Rightmove Plc · LSE:RMV
Rightmove — H1 2026 Earnings Presentation
44 slides from Rightmove's earnings presentation, July 2026
Slide 1: Half Year Results
Half Year Results For the 6 months ending 30 June 2026
Slide 2: Key takeaways
Key takeaways H1 2026 delivered strong business and product results for partners and consumers • Strong Estate Agency growth with record retention • Strategic Growth Areas on track for 20-30% growth • New Homes a volume headwind today but will recover Technology investment and AI deployments already
Slide 3: H1 2026 summary
H1 2026 summary 3
Slide 4: Strong financial results
Strong financial results Average Revenue per Underlying Operating Revenue Advertiser (ARPA)1 Membership1 Profit2 +7% +£117 +34 +3% £225.8m £1,726 +7% 19,357 +0.2% £155.1m (H1 2025: £211.7m) (H1 2025: £1,609) (June 2025: 19,323) (H1 2025: £151.3m) Underlying Earnings Dividend per share per Share (EPS
Slide 5: Strong operational progress
Strong operational progress Strategic Consumer Core Partner Platform People Growth Areas ESTATE AGENCY: MORTGAGES: 9 / 10 +40% releases 89% minutes 28% 3x on Online Agent Valuation4 usage of Great Place to (Comscore)1 H1 retention: mortgage tools 46 strategic AI Work deployments >85% >10-year high R
Slide 6: Delivering value through scale and connectivity
Delivering value through scale and connectivity Consumer Partner Share of time: >90% 75% 90% proprietary data >19,000 >96% Core partners H1 retention SimilarWeb1 Comscore2 Leading outcomes 7/10 >8/10 Vendor instructions3 Tenants found3 6 Source: Rightmove unless otherwise stated. Footnotes in append
Slide 7: End-markets in H1
End-markets in H1 7
Slide 8: Resale/Rentals balanced
Resale/Rentals balanced Sale transactions: Just below long-term trend1 Consumers: Rates elevated but lending continues2 1.05-1.15 54% June 2024 1.21 42% 1.02 1.10 June 2026 10.9% 4.7% 4.7% 6.1% Average 5-year fixed Average 2-person salary % of new mortgages at 2023 2024 2025 2026E mortgage rate to a
Slide 9: New Homes developers facing tough market conditions
New Homes developers facing tough market conditions Supportive 2008 2009-12 2013-19 2020-22 2023-5 H1 macro factors1 GFC GFC recovery Help to Buy COVID Higher rates 2026 Cost deflation ✓ ✓ Supply House price growth ✓ ✓ ~ Limited resale competition ✓ Demand Supportive rates
Slide 10: Strong Rightmove New Homes products and delivery
Strong Rightmove New Homes products and delivery New packages New Homes Packages (Traditional developers) ¹ Standard Gold Advanced Ascend New and enhanced products 2,500 • Property Showcase • Virtual Tour Request 2,000 • Interactive Brochure Request 1,500 • Development Profiles • Buyer Profiles; Dir
Slide 11: Financials
Financials 11
Slide 12: Strong Agency growth of 9%
Revenues Strong Agency growth of 9% Revenue (£m) H1 2026 H1 2025 YoY growth £2.7m Agency¹ 163.9 150.8 9% £2.1m £0.3m £225.8m £11.0m (£2.0m) New Homes 38.2 37.5 2% Core 202.1 188.4 7% £211.7m Other2 23.7 23.4 1% Total Revenue 225.8 211.7 7% Strategic Growth Areas (SGAs)3 comprise: Commercial 8.4 7.4
Slide 13: Highest Agency retention offsets New Homes
Membership Highest Agency retention offsets New Homes Agency: Highest H1 retention in >10 years Total membership: 19,357 96% • +85 vs Dec-25 94% 92% Agency membership: 16,591 90% • +206 / +1% vs Dec-25 H1 2014 H1 2015 H1 2016 H1 2017 H1 2018 H1 2019 H1 2020 H1 2021 H1 2022 H1 2023 H1 2024 H1 2025 H1
Slide 14: Product-driven revenue growth
ARPA Product-driven revenue growth Product ARPA increases with time and usage in top packages Total ARPA (£1,726, +£117) Cumulative incremental ARPA in each period Agency (£1,636, +£116) Opti 20 • 58% of ARPA growth from product Opti Edge • >50% spend above threshold Upgrade Month 1-7 Month 7-13 Mon
Slide 15: Disciplined scaling of innovation and capability
Costs Disciplined scaling of innovation and capability Underlying operating costs¹ £127.4m Technology and other costs³ +£10m (+17%) YoY Marketing Other Payroll Tech Payroll Underlying operating profit Sales Payroll margin 69% £70.7m Underlying EBITDA 71% £60.4 Average headcount +37 (80% new roles te
Slide 16: Capital allocation: Evolving our framework
Capital allocation: Evolving our framework Priorities Strong balance sheet Enhanced unchanged and financial flexibility shareholder returns Organic investment Predictable earnings with Progressive dividend prioritized strong cash conversion continues (108%1) Value-accretive M&A Increase in share buy
Slide 17: Guidance summary
Guidance summary FY26 FY26 Prior Guidance Updated Guidance Volume decrease Revenue growth +8 to +10% +6 to +8% in NH (6-10%); EA membership Membership +1% -1% to +1% +1% to +2% ARPA growth +£110 to +£120 Strategic Growth Areas +20% to +30% Underlying operating profit +3% to +5% Underlying profit / E
Slide 18: Seizing more opportunity
Seizing more opportunity To develop the leading digital ecosystem for the whole moving experience, powered by exceptional data and network effects 18
Slide 19: Strategic Growth Areas on track for FY 20-30% growth
Strategic Growth Areas on track for FY 20-30% growth Commercial Rental Services Mortgages Right to play >60% time; >60% only on Rightmove1 End-to-end digital solution >80% time of property seekers2 Leader Advantage product launched Enhanced Leads 7x YoY growth New lender partnership +15% more partne
Slide 20: 20
20
Slide 21: Leading AI-enabled Platform
Leading AI-enabled Platform Flexible Tech architecture + Proprietary Rightmove Data models 2025 results, February 2026 Investor update, November 2025 2026 year-to-date 100% >4,000 +35% 6 weeks Cloud applications releases releases per developer to launch conversational per month search 21 Source: Rig
Slide 22: Strong delivery in first 6 months of targeted acceleration
Strong delivery in first 6 months of targeted acceleration Consumer innovation 1 • Ask Rightmove conversational assistant • 4 key App features, +3 in Q3; Rapidly growing signals with Track a Property (>8m), Renovation tools (6m) ✓ AI-powered operations 2 • Back-office modernisation Phase 1 • Early-s
Slide 23: We are scaling Ask Rightmove
Consumer We are scaling Ask Rightmove Search Assistant Evaluation Assistant “What condition is this house in?” “Is there a garden, or terrace?” “Would two cars fit in the driveway?” Home “Are there any independent coffee shops nearby?” “How often do the trains to Bristol run?” “Is the park dog-frien
Slide 24: ...into personalized & agentic interfaces
Consumer ...into personalized & agentic interfaces “However you discover – we have you covered” Ask Rightmove Mobile AI Keywords Style with AI Desktop Search and Evaluation Assistant Agentic Rightmove Existing consumer tools 1bn >8m >8m Property Tracked Enhanced alerts properties leads Financing, Le
Slide 25: AI-powered partner Product and ARPA growth
EA Partner AI-powered partner Product and ARPA growth Consumer first-party signals │Rightmove Data & AI │ Building Success Together Property Brand Leads Efficiency Standard Listing Local Homepage Lead qualification Best Price Guide Featured Property Sold by Me Local Valuation Alert Premium Price Gui
Slide 26: Online Agent Valuation
EA Partner Online Agent Valuation Creation Adoption Business results A first in UK market Consumer: Data: >35,000 property images Meets real-world needs, with • >45,000 OAVs new benefits for: Revenues: • +50% valuation leads • Fastest-ever revenue • Consumer: digital, pre-listing home updates, faste
Slide 27: Rightmove Plus AI Assistant
EA Partner Rightmove Plus AI Assistant 27
Slide 28: Voice intelligence
EA Partner Voice intelligence 28
Slide 29: Conclusion
Conclusion 29
Slide 30: Key takeaways
Key takeaways H1 2026 delivered strong business and product results for partners and consumers • Strong Estate Agency growth with record retention • Strategic Growth Areas on track for 20-30% growth • New Homes a volume headwind today but will recover Technology investment and AI deployments already
Slide 31: Appendix: Disclaimer
Appendix Disclaimer Certain statements made in this presentation are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or
Slide 32: An attractive investment case
An attractive investment case Strong The leading Together with: Significant value foundations platform creation A clear, expanded UK property Trusted position growth strategy in the property A larger, diversified market ecosystem Rightmove Large and growing Digital platform Powerful data and Targete
Slide 33: Consistent delivery through all markets
Consistent delivery through all markets Revenues (£m) FY H1 H2 Underlying EBIT (£m) 2 FY H1 H2 H1 26 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2021 2022 2023 2024 2025 2020¹ H1 26 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2021 2022 2023 2024 20
Slide 34: Presentation footnotes
Presentation footnotes Page Notes 1. For Agency and New Homes partners. 2. Underlying operating profit is operating profit before share-based payments charges (including the related national insurance) and certain legal and professional charges. 4 3. Underlying basic EPS is underlying operating prof
Slide 35: Detailed guidance
Detailed guidance Revenues • FY26 revenue guidance is +6-8% • Strategic Growth Areas: +20-30% revenue growth in FY26. H2 revenue growth to be more than double that seen in H1 • Commercial: H2’s year-on-year growth rate is expected to be higher than that seen in H1 • Rental Services: H2 revenues are
Slide 36: Our Data is large, contextualised and optimised
Our Data is large, contextualised and optimised Proprietary Interconnected Human expertise Rightmove AI >90% >800m >25 years powered.. property alerts* analysing, curating, qualifying Differentiated outcomes • 28m property addresses • >700k Enhanced Leads per • >75,000 account manager month → Lead t
Slide 37: Estate Agency: Consumer time
Estate Agency: Consumer time >16bn minutes* 9/10 minutes on portals Giving Estate Agents: • ~10,000 registrations for • >25,000 EA meetings in H1: • >40,000 self-service • Advocacy with media, the CPD-approved webinars deeper analysis from changes in Rightmove Plus public and government Account Mana
Slide 38: Commercial: Product overview
Commercial: Product overview Search Leader Advantage A new product to help commercial customers win visibility, trust and high-value enquiries Leader Advantage launched exclusively to our top Package in Commercial in April, made up of three elements: Search Advantage Prioritised search positions and
Slide 39: Rental Services: Product overview
Rental Services: Product overview Enquiry Manager Tenancy Manager1 Tenant Referencing Ancillary Services Pre-qualified rental Manage entire tenancy Fully integrated into Lead generation fee for enquiries sent from progression in one simple tenancy progression. services offered to Rightmove listings
Slide 40: Mortgages/Affordability: Pathway to an integrated assistant
Mortgages/Affordability: Pathway to an integrated assistant Property- specific tooling Average monthly Giving users payment (with assurance the dynamic repricing property they as rates are are interested in updated), can be achieved compared with budget Where relevant, we can show how property detai
Slide 41: Income statement
Income statement (£m) HY26 HY25 Revenue 225.8 211.7 Operating costs (exc. share-based incentives charges and exceptional costs) (70.7) (60.4) Underlying Operating Profit 155.1 151.3 Underlying margin 69% 71% Certain legal & professional costs (2.3) - Share-based incentives charge (4.6) (5.9) Operati
Slide 42: Key performance indicators
Key performance indicators Period end membership H1 2026 H1 2025 FY 2025 Agency branches 16,591 16,382 16,385 New Home developments 2,766 2,941 2,887 Total 19,357 19,323 19,272 Growth 0% 1% 1% Commercial partners 1,275 1,106 1,227 ARPA (£) H1 2026 H1 2025 FY 2025 Agency 1,636 1,520 1,530 New Homes 2
Slide 43: Package breakdown
Package breakdown Agency Packages (Independent agents) New Homes Packages (Traditional developers) ¹ Standard Gold Advanced Ascend Essential Essential Extra Enhanced Optimiser 20 Optimiser Edge 2,500 12,000 2,000 10,000 8,000 1,500 6,000 1,000 4,000 500 2,000 - - Jun-25 Jun-26 Jun-25 Dec-25 Jun-26 4
Slide 44: Further details
Further details American Depositary Receipt (ADR) Property Data for Investors and Analysts Trading symbol RMVEY CUSIP 76657Y200 Data direct from the UK’s #1 property website: Venue OTC Ratio (ORD:ADR) 2:1 Market Intelligence Centre Depositary bank Citi Contacts at Citi ADR desk Bespoke Data Analysis