Wolters Kluwer N.v. · EURONEXT:WKL
Wolters Kluwer — FY2025 Earnings Presentation
49 slides from Wolters Kluwer's earnings presentation, Feb 25, 2026
Slide 1: Wolters Kluwer 2025 Full-Year Results
Wolters Kluwer 2025 Full-Year Results Nancy McKinstry, Retiring CEO Stacey Caywood, Designated CEO Kevin Entricken, CFO February 25, 2026 2025 Full-Year Results 1
Slide 2: Forward-looking statements
Forward-looking statements This report contains forward-looking statements. These statements may be identified by words such as “expect”, “should”, “could”, “shall” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties
Slide 3: Agenda
Agenda • Introduction • Financial Review • Operating Review • Strategy Update • Outlook 2026 • Appendix 2025 Full-Year Results 3
Slide 4: Introduction
Introduction We delivered another year of good organic growth and margin improvement while further advancing the AI capabilities of our solutions Financial Results Strategic Progress Scale Organic growth +6% Recurring revenues up +7% Expert organically, incl. cloud software Solutions Adjusted operat
Slide 5: Agenda
Agenda • Introduction • Financial Review • Operating Review • Strategy Update • Outlook 2026 • Appendix 2025 Full-Year Results 5
Slide 6: Full-year 2025 results
Full-year 2025 results Organic growth +6%; margin up 40 basis points; diluted adjusted EPS up 9% and adjusted free cash flow up 10% in constant currencies (€ million, unless otherwise stated) FY 2025 FY 2024 Δ Δ CC Δ OG Revenues 6,125 5,916 +4% +7% +6% Adjusted operating profit 1,687 1,600 +5% +9% +
Slide 7: Revenues by division
Revenues by division Organic growth +6%, led by Tax & Accounting and Corporate Performance & ESG (€ million) FY 2025 FY 2024 Δ Δ CC Δ OG Health 1,596 1,584 +1% +5% +5% Tax & Accounting 1,660 1,561 +6% +9% +7% Financial & Corporate Compliance1 1,239 1,228 +1% +5% +3% Legal & Regulatory 1,005 946 +6%
Slide 8: Revenues by type
Revenues by type Core digital and services subscriptions up +7% organically; non-recurring revenues down 1%, with volatile trends Organic Growth (%) Organic Growth (%) Recurring Revenue Types (83% of total) Non-recurring Revenue Types (17% of total) 15% 76% of total revenue 15% 10% 8% 8% 8% 8% 8% 7%
Slide 9: Adjusted operating profit by division
Adjusted operating profit by division Margin increased 40 basis points, driven by Health and Tax & Accounting Margin (€ million) FY 2025 FY 2024 Δ Δ CC Δ OG FY 2025 FY 2024 Health 512 480 +7% +11% +10% 32.1% 30.3% Tax & Accounting 584 519 +13% +16% +14% 35.2% 33.2% Financial & Corporate Compliance1
Slide 10: Adjusted net profit and EPS
Adjusted net profit and EPS Increase in net financing costs and tax rate offset by lower share count (€ million, unless otherwise stated) FY 2025 FY 2024 ∆ ∆ CC Revenues 6,125 5,916 +4% +7% Adjusted operating profit 1,687 1,600 +5% +9% Adjusted operating profit margin 27.5% 27.1% Adjusted net financ
Slide 11: Adjusted free cash flow
Adjusted free cash flow Adjusted free cash flow up 10% in constant currencies; cash conversion benefitted from timing of working capital inflows (€ million, unless otherwise stated) FY 2025 FY 2024 ∆ ∆ CC Adjusted operating profit 1,687 1,600 +5% +9% Depreciation, amortization, and impairment of oth
Slide 12: Movement in net debt
Movement in net debt Increase in leverage mainly reflects €896 million in acquisition spending and €1.7 billion returned to shareholders in 2025 (€ million, unless otherwise stated) FY 2025 FY 2024 Net debt at start of period (3,134) (2,612) Adjusted free cash flow 1,348 1,276 Dividends paid (563) (
Slide 13: Dividends and share buybacks
Dividends and share buybacks Proposing total dividend of €2.52 (+8%); announcing intention to repurchase up to €500 million in shares in 2026 Dividend per Share (€) Share Buybacks (€ million) Completed Intended Total 1,100 2.52 dividend 1,000 1,000 1,000 2.33 2.08 1,000 1.81 1.57 500 410 Interim 0.8
Slide 14: Results summary
Results summary Strong performance in recurring revenues, margin, and cash flow Organic growth Adjusted operating Diluted adjusted EPS +6% profit +9% in constant up +9% in constant currencies currencies Recurring revenues +7% organic growth Margin 27.5% up 40bps Adjusted FCF Robust balance sheet €1.
Slide 15: Agenda
Agenda • Introduction • Financial Review • Operating Review • Strategy Update • Outlook 2026 • Appendix 2025 Full-Year Results 15
Slide 16: Health
Health Organic growth +5%, led by Clinical Solutions up +7% organically. Margin reflects operational gearing, mix shift, and absence of write-offs € million FY 2025 FY 2024 Δ Δ CC Δ OG Clinical Solutions • Organic growth +7% Revenues 1,596 1,584 +1% +5% +5% • Good renewal rates for UpToDate clinical
Slide 17: Tax & Accounting
Tax & Accounting Organic growth +7%, driven by cloud software +18%. Margin increase driven by operational gearing and cost efficiencies € million FY 2025 FY 2024 Δ Δ CC Δ OG Tax & Accounting North America • Organic growth +8%, led by our cloud software Revenues 1,660 1,561 +6% +9% +7% suite, CCH Axc
Slide 18: Financial & Corporate Compliance
Financial & Corporate Compliance Organic growth +3%, driven by +4% growth in recurring revenues. Margin stable, supported by cost efficiencies € million FY 2025 FY 2024 Δ Δ CC Δ OG Legal Services (LS) • Organic growth +4%, driven by +5% growth in Revenues 1,239 1,228 +1% +5% +3% recurring subscripti
Slide 19: Legal & Regulatory
Legal & Regulatory Organic growth +5%, with key digital solutions +8%. Margin reflects underlying improvement and the absence of prior year pension gain Legal & Regulatory Information Solutions € million FY 2025 FY 2024 Δ Δ CC Δ OG • Organic growth +5% Revenues 1,005 946 +6% +8% +5% • Recurring digi
Slide 20: Corporate Performance & ESG
Corporate Performance & ESG Organic growth +7%, driven by cloud software up +18%. Margin mainly reflects lower on-premise licenses € million FY 2025 FY 2024 Δ Δ CC Δ OG EHS & ESG3 • Organic growth +10%, with double-digit organic Revenues 625 597 +5% +7% +7% growth in recurring cloud software revenue
Slide 21: Agenda
Agenda • Introduction • Financial Review • Operating Review • Strategy Update • Outlook 2026 • Appendix 2025 Full-Year Results 21
Slide 22: Broad-based organic growth
Broad-based organic growth Resilient, diversified, high-quality organic growth across the portfolio Revenues by Business Segment 2025 2025 Organic CPM, Tax & Audit +6% Growth EHS & ESG +10% Clinical Solutions Legal & Regulatory +7% UpToDate Software CP &ESG CDS1 +5% Legal & Regulatory Legal & Learni
Slide 23: Strategy Update
Strategy Update AI-powered expert solutions strategy will increase organic growth, margins, and returns Updated Strategic Plan 2025-2027 Accelerate innovation with annual • Drive penetration of cloud-based modular platforms, powered product development spend of by AI and integrated into customer dat
Slide 24: Near-term strategic priorities
Near-term strategic priorities Immediate priority is to capture AI revenue opportunities Unlock customer value and accelerate revenue growth Intensify go-to-market Further accelerate Foster and scale to optimize value our AI innovation partnerships capture Enable connections to customer Build increa
Slide 25: Unlocking value through our AI solutions
Unlocking value through our AI solutions We have distinct competitive advantages that, together with our strong brand and deep customer relationships, position us to lead in the age of AI Trusted proprietary content Customer-centric workflow and analytics platforms • Decades of structured, curated,
Slide 26: Example: CCH Axcess
Example: CCH Axcess Leading cloud-native platform that unifies tax, audit, firm management workflows with embedded intelligence and trusted AI Trusted proprietary content Customer-centric workflow and analytics platforms • IRS code, state and local tax codes n* CCH A • Leading cloud-native platform
Slide 27: Example: Wolters Kluwer legal workspace
Example: Wolters Kluwer legal workspace Unifying proprietary research with customer data and workflow automation Trusted proprietary content Customer-centric workflow and • Leader in proprietary legal analytics platforms content in Europe and leader in key niches in the in US e.g. • Expert understan
Slide 28: Example: UpToDate Enterprise
Example: UpToDate Enterprise AI-powered enterprise platform providing clinical decision support, drug data, patient support, analytics, and insights into the point-of-care workflow Trusted proprietary content Customer-centric workflow and • Evidence-based clinical analytics platforms information syn
Slide 29: UpToDate foundation is strong
UpToDate foundation is strong 80% of users and usage is in institutional settings, with strong renewal rates and high net promoter scores • 3 million+ clinicians globally – a user base built over 30+ years • Over 80% of UpToDate revenues from institutional UpToDate Users (million) customers, reflect
Slide 30: Differentiated clinical AI, built on trusted expertise
Differentiated clinical AI, built on trusted expertise UpToDate Expert AI combines proprietary expert-in-the-loop workflows with advanced reasoning to deliver reliable clinical guidance UpToDate Expert AI Differentiation Patent-Pending Clinical Reasoning Technology “Thinking Mode” ✓ Grounded in 100%
Slide 31: Rapid rollout of UpToDate Expert AI
Rapid rollout of UpToDate Expert AI Strong trust and enterprise pull, governance advantage Adoption of UpToDate Enterprise Expert AI UpToDate Enterprise Expert AI % of Total Base1 • Rapid adoption by our large institutional health 40% system customers (enterprises) − Approx. 1,600 U.S. hospitals wit
Slide 32: Driving growth across the portfolio
Driving growth across the portfolio Across the group, we see opportunities to enhance the core and extend our addressable markets Enhance the core Extend our addressable markets • Embed AI into core solutions - e.g., GenAI in • Expand into adjacent workflows - e.g., AI- content, Agentic AI in softwa
Slide 33: AI is enabling growth
AI is enabling growth Advanced AI capabilities are enhancing our core solutions and extending our addressable markets Enhance the core Extend our addressable markets AI enhances the functionality of the core AI enables new use cases and/or extends Value of AI product solution deeper into customer wo
Slide 34: Increasing margin while stepping up investment
Increasing margin while stepping up investment We will fund increased product investment while simultaneously expanding our adjusted operating profit margin Adjusted Operating Profit Margin (%) Future Margin Drivers Scaling of expert solutions 30% • Increased adoption and upselling drives scale econ
Slide 35: Agenda
Agenda • Introduction • Financial Review • Operating Review • Strategy Update • Outlook 2026 • Appendix 2025 Full-Year Results 35
Slide 36: Divisional outlook 2026
Divisional outlook 2026 Expect good organic growth supported by all divisions Division FY 2026 Organic Growth Outlook Health In line with prior year (FY 2025: 5%) In line with prior year (FY 2025: 7%), with revenue momentum Tax & Accounting picking up in the second half Ahead of prior year (FY 2025:
Slide 37: Full-year 2026 outlook
Full-year 2026 outlook Expect good organic growth and a further margin increase while we simultaneously increase product development spend Performance indicators 2026 Guidance 2025 Actual Adjusted operating profit margin* Approximately 28.0% 27.5% Adjusted free cash flow** €1,300-€1,350 million €1,3
Slide 38: Summary
Summary Well-positioned to drive future growth with advanced AI • Market leader in supporting mission-critical professional workflows • Attractive markets offering opportunity for value creation and expansion • Defensive, high quality, recurring and growing revenues • Strategic focus on driving grow
Slide 39: Agenda
Agenda • Introduction • Financial Review • Operating Review • Strategy Update • Outlook 2026 • Appendix 2025 Full-Year Results 39
Slide 40: Investment case
Investment case Market leader in Attractive markets Defensive, high Strategic focus on Strong track supporting offering quality, recurring driving growth record of mission-critical opportunity for and growing through innovation shareholder professional value creation and revenues including AI return
Slide 41: Revenues by type
Revenues by type (€ million) FY 2025 FY 2024 ∆ ∆ CC ∆ OG Digital and services subscriptions 4,700 4,458 +5% +8% +7% Print subscriptions 117 125 -6% -5% -5% Other recurring 293 285 +2% +6% +8% Recurring revenues 5,110 4,868 +5% +8% +7% Print books 115 120 -4% -1% -1% FCC transactional1 343 336 +2% +6
Slide 42: Revenues by media format
Revenues by media format (€ million) FY 2025 FY 2024 ∆ ∆ CC ∆ OG Software 2,848 2,690 +6% +9% +7% Other digital1 2,402 2,345 +2% +6% +6% Total digital 5,250 5,035 +4% +7% +6% Services 584 569 +3% +7% +3% Print 291 312 -7% -4% -4% Total revenues 6,125 5,916 +4% +7% +6% ∆: % Change; ∆ CC: % Change in
Slide 43: Software revenues
Software revenues FY 2025 Revenues FY 2025 Software Organic growth FY 2025 (FY 2024): €6.1 billion Revenues €2.8 billion Total software: +7% (+7%) Split by Media Format Cloud software: +15% (+16%) Top software products Cloud CCH Axcess/ TAA ▤ software 45% ProSystem fx ServicesPrint revenues 2 eOrigi
Slide 44: Reconciliation: adjusted net financing costs to financing results
Reconciliation: adjusted net financing costs to financing results (€ million, unless otherwise stated) FY 2025 FY 2024 Adjusted net financing costs (86) (62) Employee benefits financing component (2) (3) Change in fair value of financial assets 0 0 Result on divestment of financial assets - - Divest
Slide 45: IFRS profit and diluted EPS
IFRS profit and diluted EPS (€ million, unless otherwise stated) FY 2025 FY 2024 ∆ Adjusted operating profit 1,687 1,600 +5% Amortization & impairment of acquired intangibles and impairment of goodwill (157) (149) Results on divestments of operations 231 (3) Other non-benchmark items1 (26) (7) Opera
Slide 46: Balance sheet
Balance sheet (€ million, unless otherwise stated) Dec. 31, 2025 Dec. 31, 2024 Goodwill and intangible assets 6,612 6,445 Property, plant and equipment 68 79 Right-of-use assets 196 214 Deferred tax and other non-current assets 75 103 Total non-current assets 6,951 6,841 Cash and cash equivalents 93
Slide 47: Debt maturity profile
Debt maturity profile Debt Maturity Profile – December 31, 2025 (€ million) Net debt breakdown: € million Gross financial debt 4,755 Lease liabilities 217 Total gross debt 4,972 Less: Other 4 1,014 Less: Collateral 12 Less: Cash & cash equivalents 932 932 Net debt 4,024 779 709 600 626 580 505 147 9
Slide 48: Currency impact
Currency impact FY 2025 Revenues by Currency British pound 3% Other 8% Euro 23% U.S. dollar 66% Impact in € million on Adjusted Average rates Revenues operating profit 1 Euro FY 2025 FY 2024 FY 2025 FY 2025 U.S. dollar 1.13 1.08 (167) (57) British pound 0.86 0.85 (2) 0 Canadian dollar 1.58 1.48 (7)
Slide 49: Growth rates
Growth rates ∆ ∆ CC ∆ OG % % Change % Net Effect % % Currency in Constant Acquisitions Organic FY 2025 FY 2024 Change Impact Currencies & Disposals Growth Revenues Health 1,596 1,584 +1% -4% +5% 0% +5% Tax & Accounting 1,660 1,561 +6% -3% +9% +2% +7% Financial & Corporate Compliance1 1,239 1,228 +1%