Wolters Kluwer (WKL) H1 2026 earnings summary

Executive summary

• Organic revenue growth reached 5% year-over-year (6% excluding print), with all divisions contributing and strong subscription renewals; recurring revenues accounted for 85% of total and grew 7% organically.

• Adjusted operating profit margin increased by 100 basis points to 29.4%, with adjusted operating profit up 10% in constant currencies to €893 million.

• Diluted adjusted EPS rose 14% in constant currencies to €2.83; adjusted free cash flow up 14% to €533 million.

• AI innovation accelerated, with advanced features integrated across platforms and strong customer adoption, especially in Health and Tax & Accounting.

• Recent bolt-on acquisitions (e.g., Brightflag, Libra, Marosa, StandardFusion) outperformed expectations, expanding capabilities and market positions.

Financial highlights

• Revenues reached €3,033 million, up 4% in constant currency and 5% organically; North America up 4%, Europe up 7%, Asia Pacific/Rest of World up 7%.

• Adjusted operating profit margin improved to 29.4% from 28.4% year-over-year.

• Diluted adjusted EPS increased to €2.83 (+14% in constant currencies); adjusted free cash flow up 14% to €533 million.

• Net debt/EBITDA ratio stable at 2.0x; ROIC at 18.2%.

• Cash conversion ratio improved to 91% from 85% prior year.

Outlook and guidance

• Full-year 2026 guidance reiterated: organic growth, margin around 28%, and high single-digit EPS growth in constant currencies.

• Product development spend to rise to 12–13% of revenues, weighted to the second half.

• CP & ESG organic growth now expected in line with prior year due to macro/geopolitical headwinds, but group outlook unchanged.

• Restructuring costs expected at €20 million.

• Adjusted free cash flow guidance at €1,300–€1,350 million.