Slide 1: Full Year Results for the year ended 31 December 2025
Full Year Results for the year ended 31 December 2025
Slide 2: Key takeaways
Key takeaways 1. 2025 saw strong business and product results; 2026 will see a further step-change in innovation and execution 2. The Core business continues to deliver compelling value to our partners. The Strategic Growth Areas reinforce the platform and diversify revenues 3. Building on our stron
Slide 3: 2025 summary
2025 summary
Slide 4: 2025: Strong delivery on KPIs
2025: Strong delivery on KPIs (2022: £100.3m) Revenue Average Revenue per Membership1 Underlying Advertiser (ARPA)1 Operating Profit2 +9% +£97 +225 +9% £425.1m £1,621 +6% 19,272 +1% £297.7m (2024: £389.9m) (2024: £1,524) (31 December 2024: 19,047) (2024: £273.9m) Underlying Earnings Dividend per sha
Slide 5: 2025: Strong operational progress
2025: Strong operational progress Strategic Consumer Core Partner Platform People Growth Areas 16.8bn minutes Estate Agency: Mortgages: >6,000 releases 89% Great Place Second-highest New Property >85% direct and retention in >10 Checker - a world 31 strategic AI to Work organic 1 years; record first
Slide 6: Delivering value through scale and connectivity
Delivering value through scale and connectivity Consumer Partner Year-end share of time: • >19,000 Core partners: >90% retention SimilarWeb 75%1 Comscore 89%2 • Fastest-ever new package and product roll-outs Leading outcomes • >7/10 vendor instructions3 • >8/10 tenants found3 6 Source: Rightmove unl
Slide 7: Positive Partner sentiment; ahead on every metric
Positive Partner sentiment; ahead on every metric Overall positivity (%)1 Value beyond marketing Rightmove’s ”Building Success Together” program 1.7x • >75,000 account management meetings • 28m sessions in Rightmove Plus; tools, data, insights Q4'21 Q2'22 Q4'22 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Q4'25 •
Slide 8: End-markets: Resale/Rentals healthy; New Homes subdued build rates
End-markets: Resale/Rentals healthy; New Homes subdued build rates Sales: Large and liquid market1 Resale: Available stock at 10-year high Available listings (Jan-23 = 100) 1.21 1.02 1.10 132 133 119 100 2023 2024 2025 Jan-23 Jan-24 Jan-25 Jan-26 HMRC Transactions Long-term average (1.20m) Rentals:
Slide 9: Financials
Financials rightmove 2
Slide 10: Strong growth across the business
Strong growth across the business Revenue (£m) 2025 2024 YoY growth £4.9m £425.1m Agency1 304.7 280.0 9% £5.2m £0.9m £6.4m New Homes 75.3 69.2 9% £17.8m Core 380.1 349.2 9% £389.9m Other2 45.1 40.7 11% Total Revenue 425.1 389.9 9% Strategic Growth Areas (SGAs)3 comprise: Commercial 15.3 13.5 13% Mor
Slide 11: Growth in membership from increased Agency branches
Growth in membership from increased Agency branches Agency: Highest Rightmove agent formation joiners on record Total membership 19,272, +225/+1% vs Dec-24 900 600 Agency membership 16,385, 300 +261/+2% vs Dec-24 0 2018 2019 2020 2021 2022 2023 2024 2025 • Strong retention: >90% • High agent formati
Slide 12: Product-driven ARPA growth
Product-driven ARPA growth 2025 sources of package joiners in Agency and New Homes 60% of ARPA growth from product EA: Optimiser Edge joiners New joiners 25% 48% Lower packages NH: Advanced joiners 63% 37% New Joiners 26% Core ARPA (£1,621, +£97) Lower packages Opti 20 migration • Upgrades from mult
Slide 13: Costs in line with guidance
Costs in line with guidance Underlying £127.4m operating costs¹ £116.0m +£11m (+10%) YoY Technology and other costs² Underlying margin 70% Underlying EBITDA 72% Marketing Other Payroll People costs the Tech Payroll c.60% of largest increase cost is Sales Payroll payroll Followed by investment across
Slide 14: Cash flow and capital allocation
Cash flow and capital allocation Cash generation Cash bridge Net cash Shareholder Operating cash conversion1 of 107% (2024: 108%) generation distributions £222m £220m (ex. costs) 2025 Cash returned to shareholders £220m (2024: £182m) Final dividend 6.59p per share; total dividend 10.64p per share (2
Slide 15: Guidance summary: Driving success for the future
Guidance summary: Driving success for the future 2024-2025 2026 FY26 guidance Revenue 7% to 9% 8% to 10% Revenue growth +8% to +10% growth p.a. FY growth weighted to H2 due to comparator Underlying Membership to grow around 1% operating profit 4% to 9% 3% to 5% growth p.a. ARPA growth between £110 a
Slide 16: Seizing the opportunity
Seizing the opportunity
Slide 17: 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 A larger, diversified in the property market ecosystem Rightmove Large and growing Powerful data and Targeted Digital platfor
Slide 18: Our strategy is to develop the leading digital ecosystem
Our strategy is To develop the leading digital ecosystem for the whole moving experience, powered by exceptional data and network effects Give everyone the belief Vision that they can make their move Core Partner Consumer New Growth1 Business Deepen utility for Increase value Extend core strength pi
Slide 19: Four components to win in an AI-enabled world
Four components to win in an AI-enabled world 1. Consumers 2. Partners 3. Data 4. AI capability >25 years >19,000 Core member >4PB market-specific >50 Data/AI specialists >80% engagement share 28m RM+ sessions >90% proprietary 1 Connected Platform >85% organic/direct >7/10 resale, >8/10 1 Unified Da
Slide 20: UK property market network effects
1. Consumers 2. Partners 3. Data 4. AI capability UK property market network effects Consumers Partners Seller Buyer Landlord Properties Renter Consumer network effect High-value, complex Diverse businesses 20
Slide 21: Technology leadership, fully AI-enabled
1. Consumers 2. Partners 3. Data 4. AI capability Technology leadership, fully AI-enabled Product growth Consumers Full operating flexibility, within Proprietary clear guardrails models Partners + many others… Rightmove operations Operational leverage 21
Slide 22: Our Data is large, contextualised and optimised
1. Consumers 2. Partners 3. Data 4. AI capability Our Data is large, contextualised and optimised Proprietary Interconnected Human expertise Rightmove AI powered.. >90% >800m >25 years Differentiated property alerts* analysing, curating, qualifying outcomes • 28m property addresses • >700k Enhanced
Slide 23: One connected ecosystem, powered by data, enhanced by AI
1. Consumers 2. Partners 3. Data 4. AI capability One connected ecosystem, powered by data, enhanced by AI 23
Slide 24: Strong 2025 consumer product innovation
Strong 2025 consumer product innovation Renters Checklist Find: Style with AI Find: AI Keywords Afford: Mortgages Afford/Lifecycle: Property Checker Renovation Cost Estimator + Add a property • >700k enhanced leads/month • +48% conversion for ancillary services 24
Slide 25: Reminder: our consumer investment areas
Reminder: our consumer investment areas 1 Transform Search 2 Go beyond Find Hyper-personal, AI-powered Enabling the moving journey My home and the search with Rightmove next move My Home Move Journey Assistant Conversational search 25 Source: Rightmove. Indicative design concepts.
Slide 26: Consumer: Conversational search
1 Transform Search Consumer: Conversational search 26
Slide 27: Consumer journeys become personal and richer
1 Transform Search Consumer journeys become personal and richer “However you discover – we have you covered” Hyper-personalization AI-powered search Agentic utility Style with AI Deeper Data signal AI Keywords Engagement amplification More value creation opportunity into: 1 Core partners 2 Diversifi
Slide 28: We are scaling consumer products beyond Find
2 Go beyond Find We are scaling consumer products beyond Find Driving frequency, stickiness and data signals Features bring monetising opportunities for Rightmove Cumulative consumer use/form completions Feature (YoY growth) Feature-specific benefits My Places My Places (+21x) Individual data contex
Slide 29: Strong 2025 Core partner innovation & roll-outs
Strong 2025 Core partner innovation & roll-outs Online Agent Valuation Estate Agency: New Homes: Ascend1 VIP Opportunity Manager Rental Services: Rental Operators: Enhanced Leads Property Reviews Fastest 3 month • EA: Price guides, lettings products, • Rental Operator: Listings product product take-
Slide 30: Strong 2025 New Growth Areas, +25% revenue
Strong 2025 New Growth Areas, +25% revenue Commercial Rental Services Mortgages Right to play >60% time; >70% only on Rightmove1 End-to-end digital solution >80% time of property seekers2 >275 new partners Enhanced Leads 3x growth MiP submissions +34% YoY Leads +26% YoY Ancillary revenue +17% 3.5x b
Slide 31: Reminder: our plan to accelerate across 3 areas
Consumer Operations R&D Reminder: our plan to accelerate across 3 areas Consumer innovation 1 AI-powered search and App Faster progress “Beyond Find” Rightmove’s Enhanced network effects and new AI-powered operations ecosystem will partner products 2 create even more AI-powered developer experience
Slide 32: Reminder: ambitious KPIs to deliver future returns
DRAFT Reminder: ambitious KPIs to deliver future returns 1 2 3 Consumer innovation AI-powered operations R&D for new growth x2 +40% Grow capability in 2026 delivery pace back-office efficiency +50% +50% x2 app users quicker product purchase R&D velocity by end ‘26 x3 +20% Scaling at least 1 lifecycl
Slide 33: Conclusion
Conclusion rightmove
Slide 34: Key takeaways
Key takeaways 1. 2025 saw strong business and product results; Products and features released 2026 will see a further step-change in innovation +40% and execution 2. The Core business continues to deliver compelling value to our partners. The Strategic Growth Areas reinforce the platform and diversi
Slide 35: Q&A
Q&A Strong foundations UK property market Large and growing Digital platform Capital-light = High returns on capital Sustainable business model B2B subscription- led, delivers in all market conditions 35 : The leading platform Trusted position in the property ecosystem Powerful data and network effe
Slide 36: Disclaimer
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 results e
Slide 37: Appendix
Appendix rightmove
Slide 38: A large revenue pool with digital transformation ahead
A large revenue pool with digital transformation ahead …underpinned by long-term growth trends UK population growth: +400k adults p.a. 2025-30 2 Constrained home supply: Find: New Homes Find: Commercial +250k p.a. 2025-30 2 Afford, Transact, Afford, Transact, Move, Move, Lifecycle: Lifecycle: 1 Hous
Slide 39: Our strategy is to develop the leading digital ecosystem
Our strategy is to develop the leading digital ecosystem for the whole moving experience, powered by exceptional data and network effects Property market segments Transaction Residential Commercial value chain Sales Lettings Sales Leasing Find 1. Core 2. Commercial 3. Financial Afford Services Trans
Slide 40: Consistent delivery through all markets
Consistent delivery through all markets Revenues (£m) Underlying EBIT (£m)2 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2021 2022 2023 2024 2025 2020¹ 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2021 2022 2023 2024 2025 2020¹ Operating free cash fl
Slide 41: Rightmove by the numbers
Rightmove by the numbers1 Consumer Partner 96% >80% c.19,000 >75,000 Home-mover awareness Consumer time Core Membership Partner meetings 1 in 2 6 in 10 >3,000 >60,000 UK adults use the Rightmove Rightmove web-users Partners outside Core Rightmove Hub subscriptions website at least once a month exclu
Slide 42: Rightmove by the numbers: Notes
Rightmove by the numbers: Notes Figure Source 96% home-mover awareness YouGov, Profiles, 12 months to 24 March 2024 from We Are Unchained’s The Voice of the Agent 2024. 1 in 2 UK adults use the Rightmove website at Google Analytics, 12 months to December 2025 (unique website users only; excludes app
Slide 43: 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 transaction related charges. 3. Underlying EPS is profit for the year before share-based payme
Slide 44: AI considerations: The detail
AI considerations: The detail Rightmove has: 1a. Deep consumer • Frequency: >25 years’ embedded behaviour; 1 in 2 UK adults visit website each month; synonymous with UK property relationships at scale search • Direct engagement: >85% traffic organic/direct vs <0.5% from LLMs1 • Trust: UK’s living pr
Slide 45: Consumer: incremental features add deeper utility
Consumer: incremental features add deeper utility Buyer Seller Real pain point journey Rightmove solution Real pain point journey Rightmove solution “I need a home 15 minutes’ My Places drive from my kids’ school” AI Keywords “I need a quick view on my Instant Valuation home’s value” (Track Property
Slide 46: Our data: Scaled, Proprietary and Connected
Our data: Scaled, Proprietary and Connected Increasing depth Proprietary Consumer Signals Minutes CRM Enhanced Profiles Consumers >69bn* c.17bn* c.10m consumers >8m Increasing interconnectivity Property Signals Unique Properties Property Images Tracked Properties Properties >180m c.28m >1bn c.5m* Be
Slide 47: Partner: Rightmove Plus
DRAFT Partner: Rightmove Plus • Business management dashboard, included within all Core Partner subscriptions • Indicates real-time branch performance across numerous metrics • >25 updates in 2025, including UX refresh, agent branding, improved navigation, tours and alerts, company report enhancemen
Slide 48: Package breakdown
Package breakdown Agency Packages (Independent agents) New Homes Packages (Traditional developers) ¹ Essential Essential Extra Enhanced Optimiser 20 Optimiser Edge Standard Gold Advanced Ascend 2,500 12,000 2,000 10,000 8,000 1,500 6,000 1,000 4,000 500 2,000 - - Dec-24 Dec-25 Dec-24 Dec-25 48 Sourc
Slide 49: Detailed guidance
Detailed guidance Revenues: H1/H2 2026 • FY26 revenue guidance is +8-10% • Due to a strong H1 2025 (+10%), H1 2026 vs H1 2025 growth is expected to be lower than H2 2026 vs H2 2025 Costs: Digital Services • Payable once annual eligible revenues exceed £500m, at a rate of 2% of eligible Tax revenues
Slide 50: Income statement
Income statement (£m) FY25 FY24 Revenue 425.1 389.9 Operating costs (exc. share-based incentives charges and transaction costs) (127.4) (116.0) Underlying Operating Profit 297.7 273.9 Underlying margin 70% 70% Transaction-related costs - (9.2) Share-based incentives charge (9.8) (8.4) Operating prof
Slide 51: Key performance indicators
Key performance indicators Period end membership FY 2025 FY 2024 FY 2023 Agency branches 16,385 16,124 15,839 New Home developments 2,887 2,923 2,946 Total 19,272 19,047 18,785 Growth 1% 1% (1%) Commercial partners¹ 1,227 949 790 ARPA (£) FY 2025 FY 2024 FY 2023 Agency 1,530 1,440 1,356 New Homes 2,