 11% app user growth, and high agency retention.

• Launched innovative products, including Online Agent Valuation, conversational search, and Property Checker, with 31 live AI initiatives.

• Maintained market leadership with 75%+ share of portal time and record positive sentiment among partners.

Financial highlights

• Revenue grew 9% to £425.1m, with agency and new homes segments each up 9%.

• Strategic growth areas revenue rose 25% to £29.1m; commercial up 13%, mortgages up 46%, and rental services up 35%.

• Underlying operating margin at 70%; cash conversion ratio at 107% of operating profit.

• £220m returned to shareholders (buybacks and dividends), reducing share count by 2%.

• Underlying EPS rose to 29.1p; dividend per share up 9% to 10.64p.

Outlook and guidance

• 2026 revenue growth expected between 8%-10%, with H2 stronger than H1.

• ARPA growth guided at £110–£120, with estate agency at lower end and new homes above blended rate.

• Underlying operating profit growth forecast at 3%-5% for 2026, margin no lower than 67%.

• CapEx to rise to £16m in 2026, mainly for people and AI-powered operations.

• Membership expected to grow around 1%; capital return of £140m by July 2026.