Wolters Kluwer N.v. · EURONEXT:WKL
Wolters Kluwer — H1 2026 Earnings Presentation
38 slides from Wolters Kluwer's earnings presentation, Aug 5, 2026
Slide 1: Wolters Kluwer 2026 Half-Year Results
Wolters Kluwer 2026 Half -Year Results Stacey Caywood, CEO Kevin Entricken, CFO August 5, 2026 2026 Half -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 uncertainti
Slide 3: Business & Strategy Update
Stacey Caywood CEO & Chair of Executive Board Business & Strategy Update 2026 Half -Year Results 3
Slide 4: Introduction
Introduction Good start to the year; executing against strategic priorities • Good first half results: − +5% organic growth (+6% ex -print) − Increased adjusted operating profit margin and diluted adjusted EPS • Group - level guidance reiterated • Solid subscription renewals across the group • Execu
Slide 5: Health
Health Organic growth +5% (+6% ex -print); good renewals and expanded partnerships. UpToDate Expert AI rollout ahead of plan. Margin reflects ongoing mix shift € million HY 2026 HY 2025 Δ Δ CC Δ OG Clinical Solutions • Organic growth +5%, with good renewals for Revenues 774 788 - 2% +5% +5% UpToDate
Slide 6: Tax & Accounting
Tax & Accounting Organic growth +6%, with recurring revenues up +7%. Margin reflects increased investment in product development € million HY 2026 HY 2025 Δ Δ CC Δ OG Tax & Accounting North America • Organic growth +5%, led by +18% organic growth Revenues 847 837 +1% +6% +6% in cloud solutions Adjus
Slide 7: Financial & Corporate Compliance
Financial & Corporate Compliance Organic growth +4%, with recurring revenues up +6%. Margin increase mainly reflects divestment of FRR 1 € million HY 2026 HY 2025 Δ Δ CC Δ OG Legal Services (LS) • Organic growth +5%, with good service Revenues 569 635 - 10% - 4% +4% subscription renewals, up - selli
Slide 8: Legal & Regulatory
Legal & Regulatory Organic growth +5% (+8% ex -print), led by digital revenues up +7%. Margin reflects increased product development spend and recent acquisitions Legal & Regulatory Information Solutions € million HY 2026 HY 2025 Δ Δ CC Δ OG • Organic growth +5%, driven by strong growth in Revenues
Slide 9: Corporate Performance & ESG
Corporate Performance & ESG Organic growth +7%, driven by recurring cloud software up +14%. Margin reflects operational gearing and expense management € million HY 2026 HY 2025 Δ Δ CC Δ OG EHS & ESG 1 • Organic growth +2%, reflecting decline in Revenues 320 305 +5% +8% +7% services amid geopolitical
Slide 10: Strategic priorities
Strategic priorities AI-powered expert solutions strategy aims to increase organic growth, margins, and returns 2026 areas of focus Strategic Plan 2025 -2027 Accelerate AI innovation with • Drive penetration of cloud -based, integrated, modular platforms , annual product development powered by GenAI
Slide 11: Health: UpToDate Expert AI
Health: UpToDate Expert AI Rapid innovation and rollout of UpToDate Expert AI across Enterprise customers As of July, over 90 % of our U.S. Enterprise customers 1 have adopted UpToDate Expert AI UpToDate AI workflow Expert AI Global Deeper UpToDate Enterprise partnerships accredited for CME 2 transl
Slide 12: Tax & Accounting: CCH Axcess Agentic AI
Tax & Accounting: CCH Axcess Agentic AI Agentic AI seamlessly integrated across the tax and accounting workflow CCH Axcess Expert AI Capabilities Client Request Collect Ingest Prepare Review File Advise outreach docs CCH Axcess Intelligence The Primary Intelligent Experience Intelligent layer that u
Slide 13: Legal & Regulatory: Libra AI Workspace
Legal & Regulatory: Libra AI Workspace Rapid integration and rollout across Europe Acquisition Belgium, Italy Switzerland Deeper Orchestration across Geographic Libra Tech and Poland (partnership) productivity Legal & Regulatory expansion (Germany) integrations software suite 1 Q4 ‘25 Q1 ‘26 Q2 ‘26
Slide 14: Expanding partnerships
Expanding partnerships We continue to deepen partnerships to extend our role across customer workflows Examples of Strategic Partners and Key Vendors Workflow ecosystem Abridge EMRs 1 Docusign nCino AI, cloud and infrastructure Microsoft Foundational LLMs AWS Content and data Big 4 Dr. Otto Schmidt
Slide 15: Financial Review & 2026 Outlook
Kevin Entricken CFO & Member of Executive Board Financial Review & 2026 Outlook 2026 Half -Year Results 15
Slide 16: First-half 2026 results
First -half 2026 results Good start to the year (€ million, unless otherwise stated) HY 2026 HY 2025 Δ Δ CC Δ OG Revenues 3,033 3,052 -1% +4% +5% Adjusted operating profit 893 865 +3% +10% +9% Adjusted operating profit margin 29.4% 28.4% Diluted adjusted EPS 2.83 2.70 +5% +14% Adjusted free cash flo
Slide 17: Revenues by division
Revenues by division Organic growth +5%, with all divisions delivering good organic growth (€ million) HY 2026 HY 2025 Δ Δ CC Δ OG Health 774 788 -2% +5% +5% Tax & Accounting 847 837 +1% +6% +6% Financial & Corporate Compliance 569 635 -10% -4% +4% Legal & Regulatory 523 487 +7% +10% +5% Corporate P
Slide 18: Revenues by type
Revenues by type Sustained +7% organic growth in digital and services subscriptions; non -recurring revenue trends were mixed with books down 19% Organic Growth (%) Organic Growth (%) Recurring Revenue Types (85% of total) Non - recurring Revenue Types (15% of total) 15% 15% 10% 8% 8% 8% 8% 7% 10% 7
Slide 19: Adjusted operating profit by division
Adjusted operating profit by division Margin increased 100 basis points, reflecting the divestment of FRR 1 and underlying margin improvements in Health and CP&ESG Margin (€ million) HY 2026 HY 2025 Δ Δ CC Δ OG HY 2026 HY 2025 Health 264 260 +2% +9% +9% 34.1% 33.0% Tax & Accounting 308 308 0% +6% +6
Slide 20: Adjusted net profit and EPS
Adjusted net profit and EPS Diluted adjusted EPS up +14% in constant currencies; supported by 4% reduction in diluted weighted average shares (€ million, unless otherwise stated) HY 2026 HY 2025 ∆ ∆ CC Revenues 3,033 3,052 -1% +4% Adjusted operating profit 893 865 +3% +10% Adjusted operating profit
Slide 21: Adjusted free cash flow
Adjusted free cash flow Adjusted free cash flow up +14% in constant currencies, benefitting from favorable working capital movements expected to reverse in coming quarters (€ million, unless otherwise stated) HY 2026 HY 2025 ∆ ∆ CC Adjusted operating profit 893 865 +3% +10% Depreciation, amortizatio
Slide 22: Movement in net debt
Movement in net debt Majority of free cash flow deployed to dividends and share buybacks. Net -debt -to- EBITDA remains within our target range 1.5x -2.5x (€ million, unless otherwise stated) HY 2026 FY 2025 HY 2025 Net debt at start of period (4,024) (3,134) (3,134) Adjusted free cash flow 533 1,34
Slide 23: Divisional outlook 2026
Divisional outlook 2026 Overall, we continue to expect good organic growth, with CP&ESG outlook lowered slightly Division FY 2026 Organic Growth Outlook Health Organic growth to be in line with prior year (FY 2025: 5%) Organic growth to be in line with prior year (FY 2025: 7%), with Tax & Accounting
Slide 24: Full-year 2026 outlook
Full -year 2026 outlook On track to deliver group -level specific guidance. Product development spending expected to be second half weighted Performance indicators 2026 Guidance 2025 Actual Adjusted operating profit margin* Approximately 28.0% 27.5% Adjusted free cash flow** €1,300- €1,350 million €
Slide 25: Financial summary
Financial summary Good start to the year; group -level guidance for the full year reiterated HY 2026 Highlights Organic Adjusted Diluted Adjusted free ROIC growth operating Adjusted EPS cash flow in 18.2% profit margin growth in constant +5% currencies constant (+6% ex - print) 29.4% currencies +14%
Slide 26: Appendix
Appendix 2026 Half -Year Results 26
Slide 27: Sustainability performance
Sustainability performance Notes: 1. In 2021 -2025, employee scores were measured by Glint, based on all -employee surveys. The 2025 engagement score is comp ared to the Glint Top 25% benchmark. Prior to 2021, engagement scores were measured by CultureIQ, and comparison with Glint scores is not mean
Slide 28: 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 retu
Slide 29: Revenues by type
Revenues by type (€ million) HY 2026 HY 2025 ∆ ∆ CC ∆ OG Digital and services subscriptions 2,387 2,346 +2% +7% +7% Print subscriptions 53 61 - 12% - 10% - 11% Other recurring 153 149 +2% +10% +7% Recurring revenues 2,593 2,556 +1% +6% +7% Transactional – Financial & Corporate Compliance 1 169 176 -
Slide 30: Revenues by media format
Revenues by media format (€ million) HY 2026 HY 2025 ∆ ∆ CC ∆ OG Software 1,438 1,413 +2% +6% +8% Other digital 1 1,177 1,195 - 1% +4% +5% Total Digital 2,615 2,608 0% +5% +6% Services 303 305 0% +7% +5% Print 115 139 - 18% - 14% - 15% Total revenues 3,033 3,052 - 1% +4% +5% ∆: % Change; ∆ CC: % Cha
Slide 31: Software revenues
Software revenues HY 2026 Revenues HY 2026 Software €3.0 billion Revenues €1.4 billion Split by Media Format Cloud software 2 revenues 50% Services Print 10% 4% Software On-premise Other 47% software digital 1 revenues 39% 32% Other software 3 revenues 18% Organic growth HY 2026 (HY 2025): Total sof
Slide 32: Reconciliation: adjusted net financing costs to financing results
Reconciliation: adjusted net financing costs to financing results (€ million) HY 2026 HY 2025 Adjusted net financing costs (56) (38) Employee benefits financing component (2) (1) Unwind of discount deferred and contingent considerations (1) - Change in fair value of financial assets - - Result on di
Slide 33: IFRS profit and diluted EPS
IFRS profit and diluted EPS (€ million, unless otherwise stated) HY 2026 HY 2025 ∆ Adjusted operating profit 893 865 +3% Amortization & impairment of acquired intangibles and impairment of goodwill (76) (81) Results on divestments of operations 7 (1) Other non -benchmark items 1 (4) (18) Operating p
Slide 34: Balance sheet
Balance sheet (€ million, unless otherwise stated) June 30, 2026 Dec. 31, 2025 June 30, 2025 Goodwill and intangible assets 6,751 6,612 6,766 Property, plant and equipment 69 68 70 Right -of-use assets 184 196 186 Deferred tax and other non -current assets 79 75 96 Total non -current assets 7,083 6,
Slide 35: Debt maturity profile
Debt maturity profile Debt Maturity Profile – June 30, 2026 (€ million) Net debt breakdown: € million Gross financial debt 5,343 Lease liabilities 205 Total gross debt 5,548 Less: Other 11 Less: Collateral 19 1,494 Less: Cash & cash equivalents 1,494 Net debt 4,024 1,016 855 710 585 586 630 506 504
Slide 36: Dividends and share buybacks
Dividends and share buybacks Dividend per Share ( €) Share Buybacks ( € million) Total Completed Intended dividend 1,100 2.52 1,000 1,000 1,000 2.33 2.08 1.81 1.57 500 410 Interim 0.83 0.93 1.01 dividend 0.54 0.63 0.72 244 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 2026 interim divi
Slide 37: Currency impact
Currency impact HY 2026 Revenues by Currency British pound 2% Other 8% Euro 23% U.S. dollar 67% Impact in € million on Adjusted operating Average rates Revenues profit 1 Euro HY 2026 HY 2025 HY 2026 HY 2026 U.S. dollar 1.17 1.09 (142) (53) British pound 0.87 0.84 (2) 0 Canadian dollar 1.61 1.54 (2)
Slide 38: Growth rates
Growth rates ∆ ∆ CC ∆ OG % % Change % Net Effect % % Currency in Constant Acquisitions Organic HY 2026 HY 2025 Change Impact Currencies & Disposals Growth Revenues Health 774 788 -2% -7% +5% 0% +5% Tax & Accounting 847 837 +1% -5% +6% 0% +6% Financial & Corporate Compliance 569 635 -10% -6% -4% -8%