YouGov (YOU) H1 2026 earnings summary

Executive summary

• Revenue reached £194.8m for HY26, up 2% year-over-year, driven by resilient demand in the Research division.

• Adjusted operating profit was £24.0m, down 20% due to strategic investments, especially in the Shopper division.

• Statutory operating profit was £16.8m, up 14% year-over-year; statutory profit before tax rose 4% to £8.6m.

• AI-driven innovation and automation are central to ongoing strategy and operational transformation.

• Board plans a share buyback programme post-refinancing, replacing the annual dividend.

Financial highlights

• Adjusted profit before tax declined 30% to £16.8m; adjusted EPS down 19% to 11.4p.

• Gross margin stable at 81%; adjusted operating margin decreased to 12.3% from 15.7%.

• Net debt at £161.0m, leverage ratio at 2.1x, and cash at period end was £32.8m.

• Cash conversion rate improved to 59% despite lower operating cash generation.

• Cash generated from operations was £22.6m, with a net cash outflow of £22.2m for the period.

Outlook and guidance

• Full-year adjusted operating profit expected at £52m–£56m, including £6m incremental investment in Shopper.

• 80% of FY26 revenue expectations contractually secured, slightly ahead of prior year.

• Value Delivery Plan underway, with Waves 1 and 2 expected to deliver annualised margin uplift of over 350bps.

• Shopper division expected to return to growth by year end; strategic review underway.

• Earnings-accretive initiatives underway, with benefits anticipated from FY27.